KalVista Pharmaceuticals (KALV) AI Stock Analysis

• Market Cap: $849.18M
• Dividend Yield: N/A
• Average Volume (3M): 1.31M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.86
• Revenue Growth: N/A
• EPS Growth: -13.14%
• Country: US
• Employees: 150
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): N/A
• Shares Outstanding: 50,546,290
• 10 Day Avg. Volume: 860,242
• 30 Day Avg. Volume: 1,305,035
• PEG Ratio: -0.51
• Price to Book (P/B): 7.17
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -4.47
• Enterprise Value/Market Cap: 0.00
• Enterprise Value/Revenue: 0.00
• Enterprise Value/Gross Profit: 0.00
• Enterprise Value/Ebitda: 0.00
• 1Y Price Target: $34.38
• Price Target Upside: 117.32% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 9
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: $17.00 ▲(7.46% Upside)

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 revenue traction

Reported preliminary global net product revenue for EKTERLY (~$35M Q4; ~$49M FY2025) demonstrates a transition from research-stage to revenue-generating commercial operations. Sustained refill-driven revenue and growing patient starts signal emerging recurring cash flow potential and revenue scalability as launches expand.

Regulatory approvals broaden market access

EC and Swissmedic approvals (plus other approvals) materially expand EKTERLY’s addressable markets and reduce regulatory risk. Multiple major-market authorizations enable simultaneous launches, partnerships, and reimbursement efforts that underpin a multi-region commercial rollout and durable revenue diversification.

Experienced commercial leadership hires

Adding a COO with technical operations experience and a CPO with corporate operations background strengthens commercial and manufacturing capability. This institutionalizes launch execution, supply chain and product strategy know-how—critical for converting approvals into consistent sales over the medium term.

Negative Factors

Heavy operating cash burn

Persistent, large negative operating and free cash flow imply the business cannot self-fund near-term operations. Absent rapid scale-up of EKTERLY revenue or sizable partner milestones, the company will remain dependent on external financing, which can dilute shareholders and constrain strategic flexibility.

Large net losses and negative returns

Very large, recurring net losses and deeply negative operating results indicate the current cost structure far exceeds revenue. Sustainable profitability requires significant topline growth or structural cost reduction; until then, margins will remain weak and returns on invested capital negative, limiting free-cash generation.

Eroded equity cushion limits resilience

Sharp depletion of shareholders' equity reduces balance-sheet resilience and borrowing capacity. With ~$149.6M debt outstanding and a thin equity buffer, the company faces higher refinancing and covenant risk, increasing the likelihood of dilutive capital raises if commercial ramps fall short of expectations.

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

KalVista Pharmaceuticals faces significant financial challenges with low revenue generation and profitability. The company has a modest gross profit margin but struggles with negative EBIT and net income. The balance sheet shows low leverage but is affected by continuous losses. Cash flow analysis indicates high cash burn and liquidity risks, highlighting the need for improved revenue streams and expense management.

Income Statement

KalVista Pharmaceuticals has faced significant challenges in generating revenue, with total revenue at $1.2 million in the TTM. Gross profit margin is modest at 63.26%, but the company is struggling with high negative EBIT and net income, leading to negative EBIT and net profit margins. The revenue growth is inconsistent, and the overall financial health from an income perspective is weak.

Balance Sheet

The balance sheet reveals a moderate debt-to-equity ratio of 0.04, indicating low leverage. However, the company has a negative return on equity due to continuous losses. The equity ratio stands at 52.58%, showing that over half of the assets are financed by equity, which is positive, but the company's financial stability is affected by ongoing losses.

Cash Flow

Cash flow analysis shows a negative operating cash flow of $127.6 million in the TTM, indicating cash outflows exceed inflows from operations, which is concerning. The company has a negative free cash flow and a weak cash flow to net income ratio, highlighting significant cash burn and potential liquidity risks.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 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: 15.82
• 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 15.82 is below the 20-day moving average (MA) of 15.83, above the 50-day MA of 14.42, and above the 200-day MA of 13.19, indicating a bullish trend. The MACD of 0.43 indicates Positive momentum. The RSI at 57.26 is Neutral, neither overbought nor oversold. The STOCH value of 44.14 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
ARVN	61 Neutral	$775.19M	-15.13	―	―	―	―
KALV	57 Neutral	$849.18M	-4.10	―	―	―	-13.14%
BCAX	56 Neutral	$983.34M	-7.82	-26.64%	―	―	-103.95%
CMPX	55 Neutral	$951.56M	-11.39	-37.82%	―	-100.00%	-28.79%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SVRA	47 Neutral	$1.17B	―	-78.74%	―	―	-22.39%
GOSS	47 Neutral	$578.64M	-3.67	―	―	-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.