The Company	3 Months Ended
Jul. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company	1. The Company Company Background KalVista Pharmaceuticals, Inc. (“KalVista” or the “Company”) is a global biopharmaceutical company dedicated to developing and delivering life-changing oral therapies for individuals affected by rare diseases with significant unmet need. The Company has used its capabilities to develop sebetralstat, a novel, orally delivered, small molecule plasma kallikrein inhibitor targeting the disease hereditary angioedema (“HAE”). On July 3, 2025, the U.S. Food and Drug Administration (the “FDA”) approved EKTERLY® (sebetralstat) for the treatment of acute attacks of HAE in adult and pediatric patients aged 12 years and older. The FDA approval was based on data from the phase 3 KONFIDENT clinical trial, published in the New England Journal of Medicine. Prior to the approval of EKTERLY, all on-demand treatment options approved in the U.S. required intravenous or subcutaneous administration, which carries a significant treatment burden. Even with the use of long-term prophylaxis, most people living with HAE continue to have unpredictable attacks and require ready access to on-demand medication. The Company’s headquarters is located in Framingham, Massachusetts, with additional offices and research activities located in Cambridge, Massachusetts; Porton Down, United Kingdom; Salt Lake City, Utah; Zug, Switzerland; Tokyo, Japan; Berlin, Germany and Dublin, Ireland. Liquidity The Company has incurred operating losses since its inception. As of July 31, 2025, the Company had an accumulated deficit of $713.3 million and $191.5 million of cash, cash equivalents and marketable securities. The three months ended July 31, 2025 is the first period in which the Company generated revenue from product sales, following the FDA approval of EKTERLY. Previously, the Company funded its operations primarily through the issuance of capital stock, pre-funded warrants, and royalty financing. In July 2025, the Company entered into a sales agreement with TD Securities (USA) LLC (“TD Cowen”) pursuant to which the Company is able to offer and sell, from time to time at its sole discretion, shares of its common stock with an aggregate offering price of up to $100.0 million (the “ATM Shares”) under the prospectus supplement, dated July 10, 2025, to the registration statement on Form S-3 (the “Registration Statement”) filed with the U.S. Securities and Exchange Commission (the “SEC”) on July 19, 2024. During the three months ended July 31, 2025, the Company did not offer or sell any ATM Shares pursuant to the Registration Statement. The Company anticipates that it will continue to incur losses for the foreseeable future, and it expects those losses to increase as it begins to commercialize EKTERLY, continues to complete any post-approval regulatory obligations, and continues the development of potential additional product candidates. The Company may continue to incur substantial operating losses even as it continues to generate revenue from EKTERLY or its other products. The Company may seek to finance future cash needs through equity offerings, debt financing, corporate partnerships and product sales. The Company is subject to risks and uncertainties common to companies in the pharmaceutical industry with development and commercial operations, and it may encounter unforeseen expenses, difficulties, complications, delays and other unknown factors that may adversely affect its business. The Company currently anticipates that, based upon its operating plans and existing capital resources, it has sufficient funding to operate for at least the next twelve months. Change in fiscal year On March 13, 2025, the Company's Board of Directors approved a change to the Company’s fiscal year end from April 30 to December 31, effective December 31, 2025, resulting in an eight-month transition period from May 1, 2025 to December 31, 2025. During the transition period, the Company has elected to file this Quarterly Report on Form 10-Q for the quarter ending July 31, 2025, and then will file quarterly reports based on the new fiscal year beginning with the quarter ending September 30, 2025, pursuant to Rule 15d-10(e)(2) of the Exchange Act.

The Company

3 Months Ended

Jul. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Company Background

KalVista Pharmaceuticals, Inc. (“KalVista” or the “Company”) is a global biopharmaceutical company dedicated to developing and delivering life-changing oral therapies for individuals affected by rare diseases with significant unmet need. The Company has used its capabilities to develop sebetralstat, a novel, orally delivered, small molecule plasma kallikrein inhibitor targeting the disease hereditary angioedema (“HAE”).

On July 3, 2025, the U.S. Food and Drug Administration (the “FDA”) approved EKTERLY® (sebetralstat) for the treatment of acute attacks of HAE in adult and pediatric patients aged 12 years and older. The FDA approval was based on data from the phase 3 KONFIDENT clinical trial, published in the New England Journal of Medicine. Prior to the approval of EKTERLY, all on-demand treatment options approved in the U.S. required intravenous or subcutaneous administration, which carries a significant treatment burden. Even with the use of long-term prophylaxis, most people living with HAE continue to have unpredictable attacks and require ready access to on-demand medication.

The Company’s headquarters is located in Framingham, Massachusetts, with additional offices and research activities located in Cambridge, Massachusetts; Porton Down, United Kingdom; Salt Lake City, Utah; Zug, Switzerland; Tokyo, Japan; Berlin, Germany and Dublin, Ireland.

Liquidity

The Company has incurred operating losses since its inception. As of July 31, 2025, the Company had an accumulated deficit of $713.3 million and $191.5 million of cash, cash equivalents and marketable securities. The three months ended July 31, 2025 is the first period in which the Company generated revenue from product sales, following the FDA approval of EKTERLY. Previously, the Company funded its operations primarily through the issuance of capital stock, pre-funded warrants, and royalty financing.

In July 2025, the Company entered into a sales agreement with TD Securities (USA) LLC (“TD Cowen”) pursuant to which the Company is able to offer and sell, from time to time at its sole discretion, shares of its common stock with an aggregate offering price of up to $100.0 million (the “ATM Shares”) under the prospectus supplement, dated July 10, 2025, to the registration statement on Form S-3 (the “Registration Statement”) filed with the U.S. Securities and Exchange Commission (the “SEC”) on July 19, 2024. During the three months ended July 31, 2025, the Company did not offer or sell any ATM Shares pursuant to the Registration Statement.

The Company anticipates that it will continue to incur losses for the foreseeable future, and it expects those losses to increase as it begins to commercialize EKTERLY, continues to complete any post-approval regulatory obligations, and continues the development of potential additional product candidates. The Company may continue to incur substantial operating losses even as it continues to generate revenue from EKTERLY or its other products. The Company may seek to finance future cash needs through equity offerings, debt financing, corporate partnerships and product sales. The Company is subject to risks and uncertainties common to companies in the pharmaceutical industry with development and commercial operations, and it may encounter unforeseen expenses, difficulties, complications, delays and other unknown factors that may adversely affect its business. The Company currently anticipates that, based upon its operating plans and existing capital resources, it has sufficient funding to operate for at least the next twelve months.

Change in fiscal year

On March 13, 2025, the Company's Board of Directors approved a change to the Company’s fiscal year end from April 30 to December 31, effective December 31, 2025, resulting in an eight-month transition period from May 1, 2025 to December 31, 2025. During the transition period, the Company has elected to file this Quarterly Report on Form 10-Q for the quarter ending July 31, 2025, and then will file quarterly reports based on the new fiscal year beginning with the quarter ending September 30, 2025, pursuant to Rule 15d-10(e)(2) of the Exchange Act.