KalVista Pharmaceuticals (KALV) Q1 2026 earnings summary

Executive summary

• EKTERLY (sebetralstat) received FDA approval in July 2025 and is now marketed in the U.S., Germany, and Japan, with additional global partnerships established.

• A definitive merger agreement was signed with Chiesi Farmaceutici S.p.A. in April 2026, with the transaction expected to close in Q3 2026.

• The company operates as a single business segment focused on rare disease therapies.

Financial highlights

• Total revenues for Q1 2026 were $40.9 million, up from $0 in Q1 2025, driven by EKTERLY's commercial launch.

• Net loss for Q1 2026 was $23.5 million, a significant improvement from a $51.8 million net loss in Q1 2025.

• Cash, cash equivalents, and marketable securities totaled $285.0 million as of March 31, 2026.

• Operating expenses increased to $64.3 million in Q1 2026 from $49.7 million in Q1 2025, mainly due to higher SG&A costs.

• Research and development expenses decreased by 12% year-over-year to $12.4 million.

Outlook and guidance

• Management expects continued losses as commercialization of EKTERLY expands.

• Current liquidity is anticipated to fund operations for at least the next twelve months.