KALV

MKT CAP:$1B

KalVista Pharmaceuticals, Inc.

Market Cap

$1B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$19.27+$3.81 (+24.64%)

Apr 24, 2026

Company Details

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 plas...

CEO

Benjamin L. Palleiko

IPO Date

Apr 9, 2015

Website

www.kalvista.com

Key Metrics TTM

Revenue

$75M

— YoY

Net Income

-$167M

EPS (Diluted)

-$3.20

Free Cash Flow

-$82M

Revenue / Share

$1.48

Gross Margin

68.7%

Operating Margin

-231.1%

Net Margin

-222.8%

FCF Margin

-109.3%

P/S

13.4x

P/E

—

Earnings Reports

Q4 2026

May 5, 2026

PENDING

Q3 2026

Dec 30, 2025

$60MEPS -$0.11

Q2 2026

Nov 10, 2025

$14MEPS -$0.92

Q1 2026

Sep 11, 2025

$1MEPS -$1.12

FY 2025

Jul 10, 2025

$0EPS -$3.69

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 22	$0	-$19M	-$27M
Q1 23	$0	-$18M	-$26M
Q2 23	$0	-$18M	-$26M
Q3 23	$0	-$20M	-$27M
Q4 23	$0	-$24M	-$32M
Q1 24	$0	-$19M	-$29M
Q2 24	$0	-$19M	-$30M
Q3 24	$0	-$207.0K	-$33M
Q4 24	$0	-$25M	-$48M
Q1 25	$0	$0	-$44M
Q2 25	$0	$0	-$46M
Q3 25	$0	$0	-$43M
Q4 25	$0	-$16M	-$55M
Q1 26	$1M	$836.0K	-$59M
Q2 26	$14M	$12M	-$46M
Q3 26	$60M	$54M	-$13M

Valuation

Quarter	P/S	P/E
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	—	—
Q1 25	—	—
Q2 25	—	—
Q3 25	—	—
Q4 25	—	—
Q1 26	472.5x	—
Q2 26	43.2x	—
Q3 26	10.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 22	-$27M	-$27M
Q1 23	-$23M	-$24M
Q2 23	-$21M	-$21M
Q3 23	-$9M	-$9M
Q4 23	-$23M	-$23M
Q1 24	-$27M	-$27M
Q2 24	-$20M	-$20M
Q3 24	-$28M	-$28M
Q4 24	-$15M	-$15M
Q1 25	-$40M	-$40M
Q2 25	-$40M	-$40M
Q3 25	-$33M	-$33M
Q4 25	-$40M	-$40M
Q1 26	-$55M	-$55M
Q2 26	-$33M	-$33M
Q3 26	$45M	$46M

Capital Expenditures

Quarter	CapEx
Q4 22	$86.0K
Q1 23	$920.0K
Q2 23	$192.0K
Q3 23	$15.0K
Q4 23	$69.0K
Q1 24	$6.0K
Q2 24	$2.0K
Q3 24	$19.0K
Q4 24	$122.0K
Q1 25	$21.0K
Q2 25	$108.0K
Q3 25	$127.0K
Q4 25	$350.0K
Q1 26	$290.0K
Q2 26	$24.0K
Q3 26	$156.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	—	+48.6%
Q1 23	—	+34.8%
Q2 23	—	+9.7%
Q3 23	—	+1.0%
Q4 23	—	+18.3%
Q1 24	—	+10.6%
Q2 24	—	+14.9%
Q3 24	—	+23.0%
Q4 24	—	+52.7%
Q1 25	—	+52.0%
Q2 25	—	+54.0%
Q3 25	—	+29.5%
Q4 25	—	+13.6%
Q1 26	—	+36.7%
Q2 26	—	+30.4%
Q3 26	—	+70.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 22	$0	—
Q1 23	$3M	—
Q2 23	$0	—
Q3 23	$0	—
Q4 23	$0	—
Q1 24	$0	—
Q2 24	$3M	—
Q3 24	$3M	—
Q4 24	$13M	—
Q1 25	$3M	—
Q2 25	$0	—
Q3 25	$3M	—
Q4 25	-$9M	—
Q1 26	$5M	377.2%
Q2 26	$6M	45.2%
Q3 26	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q4 22	$19M	$8M	—
Q1 23	$18M	$8M	—
Q2 23	$18M	$8M	—
Q3 23	$20M	$7M	—
Q4 23	$24M	$8M	—
Q1 24	$19M	$10M	—
Q2 24	$19M	$11M	—
Q3 24	$23M	$11M	—
Q4 24	$25M	$23M	—
Q1 25	$27M	$18M	—
Q2 25	$17M	$29M	—
Q3 25	$13M	$30M	—
Q4 25	$16M	$39M	—
Q1 26	$15M	$45M	—
Q2 26	$12M	$47M	—
Q3 26	$9M	—	$61M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$31M	$135M	$166M
Q1 23	$38M	$104M	$142M
Q2 23	$39M	$84M	$122M
Q3 23	$85M	$87M	$172M
Q4 23	$56M	$93M	$149M
Q1 24	$49M	$74M	$123M
Q2 24	$58M	$46M	$103M
Q3 24	$23M	$53M	$76M
Q4 24	$32M	$179M	$210M
Q1 25	$32M	$142M	$174M
Q2 25	$42M	$94M	$136M
Q3 25	$167M	$86M	$253M
Q4 25	$99M	$89M	$188M
Q1 26	$124M	$67M	$191M
Q2 26	$243M	$66M	$309M
Q3 26	$229M	$71M	$300M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 22	25M	+0.3%	+6.2%
Q1 23	25M	+0.0%	+0.5%
Q2 23	25M	+0.2%	+0.6%
Q3 23	28M	+15.0%	+15.5%
Q4 23	34M	+21.4%	+39.9%
Q1 24	34M	+0.2%	+40.1%
Q2 24	35M	+0.4%	+40.5%
Q3 24	35M	+0.5%	+22.8%
Q4 24	44M	+25.5%	+26.9%
Q1 25	46M	+6.1%	+34.3%
Q2 25	47M	+1.0%	+35.1%
Q3 25	53M	+12.7%	+51.6%
Q4 25	50M	-5.7%	+13.9%
Q1 26	53M	+7.7%	+15.7%
Q2 26	54M	+0.7%	+15.4%
Q3 26	51M	-6.2%	-4.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 22	$0	105
Q1 23	$0	105
Q2 23	$0	105
Q3 23	$0	105
Q4 23	$0	118
Q1 24	$0	118
Q2 24	$0	118
Q3 24	$0	118
Q4 24	$0	150
Q1 25	$0	150
Q2 25	$0	150
Q3 25	$0	150
Q4 25	$0	270
Q1 26	$5.3K	270
Q2 26	$50.7K	270
Q3 26	$221.9K	270

Revenue / Employee