The company's capital structure has weakened significantly, with total debt surging to $151.6 million by 2026Q4 and equity falling to a negative $2.7 million, indicating a precarious financial position.
| Metric | Dec'25 | Apr'25 | Apr'24 | Apr'23 | Apr'22 | Apr'21 | Apr'20 | Apr'19 | Apr'18 | Apr'17 | Apr'16 | Apr'15 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 320.15M | 241.69M | 225.69M | 172.33M | 193.65M | 264.26M | 88.7M | 115.55M | 59.38M | 34.25M | 24.67M | 4.59M | 9.91M | 8.32M |
| Cash & Short-Term Investments | 300.21M | 187.65M | 210.4M | 149.38M | 166.2M | 248.93M | 67.71M | 100.81M | 51.05M | 30.95M | 21.76M | 3.9M | 9.78M | 8.24M |
| Cash Only | 229.34M | 98.64M | 31.79M | 56.24M | 30.73M | 50.59M | 15.79M | 32.01M | 51.05M | 30.95M | 21.76M | 3.9M | 9.78M | 8.24M |
| Short-Term Investments | 70.87M | 89M | 178.61M | 93.14M | 135.47M | 198.34M | 51.92M | 68.81M | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 11.3M | 15.14M | 10.87M | 18.64M | 16.81M | 11.72M | 16.53M | 11.31M | 6.83M | 2.55M | 356K | 0 | 0 | 0 |
| Days Sales Outstanding | 56.04 | - | - | - | - | - | 475.36 | 256.09 | 297.17 | 618.12 | 60.92 | - | - | - |
| Inventory | 3.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -235 | 0 | 0 |
| Days Inventory Outstanding | 205.96 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 19.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 15.23M | 9.08M | 9.71M | 10.88M | 10.23M | 7.75M | 3.83M | 2.59M | 2.01M | 97K | 74K | 2.06M | 195K | 204K |
| Property, Plant & Equipment | 12.86M | 1.99M | 9.15M | 10.77M | 10.04M | 7.55M | 3.65M | 2.41M | 1.84M | 97K | 74K | 180K | 75K | 84K |
| Fixed Asset Turnover | 5.72x | - | - | - | - | - | 3.47x | 6.68x | 4.57x | 15.51x | 28.82x | 10.02x | 5.53x | 18.31x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 199K | 0 | 0 | 0 |
| Other Non-Current Assets | 2.37M | 7.09M | 567K | 106K | 193K | 200K | 178K | 173K | 173K | 0 | -199K | 1.88M | 120K | 120K |
| Total Assets | 335.38M | 250.77M | 235.4M | 183.2M | 203.88M | 272.01M | 92.53M | 118.13M | 61.39M | 34.34M | 24.75M | 6.64M | 10.11M | 8.53M |
| Asset Turnover | 0.22x | - | - | - | - | - | 0.14x | 0.14x | 0.14x | 0.04x | 0.09x | 0.27x | 0.04x | 0.18x |
| Asset Growth % | 33.74% | 6.53% | 28.49% | -10.14% | -25.05% | 193.98% | -21.67% | 92.43% | 78.74% | 38.8% | 272.44% | -34.25% | 18.48% | - |
| Total Current Liabilities | 57.35M | 45.17M | 22.81M | 15.03M | 11.58M | 9.77M | 7.72M | 18.05M | 23.22M | 3.02M | 3.25M | 7.09M | 3.95M | 3.07M |
| Accounts Payable | 8.27M | 4.88M | 9.11M | 4.82M | 3.64M | 1.98M | 1.68M | 2.86M | 1.43M | 1.15M | 1.01M | 1.02M | 462K | 147K |
| Days Payables Outstanding | 496.76 | - | 38.58 | - | - | 17.51 | 15.23 | 29.81K | 28.68K | 33.23K | 25.1K | 45.11K | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.43M | 3.06M | 2.69M |
| Deferred Revenue (Current) | 0 | 11M | 0 | 0 | 0 | 0 | 0 | 9.54M | 18.48M | 0 | 29K | 29K | 29K | 23K |
| Other Current Liabilities | 36.8M | 0 | 6.69M | 4.21M | 4.17M | 3.51M | 0 | 0 | 0 | 0 | 1.49M | 882K | 195K | 96K |
| Current Ratio | 5.58x | 5.35x | 9.90x | 11.46x | 16.73x | 27.04x | 11.49x | 6.40x | 2.56x | 11.35x | 7.59x | 0.65x | 2.51x | 2.71x |
| Quick Ratio | 5.52x | 5.35x | 9.90x | 11.46x | 16.73x | 27.04x | 11.49x | 6.40x | 2.56x | 11.35x | 7.59x | 0.65x | 2.51x | 2.71x |
| Cash Conversion Cycle | -234.76 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 280.73M | 110.21M | 6.01M | 7.14M | 7.21M | 5.05M | 1.06M | 3.34M | 10.92M | 1.15M | 1.01M | 43.73M | 39.86M | 33.75M |
| Long-Term Debt | 139.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.13M | 0 | 0 |
| Capital Lease Obligations | 10.73M | 4.33M | 6.01M | 7.14M | 7.21M | 5.05M | 1.06M | 0 | 58K | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.15M | 3.27M | 0 | 0 |
| Other Non-Current Liabilities | 119.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.86M | 0 | -56K | 38.24M | 39.75M | 33.63M |
| Total Liabilities | 338.09M | 155.38M | 28.82M | 22.18M | 18.79M | 14.82M | 8.78M | 21.39M | 34.14M | 3.02M | 3.25M | 50.83M | 43.81M | 36.81M |
| Total Debt | 151.57M | 6.31M | 7.32M | 8.23M | 8.19M | 5.91M | 1.65M | 54K | 279K | 0 | 4.61M | 6.57M | 3.06M | 2.69M |
| Net Debt | -77.77M | -92.34M | -24.47M | -48.01M | -22.54M | -44.68M | -14.14M | -31.95M | -50.78M | -30.95M | -17.16M | 2.67M | -6.72M | -5.56M |
| Debt / Equity | - | 0.07x | 0.04x | 0.05x | 0.04x | 0.02x | 0.02x | 0.00x | 0.01x | - | 0.21x | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -8.88x | -30.12x | - | - | - | - | - | - | - | - | - | - | -13.02x | -7.02x |
| Total Equity | -2.71M | 95.39M | 206.58M | 161.03M | 185.09M | 257.19M | 83.75M | 96.74M | 27.25M | 31.33M | 21.5M | -44.18M | -33.71M | -28.29M |
| Equity Growth % | -102.84% | -53.82% | 28.29% | -13% | -28.03% | 207.09% | -13.42% | 254.96% | -13% | 45.73% | 148.65% | -31.07% | -19.17% | - |
| Book Value per Share | -0.05 | 1.92 | 5.62 | 5.77 | 7.56 | 13.47 | 4.72 | 6.41 | 2.64 | 3.23 | 4.51 | -37.75 | -46.51 | -39.02 |
| Total Shareholders' Equity | -2.71M | 95.39M | 206.58M | 161.03M | 185.09M | 257.19M | 83.75M | 96.74M | 27.25M | 31.33M | 21.5M | -44.18M | -33.71M | -28.29M |
| Common Stock | 51K | 50K | 42K | 34K | 25K | 24K | 18K | 17K | 11K | 10K | 3K | 1K | 2K | 2K |
| Retained Earnings | -762.69M | -653.17M | -469.73M | -343.08M | -250.18M | -167.84M | -121.59M | -92.48M | -71.66M | -55.85M | -37.25M | -47.77M | -34.42M | -28.74M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -7.13M | -5.21M | -3.49M | -3.06M | -3.86M | -1.43M | -1.88M | -1.93M | -1.11M | -2.64M | -75K | -495K | -441K | -414K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital structure dilution risk
As reported in financial statements, KalVista's equity position has eroded into negative territory at -$2.7 million by 2026Q4, a sharp reversal from the $206.6 million reported in 2024Q4, signaling a weakening balance sheet trajectory driven by persistent operating losses and significant debt accumulation.
The rapid transition from a positive equity base to a deficit suggests that the company's capital structure is under significant pressure as it nears commercialization. Investors should monitor whether this trajectory necessitates further dilutive equity financing to restore a stable capital base.
Based on the company's reported figures, total debt surged from $6.1 million in 2026Q1 to $151.6 million by 2026Q4, indicating a shift toward debt-heavy financing that may constrain future cash flow flexibility as the company attempts to fund its commercial launch phase.
The sudden spike in debt levels relative to the company's pre-commercial status warrants further investigation into the terms and covenants of these obligations. This leverage appears to be a necessity-driven move to bridge the funding gap, which may increase the risk profile for equity holders.
According to recent SEC filings, while the company maintains a cash balance of $229.3 million, the current ratio has fluctuated significantly, and the rapid increase in total liabilities to $338.1 million suggests that liquidity buffers may be thinner than the headline cash figure implies.
The current ratio of 5.58 provides a superficial sense of security, but the underlying burn rate and the looming debt obligations suggest that the cash runway is finite. The company's ability to maintain this liquidity without further capital raises remains a critical point of uncertainty.
As indicated by the provided balance sheet data, the emergence of negative equity alongside a substantial debt load suggests that the company's financial health is more precarious than the $229.3 million cash balance might suggest to a casual observer of the headline figures.
The reliance on debt to sustain operations while equity is depleted creates a structural distortion that may limit the company's strategic options. This leverage-heavy approach appears to be a high-stakes gamble on the successful commercialization of sebetralstat, which warrants close scrutiny by risk-averse investors.
Quick answers to the most common questions about buying KALV stock.
As of 2026, KalVista Pharmaceuticals, Inc. (KALV) had total assets of $335.4M including $320.1M in current assets.
KalVista Pharmaceuticals, Inc. (KALV) carries total debt of $151.6M, offset by $300.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
KalVista Pharmaceuticals, Inc. (KALV) has total shareholders' equity (book value) of $-2.7M ($-0.05 book value per share). Book value represents the net worth of the company belonging to common stock holders.
KalVista Pharmaceuticals, Inc. (KALV) reported a current ratio of 5.58x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.