Revenue remains highly sporadic and non-recurring, with quarterly figures swinging from $1.4 million in 2026Q1 to $59.9 million in 2026Q3, while operating losses reached as high as $59.0 million in 2026Q1.
| 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 |
|---|
| Sales/Revenue | 73.62M | 0 | 0 | 0 | 0 | 0 | 12.69M | 16.13M | 8.39M | 1.5M | 2.13M | 1.8M | 415K | 1.54M |
| Revenue Growth % | - | - | - | - | - | -100% | -21.31% | 92.13% | 458.11% | -29.49% | 18.24% | 334.7% | -73.02% | - |
| Cost of Goods Sold | 6.08M | 0 | 86.17M | 0 | 0 | 41.29M | 40.19M | 35.02K | 18.24K | 12.67K | 14.66K | 8.29K | 0 | 0 |
| COGS % of Revenue | 8.25% | - | - | - | - | - | 316.74% | 0.22% | 0.22% | 0.84% | 0.69% | 0.46% | - | - |
| Gross Profit | 67.54M | 0 | -86.17M | 0 | 0 | -41.29M | -27.5M | 16.09M | 8.38M | 1.49M | 2.12M | 1.8M | 415K | 1.54M |
| Gross Margin % | 91.75% | - | - | - | - | - | -216.74% | 99.78% | 99.78% | 99.16% | 99.31% | 99.54% | 100% | 100% |
| Gross Profit Growth % | - | 100% | - | - | 100% | -50.11% | -270.92% | 92.13% | 461.63% | -29.6% | 17.97% | 332.7% | -73.02% | - |
| Operating Expenses | 239.38M | 188M | 54.28M | 110.87M | 96.61M | 16.64M | 13.03M | 45.95M | 27.1M | 23.84M | 17.31M | 9.89M | 5.63M | 3.37M |
| OpEx % of Revenue | 325.17% | - | - | - | - | - | 102.67% | 284.91% | 322.84% | 1585.31% | 811.72% | 548.39% | 1356.87% | 219.18% |
| Selling, General & Admin | 183.74M | 116.29M | 54.28M | 30.59M | 26.45M | 16.64M | 13.03M | 10.93M | 8.86M | 11.18M | 2.65M | 1.61M | 1.4M | 1.41M |
| SG&A % of Revenue | 249.59% | - | - | - | - | - | 102.67% | 67.75% | 105.58% | 743.15% | 124.38% | 89.14% | 337.83% | 91.81% |
| Research & Development | 55.64M | 71.71M | 86.17M | 80.28M | 70.17M | 41.29M | 40.19M | 35.02M | 18.24M | 12.67M | 14.66M | 8.29M | 4.23M | 1.96M |
| R&D % of Revenue | 75.58% | - | - | - | - | - | 316.74% | 217.16% | 217.26% | 842.15% | 687.34% | 459.26% | 1019.04% | 127.37% |
| Other Operating Expenses | 0 | 0 | -86.17M | 0 | 0 | -41.29M | -40.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -171.84M | -188M | -140.44M | -110.87M | -96.61M | -57.92M | -40.53M | -29.82M | -18.7M | -22.34M | -15.18M | -8.09M | -5.22M | -1.83M |
| Operating Margin % | -233.42% | - | - | - | - | - | -319.41% | -184.91% | -222.84% | -1485.31% | -711.72% | -448.39% | -1256.87% | -119.18% |
| Operating Income Growth % | 8.59% | -33.86% | -26.67% | -14.76% | -66.8% | -42.9% | -35.93% | -59.42% | 16.27% | -47.15% | -87.67% | -55.08% | -184.56% | - |
| EBITDA | -170.38M | -187.05M | -139.63M | -110.15M | -96.05M | -57.39M | -40.02M | -29.44M | -18.52M | -22.3M | -15.05M | -8.05M | -5.19M | -1.79M |
| EBITDA Margin % | -231.45% | - | - | - | - | - | -315.37% | -182.56% | -220.69% | -1482.65% | -705.49% | -446.29% | -1250.36% | -116.71% |
| EBITDA Growth % | 8.91% | -33.97% | -26.76% | -14.68% | -67.37% | -43.39% | -35.93% | -58.93% | 16.92% | -48.19% | -86.91% | -55.16% | -189.08% | - |
| D&A (Non-Cash Add-back) | 1.45M | 941K | 816K | 718K | 564K | 537K | 512K | 378K | 180K | 40K | 133K | 38K | 27K | 38K |
| EBIT | -171.84M | -174.27M | -135.1M | -95.09M | -81.31M | -57.92M | -40.53M | -29.82M | -18.7M | -22.34M | -15.18M | -8.09M | -5.27M | -1.8M |
| Net Interest Income | -10.66M | 650K | 3.9M | 2.23M | 1.09M | 903K | 1.83M | 1.4M | 82K | 36K | 50K | 19K | -403K | -255K |
| Interest Income | 8.68M | 6.43M | 3.9M | 2.23M | 1.09M | 903K | 1.83M | 1.4M | 82K | 36K | 50K | 19K | 2K | 1K |
| Interest Expense | 19.34M | 5.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 405K | 256K |
| Other Income/Expense | 420K | 7.94M | 5.35M | 17.96M | 14.27M | 11.68M | 11.54M | 9.13M | 2.9M | 3.74M | 3.75M | 863K | -462K | -220K |
| Pretax Income | -171.42M | -180.05M | -135.1M | -92.91M | -82.34M | -46.24M | -28.99M | -20.69M | -15.8M | -18.6M | -11.44M | -7.23M | -5.68M | -2.05M |
| Pretax Margin % | -232.85% | - | - | - | - | - | -228.46% | -128.31% | -188.29% | -1236.9% | -536.15% | -400.55% | -1368.19% | -133.49% |
| Income Tax | -7.13M | 3.39M | -8.45M | 0 | 0 | 0 | 124K | 124K | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 4.16% | -1.88% | 6.26% | 0% | 0% | 0% | -0.43% | -0.6% | 0% | 0% | 0% | 0% | 0% | 0% |
| 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 |
| Net Margin % | -223.16% | - | - | - | - | - | -229.44% | -129.08% | -188.29% | -1236.9% | -536.15% | -400.55% | -1368.19% | -133.49% |
| Net Income Growth % | 10.44% | -44.85% | -36.31% | -12.83% | -78.05% | -58.83% | -39.87% | -31.71% | 15.04% | -62.67% | -58.26% | -27.26% | -176.57% | - |
| Net Income (Continuing) | -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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.23 | -3.69 | -3.44 | -3.33 | -3.36 | -2.33 | -1.64 | -1.38 | -1.53 | -1.92 | -2.40 | -6.17 | -7.83 | -2.83 |
| EPS Growth % | 12.47% | -7.27% | -3.3% | 0.89% | -44.21% | -42.07% | -18.84% | 9.8% | 20.31% | 20% | 61.1% | 21.2% | -176.68% | - |
| EPS (Basic) | -3.23 | -3.69 | -3.44 | -3.33 | -3.36 | -2.33 | -1.64 | -1.38 | -1.53 | -1.92 | -2.40 | -6.17 | -7.83 | -2.83 |
| Diluted Shares Outstanding | 50.9M | 49.65M | 36.79M | 27.89M | 24.47M | 19.09M | 17.75M | 15.08M | 10.32M | 9.71M | 4.77M | 1.17M | 724.8K | 724.8K |
| Basic Shares Outstanding | 50.9M | 49.65M | 36.79M | 27.89M | 24.47M | 19.09M | 17.75M | 15.08M | 10.32M | 9.71M | 4.77M | 1.17M | 724.8K | 724.8K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Commercialization and dilution risk
As indicated by the historical income statement data, KalVista’s revenue profile is characterized by sporadic, non-recurring milestone payments, with quarterly figures reaching $59.9 million in 2026Q3 before retreating, highlighting the absence of a predictable, recurring commercial revenue stream typical of a mature biotechnology firm.
The revenue volatility observed suggests that the company remains entirely dependent on collaboration-based inflows rather than product-market fit. Investors should interpret these figures as indicators of successful development milestones rather than evidence of a scalable commercial business model.
Based on reported financial filings, the company’s cost structure is dominated by heavy R&D and SG&A expenditures, which consistently outpace gross profit and result in deep operating losses, such as the $59.0 million operating loss recorded in 2026Q1 during peak clinical trial activity.
The persistent gap between operating expenses and revenue underscores the capital-intensive nature of late-stage drug development. This cost structure suggests that the company is currently prioritizing clinical advancement over operational efficiency, which may necessitate further capital raises.
According to the provided income statement data, KalVista exhibits negative operating leverage, as the company has yet to achieve a scale where revenue growth can meaningfully offset the substantial fixed costs associated with clinical trial execution and the necessary administrative overhead for a pre-commercial entity.
The lack of operating leverage is a direct consequence of the company's pre-commercial status, where every dollar of revenue is dwarfed by the massive R&D requirements. Until the company successfully transitions to a commercial product launch, operating margins will likely remain deeply negative.
While the company reports high gross margins exceeding 90% in certain quarters, these figures appear to be accounting artifacts of milestone recognition that may not persist once the company transitions to a commercial model involving manufacturing, distribution, and the associated costs of a specialized sales force.
Short-sellers may focus on the inevitable margin compression that occurs when a biotech firm shifts from clinical development to commercialization. The current high-margin profile is likely misleading for long-term modeling, as it ignores the future variable costs of physical drug production.
Quick answers to the most common questions about buying KALV stock.
For fiscal year 2026, KalVista Pharmaceuticals, Inc. (KALV) reported total revenue of $73.6M. This represents a 4686.5% increase compared to $1.5M in 2013.
KalVista Pharmaceuticals, Inc. (KALV) reported a net loss of $164.3M for the fiscal year ending 2026.
KalVista Pharmaceuticals, Inc. (KALV) reported an operating income of $-171.8M, resulting in an operating profit margin of -233.4%. This margin reflects the operational efficiency of the business before interest and taxes.
KalVista Pharmaceuticals, Inc. (KALV) generated $67.5M in gross profit for the year, representing a gross profit margin of 91.7%. This demonstrates the company's core pricing power and production efficiency.