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Dec 31, 2025
KalVista Q4 2025 Earnings Report
KalVista reported a significant net loss in Q4 FY2025 amid zero revenue, driven by substantial operating expenses tied to EKTERLY® commercialization.
Key Takeaways
KalVista ended Q4 FY2025 with no revenue and a steep net loss of $183.4 million as it ramped up pre-launch investments for EKTERLY®, following FDA approval. Operating losses widened with increased general and administrative costs.
Forward Guidance
KalVista expects continued investment in global regulatory expansion and commercial execution for EKTERLY®, with ongoing evaluations in multiple regions.
Positive Outlook
- EKTERLY® received FDA approval as the first oral on-demand treatment for HAE
- U.S. commercial launch of EKTERLY® underway
- Licensing deals secured in Japan and Canada
- Six additional global regulatory submissions pending
- Cash reserves of over $220M provide runway into 2027
Challenges Ahead
- Zero revenue generated in the fourth quarter
- Net loss widened significantly to $183.4M
- Operating expenses spiked with G&A more than doubling YoY
- Adjusted EPS remained negative at -$0.99
- High dependence on successful EKTERLY® uptake and global approvals
Historical Earnings Impact
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Avg. Return Before/After Earnings
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