Free cash flow remains consistently negative, excluding anomalous milestone-driven inflows like the $45.5 million reported in 2026Q3, highlighting a persistent reliance on external capital to fund operations.
| 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 |
|---|
| Cash from Operations | -81.62M | -152.91M | -89.23M | -75.26M | -78.13M | -30.17M | -44.82M | -36.37M | 10.56M | -23.72M | -13.16M | -6.37M | -4.86M | -1.83M |
| Operating CF Margin % | -110.87% | - | - | - | - | - | -353.16% | -225.49% | 125.78% | -1577.26% | -616.78% | -352.99% | -1170.6% | -119.31% |
| Operating CF Growth % | 46.62% | -71.36% | -18.56% | 3.68% | -158.97% | 32.68% | -23.24% | -444.43% | 144.51% | -80.31% | -106.6% | -31.08% | -164.74% | - |
| Net Income | -164.29M | -183.44M | -126.64M | -92.91M | -82.34M | -46.24M | -29.12M | -20.82M | -15.8M | -18.6M | -11.44M | -7.23M | -5.68M | -2.05M |
| Depreciation & Amortization | 1.45M | 941K | 816K | 718K | 743K | 537K | 512K | 378K | 180K | 40K | 33K | 38K | 27K | 38K |
| Stock-Based Compensation | 0 | 12.29M | 21.91M | 9.92M | 0 | 7.12M | 4.45M | 2.97M | 1.06M | 394K | 118K | 36K | 238K | 47K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -33K | 0 | 0 | 0 | 0 | 0 | 63K | -6K |
| Other Non-Cash Items | 80.26M | 2.27M | -485K | -407K | 15.78M | 72K | 13K | -103K | -651K | -1.37M | -1.66M | 167 | 32K | 104K |
| Working Capital Changes | 954K | 15.04M | 15.17M | 7.41M | -12.32M | 8.35M | -20.64M | -18.79M | 25.77M | -4.18M | -210K | 784K | 460K | 35K |
| Change in Receivables | -7.4M | -3.62M | 8.18M | -2.32M | -5.2M | 7.46M | -5.78M | -4.88M | -3.94M | -571K | -137 | 65 | 0 | 0 |
| Change in Inventory | -3.43M | 0 | 0 | 0 | 0 | 0 | 5.78M | 4.88M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 4.19M | -4.97M | 4.32M | 1.11M | 1.69M | 150K | -1M | 1.53M | 217K | -1.6M | 374K | 167K | 315K | -8K |
| Cash from Investing | 18.68M | 91.02M | -84.72M | 41.41M | 57.86M | -147.65M | 16.75M | -69.42M | -1.43M | 34.06M | -11K | -125K | -18K | -91K |
| Capital Expenditures | -1.9M | -929K | -42K | -1.2M | -931K | -82K | -220K | -1.08M | -1.43M | -74K | -11K | -125K | -18K | -91K |
| CapEx % of Revenue | 2.58% | - | - | - | - | - | 1.73% | 6.7% | 17% | 4.92% | 0.52% | 6.93% | 4.34% | 5.92% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | -16.75M | 69.42M | 0 | 34.14M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -401K | 0 | 0 | 0 | 16.75M | -69.42M | -1.43M | 34.14M | -715K | 0 | 0 | 0 |
| Cash from Financing | 162.64M | 159.73M | 150.71M | 58.12M | 1.58M | 212.12M | 11.58M | 87.94M | 8.99M | 2K | 33M | 8.66M | 6.42M | 5.56M |
| Debt Issued (Net) | 160.72M | 98.04M | 0 | 0 | 0 | 0 | -54K | -209K | -151K | 0 | 0 | 0 | 388K | -389K |
| Equity Issued (Net) | 1.92M | 61.69M | 96.94M | 56.58M | 1.58M | 210.58M | 11.42M | 87.91M | 9.14M | 0 | 0 | 0 | 6.03M | 5.95M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 53.77M | 1.53M | 0 | 1.53M | 216K | 242K | 0 | 2K | 33M | 8.66M | 0 | 0 |
| Net Change in Cash | 97.73M | 99.83M | -24.45M | 25.51M | -19.86M | 34.8M | -16.22M | -19.05M | 20.11M | 9.19M | 19.24M | 2.04M | 1.54M | 3.64M |
| Free Cash Flow | -83.33M | -153.34M | -89.67M | -76.46M | -79.06M | -30.25M | -45.04M | -37.45M | 9.13M | -23.8M | -13.17M | -6.49M | -4.88M | -1.93M |
| FCF Margin % | -113.19% | - | - | - | - | - | -354.89% | -232.19% | 108.78% | -1582.18% | -617.3% | -359.92% | -1174.94% | -125.23% |
| FCF Growth % | 45.66% | -71% | -17.29% | 3.3% | -161.35% | 32.82% | -20.27% | -510.1% | 138.37% | -80.72% | -102.79% | -33.16% | -153.17% | - |
| FCF per Share | -1.64 | -3.09 | -2.44 | -2.74 | -3.23 | -1.58 | -2.54 | -2.48 | 0.88 | -2.45 | -2.76 | -5.55 | -6.73 | -2.66 |
| FCF Conversion (FCF/Net Income) | 0.50x | 0.83x | 0.70x | 0.81x | 0.95x | 0.65x | 1.54x | 1.75x | -0.67x | 1.28x | 1.15x | 0.88x | 0.86x | 0.89x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Commercialization and dilution risk
As reported in financial statements, KalVista's operating cash flow frequently diverges from net income, with the OCF/NI ratio fluctuating wildly, such as the 0.62 observed in 2026Q4, which suggests that GAAP earnings provide little insight into the actual cash requirements of the company's clinical development programs.
The lack of a stable relationship between net income and operating cash flow highlights the non-operational nature of the company's current financial profile. Investors should interpret these variances as evidence that cash burn is driven by external clinical milestones rather than recurring operational efficiency.
Based on KalVista's reported figures, free cash flow remains consistently negative, punctuated only by anomalous milestone-driven inflows, such as the $45.5 million reported in 2026Q3, which underscores the company's ongoing reliance on external capital to sustain its research-heavy, pre-commercial business model through the current development cycle.
The persistent negative free cash flow trajectory indicates that the company is currently in a capital-intensive phase with no self-sustaining revenue base. This trend suggests that future liquidity will remain dependent on either further milestone recognition or dilutive equity financing until a commercial product is launched.
According to recent SEC filings, working capital changes have been highly erratic, swinging from a $18.8 million inflow in 2025Q4 to a $13.5 million outflow in 2026Q3, reflecting the lumpy nature of milestone-related receivables and the timing of payments to clinical research organizations and trial vendors.
These fluctuations in working capital appear to be a direct consequence of the company's event-driven revenue model rather than operational improvements in collections or payables. Analysts should monitor these swings as they often obscure the underlying cash burn rate required to maintain the current clinical trial pipeline.
As indicated by the provided cash flow data, stock-based compensation and non-cash adjustments frequently impact the reconciliation of net income to operating cash, with significant swings like the $12.7 million SBC adjustment in 2024Q4, which warrants further investigation into the true cost of talent retention.
The reliance on non-cash adjustments to bridge the gap between net income and operating cash flow suggests that the reported cash burn may be understated in certain periods. Investors should focus on the raw cash used in operating activities to gauge the true financial pressure on the balance sheet.
Quick answers to the most common questions about buying KALV stock.
KalVista Pharmaceuticals, Inc. (KALV) generated $-81.6M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
KalVista Pharmaceuticals, Inc. (KALV) reported negative free cash flow of $83.3M in 2026, indicating capital requirements exceeded cash from operations.
KalVista Pharmaceuticals, Inc. (KALV) spent $1.9M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.