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Sep 30
KalVista Q3 2026 Earnings Report
KalVista reported Q3 2025 results marked by strong initial sales of EKTERLY, though the company posted a net loss due to high SG&A expenses from commercialization efforts.
Key Takeaways
KalVista generated $13.7 million in revenue from the U.S. launch of EKTERLY but reported a net loss of $49.5 million, driven largely by high selling, general, and administrative expenses related to commercialization.
Generated $13.7M in net revenue from EKTERLY, its first quarter of product sales
Posted a net loss of $49.5M, reflecting high commercialization expenses
Cash and equivalents stood at $309.2M, expected to fund operations through profitability
EKTERLY launched in Germany and approved in Australia, expanding global presence
KalVista
KalVista
KalVista Revenue by Segment
KalVista Revenue by Geographic Location
Revenue by Segment
EKTERLY Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.com Forward Guidance
KalVista expects ongoing EKTERLY sales and recent global approvals to drive future revenue growth, supported by a strong cash position funding operations through to profitability.
Positive Outlook
- Strong initial U.S. launch of EKTERLY with 937 patient start forms
- EKTERLY launched in Germany with encouraging early demand
- Approval in Australia expands EKTERLY's global reach
- Cash position of $309M expected to fund through profitability
- Convertible note raise of $144M enhances financial flexibility
Challenges Ahead
- Net loss of $49.5M despite first product revenue
- High SG&A costs from commercialization pressure margins
- R&D spend still significant at $12M
- Interest expense of $4.76M weighing on bottom line
- FX losses and tax expenses added to overall loss