KalVista Pharmaceuticals Reports First Fiscal Quarter Results

Sep 8th, 2022 7:00 EST

CAMBRIDGE, Mass. & SALISBURY, England--(BUSINESS WIRE)--KalVista Pharmaceuticals, Inc. (NASDAQ: KALV), a clinical stage pharmaceutical company focused on the discovery, development, and commercialization of oral, small molecule protease inhibitors, today provided an operational update and released financial results for the first fiscal quarter ended July 31, 2022.

“We are pleased to announce we have surpassed the 50% enrollment mark for our KVD824 KOMPLETE Phase 2 clinical trial, a major milestone in its development as a potential oral prophylactic treatment for hereditary angioedema (HAE),” said Andrew Crockett, Chief Executive Officer of KalVista. “Enrollment for our Phase 3 KONFIDENT trial for the first potential oral on-demand HAE treatment is also progressing as anticipated. We look forward to continuing to advance both programs as we continue with our strategy of bringing a full spectrum of oral treatment options to HAE patients.”

First Fiscal Quarter and Recent Business Highlights:

  • Announced the initiation of the KONFIDENT-S open label extension study for sebetralstat in the on-demand treatment of HAE. The study will provide up to two years of additional safety and tolerability data, assess sebetralstat’s pharmacokinetic (PK) profile in adolescents aged 12-17, and evaluate the compound for use as a short-term prophylactic treatment prior to medical procedures.
  • Reported new data from the Phase 2 clinical trial of sebetralstat at the Australasian Society of Clinical Immunology and Allergy (ASCIA) 2022 conference. The data showed that sebetralstat treatment provided relief of mild and moderate HAE attacks, showing meaningful treatment effect regardless of baseline attack severity, as shown by measurements of Patient Global Impression of Change (PGI-C), Patient Global Impression of Severity (PGI-S), and Visual Analog Scale (VAS).
  • Enrollment is proceeding as expected for the Phase 3 KONFIDENT trial for sebetralstat, with data expected in the second half of 2023. The Phase 2 KOMPLETE clinical trial for KVD824 also remains on track with enrollment targets. Data from the KOMPLETE trial is expected in mid-2023.
  • Presented at the 1st Annual H.C. Wainwright Hereditary Angioedema Conference. KalVista CEO Andrew Crockett also participated on an expert panel discussing oral treatments in HAE.

First Fiscal Quarter Financial Results:

  • Revenue: No revenue was recognized for the three months ended July 31, 2022 or July 31, 2021.
  • R&D Expenses: Research and development expenses were $18.2 million for the three months ended July 31, 2022, compared to $13.7 million for the same period in the prior fiscal year. The increase in R&D expenses during the quarter primarily reflects the ongoing Phase 3 KONFIDENT trial for sebetralstat, increased preclinical spending, and increased personnel costs.
  • G&A Expenses: General and administrative expenses were $8.1 million for the three months ended July 31, 2022, compared to $5.9 million for the same period in the prior fiscal year. The increase in G&A expenses was primarily due to an increase in commercial planning expenses, investor and public relations expenses, and to a lesser extent, increases in compensation expenses and other administrative costs.
  • Net Loss: Net loss was $23.0 million, or $(0.94) per weighted average basic and diluted share, for the three months ended July 31, 2022, compared to net loss of $16.1 million, or $(0.66) per weighted average basic and diluted share for the same period in the prior fiscal year. The increase in net loss and net loss per share primarily resulted from the increase in operating expenses, primarily research and development.
  • Cash Position: Cash, cash equivalents and marketable securities were $142.1 million as of July 31, 2022, compared to $166.2 million as of April 30, 2022. The decrease in the net cash and marketable securities position was due to cash consumption from operating expenses.

About KalVista Pharmaceuticals, Inc.

KalVista Pharmaceuticals, Inc. is a pharmaceutical company focused on the discovery, development, and commercialization of oral, small molecule protease inhibitors for diseases with significant unmet need. KalVista has developed a proprietary portfolio of novel, small molecule plasma kallikrein inhibitors initially targeting hereditary angioedema (HAE) and diabetic macular edema (DME). KalVista is developing sebetralstat as an oral on-demand therapy for acute HAE attacks and is enrolling the Phase 3 KONFIDENT clinical trial. KVD824 is in development for prophylactic treatment of HAE, with the Phase 2 KOMPLETE clinical trial underway. In addition, KalVista’s oral Factor XIIa inhibitor program represents a new generation of therapies that may further improve the treatment of HAE for patients. In DME, an intravitreally administered plasma kallikrein inhibitor, called KVD001, has completed a Phase 2 clinical trial.

For more information about KalVista, please visit www.kalvista.com.

For more information on the sebetralstat HAE on-demand Phase 3 KONFIDENT study, please visit www.konfidentstudy.com.

For more information on the KVD824 HAE prophylaxis Phase 2 KOMPLETE study, please visit www.kompletestudy.com.

Forward-Looking Statements

This press release contains "forward-looking" statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. These statements are subject to numerous risks and uncertainties, including the potential impact of COVID-19, that could cause actual results to differ materially from what we expect. Examples of forward-looking statements include, among others, timing or outcomes of communications with the FDA, our expectations about safety and efficacy of our product candidates and timing of clinical trials and its results, our ability to commence clinical studies or complete ongoing clinical studies, including our Phase 3 KONFIDENT and Phase 2 KOMPLETE clinical trials, and to obtain regulatory approvals for sebetralstat, KVD824 and other candidates in development, the ability of sebetralstat, KVD824 and other candidates in development to treat HAE or DME, and the future progress and potential success of our oral Factor XIIa program. Further information on potential risk factors that could affect our business and financial results are detailed in our filings with the Securities and Exchange Commission, including in our annual report on Form 10-K for the year ended April 30, 2022, our quarterly reports on Form 10-Q, and our other reports that we may make from time to time with the Securities and Exchange Commission. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

KalVista Pharmaceuticals Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)
(Unaudited)
 

July 31,

April 30,

2022

2022

Assets
Current assets:
Cash and cash equivalents

$

37,863

 

$

30,732

 

Marketable securities

 

104,212

 

 

135,470

 

Research and development tax credit receivable

 

17,248

 

 

14,098

 

Prepaid expenses and other current assets

 

11,084

 

 

13,347

 

Total current assets

 

170,407

 

 

193,647

 

Property and equipment, net

 

3,030

 

 

2,178

 

Right of use assets

 

8,664

 

 

7,862

 

Other assets

 

218

 

 

193

 

Total assets

$

182,319

 

$

203,880

 

Liabilities and stockholders' equity
Current liabilities:
Accounts payable

$

2,908

 

$

3,638

 

Accrued expenses

 

5,828

 

 

6,961

 

Lease liability - current portion

 

997

 

 

977

 

Total current liabilities

 

9,733

 

 

11,576

 

Long-term liabilities:
Lease liability - net of current portion

 

8,014

 

 

7,211

 

Total long-term liabilities

 

8,014

 

 

7,211

 

Stockholders’ equity:
Common stock, $0.001 par value

 

25

 

 

25

 

Additional paid-in capital

 

441,914

 

 

439,104

 

Accumulated deficit

 

(273,217

)

 

(250,175

)

Accumulated other comprehensive loss

 

(4,150

)

 

(3,861

)

Total stockholders’ equity

 

164,572

 

 

185,093

 

Total liabilities and stockholders' equity

$

182,319

 

$

203,880

 

 
KalVista Pharmaceuticals Inc.
Condensed Consolidated Statement of Operations
(in thousands, except share and per share amounts)
(Unaudited)
 
 
Three Months Ended
July 31,

2022

2021

 

 
Revenue

$

 

$

 

Operating expenses:
Research and development

 

18,186

 

 

13,669

 

General and administrative

 

8,130

 

 

5,847

 

Total operating expenses

 

26,316

 

 

19,516

 

Operating loss

 

(26,316

)

 

(19,516

)

 
Other income:
Interest income

 

242

 

 

274

 

Foreign currency exchange (loss) gain

 

(517

)

 

(51

)

Other income

 

3,549

 

 

3,184

 

Total other income

 

3,274

 

 

3,407

 

Net loss

$

(23,042

)

$

(16,109

)

 
Net loss per share, basic and diluted

$

(0.94

)

$

(0.66

)

 
Weighted average common shares outstanding, basic and diluted

 

24,557,615

 

 

24,429,919

 

 
KalVista Pharmaceuticals Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
 
Three Months Ended
July 31,

2022

 

2021

 
Cash flows from operating activities
Net loss

$

(23,042

)

$

(16,109

)

Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization

 

158

 

 

132

 

Stock-based compensation expense

 

2,642

 

 

2,795

 

Realized loss (gain) from sale of marketable securities

 

16

 

 

23

 

Non-cash operating lease expense

 

23

 

 

22

 

Amortization of premium on marketable securities

 

391

 

 

753

 

Foreign currency exchange loss (gain)

 

426

 

 

14

 

Changes in operating assets and liabilities:
Research and development tax credit receivable

 

(3,570

)

 

(3,211

)

Prepaid expenses and other current assets

 

1,935

 

 

(625

)

Accounts payable

 

(678

)

 

(528

)

Accrued expenses

 

(1,043

)

 

(1,001

)

Net cash used in operating activities

 

(22,742

)

 

(17,735

)

 
Cash flows from investing activities
Purchases of marketable securities

 

(10,102

)

 

(19,036

)

Sales and maturities of marketable securities

 

41,066

 

 

34,204

 

Acquisition of property and equipment

 

(920

)

 

(287

)

Net cash provided by investing activities

 

30,044

 

 

14,881

 

 
Cash flows from financing activities
Issuance of common stock from equity incentive plans

 

168

 

 

608

 

Net cash provided by financing activities

 

168

 

 

608

 

Effect of exchange rate changes on cash and cash equivalents

 

(339

)

 

(3

)

Net increase (decrease) in cash and cash equivalents

 

7,131

 

 

(2,249

)

Cash and cash equivalents at beginning of period

 

30,732

 

 

50,592

 

Cash and cash equivalents at end of period

$

37,863

 

$

48,343

 

 

SHARE

You must be logged in to post a comment.

Related Recent Publications

You must be logged in to post a comment.

Email newsletter

Receive the latest stock news and signals