KalVista Pharmaceuticals (KALV)
NASDAQ:KALV
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KalVista Pharmaceuticals
(NASDAQ:KALV)
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Rating:54Neutral
Price Target:
$19.50
▲(0.88% Upside)
Action:ReiteratedDate:03/29/26
The score is held back primarily by weak financial fundamentals (large losses, heavy cash burn, and a strained balance sheet with negative equity), despite strong technical momentum and a positive corporate update indicating accelerating product uptake and expanding commercialization.
Positive Factors
High gross margin & early revenue ramp
A $75M TTM revenue run-rate with ~72% gross margin indicates the lead product drives high product-level profitability. If commercial traction persists, high gross margins provide operating leverage, improving the path to positive operating cash flow as fixed costs are absorbed by higher sales volumes.
Negative Factors
Heavy cash burn
Sustained ~$115M annual operating cash outflow requires continued external funding absent rapid margin improvements. Persistent negative free cash flow increases dilution or refinancing needs, elevating execution risk and limiting flexibility for R&D or commercialization investments.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margin & early revenue ramp
A $75M TTM revenue run-rate with ~72% gross margin indicates the lead product drives high product-level profitability. If commercial traction persists, high gross margins provide operating leverage, improving the path to positive operating cash flow as fixed costs are absorbed by higher sales volumes.
Read all positive factors
KalVista Pharmaceuticals (KALV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$990.13M
Dividend YieldN/A
Average Volume (3M)951.14K
Price to Earnings (P/E)―
Beta (1Y)0.71
Revenue GrowthN/A
EPS Growth-13.14%
CountryUS
Employees150
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.92
Shares Outstanding51,222,490
10 Day Avg. Volume1,215,460
30 Day Avg. Volume951,141
Financial Highlights & Ratios
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 Cap1.27
Enterprise Value/Revenue16.78
Enterprise Value/Gross Profit24.42
Enterprise Value/Ebitda-6.14
Forecast
1Y Price Target
$35.88Price Target Upside85.62% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)-1.73
Revenue Forecast (FY)$182.54M
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 generated most of its cash inflows from external funding rather than product sales because it is not known to have a broadly commercialized product portfolio. Primary sources of funds have included: (1) collaboration and ...
KalVista Pharmaceuticals Earnings Call Summary
Earnings Call Date:Sep 11, 2025
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 02, 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
22
Negative
Balance Sheet
18
Very Negative
Cash Flow
20
Very Negative
| Breakdown | TTM | Apr 2025 | Apr 2024 | Apr 2023 | Apr 2022 | Apr 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 75.04M | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 51.55M | 0.00 | -86.17M | 0.00 | 0.00 | -41.29M |
| EBITDA | -205.05M | -173.33M | -134.28M | -94.37M | -80.75M | -57.39M |
| Net Income | -215.69M | -183.44M | -126.64M | -92.91M | -82.34M | -46.24M |
Balance Sheet | ||||||
| Total Assets | 335.38M | 250.77M | 235.40M | 183.20M | 203.88M | 272.01M |
| Cash, Cash Equivalents and Short-Term Investments | 300.21M | 187.65M | 210.40M | 149.38M | 166.20M | 248.93M |
| Total Debt | 269.02M | 6.31M | 7.32M | 8.23M | 8.19M | 5.91M |
| Total Liabilities | 338.09M | 155.38M | 28.82M | 22.18M | 18.79M | 14.82M |
| Stockholders Equity | -2.71M | 95.39M | 206.58M | 161.03M | 185.09M | 257.19M |
Cash Flow | ||||||
| Free Cash Flow | -114.80M | -153.34M | -89.67M | -76.46M | -79.06M | -30.25M |
| Operating Cash Flow | -114.86M | -152.91M | -89.23M | -75.26M | -78.13M | -30.17M |
| Investing Cash Flow | 33.78M | 91.02M | -84.72M | 41.41M | 57.86M | -147.65M |
| Financing Cash Flow | 329.67M | 159.73M | 150.71M | 58.12M | 1.58M | 212.12M |
KalVista Pharmaceuticals Technical Analysis
Positive
19.33
Price Trends
16.05
Positive
15.32
Positive
14.18
Positive
Market Momentum
0.56
Negative
67.27
Neutral
81.83
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 19.33 is above the 20-day moving average (MA) of 16.98, above the 50-day MA of 16.05, and above the 200-day MA of 14.18, indicating a bullish trend. The MACD of 0.56 indicates Negative momentum. The RSI at 67.27 is Neutral, neither overbought nor oversold. The STOCH value of 81.83 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 49 risk factors in its most recent earnings report. KalVista Pharmaceuticals reported the most risks in the "Legal & Regulatory" 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 |
|---|---|---|---|---|---|---|---|
56 Neutral | $1.16B | ― | -27.17% | ― | ― | -103.95% | |
54 Neutral | $990.13M | -37.98 | -224.17% | ― | ― | -13.14% | |
52 Neutral | $938.26M | -12.74 | -43.61% | ― | -100.00% | -28.79% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $646.01M | -9.53 | -14.25% | ― | ― | ― | |
46 Neutral | $1.05B | ― | -84.01% | ― | ― | -22.39% | |
40 Underperform | $81.32M | -3.72 | 264.70% | ― | -58.17% | -116.24% |
* Healthcare Sector Average
KALV
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KalVista Pharmaceuticals Corporate Events
Business Operations and StrategyFinancial DisclosuresProduct-Related Announcements
KalVista Highlights Strong EKTERLY Launch and Global Uptake
Positive
Jan 8, 2026
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 l...
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.