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 –
“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
Second Quarter and Recent Business Highlights:
-
Presented at The International Symposium on Ocular Pharmacology and Therapeutics (ISOPT). KalVista’s Chief Scientific Officer,
Edward P. Feener , PhD, spoke on “Kallikrein-Kinin System in Diabetic Retinopathy – Novel Target.” -
Announced that the Phase 2 trial of KVD900 as an on-demand therapy for HAE is anticipated to complete enrollment in 2019 with data expected in 2020. The trial is being conducted in approximately 20 sites in
Europe and the U.S. -
Received Fast Track designation for KVD900 from the U.S.
FDA , supporting the Company’s belief in the high level of unmet need in HAE and providing a potentially expedited path to drug approval.
Fiscal Second Quarter Financial Results:
-
Revenue: Revenue was
$3.9 million for the three months endedOctober 31, 2019 , compared to$5.6 million for the same period in 2018. Revenue in the three months endedOctober 31, 2019 consisted of the recognition of a portion of the upfront payment fromMerck related to the agreement signed inOctober 2017 . -
R&D Expenses: Research and development expenses were
$9.8 million for the three months endedOctober 31, 2019 , compared to$7.9 million for the same period in 2018. The increase in R&D expense primarily reflects the ongoing clinical trial for KVD900 and an increase in expense related to preclinical activities. -
G&A Expenses: General and administrative expenses were
$3.4 million for the three months endedOctober 31, 2019 , compared to$2.6 million for the same period in 2018. -
Net Loss: Net loss was
$5.9 million , or$(0.33) per basic and diluted share for the three months endedOctober 31, 2019 , compared to a net loss of$3.3 million , or$(0.22) per basic and diluted share, for the same period in 2018. -
Cash: Cash, cash equivalents and marketable securities were
$93.5 million as ofOctober 31, 2019 .
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) | |||||||
October 31, | April 30, | ||||||
|
2019 |
|
|
2019 |
|
||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents |
$ |
21,719 |
|
$ |
32,006 |
|
|
Marketable securities |
|
71,742 |
|
|
68,805 |
|
|
Research and development tax credit receivable |
|
11,814 |
|
|
11,315 |
|
|
Prepaid expenses and other current assets |
|
2,617 |
|
|
3,420 |
|
|
Total current assets |
|
107,892 |
|
|
115,546 |
|
|
Right of use assets |
|
1,634 |
|
— | |||
Property and equipment, net |
|
2,365 |
|
|
2,413 |
|
|
Other assets |
|
173 |
|
|
173 |
|
|
Total assets |
$ |
112,064 |
|
$ |
118,132 |
|
|
Liabilities and Stockholders' Equity | |||||||
Current liabilities: | |||||||
Accounts payable |
$ |
2,238 |
|
$ |
2,860 |
|
|
Accrued expenses |
|
5,029 |
|
|
5,647 |
|
|
Deferred revenue - current portion |
|
2,601 |
|
|
9,545 |
|
|
Lease liability - current portion |
|
602 |
|
— | |||
Total current liabilities |
|
10,470 |
|
|
18,052 |
|
|
Long-term liabilities: | |||||||
Deferred revenue - net of current portion |
|
2,754 |
|
|
3,342 |
|
|
Lease liability - net of current portion |
|
1,053 |
|
— | |||
Total long-term liabilities |
|
3,807 |
|
|
3,342 |
|
|
Stockholders’ equity: | |||||||
Common stock, $0.001 par value |
|
18 |
|
|
17 |
|
|
Additional paid-in capital |
|
204,950 |
|
|
191,123 |
|
|
Accumulated deficit |
|
(105,717 |
) |
|
(92,476 |
) |
|
Accumulated other comprehensive loss |
|
(1,464 |
) |
|
(1,926 |
) |
|
Total stockholders’ equity |
|
97,787 |
|
|
96,738 |
|
|
Total liabilities and stockholders' equity |
$ |
112,064 |
|
$ |
118,132 |
|
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, | ||||||||||||||
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
||||
Revenue |
$ |
3,920 |
|
$ |
5,592 |
|
$ |
7,289 |
|
$ |
9,311 |
|
|||
Operating expenses: | |||||||||||||||
Research and development |
|
9,789 |
|
|
7,876 |
|
|
19,476 |
|
|
16,232 |
|
|||
General and administrative |
|
3,420 |
|
|
2,609 |
|
|
6,665 |
|
|
4,979 |
|
|||
Total operating expenses |
|
13,209 |
|
|
10,485 |
|
|
26,141 |
|
|
21,211 |
|
|||
Operating loss |
|
(9,289 |
) |
|
(4,893 |
) |
|
(18,852 |
) |
|
(11,900 |
) |
|||
Other income: | |||||||||||||||
Interest income |
|
505 |
|
|
204 |
|
|
1,095 |
|
|
293 |
|
|||
Foreign currency exchange gain (loss) |
|
560 |
|
|
(231 |
) |
|
108 |
|
|
(165 |
) |
|||
Other income |
|
2,321 |
|
|
1,616 |
|
|
4,408 |
|
|
3,438 |
|
|||
Total other income |
|
3,386 |
|
|
1,589 |
|
|
5,611 |
|
|
3,566 |
|
|||
Net loss |
$ |
(5,903 |
) |
$ |
(3,304 |
) |
$ |
(13,241 |
) |
$ |
(8,334 |
) |
|||
Net loss per share, basic and diluted |
$ |
(0.33 |
) |
$ |
(0.22 |
) |
$ |
(0.75 |
) |
$ |
(0.64 |
) |
|||
Weighted average common shares outstanding, basic and diluted |
|
17,823,302 |
|
|
15,108,272 |
|
|
17,656,150 |
|
|
12,954,083 |
|
KalVista Pharmaceuticals Inc. | |||||||
Condensed Consolidated Statements of Cash Flows | |||||||
(in thousands, unaudited) | |||||||
Six Months Ended | |||||||
October 31, | |||||||
|
2019 |
|
|
2018 |
|
||
Cash Flows from Operating Activities | |||||||
Net loss |
$ |
(13,241 |
) |
$ |
(8,334 |
) |
|
Adjustments to reconcile net loss to net cash used in operating activities | |||||||
Depreciation and amortization |
|
248 |
|
|
153 |
|
|
Stock-based compensation expense |
|
2,236 |
|
|
1,323 |
|
|
Realized (gain) loss from available for sale securities |
|
(129 |
) |
— | |||
Amortization of right of use assets |
|
273 |
|
— | |||
Amortization of discount/premium on available for sale securities |
|
79 |
|
— | |||
Foreign currency remeasurement (gain) loss |
|
(81 |
) |
|
226 |
|
|
Changes in operating assets and liabilities: | |||||||
Research and development tax credit receivable |
|
(577 |
) |
|
(692 |
) |
|
Prepaid expenses and other current assets |
|
785 |
|
|
(517 |
) |
|
Accounts payable |
|
(558 |
) |
|
2,088 |
|
|
Accrued expenses |
|
(564 |
) |
|
66 |
|
|
Lease obligations |
|
(271 |
) |
— | |||
Deferred revenue |
|
(7,289 |
) |
|
(9,311 |
) |
|
Net cash used in operating activities |
|
(19,089 |
) |
|
(14,998 |
) |
|
Cash Flows from Investing Activities | |||||||
Acquisition of property and equipment |
|
(212 |
) |
|
(786 |
) |
|
Purchases of available for sale securities |
|
(42,561 |
) |
— | |||
Sales and maturities of available for sale securities |
|
39,729 |
|
— | |||
Net cash used in investing activities |
|
(3,044 |
) |
|
(786 |
) |
|
Cash Flows from Financing Activities | |||||||
Capital lease principal payments |
|
(54 |
) |
|
(104 |
) |
|
Issuance of common stock from equity incentive plans |
|
170 |
|
|
25 |
|
|
Issuance of common stock, net of $123 of offering expenses |
|
11,422 |
|
|
87,811 |
|
|
Net cash provided by financing activities |
|
11,538 |
|
|
87,732 |
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
308 |
|
|
(1,887 |
) |
|
Net (decrease) increase in cash and cash equivalents |
|
(10,287 |
) |
|
70,061 |
|
|
Cash and cash equivalents, beginning of period |
|
32,006 |
|
|
51,055 |
|
|
Cash and cash equivalents, end of period |
$ |
21,719 |
|
$ |
121,116 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20191203005330/en/
Source:
Leah Monteiro
Senior Director, Corporate Communications & Investor Relations
KalVista Pharmaceuticals, Inc.
857-999-0808
leah.monteiro@kalvista.com