KalVista Pharma | 10-Q: FY2026 Q1 Revenue: USD 1.426 M

Revenue: As of FY2026 Q1, the actual value is USD 1.426 M.

EPS: As of FY2026 Q1, the actual value is USD -1.12, missing the estimate of USD -0.955.

EBIT: As of FY2026 Q1, the actual value is USD -57.94 M.

Financial Metrics by Segment

Segment Revenue

• Product Revenue, Net: $1.4 million for the three months ended July 31, 2025, compared to $0 for the same period in 2024.

Operational Metrics

• Cost of Revenue: $0.6 million for the three months ended July 31, 2025, compared to $0 for the same period in 2024.
• Research and Development Expenses: $15.2 million for the three months ended July 31, 2025, compared to $26.6 million for the same period in 2024, a decrease of $11.5 million.
• Selling, General and Administrative Expenses: $44.7 million for the three months ended July 31, 2025, compared to $17.6 million for the same period in 2024, an increase of $27.1 million.
• Net Loss: $60.1 million for the three months ended July 31, 2025, compared to $40.4 million for the same period in 2024.

Cash Flow

• Net Cash Used in Operating Activities: - $54.5 million for the three months ended July 31, 2025, compared to - $40.2 million for the same period in 2024.
• Net Cash Provided by Investing Activities: $21.3 million for the three months ended July 31, 2025, compared to $37.2 million for the same period in 2024.
• Net Cash Provided by Financing Activities: $23.2 million for the three months ended July 31, 2025, compared to $3.0 million for the same period in 2024.

Unique Metrics

• Royalty Obligation: $132.3 million as of July 31, 2025, with an embedded derivative liability fair value of $9.4 million.
• Deferred Revenue: $11.0 million as of July 31, 2025, related to the Kaken Agreement.

Future Outlook and Strategy

Core Business Focus

• Commercialization of EKTERLY: The company anticipates continued losses as it commercializes EKTERLY, completes post-approval regulatory obligations, and develops additional product candidates.
• Revenue Generation: The company expects to generate revenue from EKTERLY and other products, while potentially seeking additional financing through equity offerings, debt financing, corporate partnerships, and product sales.

Non-Core Business

• License Agreement with Kaken: The company entered into a License, Supply, and Distribution Agreement with Kaken Pharmaceutical Co., Ltd. for exclusive commercialization rights in Japan, with potential regulatory and sales milestone payments totaling approximately $13.0 million.

Priority

• Financial Stability: The company currently anticipates having sufficient funding to operate for at least the next twelve months based on its operating plans and existing capital resources.