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About

KalVista Pharmaceuticals, Inc., a biopharmaceutical company, develops oral therapies for individuals for rare diseases with unmet needs.

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📈 Growth Pattern

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⭐ Superinvestors Holding KALV

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	2.14M	$43.0M	0.06%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

📊 MIXED KalVista's EKTERLY achieves $13.7M in first three months, 937 start forms in U.S.

Revenue & Profitability

For the three months ended September 30, 2025, KalVista reported EKTERLY sales of $13.7 million. Total operating expenses were $59.7 million, consisting of approximately $12 million in R&D and $46.5 million in SG&A. Gross-to-net was toward the low end of the expected range (upper teens low 20s) due to lower copay utilization. Net income or operating income was not disclosed; the company stated its cash position is sufficient to fund operations through profitability.

Outlook

Management expressed strong confidence in the long-term adoption of oral on-demand therapies to displace injectables. They noted that the early launch data validates the existence of a high-burden patient population that was previously underserved. The company sees growing prescriber confidence and expects formal payer coverage to solidify by early 2026, with policies largely favorable (PA to label).

Growth Drivers

Key growth drivers include the continued U.S. launch, expanding beyond high-burden patients to the broader HAE population, and global expansion. Germany launched in October 2025 with first-day commercial sales. The U.K. launch is expected in H1 2026 after NICE discussions. Japan launch is anticipated in Q1 2026 via partner Kaken Pharmaceutical. A pediatric NDA submission is planned for Q3 2026.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Gross-to-net was toward the low end of the expected range (upper teens low 20s) this quarter, driven by lower copay utilization typical for the period. Management expects SG&A expenses to remain relatively consistent as they invest in the global launch. No specific margin guidance was provided, but the company stated it is fully financed through profitability.

Key Risks

Risks highlighted include potential seasonal slowdown in demand during the holiday period (November/December) due to physician and patient time constraints. Payer access dynamics, such as quantity limits and step-through requirements, are being managed but remain a factor. The company also noted that as adoption expands beyond high-burden patients, refill rates and volumes may normalize to lower levels.

Generated by AI · Q3 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (2 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (2)

Q3 2026 Q3 2026 2025-11-11

EKTERLY's launch drove $13.7M in sales with rapid adoption among high-burden HAE patients and strong refill rates. International expansion is progressing, and payer access is broadening, supporting expectations for EKTERLY to become the foundational HAE therapy.

Q1 2026 Q1 2026 2025-09-11

EKTERLY's U.S. launch saw rapid adoption, with nearly 5% of the HAE population submitting prescriptions and $1.4M in net revenue. International regulatory progress is strong, and cash reserves are expected to fund operations into 2027. Early safety and access signals remain positive.

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