KalVista Pharmaceuticals, Inc. (NASDAQ:KALV), today reported financial results for the eight months ended December 31, 2025, and provided a corporate update. As previously announced, the Company changed its fiscal year from ending April 30 of each year to ending December 31 of each year. There was an eight-month transition period from May 1, 2025 to December 31, 2025 and these results are presented within the condensed consolidated financial statements.

 

Transition Period Financial Results

  • Recognized $49.1 million in net product revenue for the eight months ended December 31, 2025.
  • Cost of revenue was $3.1 million for the eight months ended December 31, 2025.
  • Research and development expenses were $33.4 million and $52.2 million in the eight months ended December 31, 2025, and 2024, respectively. The decrease in R&D was primarily attributable to reduced clinical trial expenses and recognizing expenses associated with EKTERLY pre-commercial awareness within selling, general and administrative expenses.
  • Selling, general and administrative expenses were $124.7 million and $64.9 million in the eight months ended December 31, 2025, and 2024, respectively. The increase in SG&A was primarily attributable to commercialization expenses related to EKTERLY.
  • As of December 31, 2025, the Company had cash, cash equivalents and marketable securities of approximately $300.2 million. We anticipate that cash, cash equivalents and marketable securities as of December 31, 2025, along with projected revenues associated with the sale of EKTERLY will fund the Company through profitability.