KalVista Pharmaceuticals, Inc. reported its financial results for the quarter ending July 31, 2025, revealing a significant milestone as the company generated product revenue for the first time, totaling $1.4 million. This revenue was attributed to the recent FDA approval of EKTERLY® (sebetralstat), an oral therapy for hereditary angioedema (HAE), which was launched in the U.S. on July 3, 2025. In contrast, the company had no product revenue in the same quarter of the previous year. However, KalVista incurred a net loss of $60.1 million for the quarter, compared to a net loss of $40.4 million in the prior year, reflecting increased operational expenses associated with the product launch and ongoing research and development activities.
Total operating expenses for the quarter were $60.4 million, up from $44.2 million in the same period last year. The increase was primarily driven by a rise in selling, general, and administrative expenses, which surged to $44.7 million from $17.6 million, as the company ramped up its commercialization efforts for EKTERLY. Research and development expenses decreased to $15.2 million from $26.6 million, largely due to reduced spending on the product and other R&D activities. The company’s accumulated deficit as of July 31, 2025, stood at $713.3 million, with total assets of $215.5 million, down from $250.8 million at the end of April 2025.
KalVista's operational developments included the successful launch of EKTERLY, which is now the first oral, on-demand therapy for HAE, a significant advancement in treatment options for patients. The company also entered into a License, Supply and Distribution Agreement with Kaken Pharmaceutical Co., Ltd. for exclusive commercialization rights in Japan, receiving an upfront payment of $11 million. Additionally, the company received a $22 million milestone payment from DRI Healthcare Acquisitions LP following the FDA approval of EKTERLY, which increased the royalty rate on net sales.
In terms of liquidity, KalVista reported cash and cash equivalents of $124.3 million as of July 31, 2025, down from $131.6 million at the end of April 2025. The company anticipates that its existing capital resources will be sufficient to fund operations for at least the next twelve months. KalVista has also established a sales agreement allowing it to offer up to $100 million in common stock, although no shares were sold under this agreement during the reported quarter. The company expects to continue incurring losses as it commercializes EKTERLY and develops additional product candidates.
Looking ahead, KalVista remains focused on expanding the market presence of EKTERLY and pursuing regulatory approvals in other regions, including Europe and Japan. The company is also committed to advancing its pipeline of therapies for rare diseases, while managing the financial implications of its ongoing operational expenditures.
About KalVista Pharmaceuticals, Inc.
KalVista Pharmaceuticals is a biopharmaceutical company focused on developing oral therapies for rare diseases, primarily hereditary angioedema (HAE). Its flagship product, EKTERLY (sebetralstat), is an oral on-demand treatment for HAE attacks, targeting plasma kallikrein. The company advances its pipeline through research, strategic licensing, and global regulatory efforts, competing with established biotech and pharma firms in the rare disease space. It emphasizes innovation, intellectual property, and global commercialization.
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