Kalvista Pharm Financials
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).
KalVista is funding a larger operating build-out with external capital, while cash burn remains overwhelmingly operational rather than capital-spending driven.
From FY2023 to FY2025, R&D spending moved down from$80.3M to$71.7M even as SG&A surged from$30.6M to$116.3M ; the deeper loss therefore reflects cash use shifting away from pure development and toward a much heavier support footprint. Because operating cash flow was-$152.9M and capex only$434K in FY2025, nearly all of the drain came from running the business, not from building long-lived assets.
Cash on hand climbed to
This is not a plant-heavy business: capex stayed tiny at
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Kalvista Pharm's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Kalvista Pharm has a moderate D/E ratio of 2.63. This balance of debt and equity financing earns a leverage score of 48/100.
With a current ratio of 5.37, Kalvista Pharm holds $5.37 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Kalvista Pharm generates a -308.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -70.0% the prior year.
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).
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.
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
Earnings & Revenue
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.
Kalvista Pharm reported -$183.4M in net income in fiscal year 2025. This represents a decrease of 44.9% from the prior year.
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 & Balance Sheet
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.
Kalvista Pharm held $124.3M in cash against $0 in long-term debt as of fiscal year 2025.
Kalvista Pharm had 50M shares outstanding in fiscal year 2025. This represents an increase of 16.9% from the prior year.
Margins & Returns
Kalvista Pharm's ROE was -308.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 238.5 percentage points from the prior year.
Capital Allocation
Kalvista Pharm invested $71.7M in research and development in fiscal year 2025. This represents a decrease of 16.8% from the prior year.
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 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $40.9M | N/A | $13.7M+878.6% | $1.4M | N/A | N/A | $0 | $0 |
| Cost of Revenue | $3.1M | N/A | $1.2M | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | $37.8M | N/A | $12.5M | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $12.4M | N/A | $12.0M-20.9% | $15.2M+7.0% | $14.2M+12.5% | $12.6M-32.6% | $18.7M-29.8% | $26.6M |
| SG&A Expenses | $48.8M | N/A | $46.5M+4.1% | $44.7M+25.7% | $35.5M+17.1% | $30.3M+22.4% | $24.8M+40.9% | $17.6M |
| Operating Income | -$23.4M | N/A | -$46.0M+22.0% | -$59.0M-18.7% | -$49.7M-15.8% | -$42.9M+1.2% | -$43.5M+1.7% | -$44.2M |
| Interest Expense | $1.3M | N/A | $4.8M+35.1% | $3.5M+19.9% | $2.9M | N/A | N/A | N/A |
| Income Tax | $0 | N/A | $2.2M0.0% | $2.2M-49.2% | $4.2M0.0% | $4.2M | $0 | $0 |
| Net Income | -$23.5M | N/A | -$49.5M+14.1% | -$57.6M-11.1% | -$51.8M-6.9% | -$48.5M-24.1% | -$39.1M+3.1% | -$40.3M |
| EPS (Diluted) | $-0.43 | N/A | $-0.92+17.9% | $-1.12-14.3% | $-0.98-6.5% | $-0.92-9.5% | $-0.84+3.4% | $-0.87 |
KALV Balance Sheet
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $328.9M-1.9% | $335.4M-1.3% | $339.9M+57.7% | $215.5M-14.1% | $250.8M-14.9% | $294.8M+83.3% | $160.8M-19.7% | $200.2M |
| Current Assets | $314.2M-1.9% | $320.1M-1.6% | $325.2M+58.0% | $205.9M-14.8% | $241.7M-15.5% | $286.0M+87.8% | $152.3M-20.5% | $191.6M |
| Cash & Equivalents | $213.8M-6.8% | $229.3M-5.8% | $243.5M+95.9% | $124.3M-5.6% | $131.6M-27.8% | $182.3M+338.5% | $41.6M+30.6% | $31.8M |
| Inventory | $4.0M+16.7% | $3.4M+648.5% | $458K | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | $5.8M+205.3% | $1.9M | $0 | $0 | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $348.6M+3.1% | $338.1M+4.7% | $322.9M+106.9% | $156.1M+0.4% | $155.4M+19.1% | $130.5M+960.5% | $12.3M-36.2% | $19.3M |
| Current Liabilities | $60.8M+6.0% | $57.4M+27.3% | $45.1M+17.4% | $38.4M-15.0% | $45.2M+73.0% | $26.1M | N/A | N/A |
| Long-Term Debt | $172.2M0.0% | $172.2M | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$19.7M-624.9% | -$2.7M-115.9% | $17.0M-71.4% | $59.4M-49.1% | $116.8M-29.0% | $164.4M+10.7% | $148.5M-17.9% | $180.9M |
| Retained Earnings | -$786.2M-3.1% | -$762.7M-3.2% | -$739.1M-3.6% | -$713.3M-9.2% | -$653.2M-12.6% | -$580.2M-5.0% | -$552.4M-8.3% | -$510.2M |
KALV Cash Flow Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$14.5M | N/A | N/A | -$54.5M-14.6% | -$47.6M-45.5% | -$32.7M+17.6% | -$39.6M+1.4% | -$40.2M |
| Capital Expenditures | $121K | N/A | N/A | $290K+0.7% | $288K+1100.0% | $24K-77.8% | $108K+414.3% | $21K |
| Free Cash Flow | -$14.6M | N/A | N/A | -$54.8M-14.5% | -$47.9M-46.3% | -$32.7M+17.7% | -$39.8M+1.2% | -$40.2M |
| Investing Cash Flow | -$901K | N/A | N/A | $21.3M+671.8% | -$3.7M-143.7% | $8.5M-82.5% | $48.7M+31.0% | $37.2M |
| Financing Cash Flow | $1.5M | N/A | N/A | $23.2M+944.1% | $2.2M-98.5% | $151.8M+51348.5% | $295K-90.2% | $3.0M |
| 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 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 92.4% | N/A | 91.0% | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -57.4% | N/A | -336.1%+3878.8pp | -4214.9% | N/A | N/A | N/A | N/A |
| Net Margin | -57.5% | N/A | -361.2%+3752.8pp | -4114.0% | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | N/A | -291.1%-194.2pp | -96.9%-52.5pp | -44.4%-14.9pp | -29.5%-3.2pp | -26.3%-4.0pp | -22.3% |
| Return on Assets | -7.1% | N/A | -14.6%+12.2pp | -26.7%-6.1pp | -20.7%-4.2pp | -16.4%+7.8pp | -24.3%-4.1pp | -20.2% |
| Current Ratio | 5.17-0.4 | 5.58-1.6 | 7.22+1.9 | 5.37+0.0 | 5.35-5.6 | 10.95 | N/A | N/A |
| Debt-to-Equity | -8.76+54.8 | -63.52-82.5 | 19.00+16.4 | 2.63+1.3 | 1.33+0.5 | 0.79+0.7 | 0.08-0.0 | 0.11 |
| FCF Margin | -35.7% | N/A | N/A | -3913.7% | 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 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 return on equity (ROE)?
Kalvista Pharm (KALV) has a return on equity of -308.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
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.
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 to 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.
How financially healthy is Kalvista Pharm?
Kalvista Pharm (KALV) scores 25 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.