Kalvista Pharmaceuticals Inc (NASDAQ: KALV) is a clinical-stage biopharmaceutical company developing oral small molecule therapies for plasma kallikrein-mediated diseases. The company has no product revenue as of its fiscal year ended April 30, 2025, operating entirely on financing activities and interest income from marketable securities. Its lead asset is EKTERLY (sebetralstat), an oral plasma kallikrein inhibitor targeting hereditary angioedema, which received FDA priority review and is being positioned for commercialization pending approval. Kalvista used $152.9 million in cash from operating activities in FY2025, funded by $159.7 million in financing activities. The company entered a royalty financing agreement with DRI Healthcare Acquisitions LP in November 2024, under which future royalty payments on EKTERLY sales will generate a royalty liability on its balance sheet. Headquarters are in Cambridge, Massachusetts, with additional operations in Framingham, Massachusetts; Porton Down, United Kingdom; Salt Lake City, Utah; Zug, Switzerland; Tokyo, Japan; and Dublin, Ireland.

Revenue model

Kalvista generates no product revenue as of FY2025. Other income consists of interest earned on bank deposits and marketable securities, UK government research and development tax credits, and realized gains and losses on marketable securities and foreign currency. Future revenue, if EKTERLY (sebetralstat) receives regulatory approval, is expected to come from product sales subject to royalty obligations owed to DRI Healthcare Acquisitions LP under a November 2024 securities purchase agreement.

Products and services

EKTERLY (sebetralstat) is Kalvista's lead product candidate, an oral plasma kallikrein inhibitor in development for hereditary angioedema. The company also describes additional undisclosed product candidates in its pipeline. Third-party contract research organizations and contract manufacturers produce and process EKTERLY and other product candidates.

Customers and end markets

The end market is patients with hereditary angioedema, a rare disease. Kalvista is building a commercial organization in anticipation of potential FDA approval of EKTERLY (sebetralstat). No commercial customers existed as of FY2025.

Value-chain role

Kalvista is a drug developer that outsources manufacturing to third-party contract manufacturers and relies on contract research organizations for clinical operations. It owns the intellectual property and regulatory strategy for its pipeline and is building an internal commercial infrastructure for EKTERLY.

Geographic exposure

Kalvista operates across multiple geographies, with principal offices in Cambridge, Massachusetts and Framingham, Massachusetts, and research facilities in Porton Down, United Kingdom; Salt Lake City, Utah; Zug, Switzerland; Tokyo, Japan; and Dublin, Ireland. The company receives UK government research and development tax credits, indicating meaningful UK-based research activity.

Source: SEC 10-K, filed 2025-07-10

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