KalVista Pharmaceuticals Inc · Q3 2021 earnings

Briefing

KalVista reported third fiscal quarter results and recent KVD900 Phase 2 clinical trial results as statistically and clinically significant.

KalVista Pharmaceuticals reported no revenue for the third fiscal quarter ended January 31, 2021, compared to $1.6 million for the same period in the prior fiscal year. Research and development expenses were $9.1 million, compared to $11.2 million for the same period in the prior fiscal year. Net loss was $10.1 million, or $(0.56) per share, compared to a net loss of $9.3 million, or $(0.52) per share, for the same period in the prior fiscal year. Cash, cash equivalents and marketable securities were $50.3 million as of January 31, 2021, compared to $67.7 million as of April 30, 2020.

• Reported positive results for KVD900 in a Phase 2 clinical trial demonstrating statistically and clinically significant responses across primary and secondary endpoints as an oral on-demand treatment for HAE attacks.
• The trial met its primary endpoint comparing the time to use of conventional attack treatment within 12 hours on KVD900 versus placebo (p=0.0010) with rates of use at 12 hours of 15.1% following treatment with KVD900 versus 30.2% after placebo.
• Closed an upsized public offering of common stock and full exercise of the underwriters’ options to purchase additional shares, resulting in gross proceeds of approximately $222.5 million.
• Filed the IND for a Phase 2 clinical trial of KVD824 and expect to initiate that trial in the second quarter of 2021.

Headline financials

Revenue & EPS history

KalVista is focused on advancing its oral HAE franchise, including finalizing the Phase 3 program for KVD900 and initiating a Phase 2 clinical trial for KVD824.