KalVista Pharmaceuticals (KALV) Q3 2025 Financial Results Summary
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KalVista Pharmaceuticals (KALV) Q3 2025 Financial Results Summary
On November 10, 2025, KalVista Pharmaceuticals, Inc. (Nasdaq: KALV) released its operational update and financial results for the third quarter ended September 30, 2025. Below is a summary of the key highlights from the report.
Recent Business Highlights
- Launch of EKTERLY:
- US commercial launch initiated on July 7, 2025.
- Received 937 patient start forms and activated 423 unique prescribers through October 31, 2025.
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Net product revenue for EKTERLY reached $13.7 million in Q3 2025.
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Regulatory Approvals:
- European Commission (EC) and Swissmedic approved EKTERLY for treating acute HAE attacks in adults and adolescents aged 12 years and older. Approval extends to 27 EU member states along with Iceland, Liechtenstein, and Norway.
- Launched EKTERLY in Germany with initial orders reflecting positive demand.
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Approval granted in Australia for treating HAE attacks in patients aged 12 years and older.
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Clinical Development:
- Presented new EKTERLY data at the American College of Allergy, Asthma & Immunology (ACAAI) 2025 Annual Scientific Meeting.
- Interim results from KONFIDENT-KID trial showed:
- Median time to dosing of 30 minutes.
- Median time to symptom relief of 1.5 hours.
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From KONFIDENT-S, 84% of attacks treated with sebetralstat were rated as satisfied by patients, with a median satisfaction score of 2 (very satisfied).
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Organizational Updates:
- Bilal Arif appointed as Chief Operating Officer.
- Linea Aspesi appointed as Chief People Officer.
- Bethany L. Sensenig joined the Board of Directors and Audit Committee.
Third Quarter Financial Results
- Net Product Revenue:
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Recognized $13.7 million in net product revenue for Q3 2025 compared to $0 for Q3 2024.
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Cost of Revenue:
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$1.2 million for Q3 2025, reflecting EKTERLY-related manufacturing and overhead costs incurred after US approval.
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Expenses:
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Research and Development Expenses:
- Decreased to $12.0 million from $18.7 million in Q3 2024 (a -35% decrease).
- The decrease primarily due to lower clinical trial expenses.
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Selling, General, and Administrative Expenses:
- Increased to $46.5 million from $24.8 million in Q3 2024 (an 87% increase).
- The rise attributed to EKTERLY commercialization expenses.
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Operating Loss:
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Total operating loss for Q3 2025 was $46.1 million, compared to $43.5 million in Q3 2024.
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Net Loss:
- Reported a net loss of $49.5 million in Q3 2025, compared to $39.1 million in Q3 2024 (a -27% increase in net losses).
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Net loss per share for Q3 2025 was $0.92, compared to $0.84 in Q3 2024.
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Cash Position:
- Cash, cash equivalents, and marketable securities stood at approximately $309.2 million as of September 30, 2025, an uplift from $268.3 million as of December 31, 2024.
Conclusion
KalVista Pharmaceuticals continues to experience significant momentum with the launch of EKTERLY, evidenced by rising demand in the US and newly acquired approvals in Europe and Australia. Despite increased operational expenses, the company remains well-capitalized with over $309 million on hand to further its product development and commercialization efforts. A conference call will be hosted on November 11, 2025, to discuss these results in greater detail.
Note: No quarterly dividend or share repurchase was declared during this reporting period.
KALVISTA PHARMACEUTICALS, INC. Consolidated Statements of Operations (in thousands, except share and per share amounts)
| For the Three Months Ended | September 30, 2025 | September 30, 2024 |
|---|---|---|
| Product revenue, net | $13,692 | $— |
| Cost of revenue | $1,232 | $— |
| Research and development | $11,993 | $18,680 |
| Selling, general and administrative | $46,517 | $24,800 |
| Total operating expenses | $59,742 | $43,480 |
| Operating loss | $(46,050) | $(43,480) |
| Other (expense) income: | ||
| Interest income | $1,875 | $1,580 |
| Interest expense | $(4,757) | $— |
| Foreign currency exchange (loss) gain | $(884) | $1,072 |
| Other income, net | $2,491 | $1,744 |
| Total other (expense) income | $(1,275) | $4,396 |
| Loss before income taxes | $(47,325) | $(39,084) |
| Income tax expense | $2,157 | $— |
| Net loss | $(49,482) | $(39,084) |
| Net loss per share, basic and diluted | $(0.92) | $(0.84) |
| Weighted average common shares outstanding, basic and diluted | 53,883,681 | 46,590,514 |
KALVISTA PHARMACEUTICALS, INC. Consolidated Balance Sheets (in thousands except share and per share amounts) (Unaudited)
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Cash, cash equivalents & marketable securities | $309,158 | $268,345 |
| Other current assets | $16,068 | $17,634 |
| Total current assets | $325,226 | $285,979 |
| Other assets | $14,705 | $8,837 |
| Total assets | $339,931 | $294,816 |
| Current liabilities | $45,069 | $26,114 |
| Long-term liabilities | $277,863 | $104,343 |
| Total Liabilities | $322,932 | $130,457 |
| Stockholders’ equity | $16,999 | $164,359 |
| Total liabilities and stockholders’ equity | $339,931 | $294,816 |