10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended March 31, 2026

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from to .

Commission File No. 001-36830

KalVista Pharmaceuticals, Inc.

(Exact name of registrant as specified in its charter)


Delaware		20-0915291
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
200 Crossing Boulevard Framingham, Massachusetts		01702
(Address of principal executive offices)		(Zip Code)

(857) 999-0075

(Registrant’s telephone number, including area code)

N/A
Former name, former address and former fiscal year, if changed since last report

Securities registered pursuant to Section 12(b) of the Exchange Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value per share	KALV	The Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  NO 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  NO 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer		Accelerated filer	
Non-accelerated filer		Smaller reporting company	
		Emerging growth company	

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES  NO 

As of May 7, 2026, the registrant had 53,240,888 shares of common stock outstanding.

Table of Contents


		Page
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)	3

	Condensed Consolidated Balance Sheets	3

	Condensed Consolidated Statements of Operations and Comprehensive Loss	4

	Condensed Consolidated Statements of Changes in Stockholders’ (Deficit) Equity	5

	Condensed Consolidated Statements of Cash Flows	6

	Notes to the Unaudited Condensed Consolidated Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	20

Item 4.	Controls and Procedures	21

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	22

Item 1A.	Risk Factors	22

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24

Item 3.	Defaults Upon Senior Securities	24

Item 4.	Mine Safety Disclosures	24

Item 5.	Other Information	24

Item 6.	Exhibits	25

Signatures		26

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

KALVISTA PHARMACEUTICALS, INC.

Condensed Consolidated Balance Sheets

(unaudited, in thousands, except share and per share amounts)


	March 31, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	213,768	$	229,342
Marketable securities		71,262		70,872
Accounts receivable, net		9,897		2,593
Inventory		4,002		3,428
Research and development tax credit receivable		7,430		6,200
Prepaid expenses and other current assets		7,846		7,712
Total current assets		314,205		320,147
Property and equipment, net		2,841		3,034
Right of use assets		9,421		9,825
Other assets		2,450		2,369
Total assets	$	328,917	$	335,375
Liabilities and stockholders’ deficit
Current liabilities:
Accounts payable	$	8,045	$	8,268
Accrued expenses and other current liabilities		34,022		33,897
Deferred revenue - current portion		833		—
Lease liability - current portion		1,691		1,621
Royalty obligation - current portion		16,226		13,569
Total current liabilities		60,817		57,355
Deferred revenue - net of current portion		21,357		11,714
Lease liability - net of current portion		10,411		10,727
Royalty obligation - net of current portion		116,583		119,063
Convertible notes		139,401		139,227
Total liabilities		348,569		338,086
Stockholders’ deficit:
Common stock, $0.001 par value; 100,000,000 shares authorized at March 31, 2026 and December 31, 2025; 51,237,509 and 50,900,777 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively		51		51
Additional paid-in capital		773,594		767,061
Accumulated deficit		(786,181)		(762,694)
Accumulated other comprehensive loss		(7,116)		(7,129)
Total stockholders’ deficit		(19,652)		(2,711)
Total liabilities and stockholders’ deficit	$	328,917	$	335,375

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

KALVISTA PHARMACEUTICALS, INC.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(unaudited, in thousands, except share and per share amounts)


	Three Months Ended
	March 31,
	2026		2025
Product revenue, net	$	39,165	$	—
Partnership and other revenue		1,698		—
Total revenues		40,863		—
Operating expenses:
Cost of revenue		3,090		—
Research and development		12,420		14,173
Selling, general and administrative

SEC Form 10-Q filed by KalVista Pharmaceuticals Inc.