KalVista Pharmaceuticals Reports Fiscal Second Quarter Results - KVD900 Phase 2 Trial Data for On-Demand Treatment of HAE Expected in 2020 - - KVD001 Phase 2 Clinical Trial for Patients with Diabetic Macular Edema (DME)

KalVista Pharmaceuticals Reports Fiscal Second Quarter Results

- KVD900 Phase 2 Trial Data for On-Demand Treatment of HAE Expected in 2020 -

- KVD001 Phase 2 Clinical Trial for Patients with Diabetic Macular Edema (DME) Data Expected This Month -

- KVD900 Receives FDA Fast Track Designation -

Cambridge, MA and Salisbury, England, December 3, 2019 - KalVista Pharmaceuticals, Inc. (NASDAQ: KALV), a clinical stage pharmaceutical company focused on the discovery, development, and commercialization of small molecule protease inhibitors, today provided an operational update and released financial results for the fiscal second quarter ended October 31, 2019.

"We recently received Fast Track designation for KVD900, illustrating the high level of unmet need in the HAE community for efficacious and safe, orally-delivered therapies," said Andrew Crockett, Chief Executive Officer of KalVista. "Our Phase 2 clinical trial for KVD900 continues, and we expect to have data from that trial in 2020. The Phase 2 clinical trial of KVD001 in DME will provide data this month."

Second Quarter and Recent Business Highlights:

Fiscal Second Quarter Financial Results:

About KalVista Pharmaceuticals, Inc.

KalVista Pharmaceuticals, Inc. is a pharmaceutical company focused on the discovery, development, and commercialization of small molecule protease inhibitors for diseases with significant unmet need. The Company's initial focus is on inhibitors of plasma kallikrein, which is an important component of the body's inflammatory response and which, in excess, can lead to increased vascular permeability, edema and inflammation. KalVista has developed a proprietary portfolio of novel, small molecule plasma kallikrein inhibitors initially targeting hereditary angioedema (HAE) and diabetic macular edema (DME). The Company has created a structurally diverse portfolio of oral plasma kallikrein inhibitors and is advancing multiple drug candidates for HAE as well as DME. The Company has selected KVD900 as its program to be advanced as an on-demand therapy for HAE attacks and is conducting a Phase 2 proof-of-concept study in HAE patients that is expected to provide data in 2020. In DME, KalVista's most advanced program, an intravitreally administered plasma kallikrein inhibitor known as KVD001, is anticipated to report data from a Phase 2 clinical trial in the fourth quarter of 2019.

For more information, please visit www.kalvista.com.

Forward-Looking Statements

This press release contains "forward-looking" statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. Examples of forward-looking statements include, among others, available funding, our cash runway and future clinical trial timing and results. Further information on potential risk factors that could affect our business and its financial results are detailed in the annual report on Form 10-K filed on July 15, 2019 and other reports as filed from time to time with the Securities and Exchange Commission. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

KalVista Pharmaceuticals, Inc.

Senior Director, Corporate Communications & Investor Relations