KalVista Pharmaceuticals (KALV) AI Stock Analysis

• Market Cap: $859.29M
• Dividend Yield: N/A
• Average Volume (3M): 798.31K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.77
• Revenue Growth: N/A
• EPS Growth: -13.14%
• Country: US
• Employees: 150
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.92
• Shares Outstanding: 50,546,290
• 10 Day Avg. Volume: 1,102,669
• 30 Day Avg. Volume: 798,312
• PEG Ratio: -0.51
• Price to Book (P/B): 7.17
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -4.46
• Enterprise Value/Market Cap: 0.89
• Enterprise Value/Revenue: 50.63
• Enterprise Value/Gross Profit: -294.94
• Enterprise Value/Ebitda: -3.22
• 1Y Price Target: $35.13
• Price Target Upside: 106.65% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): -1.71
• Revenue Forecast (FY): $184.82M

• Rating: 57 Neutral
• Price Target: $15.50 ▼(-8.82% Downside)
• Action: Reiterated Date: 01/09/26
• Date: Action: Reiterated 01/09/26

The score is held back primarily by weak financial performance (large losses, heavy cash burn, and reduced equity cushion) despite improving revenue. Offsetting this, technical trends are constructive and corporate updates show strong early commercial uptake and global expansion for EKTERLY, supporting a moderate overall outlook.

Positive Factors

Commercial Launch Traction

Sustained early commercial revenue and patient refill dominance indicate that EKTERLY is moving beyond initial sampling to repeat use. Durable refill-driven sales improve revenue visibility, support channel relationships, and reduce commercialization risk versus one-time launches.

Global Approvals & Partnerships

Regulatory approvals across multiple major markets plus regional licensing deals expand addressable market and share commercialization burden. These structural partnerships enable faster market entry, localized execution, and diversified revenue streams over the medium term.

Accelerated Clinical Progress

Early completion of pediatric Phase 3 enrollment shortens the timeline to potential label expansion. Broader approved indications can meaningfully enlarge patient population, improve lifetime product revenues, and strengthen the drug's competitive positioning long term.

Negative Factors

Heavy Cash Burn

Very large negative operating and free cash flows show the business cannot self-fund near-term operations. Persistent burn forces reliance on external financing, raising dilution and execution risk that could constrain investment in sales, manufacturing, or R&D over coming quarters.

Eroded Equity Cushion

A sharply compressed equity base limits the company's ability to absorb operational shocks or support working capital organically. With a thin equity cushion, the firm faces higher refinancing, covenant, or dilution risk if revenue growth or funding access falters.

Large Ongoing Losses

Deep and recurring operating losses far exceed current revenue, indicating the cost structure is not yet aligned with commercial scale. Sustained negative margins imply profitability depends on continued sales ramp and tight cost control, which may take multiple quarters to achieve.

KalVista Pharmaceuticals Business Overview & Revenue Model

Company Description

KalVista Pharmaceuticals, Inc., a clinical stage pharmaceutical company, discovers, develops, and commercializes small molecule protease inhibitors for diseases with unmet needs. The company's product portfolio comprises small molecule plasma kallikrein inhibitors targeting hereditary angioedema (HAE) and diabetic macular edema (DME); and oral plasma kallikrein inhibitors. Its products include KVD001, a plasma kallikrein inhibitor that completed a Phase II clinical trial for the treatment of DME; sebetralstat, which is initiation of the Phase 3 KONFIDENT trial as a potential oral, on-demand therapy for HAE attacks; KVD824, an oral product candidate for the treatment of HAE; and Factor XIIa, an oral inhibitor program which is in preclinical stage targets an enzyme in HAE. The company is headquartered in Cambridge, Massachusetts.

How the Company Makes Money

KalVista Pharmaceuticals generates revenue through strategic partnerships, collaborations, and licensing agreements with larger pharmaceutical companies, which provide funding and resources to support its research and development activities. As a clinical-stage company, KalVista does not yet generate revenue from product sales but aims to do so upon successful development and commercialization of its product candidates. The company's financial performance is significantly influenced by milestone payments and royalties from successful partnerships, as well as potential future sales of approved therapies.

KalVista Pharmaceuticals Financial Statement Overview

Summary

TTM revenue improved to $15.1M after prior periods with no revenue, but profitability and cash generation remain very weak (TTM net loss -$252.6M; operating cash flow -$199.9M; free cash flow -$200.1M). Equity has eroded sharply to $17.0M, reducing balance-sheet resilience despite moderate leverage (debt-to-equity ~0.15).

Income Statement

TTM (Trailing-Twelve-Months) revenue reached $15.1M, showing a sharp rebound versus prior annual periods that reported no revenue. However, profitability remains very weak: net income was -$252.6M with deeply negative operating results (EBIT -$248.8M), implying the current cost structure is far ahead of the revenue base. Overall, the trajectory on revenue is improving, but losses are large and widening versus the last annual period (net loss -$183.4M).

Balance Sheet

Leverage is moderate in TTM (Trailing-Twelve-Months) with total debt of $149.6M and a debt-to-equity ratio of ~0.15, but the equity cushion has compressed significantly to $17.0M (down from $95.4M last annual and $206.6M two years ago). Total assets rose to $339.9M, yet returns remain strongly negative (return on equity about -196%), reflecting heavy losses and weakening capital resilience.

Cash Flow

Cash burn is heavy: TTM (Trailing-Twelve-Months) operating cash flow was -$199.9M and free cash flow was -$200.1M, worse than the most recent annual period (-$152.9M operating, -$153.3M free cash flow). While free cash flow was roughly in line with net losses (cash outflow tracking earnings losses), the business is not close to self-funding and appears reliant on external capital to sustain operations.

Breakdown	TTM	Apr 2025	Apr 2024	Apr 2023	Apr 2022	Apr 2021
Income Statement
Total Revenue	15.12M	0.00	0.00	0.00	0.00	0.00
Gross Profit	-2.60M	0.00	-86.17M	0.00	0.00	-41.29M
EBITDA	-237.91M	-173.33M	-134.28M	-94.37M	-80.75M	-57.39M
Net Income	-252.58M	-183.44M	-126.64M	-92.91M	-82.34M	-46.24M
Balance Sheet
Total Assets	339.93M	250.77M	235.40M	183.20M	203.88M	272.01M
Cash, Cash Equivalents and Short-Term Investments	309.16M	187.65M	210.40M	149.38M	166.20M	248.93M
Total Debt	149.59M	6.31M	7.32M	8.23M	8.19M	5.91M
Total Liabilities	322.93M	155.38M	28.82M	22.18M	18.79M	14.82M
Stockholders Equity	17.00M	95.39M	206.58M	161.03M	185.09M	257.19M
Cash Flow
Free Cash Flow	-200.07M	-153.34M	-89.67M	-76.46M	-79.06M	-30.25M
Operating Cash Flow	-199.87M	-152.91M	-89.23M	-75.26M	-78.13M	-30.17M
Investing Cash Flow	83.64M	91.02M	-84.72M	41.41M	57.86M	-147.65M
Financing Cash Flow	331.71M	159.73M	150.71M	58.12M	1.58M	212.12M

KalVista Pharmaceuticals Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 17.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KALV, the sentiment is Positive. The current price of 17 is above the 20-day moving average (MA) of 16.51, above the 50-day MA of 15.86, and above the 200-day MA of 14.09, indicating a bullish trend. The MACD of 0.28 indicates Positive momentum. The RSI at 55.02 is Neutral, neither overbought nor oversold. The STOCH value of 30.42 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for KALV.

KalVista Pharmaceuticals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KALV	57 Neutral	$859.29M	-3.32	-282.01%	―	―	-13.14%
BCAX	56 Neutral	$1.17B	-5.93	-27.17%	―	―	-103.95%
CMPX	52 Neutral	$927.45M	-12.74	-43.61%	―	-100.00%	-28.79%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ARVN	48 Neutral	$699.73M	-9.53	-14.25%	―	―	―
SVRA	46 Neutral	$1.02B	-11.28	-84.01%	―	―	-22.39%
GOSS	40 Underperform	$99.14M	-3.72	264.70%	―	-58.17%	-116.24%

KalVista Pharmaceuticals Corporate Events

KalVista Highlights Strong EKTERLY Launch and Global Uptake

On January 8, 2026, KalVista Pharmaceuticals reported preliminary unaudited global net product revenue for EKTERLY (sebetralstat) of approximately $35 million for the fourth quarter and $49 million for full-year 2025, following the US commercial launch on July 7, 2025. The company highlighted rapid uptake of EKTERLY, with 1,318 patient start forms and 580 unique US prescribers recorded by December 31, 2025, and noted that prescription refills overtook initial prescriptions as the main revenue driver in the fourth quarter, indicating growing real-world use and patient retention. KalVista also emphasized strong early adoption in Germany and expanded its commercial footprint through a new partnership with Multicare Pharmaceuticals to commercialize sebetralstat in key Latin American markets, complementing earlier licensing deals in Japan and Canada. During 2025 the company secured regulatory approvals for EKTERLY in seven major global markets and completed enrollment in the Phase 3 KONFIDENT-KID trial in pediatric HAE patients aged 2–11 years a year ahead of schedule, positioning EKTERLY as a potential foundational treatment in HAE and underscoring KalVista’s strengthening commercial and regulatory position in the rare-disease therapeutics space.

The most recent analyst rating on (KALV) stock is a Buy with a $32.00 price target. To see the full list of analyst forecasts on KalVista Pharmaceuticals stock, see the KALV Stock Forecast page.