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KalVista Pharmaceuticals (KALV)


Market Price (12/21/2025): $15.17 | Market Cap: $817.4 Mil
Sector: Health Care | Industry: Biotechnology

KalVista Pharmaceuticals (KALV)


Market Price (12/21/2025): $15.17
Market Cap: $817.4 Mil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow


0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -19%
Weak multi-year price returns
2Y Excs Rtn is -2.2%
Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -198 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1310%
1 Megatrend and thematic drivers
Megatrends include Precision Medicine. Themes include Targeted Therapies, and Biopharmaceutical R&D.
Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.01
Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 77%
2   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -30%
3   Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 27%
4   Key risks
KALV key risks include [1] its heavy reliance on the commercial success of its single approved drug, Show more.
0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -19%
1 Megatrend and thematic drivers
Megatrends include Precision Medicine. Themes include Targeted Therapies, and Biopharmaceutical R&D.
2 Weak multi-year price returns
2Y Excs Rtn is -2.2%
3 Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.01
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -198 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1310%
5 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 77%
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -30%
7 Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 27%
8 Key risks
KALV key risks include [1] its heavy reliance on the commercial success of its single approved drug, Show more.

Valuation, Metrics & Events

KALV Stock


Why The Stock Moved


Qualitative Assessment

AI Generated Analysis | Feedback

For the period from approximately August 31, 2025, to December 21, 2025, KalVista Pharmaceuticals (KALV) experienced a positive stock movement, driven by several key factors:

**1. Strong Commercial Launch and Adoption of EKTERLY:** The successful launch and accelerating adoption of EKTERLY, KalVista's oral on-demand treatment for hereditary angioedema (HAE), significantly contributed to positive investor sentiment. By September 2025, the company reported 460 patient start forms for EKTERLY since its July launch, with over 4,000 patients added to its database, indicating strong physician interest. Further updates by November 2025 highlighted 937 patient start forms, covering approximately 8% of diagnosed HAE patients in the US, suggesting a potential revenue of about $31 million.

**2. Exceeding Financial Expectations in Quarterly Reports:** KalVista consistently surpassed financial forecasts during this period. The company reported fiscal first-quarter 2026 net revenue of $1.4 million, which notably exceeded the forecast of $951,670. Additionally, in its third-quarter earnings announcement, KalVista reported an earnings per share of ($0.92), outperforming the consensus estimate of ($0.96), and revenues of $13.69 million, significantly above the $6.03 million consensus. These financial beats likely boosted investor confidence.

**3. Expansion of Global Regulatory Approvals for EKTERLY:** The expanding global reach of EKTERLY also fueled positive stock movement. The launch of EKTERLY in Germany and its approval in Australia contributed to a total of five regulatory approvals, signaling increased market penetration and future revenue potential for the company.

**4. Positive Analyst Sentiment and Upgraded Price Targets:** Analysts showed increasing confidence in KalVista's outlook, leading to positive revisions. JMP Securities, for example, raised its price objective for KalVista from $27.00 to $28.00 and maintained a "market outperform" rating in September 2025. This positive sentiment was further reflected as the stock reached a new 52-week high by December 2025 and maintained an average analyst rating of "Moderate Buy" with a target price of $26.63.

**5. Successful Capital Raise to Support Commercialization:** KalVista strengthened its financial position through a successful upsized offering of $125.0 million in 3.250% Convertible Senior Notes due 2031 in September 2025. The net proceeds from this offering were earmarked for working capital and other general corporate purposes, including the crucial commercialization efforts for EKTERLY, providing the company with resources for continued growth.

Show more

Stock Movement Drivers

Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
KALV Return7%-30%-49%81%-31%77%-16%
Peers Return33%12%-0%-5%-19%71%96%
S&P 500 Return16%27%-19%24%23%16%112%

Monthly Win Rates [3]
KALV Win Rate58%33%50%58%33%58% 
Peers Win Rate52%53%57%43%42%53% 
S&P 500 Win Rate58%75%42%67%75%73% 

Max Drawdowns [4]
KALV Max Drawdown-67%-35%-68%-7%-34%-13% 
Peers Max Drawdown-36%-21%-27%-29%-32%-28% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: BCRX, IONS, BMRN, REGN, ARWR. See KALV Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/19/2025 (YTD)

How Low Can It Go

Unique KeyEventKALVS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-90.1%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven913.6%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-68.7%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven220.0%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven238 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-66.8%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven201.6%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven490 days120 days

Compare to OCUL, ALPS, EVMN, MPLT, TTRX


In The Past

KalVista Pharmaceuticals's stock fell -90.1% during the 2022 Inflation Shock from a high on 2/12/2021. A -90.1% loss requires a 913.6% gain to breakeven.

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About KalVista Pharmaceuticals (KALV)

Better Bets than KalVista Pharmaceuticals (KALV)

Trade Ideas

Select past ideas related to KALV. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
CRL_11142025_Dip_Buyer_FCFYield11142025CRLCharles River Laboratories InternationalDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
17.4%17.4%-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE11142025GDRXGoodRxDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
-6.7%-6.7%-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG11142025ASTHAstrana HealthDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
10.9%10.9%-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG11142025SGRYSurgery PartnersDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
2.7%2.7%-1.4%
TFX_11072025_Dip_Buyer_FCFYield11072025TFXTeleflexDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
11.4%11.4%-5.1%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
CRL_11142025_Dip_Buyer_FCFYield11142025CRLCharles River Laboratories InternationalDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
17.4%17.4%-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE11142025GDRXGoodRxDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
-6.7%-6.7%-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG11142025ASTHAstrana HealthDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
10.9%10.9%-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG11142025SGRYSurgery PartnersDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
2.7%2.7%-1.4%
TFX_11072025_Dip_Buyer_FCFYield11072025TFXTeleflexDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
11.4%11.4%-5.1%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for KalVista Pharmaceuticals

Peers to compare with:

Financials

KALVBCRXIONSBMRNREGNARWRMedian
NameKalVista.BioCryst.Ionis Ph.BioMarin.Regenero.Arrowhea. 
Mkt Price15.237.4179.5761.15767.9668.1664.66
Mkt Cap0.81.612.711.779.69.410.6
Rev LTM156009673,09414,248829898
Op Inc LTM-19876-2786153,8079887
FCF LTM-48-3098263,881157157
FCF 3Y Avg--40-4203863,853-259-40
CFO LTM-50-2479145,071180180
CFO 3Y Avg--39-3804894,848-146-39

Growth & Margins

KALVBCRXIONSBMRNREGNARWRMedian
NameKalVista.BioCryst.Ionis Ph.BioMarin.Regenero.Arrowhea. 
Rev Chg LTM-45.4%20.4%12.4%2.9%23,258.2%20.4%
Rev Chg 3Y Avg-36.2%7.1%15.5%1.4%7,719.5%15.5%
Rev Chg Q-36.1%17.1%4.1%0.9%-10.6%
QoQ Delta Rev Chg LTM960.2%7.6%2.4%1.0%0.2%44.8%5.0%
Op Mgn LTM-1,309.8%12.7%-28.8%19.9%26.7%11.9%12.3%
Op Mgn 3Y Avg--10.3%-55.1%13.5%30.0%-5,666.8%-10.3%
QoQ Delta Op Mgn LTM12,559.5%3.0%-0.5%-5.4%-0.9%30.7%1.2%
CFO/Rev LTM-8.4%-25.5%29.5%35.6%21.6%21.6%
CFO/Rev 3Y Avg--13.3%-52.4%16.9%35.4%-4,358.9%-13.3%
FCF/Rev LTM-8.0%-32.0%26.7%27.2%18.9%18.9%
FCF/Rev 3Y Avg--13.7%-57.4%13.0%28.2%-5,712.2%-13.7%

Valuation

KALVBCRXIONSBMRNREGNARWRMedian
NameKalVista.BioCryst.Ionis Ph.BioMarin.Regenero.Arrowhea. 
Mkt Cap0.81.612.711.779.69.410.6
P/S54.32.613.13.85.611.38.5
P/EBIT-4.418.9-73.017.015.366.716.2
P/E-3.9-177.4-49.622.617.4-5,761.9-26.7
P/CFO-31.0-51.512.815.752.315.7
Total Yield-25.6%-0.6%-2.0%4.4%6.1%-0.0%-0.3%
Dividend Yield0.0%0.0%0.0%0.0%0.3%0.0%0.0%
FCF Yield 3Y Avg--3.0%-6.0%3.5%4.9%-11.1%-3.0%
D/E0.20.40.10.10.00.00.1
Net D/E-0.20.3-0.1-0.1-0.1-0.1-0.1

Returns

KALVBCRXIONSBMRNREGNARWRMedian
NameKalVista.BioCryst.Ionis Ph.BioMarin.Regenero.Arrowhea. 
1M Rtn17.0%5.4%8.8%16.5%4.2%78.9%12.7%
3M Rtn15.6%-3.8%30.4%12.5%29.9%122.1%22.8%
6M Rtn25.3%-26.6%112.7%11.2%51.1%344.9%38.2%
12M Rtn82.2%-2.1%123.3%-6.9%10.0%250.4%46.1%
3Y Rtn179.4%-31.6%105.0%-41.6%4.9%83.7%44.3%
1M Excs Rtn8.2%4.0%4.6%13.4%6.4%72.0%7.3%
3M Excs Rtn14.2%-8.4%27.6%11.3%27.0%110.6%20.6%
6M Excs Rtn14.2%-38.7%97.8%-0.4%37.0%326.0%25.6%
12M Excs Rtn63.1%-14.0%98.2%-21.9%-8.6%193.1%27.3%
3Y Excs Rtn98.0%-104.7%36.7%-114.6%-68.1%36.4%-15.8%

FDA Approved Drugs Data

Expand for More

Post-Approval Fwd Returns
FDA
App #
Brand
Name
Generic
Name
Dosage
Form
FDA
Approval
3M
Rtn
6M
Rtn
1Y
Rtn
2Y
Rtn
Total
Rtn
NDA219301  EKTERLYsebetralstattablet7032025-0.3%29.3%29.3%29.3%29.3%

Financials

Segment Financials

Revenue by Segment

$ Mil20252024202320222021
Single Segment    13
Total    13


Assets by Segment
$ Mil20252024202320222021
Single Segment235183204272 
Total235183204272 


Price Behavior

Short Interest

Short Interest: As Of Date11282025
Short Interest: Shares Quantity14,426,123
Short Interest: % Change Since 11152025-0.2%
Average Daily Volume1,440,597
Days-to-Cover Short Interest10.01
Basic Shares Quantity53,883,681
Short % of Basic Shares26.8%

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/10/20255.3%36.5%55.2%
7/10/2025-3.0%-1.3%-20.8%
3/12/2025-1.6%-2.8%-15.3%
12/5/20248.3%-3.4%-3.3%
7/11/20244.3%13.6%3.2%
2/16/2024-7.1%-7.9%-20.3%
12/7/2023-9.0%17.1%42.4%
7/10/2023-6.4%-8.4%3.2%
...
SUMMARY STATS   
# Positive9108
# Negative111012
Median Positive4.9%8.8%18.1%
Median Negative-5.3%-4.6%-14.4%
Max Positive8.3%36.5%55.2%
Max Negative-14.8%-27.5%-20.8%

SEC Filings

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Report DateFiling DateFiling
93020251110202510-Q 9/30/2025
7312025911202510-Q 7/31/2025
4302025710202510-K 4/30/2025
1312025312202510-Q 1/31/2025
103120241205202410-Q 10/31/2024
7312024905202410-Q 7/31/2024
4302024711202410-K 4/30/2024
1312024311202410-Q 1/31/2024
103120231207202310-Q 10/31/2023
7312023907202310-Q 7/31/2023
4302023710202310-K 4/30/2023
1312023309202310-Q 1/31/2023
103120221208202210-Q 10/31/2022
7312022908202210-Q 7/31/2022
4302022707202210-K 4/30/2022
1312022310202210-Q 1/31/2022