KalVista Pharmaceuticals, Inc. (KALV)
NASDAQ:KALV
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KalVista Pharmaceuticals
(NASDAQ:KALV)
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Rating:56Neutral
Price Target:
$28.00
▲(36.72% Upside)
Action:Reiterated
Date:05/15/26
The score is held back primarily by weak financial fundamentals—large losses, heavy cash burn, and negative equity with higher debt. Offsetting this, the announced all-cash acquisition at $27/share materially improves near-term outcome visibility, while technicals remain strong but overbought, and valuation is constrained by negative earnings and no dividend.
Positive Factors
Acquisition provides clear exit and lowers execution risk
The all-cash acquisition agreement to be completed in 3Q26 removes KalVista’s need to independently raise financing and cuts standalone execution risk. This structural change improves near-term outcome visibility, transfers commercialization responsibility to Chiesi, and accelerates global access to EKTERLY.
Negative Factors
Significant cash burn and large operating losses
Sustained, large operating and free cash flow deficits indicate high ongoing capital requirements. Absent the acquisition, continued cash burn would force frequent external financing or spending cuts, creating dilution and execution risk for late-stage development and commercialization over the coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
Acquisition provides clear exit and lowers execution risk
The all-cash acquisition agreement to be completed in 3Q26 removes KalVista’s need to independently raise financing and cuts standalone execution risk. This structural change improves near-term outcome visibility, transfers commercialization responsibility to Chiesi, and accelerates global access to EKTERLY.
Read all positive factors
KalVista Pharmaceuticals (KALV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.43B
Dividend YieldN/A
Average Volume (3M)5.70M
Price to Earnings (P/E)―
Beta (1Y)0.77
Revenue GrowthN/A
EPS Growth-13.14%
CountryUS
Employees150
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-4.28
Shares Outstanding53,240,887
10 Day Avg. Volume3,370,778
30 Day Avg. Volume5,704,997
Financial Highlights & Ratios
PEG Ratio0.40
Price to Book (P/B)-303.23
Price to Sales (P/S)11.17
P/FCF Ratio-9.87
Enterprise Value/Market Cap1.04
Enterprise Value/Revenue12.82
Enterprise Value/Gross Profit16.36
Enterprise Value/Ebitda-8.02
Forecast
1Y Price Target
$29.17Price Target Upside42.42% Upside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)-0.87
Revenue Forecast (FY)$207.69M
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 kall...
How the Company Makes Money
KalVista has historically not generated significant recurring revenue from product sales because its lead candidates are in clinical development and not established as marketed products. As a clinical-stage biotech, its funding has primarily come ...
KalVista Pharmaceuticals Earnings Call Summary
Earnings Call Date:Sep 11, 2025
(Q1-2026)
| % Change Since: |
Next Earnings Date:Sep 03, 2026
Earnings Call Sentiment Positive
The earnings call reflected a generally positive sentiment, highlighting significant achievements such as the FDA approval and successful early launch of EKTERLY, strong patient and prescriber engagement, and positive regulatory progress in Europe. However, challenges remain with high operating expenses and potential reimbursement hurdles with certain insurers.Positive Updates
FDA Approval of EKTERLY
EKTERLY was approved by the FDA as the first and only oral on-demand therapy for acute HAE attacks in adults and pediatric patients aged 12 and older, marking a significant advancement in treatment options for HAE.
Negative Updates
High Operating Expenses
Total operating expenses for the period were $60.4 million, with approximately $45 million in SG&A expenses driven by the EKTERLY launch, indicating significant cost pressures.
Read all updates
Q1-2026 Updates
Positive
Negative
FDA Approval of EKTERLY
EKTERLY was approved by the FDA as the first and only oral on-demand therapy for acute HAE attacks in adults and pediatric patients aged 12 and older, marking a significant advancement in treatment options for HAE.
Read all positive updates
Company Guidance
In the recent call, KalVista Pharmaceuticals provided guidance on their financial and operational status for the first fiscal quarter of 2026. They reported the FDA approval of EKTERLY, the first oral on-demand therapy for acute HAE attacks, leading to an immediate U.S. launch. Early metrics showed nearly 5% of the U.S. HAE population submitting prescriptions for EKTERLY. The company recorded $1.4 million in net revenue from initial stocking orders. Operating expenses for the quarter were $60.4 million, with $15 million in R&D and $45 million in SG&A, attributed to the EKTERLY launch. KalVista anticipates regulatory progress in Europe, the UK, Japan, and Canada, with a European Commission decision expected in October, aiming for a U.K. launch in early 2026 and a Japanese launch through Kaken Pharmaceutical. With $191 million in cash and investments, KalVista expects to fund operations into 2027, projecting meaningful commercial growth and long-term shareholder value.KalVista Pharmaceuticals Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
18
Very Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Apr 2025 | Apr 2024 | Apr 2023 | Apr 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 115.91M | 73.62M | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 90.77M | 67.54M | 0.00 | -86.17M | 0.00 | 0.00 |
| EBITDA | -185.15M | -170.38M | -173.33M | -134.28M | -94.37M | -80.75M |
| Net Income | -190.66M | -164.29M | -183.44M | -126.64M | -92.91M | -82.34M |
Balance Sheet | ||||||
| Total Assets | 335.38M | 335.38M | 250.77M | 235.40M | 183.20M | 203.88M |
| Cash, Cash Equivalents and Short-Term Investments | 300.21M | 300.21M | 187.65M | 210.40M | 149.38M | 166.20M |
| Total Debt | 284.21M | 151.57M | 6.31M | 7.32M | 8.23M | 8.19M |
| Total Liabilities | 338.09M | 338.09M | 155.38M | 28.82M | 22.18M | 18.79M |
| Stockholders Equity | -2.71M | -2.71M | 95.39M | 206.58M | 161.03M | 185.09M |
Cash Flow | ||||||
| Free Cash Flow | -63.86M | -83.33M | -153.34M | -89.67M | -76.46M | -79.06M |
| Operating Cash Flow | -63.96M | -81.62M | -152.91M | -89.23M | -75.26M | -78.13M |
| Investing Cash Flow | 15.84M | 18.68M | 91.02M | -84.72M | 41.41M | 57.86M |
| Financing Cash Flow | 27.59M | 162.64M | 159.73M | 150.71M | 58.12M | 1.58M |
KalVista Pharmaceuticals Technical Analysis
Positive
20.48
Price Trends
23.33
Positive
19.60
Positive
16.56
Positive
Market Momentum
0.99
Positive
75.35
Negative
84.42
Negative
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 20.48 is below the 20-day moving average (MA) of 26.81, below the 50-day MA of 23.33, and above the 200-day MA of 16.56, indicating a bullish trend. The MACD of 0.99 indicates Positive momentum. The RSI at 75.35 is Negative, neither overbought nor oversold. The STOCH value of 84.42 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for KALV.
KalVista Pharmaceuticals Risk Analysis
KalVista Pharmaceuticals disclosed 57 risk factors in its most recent earnings report. KalVista Pharmaceuticals reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
KalVista Pharmaceuticals Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
60 Neutral | $1.31B | -7.88 | -35.89% | ― | ― | -63.41% | |
56 Neutral | $1.43B | -9.84 | -1057.44% | ― | ― | -13.14% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $496.81M | -2.24 | -44.39% | ― | -79.06% | -397.92% | |
47 Neutral | $1.08B | -10.37 | -87.19% | ― | ― | -12.97% | |
45 Neutral | $378.18M | -5.82 | -39.75% | ― | -100.00% | -2.72% | |
43 Neutral | $44.19M | -0.23 | 174.85% | ― | -55.42% | -248.85% |
* Healthcare Sector Average
KALV
KalVista Pharmaceuticals
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13.15
95.29%
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KalVista Pharmaceuticals Corporate Events
Business Operations and StrategyM&A Transactions
Chiesi to Acquire KalVista Pharmaceuticals in Cash Merger
Positive
Apr 29, 2026
On April 29, 2026, KalVista Pharmaceuticals and Italy’s Chiesi Group signed a definitive merger agreement under which Chiesi will acquire KalVista via a tender offer at $27.00 per share in cash, valuing the equity at about $1.9 billion and r...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.