Kalvista Pharm Financials

KALV

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE April

This page shows Kalvista Pharm (KALV) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

1/9

Kalvista Pharm passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.83x

For every $1 of reported earnings, Kalvista Pharm generates $0.83 in operating cash flow (-$152.9M OCF vs -$183.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-32.5x

Kalvista Pharm earns $-32.5 in operating income for every $1 of interest expense (-$188.0M vs $5.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

N/A

EBITDA

-$187.1M

YoY-34.0%

Kalvista Pharm's EBITDA was -$187.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 34.0% from the prior year.

Free Cash Flow

-$153.3M

YoY-71.8%

Kalvista Pharm generated -$153.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 71.8% from the prior year.

Net Income

-$183.4M

YoY-44.9%

Kalvista Pharm reported -$183.4M in net income in fiscal year 2025. This represents a decrease of 44.9% from the prior year.

EPS (Diluted)

$-3.69

YoY-7.3%

Kalvista Pharm earned $-3.69 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 7.3% from the prior year.

Cash & Debt

$124.3M

YoY+290.3%

5Y CAGR+47.2%

10Y CAGR+41.4%

Kalvista Pharm held $124.3M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

50M

YoY+16.9%

5Y CAGR+22.9%

Kalvista Pharm had 50M shares outstanding in fiscal year 2025. This represents an increase of 16.9% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

$71.7M

YoY-16.8%

5Y CAGR+12.3%

10Y CAGR+24.1%

Kalvista Pharm invested $71.7M in research and development in fiscal year 2025. This represents a decrease of 16.8% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$434K

YoY+933.3%

5Y CAGR+14.6%

10Y CAGR+10.6%

Kalvista Pharm invested $434K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 933.3% from the prior year.

KALV Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	$50.0M	N/A	N/A	N/A	$12.7M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$71.7M-16.8%	$86.2M+7.3%	$80.3M+14.4%	$70.2M+70.0%	$41.3M+2.7%	$40.2M
SG&A Expenses	$116.3M+114.2%	$54.3M+77.4%	$30.6M+15.7%	$26.4M+59.0%	$16.6M+27.7%	$13.0M
Operating Income	-$188.0M-33.9%	-$140.4M-26.7%	-$110.9M-14.8%	-$96.6M-66.8%	-$57.9M-42.9%	-$40.5M
Interest Expense	$5.8M	N/A	N/A	N/A	N/A	N/A
Income Tax	$3.4M	$0	$0	$0	$0+100.0%	-$124K
Net Income	-$183.4M-44.9%	-$126.6M-36.3%	-$92.9M-12.8%	-$82.3M-78.1%	-$46.2M-58.8%	-$29.1M
EPS (Diluted)	$-3.69-7.3%	$-3.44-3.3%	$-3.33+0.9%	$-3.36-38.8%	$-2.42-47.6%	$-1.64

Metric	Q3'25	Q1'25	Q3'24	Q1'24	Q3'23	Q1'23	Q3'22	Q1'22
Revenue	$13.7M+878.6%	$1.4M	$0	$0	N/A	N/A	N/A	N/A
Cost of Revenue	$1.2M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	$12.5M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$12.0M-20.9%	$15.2M-18.8%	$18.7M-29.8%	$26.6M+39.4%	$19.1M	N/A	$18.1M	N/A
SG&A Expenses	$46.5M+4.1%	$44.7M+80.2%	$24.8M+40.9%	$17.6M+65.2%	$10.7M	N/A	$7.8M	N/A
Operating Income	-$46.0M+22.0%	-$59.0M-35.7%	-$43.5M+1.7%	-$44.2M-48.6%	-$29.7M	N/A	-$25.9M	N/A
Interest Expense	$4.8M+35.1%	$3.5M	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$2.2M0.0%	$2.2M	$0	$0	N/A	N/A	N/A	N/A
Net Income	-$49.5M+14.1%	-$57.6M-47.4%	-$39.1M+3.1%	-$40.3M-45.9%	-$27.6M	N/A	-$22.3M	N/A
EPS (Diluted)	$-0.92+17.9%	$-1.12-33.3%	$-0.84+3.4%	$-0.87-8.7%	$-0.80	N/A	$-0.90	N/A

KALV Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$215.5M+7.6%	$200.2M+24.9%	$160.3M-12.1%	$182.3M-29.6%	$259.1M+208.9%	$83.9M
Current Assets	$205.9M+7.4%	$191.6M+27.9%	$149.8M-12.1%	$170.4M-31.8%	$249.8M+211.4%	$80.2M
Cash & Equivalents	$124.3M+290.3%	$31.8M-35.5%	$49.4M+30.5%	$37.9M-21.7%	$48.3M+168.4%	$18.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.9M	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$156.1M+709.8%	$19.3M-8.2%	$21.0M+18.3%	$17.7M+20.7%	$14.7M+55.3%	$9.5M
Current Liabilities	$38.4M+71.2%	$22.4M+58.6%	$14.1M+45.2%	$9.7M+18.3%	$8.2M-2.7%	$8.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$59.4M-67.1%	$180.9M+29.9%	$139.3M-15.3%	$164.6M-32.7%	$244.4M+228.4%	$74.4M
Retained Earnings	-$713.3M-39.8%	-$510.2M-38.5%	-$368.4M-34.8%	-$273.2M-48.5%	-$183.9M-38.9%	-$132.4M

Metric	Q3'25	Q1'25	Q3'24	Q1'24	Q3'23	Q1'23	Q3'22	Q1'22
Total Assets	$339.9M+57.7%	$215.5M+34.0%	$160.8M-19.7%	$200.2M+44.3%	$138.7M-24.3%	$183.2M+12.5%	$162.8M-20.1%	$203.9M
Current Assets	$325.2M+58.0%	$205.9M+35.2%	$152.3M-20.5%	$191.6M+49.0%	$128.6M-25.4%	$172.3M+14.0%	$151.2M-21.9%	$193.6M
Cash & Equivalents	$243.5M+95.9%	$124.3M+198.9%	$41.6M+30.6%	$31.8M-44.8%	$57.7M+2.5%	$56.2M+45.8%	$38.6M+25.6%	$30.7M
Inventory	$458K	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$5.8M+205.3%	$1.9M	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$322.9M+106.9%	$156.1M+1168.7%	$12.3M-36.2%	$19.3M-20.7%	$24.3M+9.6%	$22.2M+16.6%	$19.0M+1.3%	$18.8M
Current Liabilities	$45.1M+17.4%	$38.4M+73.1%	$22.2M-1.1%	$22.4M+26.3%	$17.8M+18.1%	$15.0M+32.8%	$11.3M-2.2%	$11.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$17.0M-71.4%	$59.4M-60.0%	$148.5M-17.9%	$180.9M+58.1%	$114.4M-28.9%	$161.0M+12.0%	$143.8M-22.3%	$185.1M
Retained Earnings	-$739.1M-3.6%	-$713.3M-29.1%	-$552.4M-8.3%	-$510.2M-28.8%	-$396.0M-15.4%	-$343.1M-16.1%	-$295.5M-18.1%	-$250.2M

KALV Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$152.9M-71.4%	-$89.2M-18.6%	-$75.3M+3.7%	-$78.1M-159.0%	-$30.2M+32.7%	-$44.8M
Capital Expenditures	$434K+933.3%	$42K-96.5%	$1.2M+28.5%	$931K+1035.4%	$82K-62.7%	$220K
Free Cash Flow	-$153.3M-71.8%	-$89.3M-16.8%	-$76.5M+3.3%	-$79.1M-161.3%	-$30.3M+32.8%	-$45.0M
Investing Cash Flow	$91.0M+207.4%	-$84.7M-304.6%	$41.4M-28.4%	$57.9M+139.2%	-$147.7M-981.4%	$16.8M
Financing Cash Flow	$159.7M+6.0%	$150.7M+159.3%	$58.1M+3575.9%	$1.6M-99.3%	$212.1M+1731.1%	$11.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q1'25	Q3'24	Q1'24	Q3'23	Q1'23	Q3'22	Q1'22
Operating Cash Flow	-$40.4M+25.9%	-$54.5M-37.5%	-$39.6M+1.4%	-$40.2M-102.9%	-$19.8M+12.4%	-$22.6M-9.9%	-$20.6M+23.1%	-$26.8M
Capital Expenditures	$281K-3.1%	$290K+168.5%	$108K+414.3%	$21K+950.0%	$2K-97.1%	$69K-64.1%	$192K+123.3%	$86K
Free Cash Flow	-$40.6M+25.8%	-$54.8M-37.8%	-$39.8M+1.2%	-$40.2M-103.0%	-$19.8M+12.7%	-$22.7M-9.2%	-$20.8M+22.7%	-$26.9M
Investing Cash Flow	-$3.3M-115.7%	$21.3M-56.3%	$48.7M+31.0%	$37.2M+30.1%	$28.6M+559.8%	-$6.2M-130.9%	$20.1M+61.6%	$12.4M
Financing Cash Flow	$4.7M-79.9%	$23.2M+7767.8%	$295K-90.2%	$3.0M+2243.8%	$128K+487.9%	-$33K-119.6%	$168K+21.7%	$138K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

KALV Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	-280.9%	N/A	N/A	N/A	-319.4%
Net Margin	N/A	-253.3%	N/A	N/A	N/A	-229.4%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-85.1%-21.9pp	-63.3%-5.3pp	-58.0%-12.8pp	-45.2%-27.3pp	-17.8%+16.8pp	-34.7%
Current Ratio	5.37-3.2	8.55-2.1	10.60-6.9	17.51-12.8	30.35+20.9	9.49
Debt-to-Equity	2.63+2.5	0.11-0.0	0.15+0.0	0.11+0.0	0.06-0.1	0.13
FCF Margin	N/A	-178.6%	N/A	N/A	N/A	-354.9%

Metric	Q3'25	Q1'25	Q3'24	Q1'24	Q3'23	Q1'23	Q3'22	Q1'22
Gross Margin	91.0%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-336.1%+3878.8pp	-4214.9%	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-361.2%+3752.8pp	-4114.0%	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-14.6%+12.2pp	-26.7%-2.4pp	-24.3%-4.1pp	-20.2%-0.2pp	-19.9%	N/A	-13.7%	N/A
Current Ratio	7.22+1.9	5.37-1.5	6.87-1.7	8.55+1.3	7.25-4.2	11.46-1.9	13.36-3.4	16.73
Debt-to-Equity	19.00+16.4	2.63+2.5	0.08-0.0	0.11-0.1	0.21+0.1	0.140.0	0.13+0.0	0.10
FCF Margin	N/A	-3913.7%	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Kalvista Pharm profitable?

No, Kalvista Pharm (KALV) reported a net income of -$183.4M in fiscal year 2025.

What is Kalvista Pharm's earnings per share (EPS)?

Kalvista Pharm (KALV) reported diluted earnings per share of $-3.69 for fiscal year 2025. This represents a -7.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Kalvista Pharm's EBITDA?

Kalvista Pharm (KALV) had EBITDA of -$187.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Kalvista Pharm's free cash flow?

Kalvista Pharm (KALV) generated -$153.3M in free cash flow during fiscal year 2025. This represents a -71.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Kalvista Pharm's operating cash flow?

Kalvista Pharm (KALV) generated -$152.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Kalvista Pharm's total assets?

Kalvista Pharm (KALV) had $215.5M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Kalvista Pharm's capital expenditures?

Kalvista Pharm (KALV) invested $434K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Kalvista Pharm spend on research and development?

Kalvista Pharm (KALV) invested $71.7M in research and development during fiscal year 2025.

How many shares does Kalvista Pharm have outstanding?

Kalvista Pharm (KALV) had 50M shares outstanding as of fiscal year 2025.

What is Kalvista Pharm's current ratio?

Kalvista Pharm (KALV) had a current ratio of 5.37 as of fiscal year 2025, which is generally considered healthy.

What is Kalvista Pharm's debt-to-equity ratio?

Kalvista Pharm (KALV) had a debt-to-equity ratio of 2.63 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Kalvista Pharm's return on assets (ROA)?

Kalvista Pharm (KALV) had a return on assets of -85.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Kalvista Pharm's cash runway?

Based on fiscal year 2025 data, Kalvista Pharm (KALV) had $124.3M in cash against an annual operating cash burn of $152.9M. This gives an estimated cash runway of approximately 10 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Kalvista Pharm's Piotroski F-Score?

Kalvista Pharm (KALV) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Kalvista Pharm's earnings high quality?

Kalvista Pharm (KALV) has an earnings quality ratio of 0.83x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Kalvista Pharm cover its interest payments?

Kalvista Pharm (KALV) has an interest coverage ratio of -32.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.