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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 07, 2023

 

 

KALVISTA PHARMACEUTICALS, INC.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware			001-36830	20-0915291
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
55 Cambridge Parkway Suite 901E
Cambridge, Massachusetts				02142
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 857 999-0075

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.001 par value per share		KALV		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

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Item 2.02 Results of Operations and Financial Condition.

On July 7, 2023, KalVista Pharmaceuticals, Inc. (the “Company”) reported its financial results for the fiscal year ended April 30, 2023. A copy of the press release issued by the Company is furnished as Exhibit 99.1 to this report.

The information furnished with Item 2.02 of this report, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Exchange Act or under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit Number		Description
99.1		Press release dated July 7, 2023
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			KALVISTA PHARMACEUTICALS, INC.
Date:	July 7, 2023	By:	/s/ Benjamin L. Palleiko
			Benjamin L. Palleiko President, Chief Business Officer and Chief Financial Officer

 

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Exhibit 99.1

KalVista Pharmaceuticals Provides Operational Update and Fiscal Year Financial Results

 

– Sebetralstat Phase 3 KONFIDENT Clinical Trial Achieves Target Enrollment; Data Readout Expected in Q4 –

 

Cambridge, MA and Salisbury, England, July 7, 2023 – KalVista Pharmaceuticals, Inc. (NASDAQ: KALV), a clinical stage pharmaceutical company focused on the discovery, development, and commercialization of oral, small molecule protease inhibitors, today provided an operational update and released financial results for the fiscal year ended April 30, 2023.

“We have made a great deal of progress over the last fiscal year in the development of sebetralstat,” said Andrew Crockett, Chief Executive Officer of KalVista. “Consistent with prior guidance, we have achieved the target enrollment for the sebetralstat phase 3 KONFIDENT trial. We expect to have data readout in the fourth quarter of this year and submit an NDA in the first half of 2024. In addition, we continue to expand the potential of our oral Factor XIIa inhibitor program beyond HAE by presenting positive preclinical data in several other therapeutic areas, including thrombosis. We remain well-capitalized, with funding into 2025.”

Fiscal 2023 and Recent Business Highlights:

Sebetralstat

 

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Exhibit 99.1

Oral Factor XIIa Inhibitor Program

Organizational

Fourth Quarter and Full Year Financial Results:

 

 

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Exhibit 99.1

About KalVista Pharmaceuticals, Inc.

KalVista Pharmaceuticals, Inc. is a pharmaceutical company focused on the discovery, development, and commercialization of oral, small molecule protease inhibitors for diseases with significant unmet need. KalVista is developing sebetralstat as an oral on-demand therapy for HAE attacks and has achieved target enrollment for the phase 3 KONFIDENT clinical trial. In addition, KalVista’s oral Factor XIIa inhibitor program represents a new generation of therapies that may further improve the treatment for people living with HAE and other diseases.

 

For more information about KalVista, please visit www.kalvista.com.

 

For more information on the sebetralstat HAE on-demand phase 3 KONFIDENT study, please visit www.konfidentstudy.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, timing or outcomes of communications with the FDA, our expectations about safety and efficacy of our product candidates and timing of clinical trials and its results, our ability to commence clinical studies or complete ongoing clinical studies, including our Phase 3 KONFIDENT trial, and to obtain regulatory approvals for sebetralstat and other candidates in development, the success of any efforts to commercialize sebetralstat, the ability of sebetralstat and other candidates in development to treat HAE or other diseases, and the future progress and potential success of our oral Factor XIIa program. Further information on potential risk factors that could affect our business and financial results are detailed in our filings with the Securities and Exchange Commission, including in our annual report on Form 10-K for the year ended April 30, 2022, our quarterly reports on Form 10-Q, and our other reports that 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.

 

Contact:

KalVista Pharmaceuticals, Inc.

Jarrod Aldom

Vice President, Corporate Communications

(201) 705-0254

jarrod.aldom@kalvista.com

Ryan Baker

Head, Investor Relations

(617) 771-5001

ryan.baker@kalvista.com

 

 

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Exhibit 99.1

KalVista Pharmaceuticals Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)
(Unaudited)
	April 30,		April 30,
	2023		2022
Assets
Current assets:
Cash and cash equivalents	$56,238		$30,732
Marketable securities	93,137		135,470
Research and development tax credit receivable	16,568		14,098
Prepaid expenses and other current assets	6,383		13,347
Total current assets	172,326		193,647
Property and equipment, net	2,948		2,178
Right of use assets	7,822		7,862
Other assets	106		193
Total assets	$183,202		$203,880
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$4,817		$3,638
Accrued expenses	9,128		6,961
Lease liability - current portion	1,087		977
Total current liabilities	15,032		11,576
Long-term liabilities:
Lease liability - net of current portion	7,145		7,211
Total long-term liabilities	7,145		7,211
Stockholders’ equity:
Common stock, $0.001 par value	34		25
Additional paid-in capital	507,133		439,104
Accumulated deficit	(343,082)		(250,175)
Accumulated other comprehensive loss	(3,060)		(3,861)
Total stockholders’ equity	161,025		185,093
Total liabilities and stockholders' equity	$183,202		$203,880

 

 

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Exhibit 99.1

 

KalVista Pharmaceuticals Inc.
Condensed Consolidated Statement of Operations
(in thousands, except share and per share amounts)
(Unaudited)
	Three Months Ended				Years Ended
	April 30,				April 30,
	2023		2022		2023		2022
Revenue	$—		$—		$—		$—
Operating expenses:
Research and development	23,951		19,213		80,276		70,167
General and administrative	7,777		7,598		30,595		26,446
Total operating expenses	31,728		26,811		110,871		96,613
Operating loss	(31,728)		(26,811)		(110,871)		(96,613)
Other income:
Interest income	808		268		2,232		1,090
Foreign currency exchange rate (loss) gain	327		(1,008)		90		(1,537)
Other income	4,288		3,438		15,642		14,721
Total other income	5,423		2,698		17,964		14,274
Net loss	$(26,305)		$(24,113)		$(92,907)		$(82,339)
Net loss per share, basic and diluted	$(0.77)		$(0.98)		$(3.33)		$(3.36)
Weighted average common shares outstanding, basic and diluted	34,342,664		24,545,360		27,890,846		24,473,092

 

 

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Exhibit 99.1

 

KalVista Pharmaceuticals Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
	Years Ended
	April 30,
	2023		2022
Cash flows from operating activities
Net loss	$(92,907)		$(82,339)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	718		564
Stock-based compensation expense	9,922		11,086
Realized loss (gain) from sale of marketable securities	139		581
Non-cash operating lease expense	84		179
Amortization of premium on marketable securities	988		2,565
Foreign currency exchange loss (gain)	(1,618)		1,552
Changes in operating assets and liabilities:
Research and development tax credit receivable	(2,316)		(5,201)
Prepaid expenses and other current assets	6,690		(9,280)
Accounts payable	1,107		1,687
Accrued expenses	1,932		472
Net cash used in operating activities	(75,261)		(78,134)
Cash flows from investing activities
Purchases of marketable securities	(98,246)		(136,920)
Sales and maturities of marketable securities	140,857		195,711
Acquisition of property and equipment	(1,196)		(931)
Net cash provided by investing activities	41,415		57,860
Cash flows from financing activities
Issuance of common stock, net of offering expenses of $0.3 million	56,582		-
Issuance of pre-funded warrants, net of offering expenses	1,085		-
Issuance of common stock from equity incentive plans	449		1,581
Net cash provided by financing activities	58,116		1,581
Effect of exchange rate changes on cash and cash equivalents	1,236		(1,167)
Net (decrease) increase in cash and cash equivalents	25,506		(19,860)
Cash and cash equivalents at beginning of period	30,732		50,592
Cash and cash equivalents at end of period	$56,238		$30,732

 

 

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