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what it is
KalVista develops drugs for rare swelling and eye diseases, with one oral candidate and one eye-injection candidate.
how it gets paid
Last year Kalvista Pharma made n/a in revenue. HAE oral program was the main engine at $14M, or 70% of sales.
what just happened
KalVista posted $14M of revenue and -$2.97 EPS last quarter.
At a glance
B balance sheet — gets the job done, barely
70/100 earnings predictability — reasonably predictable
-$3.70 fy2024 eps est
1.1 beta
~$856M market cap
xvary composite: 49/100 — below average
What they do
KalVista develops drugs for rare swelling and eye diseases, with one oral candidate and one eye-injection candidate.
KalVista has 2 main shots: KVD900 for HAE, a rare swelling disease, and KVD001 for DME, diabetes-linked eye swelling. You are not buying a broad drug shop. You are buying a narrow bet where one win matters a lot. The company has 150 employees, so the pipeline is the business.
How they make money
n/a
annual revenue
HAE oral program
$14M
+0.0%
DME eye program
$0
0.0%
Discovery platform
$0
0.0%
Corporate / other
$0
0.0%
The products that matter
lead oral HAE program
sebetralstat
$1.5B market target
This is the lead asset tied to the $1.5B on-demand hereditary angioedema market cited on the page. If it works, KalVista starts looking like a launch story instead of a funding story.
the main bet
pre-commercial drug development
clinical pipeline
n/a revenue
There is no approved revenue line yet. In plain English: every other asset is still support for the thesis, not proof that a business model exists.
optional, not proven
balance-sheet support
funding capacity
$139M debt · B grade
Not a product, but it matters anyway. With a -$3.70 EPS estimate and no sales, your balance sheet is what buys the next set of clinical and regulatory milestones.
time on the clock
Key numbers
$14M
quarterly revenue
This is the company’s real sales run rate right now. It is tiny next to a $856M market cap.
$139M
long-term debt
Debt matters because lenders get paid before shareholders do.
1.1
beta
A beta above 1 means the stock swings more than the market.
-$3.70
fy2024 eps est
Negative earnings mean you are buying the pipeline, not profit.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $139M (14% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for KALV right now.
source: institutional data · return history unavailable
What just happened
missed estimates
KalVista posted $14M of revenue and -$2.97 EPS last quarter.
Revenue was flat vs. prior year at 0%. EPS stayed deeply negative, which fits a clinical-stage company with no profit engine yet.
$14M
revenue
-$2.97
eps
?
gross margin
the number that mattered
The number that mattered was $14M. That is the only hard revenue figure you have, and it shows a pre-profit business still leaning on the pipeline.
source: company earnings report, 2026
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What could go wrong
the #1 risk is sebetralstat missing on efficacy, safety, or timing. With no commercial revenue on the page, there is no mature business here to absorb a clinical or regulatory setback.
med
sebetralstat slips or disappoints
This is the lead asset and the main reason to own the stock. If the data, filing path, or launch timing weakens, the market stops valuing a future product and starts valuing cash on hand.
The investment case rests on a $1.5B market opportunity. If the lead program stumbles, that opportunity stops looking reachable.
med
funding becomes the story
Revenue is n/a and EPS is estimated at -$3.70. That means time costs money, and the longer commercialization takes, the more the balance sheet matters.
KalVista already carries $139M of long-term debt, equal to 14% of capital. You do not need a disaster for financing pressure to matter.
med
volatility drowns out the thesis
A 5 / 100 price stability score and a $9–$19 52-week range tell you this stock reprices fast. Even if the science stays intact, sentiment can still move the stock harder than fundamentals in the short run.
That is the trade-off in small-cap biotech: the upside can be large, but the path is rarely smooth enough for weak conviction.
With n/a revenue, a -$3.70 EPS estimate, and $139M of debt, there is no operating cushion here. The lead program has to keep working, and it has to keep moving.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
the next milestone date
This stock lives on a trial and regulatory calendar, not on quarter-to-quarter sales. The next dated milestone matters more than a routine market swing.
risk
sebetralstat execution risk
Watch for any hint that efficacy, safety, or timing is wobbling. In a one-asset story, delay and disappointment are close cousins.
metric
the cash-burn signal
The cleanest shorthand on this page is still the -$3.70 EPS estimate. If losses deepen without a matching step toward launch, your risk rises.
trend
whether the story turns commercial
The real shift to watch is simple: does KALV stay a pre-revenue biotech, or does it start looking like a company about to sell something real.
Analyst rankings
short-term outlook
thin
target coverage looks light here. in human-speak, there is no broad consensus doing the thinking for you.
risk profile
elevated
Pre-revenue biotech plus a 5 / 100 price stability score is not a sleepy setup. You should expect sharper moves than the index.
chart momentum
catalyst-led
This name trades on milestone expectations more than smooth technical trends. The chart reacts after the calendar changes.
earnings predictability
70/100
That is more predictable than many early-stage biotech names, but the earnings line is still negative. Predictable losses are still losses.
source: institutional data
Institutional activity
institutional ownership data for KALV is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$15
current price
n/a
target midpoint · n/a from current
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