KalVista Pharmaceuticals Reports Fiscal Second Quarter Results
– KVD900 Enlarged Phase 2 Trial on Track for Potential On-Demand Treatment of Attacks in Patients with Hereditary Angioedema –
– Intravitreal Diabetic Macular Edema Candidate KVD001 Phase 2 Trial Enrollment on Track with Completion Expected in H2 2019 –
– Operations Funded into 2021 –
“We are still on track with our robust Phase 2 study for KVD900 as a
potential acute therapy for patients with hereditary angioedema, or
HAE,” said
Second Quarter and Recent Business Highlights:
- Announced a more aggressive development plan for KVD900 as an on-demand treatment for attacks of hereditary angioedema (HAE). Data from the enlarged Phase 2 study is expected in late 2019. The Company intends to investigate the efficacy of KVD900 as a potential on-demand treatment for HAE attacks in approximately 50 type 1 and 2 HAE patients.
-
Raised
$78.2 million in gross proceeds from a previously announced public offering of 4.6 million shares of common stock at a price of$17.00 per share. The Company received$73.3 million in net proceeds from the offering after deducting underwriting fees and expenses, which is anticipated to fund operations into 2021.
Upcoming Events:
-
Presenting during a poster session at
The American Academy of Allergy , Asthma & Immunology (AAAAI) Annual Meeting,February 22-25, 2019 inSan Francisco, CA :
Presentation Date:Saturday, February 23, 2019
Presentation Time:9:45am-10:45am PT
Abstract Title: KVD900 as a Single Dose, Rapid, Oral Plasma Kallikrein Inhibitor for the On-Demand Treatment of Hereditary Angioedema Attacks: Pharmacokinetic and Pharmacodynamic results from a Phase 1 Single Ascending Dose Study.
Session: 2209; Poster 116
Session Title: Urticaria and Angioedema
Fiscal Second Quarter Financial Results:
-
Revenue: Revenue was
$5.6 million for the three months endedOctober 31, 2018 , compared to$1.1 million for the same period in 2017. Revenue in the three months endedOctober 31, 2018 consisted of the recognition of a portion of the upfront payment from Merck related to the agreement signed inOctober 2017 . -
R&D Expenses: Research and development expenses were
$7.9 million for the three months endedOctober 31, 2018 , compared to$4.4 million for the same period in 2017. The increase in R&D expense primarily reflects the ongoing clinical trials for KVD001 and KVD900. -
G&A Expenses: General and administrative expenses were
$2.6 million for the three months endedOctober 31, 2018 , compared to$2.7 million for the same period in 2017. -
Net Loss: Net loss was
$3.3 million , or$(0.22) per basic and diluted share for the three months endedOctober 31, 2018 , compared to a net loss of$5.0 million , or$(0.50) per basic and diluted share, for the same period in 2017. -
Cash: Cash and cash equivalents were
$121.1 million as ofOctober 31, 2018 . The cash balance atOctober 31, 2018 includes$73.3 million of net proceeds from the Public Offering, which closed onSeptember 10, 2018 .
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 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
KalVista Pharmaceuticals Inc. Condensed Consolidated Balance Sheets (in thousands, except share and per share amounts) (Unaudited) |
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October 31, 2018 |
April 30, 2018 |
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Assets | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 121,116 | $ | 51,055 | |||||
Research and development tax credit receivable | 7,032 | 6,834 | |||||||
Prepaid expenses and other current assets | 1,922 | 1,491 | |||||||
Total current assets | 130,070 | 59,380 | |||||||
Other assets | 173 | 173 | |||||||
Property and equipment, net | 2,316 | 1,836 | |||||||
Total assets | $ | 132,559 | $ | 61,389 | |||||
Liabilities and Stockholders' Equity | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ | 3,018 | $ | 1,433 | |||||
Accrued expenses | 2,994 | 3,087 | |||||||
Deferred revenue - current portion | 14,769 | 18,475 | |||||||
Capital lease liability - current portion | 157 | 221 | |||||||
Total current liabilities | 20,938 | 23,216 | |||||||
Long-term liabilities: | |||||||||
Deferred revenue - net of current portion | 4,670 | 10,862 | |||||||
Capital lease liability - net of current portion | - | 58 | |||||||
Total long-term liabilities | 4,670 | 10,920 | |||||||
Stockholders’ equity: | |||||||||
Common stock, $0.001 par value | 17 | 11 | |||||||
Additional paid-in capital | 189,164 | 100,011 | |||||||
Accumulated deficit | (79,994 | ) | (71,660 | ) | |||||
Accumulated other comprehensive loss | (2,236 | ) | (1,109 | ) | |||||
Total stockholders’ equity | 106,951 | 27,253 | |||||||
Total liabilities and stockholders' equity | $ | 132,559 | $ | 61,389 | |||||
KalVista Pharmaceuticals Inc. Condensed Consolidated Statement of Operations (in thousands, except share and per share amounts) (Unaudited) |
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Three Months Ended October 31, |
Six Months Ended October 31, |
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2018 | 2017 | 2018 | 2017 | ||||||||||||||
Revenue | $ | 5,592 | $ | 1,127 | $ | 9,311 | $ | 1,223 | |||||||||
Operating expenses: | |||||||||||||||||
Research and development | 7,876 | 4,361 | 16,232 | 7,837 | |||||||||||||
General and administrative | 2,609 | 2,703 | 4,979 | 4,776 | |||||||||||||
Total operating expenses | 10,485 | 7,064 | 21,211 | 12,613 | |||||||||||||
Operating loss | (4,893 | ) | (5,937 | ) | (11,900 | ) | (11,390 | ) | |||||||||
Other income: | |||||||||||||||||
Interest income | 204 | 1 | 293 | 3 | |||||||||||||
Foreign currency exchange rate gain (loss) | (231 | ) | 83 | (165 | ) | 51 | |||||||||||
Other income | 1,616 | 867 | 3,438 | 1,422 | |||||||||||||
Total other income | 1,589 | 951 | 3,566 | 1,476 | |||||||||||||
Net loss | $ | (3,304 | ) | $ | (4,986 | ) | $ | (8,334 | ) | $ | (9,914 | ) | |||||
Net loss per share to common stockholders, basic and diluted | $ | (0.22 | ) | $ | (0.50 | ) | $ | (0.64 | ) | $ | (1.01 | ) | |||||
Weighted average common shares outstanding, basic and diluted | 15,108,272 | 10,003,963 | 12,954,083 | 9,858,502 |
KalVista Pharmaceuticals Inc. Condensed Consolidated Statements of Cash Flows (in thousands, unaudited) |
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Six Months Ended October 31 |
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2018 | 2017 | ||||||||
Cash Flows from Operating Activities | |||||||||
Net loss | $ | (8,334 | ) | $ | (9,914 | ) | |||
Adjustments to reconcile net loss to net cash used in operating activities | |||||||||
Depreciation and amortization | 153 | 79 | |||||||
Stock-based compensation expense | 1,323 | 494 | |||||||
Foreign currency remeasurement loss | 226 | 31 | |||||||
Changes in operating assets and liabilities: | |||||||||
Research and development tax credit receivable | (692 | ) | (1,397 | ) | |||||
Prepaid expenses and other current assets | (517 | ) | (636 | ) | |||||
Grants and other receivables | — | (590 | ) | ||||||
Accounts payable | 2,088 | (139 | ) | ||||||
Accrued expenses | 66 | 365 | |||||||
Deferred revenue | (9,311 | ) | — | ||||||
Net cash used in operating activities | (14,998 | ) | (11,707 | ) | |||||
Cash Flows from Investing Activities | |||||||||
Acquisition of property and equipment | (786 | ) | (161 | ) | |||||
Net cash used in investing activities | (786 | ) | (161 | ) | |||||
Cash Flows from Financing Activities | |||||||||
Capital lease principal payments | (104 | ) | (49 | ) | |||||
Issuance of common stock from stock option exercises | 25 | — | |||||||
Issuance of common stock, net of offering expenses | 87,811 | 9,100 | |||||||
Net cash provided by financing activities | 87,732 | 9,051 | |||||||
Effect of exchange rate changes on cash and cash equivalents | (1,887 | ) | (5 | ) | |||||
Net decrease in cash and cash equivalents | 70,061 | (2,822 | ) | ||||||
Cash and cash equivalents, beginning of period | 51,055 | 30,950 | |||||||
Cash and cash equivalents, end of period | $ | 121,116 | $ | 28,128 | |||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20181214005036/en/
Source:
KalVista Pharmaceuticals, Inc.
Leah Monteiro
Director,
Corporate Communications & Investor Relations
857-999-0808
leah.monteiro@kalvista.com