Core Insights - KalVista Pharmaceuticals reported strong momentum in the US launch of EKTERLY®, achieving $13.7 million in net product revenue for the third quarter of 2025, with 937 patient start forms received by October 31, 2025 [1][3][9] - The company has successfully launched EKTERLY in Germany, with initial orders indicating positive demand, and has received regulatory approval in Australia, expanding its global footprint [2][3] - As of September 30, 2025, KalVista has approximately $309 million in cash, expected to fund operations until profitability [1][9] Commercial Progress - The US commercial launch of EKTERLY began on July 7, 2025, with 423 unique prescribers activated [3] - EKTERLY is the first and only oral on-demand treatment for hereditary angioedema (HAE) approved in the US, EU, Switzerland, and Australia [6][9] - The European Commission and Swissmedic approved EKTERLY for treating acute HAE attacks in adults and adolescents aged 12 and older [3] Financial Performance - For the three months ended September 30, 2025, KalVista reported a net product revenue of $13.7 million, with a cost of revenue of $1.2 million [9][12] - Research and development expenses decreased to $12 million from $18.7 million in the same period of 2024, primarily due to reduced clinical trial costs [9][12] - Selling, general and administrative expenses increased to $46.5 million from $24.8 million, attributed to commercialization efforts for EKTERLY [9][12] Organizational Updates - The company appointed Bilal Arif as Chief Operating Officer and Linea Aspesi as Chief People Officer [9] - Bethany L. Sensenig joined KalVista's Board of Directors and the Audit Committee [9] Clinical Highlights - Interim results from the KONFIDENT-KID trial showed a median time to dosing of 30 minutes and a median time to symptom relief of 1.5 hours for pediatric patients [9] - In the KONFIDENT-S trial, 84% of treated attacks were rated as satisfied by patients who switched from injectable treatments [9]

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Group 1 - KalVista Pharmaceuticals, Inc. announced the pricing of its offering of $125.0 million aggregate principal amount of 3.250% Convertible Senior Notes due 2031 [1] - The offering is conducted in a private placement to qualified institutional buyers under Rule 144A of the Securities Act of 1933 [1]

Group 1 - The European Commission has granted final approval for two treatments developed by KalVista Pharmaceuticals and Ionis Pharmaceuticals targeting rare genetic disorders [2][3]

Core Viewpoint - KalVista Pharmaceuticals has received approval from the European Commission and Swissmedic for EKTERLY (sebetralstat), marking it as the first oral on-demand treatment for hereditary angioedema in Europe [1] Company Summary - KalVista Pharmaceuticals, Inc. is focused on developing treatments for rare diseases, specifically targeting hereditary angioedema with its new product EKTERLY [1] - The approval of EKTERLY is significant as it provides a new therapeutic option for adults and adolescents aged 12 years and older suffering from acute attacks of hereditary angioedema [1] Industry Summary - The approval of EKTERLY highlights advancements in the treatment options available for hereditary angioedema, a condition that has limited treatment alternatives [1] - The introduction of an oral plasma kallikrein inhibitor like EKTERLY may shift treatment paradigms within the rare disease market, particularly for hereditary angioedema [1]

Core Viewpoint - KalVista Pharmaceuticals has received approval from the European Commission and Swissmedic for EKTERLY (sebetralstat), marking it as the first and only oral on-demand treatment for hereditary angioedema (HAE) in Europe [1] Company Summary - KalVista Pharmaceuticals, Inc. is focused on developing innovative treatments for rare diseases, specifically targeting hereditary angioedema with its new product EKTERLY [1] - The approval of EKTERLY is significant as it provides a new therapeutic option for adults and adolescents aged 12 years and older suffering from acute attacks of HAE [1] Industry Summary - The approval of EKTERLY highlights advancements in the treatment of hereditary angioedema, a condition that has limited treatment options available [1] - The introduction of an oral plasma kallikrein inhibitor represents a shift in the management of HAE, potentially improving patient compliance and outcomes [1]

Core Insights - KalVista Pharmaceuticals has received FDA approval for EKTERLY, the first oral on-demand treatment for hereditary angioedema (HAE), which is expected to drive significant growth for the company [1] Financial Performance - For the quarter ending September 11, 2025, KalVista reported an earnings per share (EPS) of -$1.12, missing the estimated EPS of -$0.91, resulting in a negative surprise of 23.08% [2] - The company's revenue for the quarter was approximately $1.43 million, falling short of the expected $2.09 million, indicating a shortfall of 20.91% [2] - KalVista has exceeded consensus EPS estimates only once in the past four quarters, highlighting ongoing financial challenges [2] Financial Metrics - The company has a negative price-to-earnings (P/E) ratio of approximately -3.73 and an enterprise value to operating cash flow ratio of about -3.89, indicating difficulties in achieving profitability and generating positive cash flow [3] - The earnings yield is negative at approximately -26.83%, further emphasizing the company's financial struggles [3] Debt and Stability - KalVista's debt-to-equity ratio of 0.07 suggests a relatively low level of debt compared to its equity, indicating financial stability [4] - The recent FDA approval of EKTERLY positions the company for potential future growth, although the immediate impact on stock price and future earnings expectations remains uncertain [4]

Financial Data and Key Metrics Changes - The company reported $1.4 million in net revenue for the launch period of ECTERLEET, primarily from stocking orders by specialty pharmacies [14] - Total operating expenses for the period were $60.4 million, with approximately $15 million in R&D expenses and $45 million in SG&A expenses, driven by external spending related to the ECTERLEET launch [14] - The company had approximately $191 million in cash and investments as of July 31, 2025, expected to fund operations into 2027 [15] Business Line Data and Key Metrics Changes - ECTERLEET is positioned as the first and only oral on-demand therapy for acute hereditary angioedema (HAE) attacks, with a strong initial uptake, as nearly 5% of the U.S. HAE population submitted prescriptions shortly after launch [5][8] - The company has activated 253 unique prescribers, with 38% starting multiple patients on ECTERLEET [12] - Early demand has come from patients previously on other therapies, with a significant number of patients adopting ECTERLEET from various prophylactic therapies [11][13] Market Data and Key Metrics Changes - In Europe, sebetralstat received a positive CHMP opinion for the treatment of acute HAE attacks, with a final decision expected in October [8] - The UK MHRA granted marketing authorization for ECTERLEET, with a commercial launch anticipated in the first half of 2026 [9] - The company is progressing towards anticipated approval in Japan by the end of this year, with a launch planned for early 2026 [9] Company Strategy and Development Direction - The company aims to transform the treatment paradigm for HAE with ECTERLEET, focusing on global expansion and establishing it as the foundational therapy for HAE [5][16] - The management is committed to executing a disciplined commercial strategy while driving global expansion and delivering meaningful treatment to patients [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong community response to ECTERLEET, highlighting the unmet need it addresses [7] - The rapid adoption of ECTERLEET reinforces the belief that it can redefine the standard of care for HAE patients [16] Other Important Information - The company is changing its fiscal year end to December 31, starting with the quarter ending September 30, which will capture the three-month period from July through September [15] Q&A Session Summary Question: Can you further speak to the quick start program and expectations for timing to paid drug? - The quick start program provides immediate access to ECTERLEET at no charge while pursuing medical exceptions for paid access [20][21] Question: How many of the 4,000 patients and caregivers signed up for ECTERLEET updates are individual patients? - The majority of the 4,000 individuals in the database are patients, with caregivers also included [24] Question: What are the expectations for launch metrics moving forward? - The company anticipates evolving KPIs, including actual doses prescribed as the launch progresses [29] Question: Can you provide a breakdown of the 460 start forms? - All 460 start forms received quick start access, and paid shipments have started going out [35] Question: What feedback has been received regarding side effects observed so far? - Adverse events reported have been minimal, with no significant GI-related issues noted during the launch [38][39] Question: Can you provide a July versus August breakdown of the start forms? - The demand has shown a sustained and continually growing level of interest, indicating a linear growth trajectory [42] Question: What is the expected cadence or timeline to shift patients to commercially reimbursed scripts? - The transition from OLE patients to commercial scripts is gradual, with no dramatic immediate shifts expected [58] Question: What has been the outcome of outreach and educational programs? - The company has engaged in local education programs and events to raise awareness about ECTERLEET, with positive outcomes noted [60]

Financial Data and Key Metrics Changes - The company reported $1.4 million in net revenue for EKTERLY during the launch period, primarily from stocking orders by specialty pharmacies [13] - Total operating expenses for the period were $60.4 million, with approximately $15 million in R&D expenses and $45 million in SG&A expenses, driven by external spending related to the EKTERLY launch [13] - The company had approximately $191 million in cash and investments as of July 31, 2025, expected to fund operations into 2027 [14] Business Line Data and Key Metrics Changes - EKTERLY is positioned as the first and only oral on-demand therapy for acute HAE attacks, with initial launch metrics showing that nearly 5% of the U.S. HAE population has submitted a prescription [4][7] - The company has activated 253 unique prescribers, with 38% starting multiple patients on EKTERLY [11] - Early demand has come from patients previously on other therapies, with strong interest from a broad base of providers [11][12] Market Data and Key Metrics Changes - In Europe, sebetralstat received a positive CHMP opinion for the treatment of acute HAE attacks, with a final decision expected in October [7] - The UK MHRA granted marketing authorization for EKTERLY, with a commercial launch anticipated in the first half of 2026 [8] - The company is progressing towards anticipated approval in Japan by the end of the year [8] Company Strategy and Development Direction - The company aims to transform the treatment paradigm for HAE with EKTERLY, focusing on global expansion and establishing it as the foundational therapy for HAE [4][15] - The management emphasizes the importance of executing a disciplined commercial strategy and driving meaningful long-term value creation for shareholders [8][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong early response to EKTERLY, highlighting the unmet need in HAE and the transformational potential of the therapy [15] - The company anticipates that operating expenses will remain consistent as they continue to invest in the EKTERLY launch [13] Other Important Information - The company is changing its fiscal year end to December 31, starting with the quarter ending September 30, 2025 [14] - The quick start program provides immediate access to EKTERLY at no charge while working with physician offices to gain paid access [19][29] Q&A Session Summary Question: Can you further speak to the quick start program and expectations for timing to paid drug? - The quick start program provides immediate access to EKTERLY at no charge, with efforts to gain paid access through medical exceptions [19][20] Question: How many of the 4,000 patients in the database are individual patients or caregivers? - The majority of patients in the database are individual patients, with efforts to engage them through local education programs [23] Question: What are your expectations for launch metrics moving forward? - The company plans to share more KPIs as the launch progresses, including repeat prescribers and utilization rates [28] Question: Can you provide a breakdown of the 460 start forms? - All 460 start forms received quick start access, with some paid shipments already going out [34] Question: What feedback have you received regarding side effects observed so far? - Adverse events reported have been minimal, with no significant GI-related issues noted during the launch [37][38]

Financial Data and Key Metrics Changes - The company reported $1.4 million in net revenue for the launch period of ECTERLEET, primarily from stocking orders by specialty pharmacies [13] - Total operating expenses for the period were $60.4 million, with approximately $15 million in R&D expenses and $45 million in SG&A expenses, driven by external spending related to the ECTERLEET launch [13] - The company had approximately $191 million in cash and investments as of July 31, 2025, expected to fund operations into 2027 [14] Business Line Data and Key Metrics Changes - ECTERLEET is positioned as the first and only oral on-demand therapy for acute hereditary angioedema (HAE) attacks, with a positive community response and early uptake exceeding expectations [4][6] - Almost 5% of the entire U.S. HAE population has submitted a prescription for ECTERLEET since the launch [7] - The company activated 253 unique prescribers, with 38% starting multiple patients on ECTERLEET [12] Market Data and Key Metrics Changes - In Europe, sebetralstat received a positive CHMP opinion for the treatment of acute HAE attacks, with a final decision expected in October [7] - The UK MHRA granted marketing authorization for ECTERLEET, with a commercial launch anticipated in the first half of 2026 [8] - The company is progressing towards anticipated approval in Japan by the end of this year [8] Company Strategy and Development Direction - The company aims to redefine the standard of care for HAE with ECTERLEET, focusing on global expansion and commercial strategy execution [15] - Investments in commercial infrastructure prior to approval are yielding positive results in the launch of ECTERLEET [6] - The company is exploring partnerships worldwide to enhance market access for ECTERLEET [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong early response to ECTERLEET, highlighting the unmet need in HAE and the potential for the product to transform treatment [15] - The company anticipates that operating expenses will remain consistent as it continues to invest in the ECTERLEET launch [13] - Management noted that the rapid adoption of ECTERLEET reinforces its belief in the product's potential [15] Other Important Information - The company is changing its fiscal year end to December 31, starting with the quarter ending September 30, 2025 [14] - The quick start program allows immediate access to ECTERLEET at no charge while pursuing medical exceptions for paid access [19][29] Q&A Session Summary Question: Can you further speak to the quick start program and expectations for timing to paid drug? - The quick start program provides immediate access to ECTERLEET at no charge, with efforts to gain paid access through medical exceptions [19][20] Question: How many of the 4,000 patients and caregivers signed up for ECTERLEET updates are individual patients? - The majority of the 4,000 individuals in the database are patients, with caregivers also included [23] Question: What are your expectations for launch metrics moving forward? - The company plans to share more detailed KPIs as the launch progresses, including repeat prescribers and utilization metrics [28] Question: Can you provide a breakdown of the 460 start forms? - All 460 start forms received were through the quick start program, with some paid shipments already going out [34] Question: What feedback have you received regarding side effects observed so far? - Adverse events reported have been minimal, with no significant GI-related issues noted during the launch [37][38] Question: Can you provide a July versus August breakdown of the start forms? - The demand has shown a sustained and continually growing level of interest, indicating a linear growth trajectory [42] Question: How many patients are in the OLE and what is the expected timeline for transitioning to commercially reimbursed scripts? - The OLE includes several dozen U.S.-based patients, with a gradual transition expected as demand increases [56] Question: What has been the outcome of outreach efforts to raise awareness about ECTERLEET? - The company has engaged in local education programs and attended patient summits to raise awareness and facilitate adoption [58]