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Jul 31
KalVista Q1 2026 Earnings Report
KalVista reported a wider net loss in Q1 2026 following the commercial launch of EKTERLY in the US and UK.
Key Takeaways
KalVista generated $1.4M in initial EKTERLY sales in Q1 2026 but posted a $60.1M net loss as operating expenses surged with the launch. The company ended the quarter with $191.5M in cash and expects further regulatory decisions in Europe.
EKTERLY approved and launched in US in July; 460 patient start forms received in 8 weeks.
Product revenue reached $1.4M in Q1, the company’s first commercial sales.
Net loss increased to $60.1M as SG&A rose due to commercialization efforts.
Cash position of $191.5M provides runway into 2027.
KalVista
KalVista
KalVista Revenue by Segment
Revenue by Segment
EKTERLY Revenue
CapyFin.com Forward Guidance
KalVista expects continued commercial ramp of EKTERLY and pending EU approval in Q3 2026 while managing investments in launch operations.
Positive Outlook
- EKTERLY received FDA and UK approval, launched July 2025.
- 460 patient start forms received within 8 weeks of US launch.
- European Commission decision expected October 2025.
- Retained orphan drug designation in both US and EU for EKTERLY.
- Cash runway projected into 2027.
Challenges Ahead
- Net loss widened due to launch expenses.
- High SG&A spend related to commercialization.
- Cost of revenue now recognized post-commercialization.
- Uncertainty around EU approval timeline and uptake.
- No guidance on revenue trajectory or profitability timeline.