Note 1. Organization and Nature of Business

KalVista Pharmaceuticals, Inc. (“KalVista” or the “Company”) is a global pharmaceutical company dedicated to delivering life-changing oral therapies for individuals affected by rare diseases with significant unmet needs. On July 3, 2025, the Company received approval from the U.S. Food and Drug Administration (the “FDA”) for its lead product candidate, EKTERLY® (sebetralstat), for the treatment of acute attacks of hereditary angioedema (“HAE”) in adults and adolescents aged 12 years and older. EKTERLY is the first and only oral on-demand therapy for HAE. Following FDA approval, EKTERLY received marketing authorization from the European Medicines Agency, the U.K.'s Medicines and Healthcare products Regulatory Agency, the Swiss Agency for Therapeutic Products, Swissmedic, Japan's Ministry of Health, Labour and Welfare as well as regulatory agencies in Australia and Singapore. The Company markets EKTERLY in the U.S. and Germany and has established commercialization partnerships for Japan, Canada, Brazil, Argentina, Colombia, and Mexico. The Company is incorporated in the State of Delaware and headquartered in Framingham, Massachusetts.

These regulatory approvals were 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 has funded its operations primarily through a combination of equity financings, collaborations, strategic partnerships, royalty financings, licensing arrangements, convertible debt, and product sales. As of December 31, 2025, the Company had an accumulated deficit of $762.7 million and cash, cash equivalents and marketable securities totaling $300.2 million. The Company anticipates that it will continue to incur losses for the foreseeable future, and it expects those losses to continue as it begins to commercialize EKTERLY. 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.

The Company may seek to finance future cash needs through equity offerings, debt financing, corporate partnerships, and product sales.

Change in fiscal year

On March 13, 2025, the Company's Board of Directors (“Board”) 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. Beginning with the Quarterly Report on Form 10-Q for the quarter ending September 30, 2025, the Company began to file reports based on the new fiscal year, pursuant to Rule 15d-10(e)(2) of the Exchange Act.