KalVista Pharmaceuticals, Inc.
KALV evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for KALV—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · KALV
KalVista Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing and commercializing therapies for hereditary angioedema (HAE), with its first FDA-approved product EKTERLY (sebetralstat) launched in 2025.
Key risk: Commercial adoption uncertainty
BioSniper Score
Based on 5 of 6 signals
Financial data as of Mar 31, 2026.
Tracking 2 pipeline candidates · 11 clinical trials · 1 FDA decision for KalVista Pharmaceuticals, Inc..
KalVista Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing and commercializing therapies for hereditary angioedema (HAE), with its first FDA-approved product EKTERLY (sebetralstat) launched in 2025.
- KalVista received FDA approval for EKTERLY (sebetralstat) on July 3, 2025, and generated first product sales in the quarter ended July 31, 2025 [sec_mda · as of 2025-09-11].
- As of March 31, 2026, the company reported cash, cash equivalents and marketable securities totaling $285.0 million and an accumulated deficit of $786.2 million [sec_mda · as of 2026-05-14].
- Latest reported financials (as of 2026-03-31) show cash & equivalents of $213.8M, total revenue of $40.9M, net income of -$23.5M, shareholders' equity of $116.8M, and total debt of $172.2M [sec].
- The company has historically funded operations through equity financings, collaborations, strategic partnerships, royalty financing, license arrangements, convertible debt, and product sales [sec_mda · as of 2026-05-14].
- KalVista is also conducting a strategic review of a separate program to evaluate potential for further progress and indications [sec_mda · as of 2024-09-05].
What works
- First FDA-approved product EKTERLY (sebetralstat) launched in July 2025, generating initial product revenue and marking a transition from a development-stage to a commercial-stage company [sec_mda · as of 2025-09-11].
- Cash and marketable securities of $285.0 million as of March 31, 2026, are anticipated to fund operations for at least the next twelve months [sec_mda · as of 2026-05-14].
What to weigh
- The company has an accumulated deficit of $786.2 million as of March 31, 2026, reflecting a history of losses and significant cash outflows from operations [sec_mda · as of 2026-05-14].
- Commercialization of EKTERLY is still early, and the company faces risks related to competitive products, pricing, and the uncertainty of achieving sustained market adoption [sec · filed 2026-04-29].
- Total debt of $172.2 million as of 2026-03-31 adds financial leverage and interest expense obligations [sec].
From the filings
Quoted directly from source documents.
FDA approval and first product sales of EKTERLY
“The three months ended July 31, 2025 is the first period in which we have generated revenue from product sales, following the FDA approval of EKTERLY on July 3, 2025.”
SEC MD&A · September 11, 2025
Cash position and accumulated deficit as of March 31, 2026
“As of March 31, 2026, we had an accumulated deficit of $786.2 million and cash, cash equivalents and marketable securities totaling $285.0 million.”
SEC MD&A · May 14, 2026
Sources of funding
“We have funded operations primarily through a combination of equity financings, collaborations, strategic partnerships, royalty financing, license arrangements, convertible debt and product sales.”
SEC MD&A · May 14, 2026
Risk of competitive products and pricing
“the impact of competitive products and pricing; the risk that, if the Transactions are consummated, the businesses will not be integrated successfully and that Parent may not realize the potential benefits of the Transactions”
SEC filings · April 29, 2026
Catalyst timeline
- 2039-01-26 · Patent_Expiry · EKTERLY — Patent/Exclusivity Expiry: EKTERLY — Patent expiry for EKTERLY; potential generic competition could impact future revenue.
Risks & what to watch (4)›
Key risks
- Commercial adoption uncertainty — EKTERLY is newly launched; competitive products and pricing may limit market penetration and revenue growth [sec · filed 2026-04-29].
- Accumulated losses and debt — Accumulated deficit of $786.2M and total debt of $172.2M as of 2026-03-31 increase financial risk [sec_mda · as of 2026-05-14] [sec].
- Regulatory and development risks — Any future product candidates require FDA or foreign approvals; delays or failures could materially impact business [sec_mda · as of 2024-09-05].
- Integration and transaction risks — Potential business combination (if consummated) may not achieve expected benefits and could incur significant costs [sec · filed 2026-04-29].
What to watch
- Revenue growth and market adoption of EKTERLY in the HAE treatment landscape [sec_mda · as of 2025-09-11].
- Outcome of the strategic review of the separate development program [sec_mda · as of 2024-09-05].
- Changes in cash runway and operating expenses as commercialization scales [sec_mda · as of 2026-05-14].
- Any regulatory or competitive developments affecting sebetralstat or other pipeline candidates [sec · filed 2025-07-07].
Sources: SEC filings · SEC MD&A · Generated August 2, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
60.2 months
OCF -$14M · Net income -$23M
Lead: Approved
2 candidates
No upcoming catalysts tracked
0 buys · 23 sells (180d)
Runway
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
181
Total value held
$1.19B
| Holder | Shares | Value |
|---|---|---|
| suvretta capital management, llc | 4,768,712 | $96.0M |
| tang capital management llc | 4,573,530 | $92.1M |
| blackrock, inc. | 3,795,897 | $76.4M |
| vanguard capital management llc | 3,660,934 | $73.7M |
| woodline partners lp | 3,019,840 | $60.8M |
| silverarc capital management, llc | 2,876,407 | $57.9M |
| caption management, llc | 2,430,000 | $48.9M |
| state street corp | 1,955,844 | $39.4M |
| millennium management llc | 1,912,146 | $38.5M |
| vestal point capital, lp | 1,850,000 | $37.2M |
Showing top 10 of 181 institutional holders of KalVista Pharmaceuticals, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 21, 2026- % of float
- 31.9%
- Days to cover
- 3.2
- Shares short
- 15,161,107
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
KALV short interestGovernance
Frequently asked questions
What is the AI investment thesis for KalVista Pharmaceuticals, Inc.?
KalVista Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing and commercializing therapies for hereditary angioedema (HAE), with its first FDA-approved product EKTERLY (sebetralstat) launched in 2025.
What is KalVista Pharmaceuticals, Inc.'s lead drug candidate?
KalVista Pharmaceuticals, Inc.'s most advanced tracked candidate is ekterly (Approved) for acute attacks of hereditary angioedema (HAE) in adult and pediatric patients aged 12 years and older.
Who is the CEO of KalVista Pharmaceuticals, Inc.?
Mr. Benjamin L. Palleiko is the chief executive officer of KalVista Pharmaceuticals, Inc. (KALV).
Where is KalVista Pharmaceuticals, Inc. headquartered?
KalVista Pharmaceuticals, Inc. (KALV) is headquartered in Framingham, MA, United States.
What therapeutic areas does KalVista Pharmaceuticals, Inc. focus on?
KalVista Pharmaceuticals, Inc. develops therapies across Oncology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.