KALV - KalVista Pharmaceuticals, Inc.
Price:
--
--
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CONSENSUS:
Buy
DETAILS
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PRICE TARGET:
$28.67
DETAILS
HIGH:
$32.00
LOW:
$27.00
MEDIAN:
$27.00
CONSENSUS:
$28.67
UPSIDE:
6.19%
| Metric | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||||||
| Revenue | 73.6 | 0 | 0 | 0 | 0 | 0 | 12.7 | 16.1 | 8.4 | 1.5 | 2.1 | 1.8 | 0.4 | 1.5 |
| Cost of Revenue | 6.1 | 0 | 86.2 | 0 | 0 | 41.3 | 40.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0 | 0 |
| Gross Profit | 67.5 | 0 | (86.2) | 0 | 0 | (41.3) | (27.5) | 16.1 | 8.4 | 1.5 | 2.1 | 1.8 | 0.4 | 1.5 |
| Operating Expenses | ||||||||||||||
| R&D Expenses | 55.6 | 71.7 | 86.2 | 80.3 | 70.2 | 41.3 | 40.2 | 35.0 | 18.2 | 12.7 | 14.7 | 8.3 | 4.2 | 2.0 |
| SG&A Expenses | 183.7 | 116.3 | 54.3 | 30.6 | 26.4 | 16.6 | 13.0 | 10.9 | 8.9 | 11.2 | 2.7 | 1.6 | 1.4 | 1.4 |
| Other Expenses | 0 | 0 | (86.2) | 0 | 0 | (41.3) | (40.2) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | 239.4 | 188.0 | 54.3 | 110.9 | 96.6 | 16.6 | 13.0 | 45.9 | 27.1 | 23.8 | 17.3 | 9.9 | 5.6 | 3.4 |
| Operating Income | ||||||||||||||
| Operating Income | (171.8) | (188.0) | (140.4) | (110.9) | (96.6) | (57.9) | (40.5) | (29.8) | (18.7) | (22.3) | (15.2) | (8.1) | (5.2) | (1.8) |
| Interest Expense | 19.3 | 5.8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.4 | 0.3 |
| Interest Income | 8.7 | 6.4 | 3.9 | 2.2 | 1.1 | 0.9 | 1.8 | 1.4 | 0.1 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 |
| Profitability | ||||||||||||||
| EBITDA | (150.6) | (173.3) | (134.3) | (94.4) | (80.7) | (57.4) | (40.0) | (29.4) | (18.5) | (22.3) | (15.1) | (8.1) | (5.2) | (1.8) |
| EBIT | (152.1) | (174.3) | (135.1) | (95.1) | (81.3) | (57.9) | (40.5) | (29.8) | (18.7) | (22.3) | (15.2) | (8.1) | (5.3) | (1.8) |
| Income Before Tax | (171.4) | (180.1) | (135.1) | (92.9) | (82.3) | (46.2) | (29.0) | (20.7) | (15.8) | (18.6) | (11.4) | (7.2) | (5.7) | (2.1) |
| Income Tax Expense | (7.1) | 3.4 | (8.5) | 0 | 0 | 0 | 0.1 | 0.1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | (164.3) | (183.4) | (126.6) | (92.9) | (82.3) | (46.2) | (29.1) | (20.8) | (15.8) | (18.6) | (11.4) | (7.2) | (5.7) | (2.1) |
| Per Share Data | ||||||||||||||
| 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 |
| 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 |
| Shares Outstanding | 50.9 | 49.7 | 36.8 | 27.9 | 24.5 | 19.1 | 17.7 | 15.1 | 10.3 | 9.7 | 4.8 | 1.2 | 0.7 | 0.7 |
| Metric | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Assets | ||||||||||||||
| Cash & Cash Equivalents | 229.3 | 98.6 | 31.8 | 56.2 | 30.7 | 50.6 | 15.8 | 32.0 | 51.1 | 30.9 | 21.8 | 3.9 | 9.8 | 8.2 |
| Short-Term Investments | 70.9 | 89.0 | 178.6 | 93.1 | 135.5 | 198.3 | 51.9 | 68.8 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Receivables | 11.3 | 15.1 | 10.9 | 18.6 | 16.8 | 11.7 | 16.5 | 11.3 | 6.8 | 2.5 | 0.4 | 0 | 0 | 0 |
| Inventory | 3.4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.0) | 0 | 0 |
| Other Current Assets | 0 | 19.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 320.1 | 241.7 | 225.7 | 172.3 | 193.6 | 264.3 | 88.7 | 115.5 | 59.4 | 34.2 | 24.7 | 4.6 | 9.9 | 8.3 |
| Non-Current Assets | ||||||||||||||
| Property, Plant & Equipment | 12.9 | 2.0 | 9.1 | 10.8 | 10.0 | 7.5 | 3.7 | 2.4 | 1.8 | 0.1 | 0.1 | 0.2 | 0.1 | 0.1 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.2 | 0 | 0 | 0 |
| Other Non-Current Assets | 2.4 | 7.1 | 0.6 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0 | (0.2) | 1.9 | 0.1 | 0.1 |
| Total Non-Current Assets | 15.2 | 9.1 | 9.7 | 10.9 | 10.2 | 7.7 | 3.8 | 2.6 | 2.0 | 0.1 | 0.1 | 2.1 | 0.2 | 0.2 |
| Total Assets | 335.4 | 250.8 | 235.4 | 183.2 | 203.9 | 272.0 | 92.5 | 118.1 | 61.4 | 34.3 | 24.7 | 6.6 | 10.1 | 8.5 |
| Current Liabilities | ||||||||||||||
| Account Payables | 8.3 | 4.9 | 9.1 | 4.8 | 3.6 | 2.0 | 1.7 | 2.9 | 1.4 | 1.2 | 1.0 | 1.0 | 0.5 | 0.1 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.4 | 3.1 | 2.7 |
| Deferred Revenue | 0 | 11 | 0 | 0 | 0 | 0 | 0 | 9.5 | 18.5 | 0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Other Current Liabilities | 36.8 | 0 | 6.7 | 4.2 | 4.2 | 3.5 | 0 | 0 | 0 | 0 | 1.5 | 0.9 | 0.2 | 0.1 |
| Total Current Liabilities | 57.4 | 45.2 | 22.8 | 15.0 | 11.6 | 9.8 | 7.7 | 18.1 | 23.2 | 3.0 | 3.2 | 7.1 | 4.0 | 3.1 |
| Non-Current Liabilities | ||||||||||||||
| Long-Term Debt | 139.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.1 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (3.2) | 3.3 | 0 | 0 |
| Other Non-Current Liabilities | 119.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.9 | 0 | (0.1) | 38.2 | 39.7 | 33.6 |
| Total Non-Current Liabilities | 280.7 | 110.2 | 6.0 | 7.1 | 7.2 | 5.0 | 1.1 | 3.3 | 10.9 | 1.2 | 1.0 | 43.7 | 39.9 | 33.7 |
| Total Liabilities | 338.1 | 155.4 | 28.8 | 22.2 | 18.8 | 14.8 | 8.8 | 21.4 | 34.1 | 3.0 | 3.2 | 50.8 | 43.8 | 36.8 |
| Stockholders' Equity | ||||||||||||||
| Common Stock | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Retained Earnings | (762.7) | (653.2) | (469.7) | (343.1) | (250.2) | (167.8) | (121.6) | (92.5) | (71.7) | (55.9) | (37.3) | (47.8) | (34.4) | (28.7) |
| Accumulated Other Comprehensive Income | (7.1) | (5.2) | (3.5) | (3.1) | (3.9) | (1.4) | (1.9) | (1.9) | (1.1) | (2.6) | (0.1) | (0.5) | (0.4) | (0.4) |
| Total Stockholders' Equity | (2.7) | 95.4 | 206.6 | 161.0 | 185.1 | 257.2 | 83.8 | 96.7 | 27.3 | 31.3 | 21.5 | (44.2) | (33.7) | (28.3) |
| Total Liabilities & Equity | 335.4 | 250.8 | 235.4 | 183.2 | 203.9 | 272.0 | 92.5 | 118.1 | 61.4 | 34.3 | 24.7 | 6.6 | 10.1 | 8.5 |
| Debt Metrics | ||||||||||||||
| Total Debt | 151.6 | 6.3 | 7.3 | 8.2 | 8.2 | 5.9 | 1.6 | 0.1 | 0.3 | 0 | 4.6 | 6.6 | 3.1 | 2.7 |
| Net Debt | (77.8) | (92.3) | (24.5) | (48.0) | (22.5) | (44.7) | (14.1) | (32.0) | (50.8) | (30.9) | (17.2) | 2.7 | (6.7) | (5.6) |
| Metric | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||||||
| Net Income | (164.3) | (183.4) | (126.6) | (92.9) | (82.3) | (46.2) | (29.1) | (20.8) | (15.8) | (18.6) | (11.4) | (7.2) | (5.7) | (2.1) |
| Depreciation & Amortization | 1.5 | 0.9 | 0.8 | 0.7 | 0.7 | 0.5 | 0.5 | 0.4 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Stock-Based Compensation | 0 | 12.3 | 21.9 | 9.9 | 0 | 7.1 | 4.4 | 3.0 | 1.1 | 0.4 | 0.1 | 0.0 | 0.2 | 0.0 |
| Change in Working Capital | 1.0 | 15.0 | 15.2 | 7.4 | (12.3) | 8.3 | (20.6) | (18.8) | 25.8 | (4.2) | (0.2) | 0.8 | 0.5 | 0.0 |
| Other Non-Cash Items | 80.3 | 2.3 | (0.5) | (0.4) | 15.8 | 0.1 | 0.0 | (0.1) | (0.7) | (1.4) | (1.7) | 0.0 | 0.0 | 0.1 |
| Operating Cash Flow | (81.6) | (152.9) | (89.2) | (75.3) | (78.1) | (30.2) | (44.8) | (36.4) | 10.6 | (23.7) | (13.2) | (6.4) | (4.9) | (1.8) |
| Investing Activities | ||||||||||||||
| Capital Expenditure | (1.7) | (0.4) | (0.4) | (1.2) | (0.9) | (0.1) | (0.2) | (1.1) | (1.4) | (0.1) | (0.0) | (0.1) | (0.0) | (0.1) |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | (16.8) | 69.4 | 0 | 34.1 | 0 | 0 | 0 | 0 |
| Purchases of Investments | (84.8) | (30.6) | (189.2) | (98.2) | (136.9) | (201.2) | (49.8) | (79.9) | 0 | 0 | 0 | 0 | 0 | 0 |
| Sales/Maturities of Investments | 105.4 | 122.5 | 105.0 | 140.9 | 195.7 | 53.6 | 66.8 | 11.5 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing Activities | 0 | 0 | (0.4) | 0 | 0 | 0 | 16.8 | (69.4) | (1.4) | 34.1 | (0.7) | 0 | 0 | 0 |
| Investing Cash Flow | 18.7 | 91.0 | (84.7) | 41.4 | 57.9 | (147.7) | 16.8 | (69.4) | (1.4) | 34.1 | (0.0) | (0.1) | (0.0) | (0.1) |
| Financing Activities | ||||||||||||||
| Net Debt Issuance | 160.7 | 98.0 | 0 | 0 | 0 | 0 | (0.1) | (0.2) | (0.2) | 0 | 0 | 0 | 0.4 | (0.4) |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | 0 | 0 | 53.8 | 1.5 | 0 | 1.5 | 0.2 | 0.2 | 0 | 0.0 | 33.0 | 8.7 | 0 | 0 |
| Financing Cash Flow | 162.6 | 159.7 | 150.7 | 58.1 | 1.6 | 212.1 | 11.6 | 87.9 | 9.0 | 0.0 | 33.0 | 8.7 | 6.4 | 5.6 |
| Cash Position | ||||||||||||||
| Net Change in Cash | 97.7 | 99.8 | (24.4) | 25.5 | (19.9) | 34.8 | (16.2) | (19.0) | 20.1 | 9.2 | 19.2 | 2.0 | 1.5 | 3.6 |
| Cash at Beginning | 131.6 | 31.8 | 56.2 | 30.7 | 50.6 | 15.8 | 32.0 | 51.1 | 30.9 | 21.8 | 2.5 | 0.5 | 8.2 | 4.6 |
| Cash at End | 229.3 | 131.6 | 31.8 | 56.2 | 30.7 | 50.6 | 15.8 | 32.0 | 51.1 | 30.9 | 21.8 | 2.5 | 9.8 | 8.2 |
| Free Cash Flow | (83.3) | (153.3) | (89.7) | (76.5) | (79.1) | (30.3) | (45.0) | (37.4) | 9.1 | (23.8) | (13.2) | (6.5) | (4.9) | (1.9) |
| Key Metrics | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||||
| Revenue | 73.6 | 0 | 0 | 0 | 0 | 0 | 12.7 | 16.1 | 8.4 | 1.5 | 2.1 | 1.8 | 0.4 | 1.5 |
| Gross Profit | 67.5 | 0 | (86.2) | 0 | 0 | (41.3) | (27.5) | 16.1 | 8.4 | 1.5 | 2.1 | 1.8 | 0.4 | 1.5 |
| Operating Income | (171.8) | (188.0) | (140.4) | (110.9) | (96.6) | (57.9) | (40.5) | (29.8) | (18.7) | (22.3) | (15.2) | (8.1) | (5.2) | (1.8) |
| Net Income | (164.3) | (183.4) | (126.6) | (92.9) | (82.3) | (46.2) | (29.1) | (20.8) | (15.8) | (18.6) | (11.4) | (7.2) | (5.7) | (2.1) |
| 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 |
| Balance Sheet | ||||||||||||||
| Cash & Equivalents | 229.3 | 98.6 | 31.8 | 56.2 | 30.7 | 50.6 | 15.8 | 32.0 | 51.1 | 30.9 | 21.8 | 3.9 | 9.8 | 8.2 |
| Total Assets | 335.4 | 250.8 | 235.4 | 183.2 | 203.9 | 272.0 | 92.5 | 118.1 | 61.4 | 34.3 | 24.7 | 6.6 | 10.1 | 8.5 |
| Total Debt | 151.6 | 6.3 | 7.3 | 8.2 | 8.2 | 5.9 | 1.6 | 0.1 | 0.3 | 0 | 4.6 | 6.6 | 3.1 | 2.7 |
| Stockholders' Equity | (2.7) | 95.4 | 206.6 | 161.0 | 185.1 | 257.2 | 83.8 | 96.7 | 27.3 | 31.3 | 21.5 | (44.2) | (33.7) | (28.3) |
| Cash Flow | ||||||||||||||
| Operating Cash Flow | (81.6) | (152.9) | (89.2) | (75.3) | (78.1) | (30.2) | (44.8) | (36.4) | 10.6 | (23.7) | (13.2) | (6.4) | (4.9) | (1.8) |
| Capital Expenditure | (1.7) | (0.4) | (0.4) | (1.2) | (0.9) | (0.1) | (0.2) | (1.1) | (1.4) | (0.1) | (0.0) | (0.1) | (0.0) | (0.1) |
| Free Cash Flow | (83.3) | (153.3) | (89.7) | (76.5) | (79.1) | (30.3) | (45.0) | (37.4) | 9.1 | (23.8) | (13.2) | (6.5) | (4.9) | (1.9) |