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).
External funding, not operating cash generation, is carrying a rapidly expanding cost base and reshaping the balance sheet.
Cash rose from$31.8M in FY2024 to$131.6M in FY2025 even as operating cash flow worsened from-$89.2M to-$152.9M . That combination means the cash build came from non-operating sources rather than cash conversion inside the business.
Liabilities jumped from
FY2024 revenue of
Financial Health Signals
We are recalculating Kalvista Pharm's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
Kalvista Pharm passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
Kalvista Pharm reported a net loss of $183.4M while operations used $152.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Kalvista Pharm reported an operating loss of $188.0M against $5.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
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.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Kalvista Pharm recorded an outflow of $153.3M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 71.8% from the prior year.
Kalvista Pharm held $131.6M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Kalvista Pharm's ROE was -157.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 98.9 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
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.
Not reported for fiscal year 2025.
KALV Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY14 | FY13 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | $50.0M | N/A | N/A | N/A | $12.7M-21.3% | $16.1M+92.1% | $8.4M+458.1% | $1.5M-29.5% | $2.1M | 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+14.8% | $35.0M+92.0% | $18.2M+44.0% | $12.7M-21.8% | $16.2M | $8.3M+96.1% | $4.2M |
| 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+19.2% | $10.9M+23.3% | $8.9M-20.7% | $11.2M+129.7% | $4.9M | $3.4M+143.4% | $1.4M |
| Operating Income | -$188.0M-33.9% | -$140.4M-26.7% | -$110.9M-14.8% | -$96.6M-66.8% | -$57.9M-42.9% | -$40.5M-35.9% | -$29.8M-59.4% | -$18.7M+16.3% | -$22.3M-6.2% | -$21.0M | -$11.7M-123.9% | -$5.2M |
| Interest Expense | $5.8M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $1.2M | $1.1M+167.2% | $405K |
| Income Tax | $3.4M | $0 | $0 | $0 | $0+100.0% | -$124K-200.0% | $124K | $0 | $0 | $0 | $0 | $0 |
| Net Income | -$183.4M-44.9% | -$126.6M-36.3% | -$92.9M-12.8% | -$82.3M-78.1% | -$46.2M-58.8% | -$29.1M-39.9% | -$20.8M-31.7% | -$15.8M+15.0% | -$18.6M+25.1% | -$24.8M | -$13.4M-135.3% | -$5.7M |
| EPS (Diluted) | -$3.69-7.3% | -$3.44-3.3% | -$3.33+0.9% | -$3.36-38.8% | -$2.42-47.6% | -$1.64 | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
No annual filing on record for: FY2015.
KALV Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY14 | FY13 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $250.8M+6.5% | $235.4M+28.5% | $183.2M-10.1% | $203.9M-25.0% | $272.0M+194.0% | $92.5M-21.7% | $118.1M+92.4% | $61.4M+78.7% | $34.3M-30.9% | $49.7M | $6.6M | N/A |
| Current Assets | $241.7M+7.1% | $225.7M+31.0% | $172.3M-11.0% | $193.6M-26.7% | $264.3M+197.9% | $88.7M-23.2% | $115.5M+94.6% | $59.4M+73.6% | $34.2M-30.9% | $49.5M | $4.6M | N/A |
| Cash & Equivalents | $131.6M+314.0% | $31.8M-43.5% | $56.2M+83.0% | $30.7M-39.3% | $50.6M+220.4% | $15.8M-50.7% | $32.0M-37.3% | $51.1M+65.0% | $30.9M-36.1% | $48.5M | $3.9M-60.2% | $9.8M |
| Accounts Receivable | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $155.4M+439.1% | $28.8M+30.0% | $22.2M+18.0% | $18.8M+26.8% | $14.8M+68.9% | $8.8M-59.0% | $21.4M-37.3% | $34.1M+1031.1% | $3.0M-54.3% | $6.6M | $50.8M | N/A |
| Current Liabilities | $45.2M+98.0% | $22.8M+51.7% | $15.0M+29.9% | $11.6M+18.4% | $9.8M+26.6% | $7.7M-57.2% | $18.1M-22.2% | $23.2M+669.3% | $3.0M-21.7% | $3.9M | $7.1M | N/A |
| Total Equity | $116.8M-46.3% | $217.6M+35.1% | $161.0M-13.0% | $185.1M-28.0% | $257.2M+207.1% | $83.8M-13.4% | $96.7M+255.0% | $27.3M-13.0% | $31.3M-27.3% | $43.1M | -$44.2M-31.1% | -$33.7M |
| Retained Earnings | -$653.2M-39.1% | -$469.7M-36.9% | -$343.1M-37.1% | -$250.2M-49.1% | -$167.8M-38.0% | -$121.6M-31.5% | -$92.5M-29.0% | -$71.7M-28.3% | -$55.9M+29.5% | -$79.2M | -$47.8M | N/A |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
No annual filing on record for: FY2015.
KALV Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY14 | FY13 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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-23.2% | -$36.4M-444.4% | $10.6M+144.5% | -$23.7M-80.3% | -$13.2M | -$11.3M-131.6% | -$4.9M |
| Capital Expenditures | $434K+933.3% | $42K-96.5% | $1.2M+28.5% | $931K+1035.4% | $82K-62.7% | $220K-79.6% | $1.1M-24.2% | $1.4M+1828.4% | $74K-88.8% | $659K | $159K+783.3% | $18K |
| 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-20.3% | -$37.4M-510.1% | $9.1M+138.4% | -$23.8M-72.2% | -$13.8M | -$11.4M-134.0% | -$4.9M |
| 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+124.1% | -$69.4M-4764.9% | -$1.4M-104.2% | $34.1M+309781.8% | -$11K | N/A | N/A |
| 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-86.8% | $87.9M+878.7% | $9.0M+449200.0% | $2K-100.0% | $33.0M | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
No annual filing on record for: FY2015.
KALV Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY14 | FY13 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | N/A | -280.9% | N/A | N/A | N/A | -319.4% | -184.9% | -222.8% | -1485.3% | -986.2% | N/A | N/A |
| Net Margin | N/A | -253.2% | N/A | N/A | N/A | -229.4% | -129.1% | -188.3% | -1236.9% | -1164.8% | N/A | N/A |
| Return on Equity | -157.1%-98.9pp | -58.2%-0.5pp | -57.7%-13.2pp | -44.5%-26.5pp | -18.0%+16.8pp | -34.8%-13.2pp | -21.5%+36.5pp | -58.0%+1.4pp | -59.4%-1.7pp | -57.7% | N/A | N/A |
| Return on Assets | -73.1%-19.4pp | -53.8%-3.1pp | -50.7%-10.3pp | -40.4%-23.4pp | -17.0%+14.5pp | -31.5%-13.8pp | -17.6%+8.1pp | -25.8%+28.4pp | -54.2%-4.1pp | -50.0% | -201.1% | N/A |
| Current Ratio | 5.35-4.5x | 9.90-1.6x | 11.46-5.3x | 16.73-10.3x | 27.04+15.5x | 11.49+5.1x | 6.40+3.8x | 2.56-8.8x | 11.33-1.5x | 12.83 | 0.65 | N/A |
| Debt-to-Equity | 1.33+1.2x | 0.130.0x | 0.140.0x | 0.100.0x | 0.060.0x | 0.10-0.1x | 0.22-1.0x | 1.25+1.2x | 0.10-0.1x | 0.15 | N/A | N/A |
| FCF Margin | N/A | -178.6% | N/A | N/A | N/A | -354.9% | -232.2% | 108.8% | -1582.2% | -647.7% | N/A | N/A |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
No annual filing on record for: FY2015.
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Where Kalvista Pharm Ranks
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 -157.1% 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) recorded an outflow of $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) recorded an outflow of $152.9M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Kalvista Pharm's total assets?
Kalvista Pharm (KALV) had $250.8M 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 5.35 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 1.33 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 -73.1% 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 $131.6M 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 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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) reported a net loss of $183.4M while operations used $152.9M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $188.0M against $5.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.