Full Press Release Details
KalVista Pharmaceuticals Reports Second Fiscal Quarter Results
- KVD900 Phase 2 Clinical Trial Patient Treatment Completed; Data Expected Q1 2021 -
Cambridge, MA and Salisbury, England, December 10, 2020 - 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 second fiscal quarter ended October 31, 2020.
"We have completed the patient treatment phase of our KVD900 Phase 2 trial and are in the process of wrapping up that study. Data from this trial evaluating KVD900 as an oral on-demand treatment for hereditary angioedema is expected in the first quarter of 2021," said Andrew Crockett, Chief Executive Officer of KalVista. "The formulation data recently shared for KVD824, our oral prophylactic treatment candidate for HAE, showed concentrations that we believe can lead to efficacy levels competitive with approved injectable therapies. We expect to submit an Investigational New Drug Application to the FDA for a Phase 2 clinical trial of KVD824 as a potential twice-daily oral treatment in the prevention of HAE attacks in the first quarter of 2021."
Second Fiscal Quarter and Recent Business Highlights:
Second Fiscal 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. KalVista has developed a proprietary portfolio of novel, small molecule plasma kallikrein inhibitors initially targeting hereditary angioedema (HAE) and diabetic macular edema (DME). KalVista is developing KVD900 as an on-demand therapy for acute HAE attacks and is conducting a Phase 2 proof-of-concept study in HAE patients with data expected in the first quarter of 2021. KVD824 is in development for prophylactic treatment of HAE with an expected IND filing for a phase 2 clinical trial in the first quarter of 2021. KalVista's recently announced oral Factor XIIa inhibitor program represents a new generation of therapies that may further improve the treatment of HAE for patients. In DME, an intravitreally administered plasma kallikrein inhibitor known as KVD001, completed a Phase 2 clinical trial in 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, including the potential impact of COVID-19, that could cause actual results to differ materially from what we expect. Examples of forward-looking statements include, among others, our expectations about safety and efficacy of our product candidates and timing of clinical trials and its results, our ability to commence or complete clinical studies and to obtain regulatory approvals for KVD900, KVD824 and other candidates in development, the ability of KVD900, KVD824 and other candidates in development to treat HAE or DME, the future progress and potential success of our oral Factor XIIa program, and the sufficiency of our cash, cash equivalents and investments to fund our operations. Further information on potential risk factors that could affect our business and financial results are detailed in our annual report on Form 10-K filed on July 1, 2020, our quarterly reports on Form 10-Q, and other filings we may make 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
| KalVista Pharmaceuticals Inc. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (in thousands, except share and per share amounts) | ||||||||
| (Unaudited) | ||||||||
| October 31, | April 30, | |||||||
| 2020 | 2020 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 16,174 | $ | 15,789 | ||||
| Marketable securities | 39,700 | 51,925 | ||||||
| Research and development tax credit receivable | 14,685 | 16,527 | ||||||
| Prepaid expenses and other current assets | 1,517 | 4,455 | ||||||
| Total current assets | 72,076 | 88,696 | ||||||
| Property and equipment, net | 1,889 | 2,043 | ||||||
| Right of use assets | 1,305 | 1,612 | ||||||
| Other assets | 178 | 178 | ||||||
| Total assets | $ | 75,448 | $ | 92,529 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,173 | $ | 1,677 | ||||
| Accrued expenses | 6,941 | 5,455 | ||||||
| Lease liability - current portion | 422 | 588 | ||||||
| Total current liabilities | 9,536 | 7,720 | ||||||
| Long-term liabilities: | ||||||||
| Lease liability - net of current portion | 932 | 1,057 | ||||||
| Total long-term liabilities | 932 | 1,057 | ||||||
| Stockholders' equity: | ||||||||
| Common stock, $0.001 par value | 18 | 18 | ||||||
| Additional paid-in capital | 209,750 | 207,208 | ||||||
| Accumulated deficit | (142,832 | ) | (121,592 | ) | ||||
| Accumulated other comprehensive loss | (1,956 | ) | (1,882 | ) | ||||
| Total stockholders' equity | 64,980 | 83,752 | ||||||
| Total liabilities and stockholders' equity | $ | 75,448 | $ | 92,529 |
| KalVista Pharmaceuticals Inc. | ||||||||||||||||
| Condensed Consolidated Statement of Operations | ||||||||||||||||
| (in thousands, except share and per share amounts) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| October 31, | October 31, | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| Revenue | $ | - | $ | 3,920 | $ | - | $ | 7,289 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 9,148 | 9,789 | 20,313 | 19,476 | ||||||||||||
| General and administrative | 3,633 | 3,420 | 6,912 | 6,665 | ||||||||||||
| Total operating expenses | 12,781 | 13,209 | 27,225 | 26,141 | ||||||||||||
| Operating loss | (12,781 | ) | (9,289 | ) | (27,225 | ) | (18,852 | ) | ||||||||
| Other income: | ||||||||||||||||
| Interest income | 193 | 505 | 451 | 1,095 | ||||||||||||
| Foreign currency exchange rate gain (loss) | (24 | ) | 560 | 414 | 108 | |||||||||||
| Other income | 2,186 | 2,321 | 5,119 | 4,408 | ||||||||||||
| Total other income | 2,355 | 3,386 | 5,984 | 5,611 | ||||||||||||
| Net loss | $ | (10,426 | ) | $ | (5,903 | ) | $ | (21,241 | ) | $ | (13,241 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.58 | ) | $ | (0.33 | ) | $ | (1.19 | ) | $ | (0.75 | ) | ||||
| Weighted average common shares outstanding, basic and diluted | 17,907,393 | 17,823,302 | 17,877,988 | 17,656,150 |
| KalVista Pharmaceuticals Inc. | ||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| (in thousands, unaudited) | ||||||||
| Six Months Ended | ||||||||
| October 31, | ||||||||
| 2020 | 2019 | |||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | (21,241 | ) | $ | (13,241 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 261 | 248 | ||||||
| Stock-based compensation expense | 2,436 | 2,236 | ||||||
| Realized gain from sale of marketable securities | (116 | ) | (129 | ) | ||||
| Non-cash operating lease expense | 17 | 2 | ||||||
| Amortization of premium on marketable securities | 137 | 79 | ||||||
| Foreign currency exchange (gain) loss | (168 | ) | (81 | ) | ||||
| Changes in operating assets and liabilities: | ||||||||
| Research and development tax credit receivable | 2,322 | (577 | ) | |||||
| Prepaid expenses and other current assets | 3,031 | 785 | ||||||
| Accounts payable | 446 | (558 | ) | |||||
| Accrued expenses | 1,335 | (564 | ) | |||||
| Deferred revenue | - | (7,289 | ) | |||||
| Net cash used in operating activities | (11,540 | ) | (19,089 | ) | ||||
| Cash flows from investing activities | ||||||||
| Purchases of marketable securities | (19,342 | ) | (42,561 | ) | ||||
| Sales and maturities of marketable securities | 31,261 | 39,729 | ||||||
| Acquisition of property and equipment | (35 | ) | (212 | ) | ||||
| Net cash provided by (used in) investing activities | 11,884 | (3,044 | ) | |||||
| Cash flows from financing activities | ||||||||
| Issuance of common stock, net of offering expenses | - | 11,422 | ||||||
| Issuance of common stock from equity incentive plans | 106 | 170 | ||||||
| Finance lease principal payments | - | (54 | ) | |||||
| Net cash provided by financing activities | 106 | 11,538 | ||||||
| Effect of exchange rate changes on cash and cash equivalents | (65 | ) | 308 | |||||
| Net increase (decrease) in cash and cash equivalents | 385 | (10,287 | ) | |||||
| Cash and cash equivalents at beginning of period | 15,789 | 32,006 | ||||||
| Cash and cash equivalents at end of period | $ | 16,174 | $ | 21,719 |
KalVista Pharmaceuticals, Inc.
Senior Director, Corporate Communications & Investor Relations