KalVista Pharmaceuticals Reports Fiscal First Quarter Results
– Portfolio of Oral Plasma Kallikrein Inhibitors for Treatment of Hereditary Angioedema Continues to Advance –
– Intravitreal Diabetic Macular Edema Candidate KVD001 Remains on Track for Phase 2 in 2017 –
“We continue to make progress with our portfolio of oral plasma
kallikrein inhibitors in pursuit of our goal of a best-in-class oral
therapy for hereditary angioedema,” said
First Quarter and Recent Business Highlights:
-
Edward Feener , Ph.D., gave a talk at theInternational Society on Thrombosis andHaemostasis (ISTH) Congress entitled “Contact System in Diabetic Retinopathy,” onJuly 9, 2017 inBerlin, Germany .
Fiscal First Quarter Financial Results:
-
Revenue: Revenue was
$0.1 million for the three months endedJuly 31, 2017 , compared to$1.0 million for the same period in 2016. The decrease in revenue is due to the completion of one research grant in the prior year and the decrease of payments received under another research grant in the current year period. -
R&D Expenses: Research and development expenses were
$3.5 million for the three months endedJuly 31, 2017 , compared to$3.4 million for the same period in 2016. The increase in R&D expense primarily reflects the impact of exchange rates on the costs of the Company’s scientific operations in theU.K. On a constant currency basis, overall R&D expenses increased slightly as a result of the addition of research personnel in the U.S. -
G&A Expenses: General and administrative expenses were
$2.1 million for the three months endedJuly 31, 2017 , compared to$2.7 million for the same period in 2016. The decrease was primarily due to a decrease in professional fees in the three months endedJuly 31, 2017 compared to those incurred in the prior year period related to the share purchase transaction with Carbylan. This decrease was partially offset by an increase in payroll related expenses due to the expansion of the management team and other administrative expenses related to the increased cost of operations as a public company. -
Net Loss: Net loss was
$4.9 million , or$(0.51) per basic and diluted share for the three months endedJuly 31, 2017 , compared to a net loss of$3.4 million , or$(6.66) per basic and diluted share, for the same period in 2016. -
Cash: Cash and cash equivalents were
$26.5 million as ofJuly 31, 2017 .
Upcoming Events:
-
Cambridge Healthtech Institute’s Fifth Annual
Targeting Ocular Disorders Conference presentation “Plasma Kallikrein Inhibition as a VEGF-Independent Treatment for Diabetic Macular Edema,” onSeptember 28, 2017 inBoston, MA.
About
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
KalVista Pharmaceuticals Inc. | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(in thousands, except share and per share amounts) |
||||||||
(Unaudited) | ||||||||
July 31, | April 30, | |||||||
2017 | 2017 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents |
$ |
26,456 | $ | 30,950 | ||||
Research and development tax credit receivable | 2,822 | 2,250 | ||||||
Grants receivable | 73 | 297 | ||||||
Prepaid expenses and other current assets | 841 | 751 | ||||||
Total current assets | 30,192 | 34,248 | ||||||
Property and equipment, net | 592 | 97 | ||||||
Total assets | $ | 30,784 | $ | 34,345 | ||||
Liabilities and Stockholders' Equity | ||||||||
Accounts payable | $ | 1,943 | $ | 1,153 | ||||
Accrued expenses | 1,692 | 1,865 | ||||||
Capital lease liability | 202 | - | ||||||
Total current liabilities | 3,837 | 3,018 | ||||||
Long-term liabilities: | ||||||||
Capital lease liability | 213 | - | ||||||
Total long-term liabilities | 213 | - | ||||||
Stockholders’ equity | ||||||||
Common stock, $0.001 par value | 10 | 10 | ||||||
Additional paid-in capital | 90,036 | 89,815 | ||||||
Accumulated deficit | (60,784 | ) | (55,855 | ) | ||||
Accumulated other comprehensive loss | (2,528 | ) | (2,643 | ) | ||||
Total stockholders’ equity | 26,734 | 31,327 | ||||||
Total liabilities and stockholders' equity | $ | 30,784 | $ | 34,345 | ||||
KalVista Pharmaceuticals Inc. | ||||||||
Condensed Consolidated Statement of Operations | ||||||||
(in thousands, except share and per share amounts) | ||||||||
(Unaudited) | ||||||||
Three Months Ended | ||||||||
July 31, | ||||||||
2017 | 2016 | |||||||
Grant income | $ | 96 | $ | 975 | ||||
Operating expenses: | ||||||||
Research and development | 3,476 | 3,395 | ||||||
General and administrative | 2,073 | 2,700 | ||||||
Total operating expenses | 5,549 | 6,095 | ||||||
Operating loss | (5,453 | ) | (5,120 | ) | ||||
Other income (expense): | ||||||||
Interest income | 2 | 14 | ||||||
Foreign currency exchange rate gain (loss) | (32 | ) | 1,394 | |||||
Other income | 555 | 275 | ||||||
Total other income | 525 | 1,683 | ||||||
Net loss | $ | (4,928 | ) | $ | (3,437 | ) | ||
Net loss per share to common stockholders, basic and diluted | $ | (0.51 | ) | $ | (6.66 | ) | ||
Weighted average common shares outstanding, basic and diluted | 9,713,042 | 671,939 | ||||||
KalVista Pharmaceuticals Inc. | ||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||
(in thousands, unaudited) | ||||||||
Three Months Ended | ||||||||
July 31 | ||||||||
2017 | 2016 | |||||||
Cash Flows from Operating Activities | ||||||||
Net loss | $ | (4,928 | ) | $ | (3,437 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities | ||||||||
Depreciation expense | 32 | 8 | ||||||
Stock-based compensation | 221 | 4 | ||||||
Foreign currency exchange rate (gain) loss | 32 | (1,394 | ) | |||||
Changes in operating assets and liabilities: | ||||||||
Research and development tax credit receivable | (530 | ) | (275 | ) | ||||
Prepaid expenses and other current assets | (85 | ) | (86 | ) | ||||
Grants receivable | 224 | (724 | ) | |||||
Accounts payable | 771 | 996 | ||||||
Accrued expenses | (185 | ) | (746 | ) | ||||
Net cash used in operating activities | (4,448 | ) | (5,654 | ) | ||||
Cash Flows from Investing Activities | ||||||||
Purchases of property and equipment | (110 | ) | (43 | ) | ||||
Net cash used in investing activities | (110 | ) | (43 | ) | ||||
Cash Flows from Financing Activities | ||||||||
Net cash from financing activities | - | - | ||||||
Effect of exchange rate changes on cash | 64 | (440 | ) | |||||
Net decrease in cash and cash equivalents | (4,494 | ) | (6,137 | ) | ||||
Cash and cash equivalents, beginning of year | 30,950 | 21,764 | ||||||
Cash and cash equivalents, end of year | $ | 26,456 | $ | 15,627 | ||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20170914005349/en/
Source:
KalVista Pharmaceuticals, Inc.
Leah Monteiro, 857-999-0808
Corporate
Communications & Investor Relations
lmm@KalVista.com