KalVista Pharmaceuticals reported financial results for the eight months ended December 31 2025, showing $49.1 million in global net product revenue from its oral on‑demand hereditary angioedema therapy EKTERLY, launched July 7 2025. The revenue reflects 1,702 patient start forms received in the U.S. through February 2026, indicating strong early adoption.
Operating expenses rose sharply, with SG&A climbing to $124.7 million from $64.9 million a year earlier, driven by commercialization investments for EKTERLY. In contrast, R&D spending fell to $33.4 million from $52.2 million, reflecting reduced clinical trial costs. The company posted a net loss of $109.5 million for the period, a decline from the $95.8 million loss reported for the same eight‑month period in 2024.
Cash, cash equivalents, and marketable securities stood at $300.2 million as of December 31 2025, giving the company a runway that management expects will support continued growth toward profitability as EKTERLY sales accelerate.
"As we enter the next phase of the EKTERLY launch, we are seeing the benefits of disciplined execution and increasing real‑world experience with the first and only oral on‑demand therapy for HAE," CEO Ben Palleiko said. "Demand for EKTERLY remains steady, supported by strong prescriber engagement and positive patient and provider experiences. Utilization has increased consistently since we launched in July, and we are particularly encouraged by the continued growth of patient refills, which now make up the majority of total sales."
Needham raised its price target to $35 and maintained a Buy rating after noting that preliminary Q4 2025 sales of $35 million surpassed expectations of about $20 million, underscoring the strong sales performance.
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