0000950170-24-029314 | 10-Q | XBRL Viewer | Kalvista Pharmaceuticals INC

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Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]
Balance at Apr. 30, 2022	$ 185,093	$ 25	$ 439,104	$ (250,175)	$ (3,861)
Balance, shares at Apr. 30, 2022		24,550,748
Issuance of common stock from equity incentive plans	168		168
Issuance of common stock from equity incentive plans, shares		20,124
Stock-based compensation expense	2,642		2,642
Net loss	(23,042)			(23,042)
Foreign currency translation gain (loss)	(403)				(403)
Unrealized holding gain from marketable securities	98				98
Reclassification adjustment for realized (gain) loss on marketable securities included in net loss	16				16
Balance at Jul. 31, 2022	164,572	$ 25	441,914	(273,217)	(4,150)
Balance, shares at Jul. 31, 2022		24,570,872
Balance at Apr. 30, 2022	185,093	$ 25	439,104	(250,175)	(3,861)
Balance, shares at Apr. 30, 2022		24,550,748
Net loss	(66,602)
Foreign currency translation gain (loss)	(573)
Unrealized holding gain from marketable securities	808
Reclassification adjustment for realized (gain) loss on marketable securities included in net loss	84
Balance at Jan. 31, 2023	184,441	$ 34	504,725	(316,777)	(3,541)
Balance, shares at Jan. 31, 2023		34,127,762
Balance at Jul. 31, 2022	164,572	$ 25	441,914	(273,217)	(4,150)
Balance, shares at Jul. 31, 2022		24,570,872
Issuance of common stock from equity incentive plans	168		168
Issuance of common stock from equity incentive plans, shares		31,151
Stock-based compensation expense	2,506		2,506
Net loss	(22,257)			(22,257)
Foreign currency translation gain (loss)	(1,297)				(1,297)
Unrealized holding gain from marketable securities	52				52
Reclassification adjustment for realized (gain) loss on marketable securities included in net loss	69				69
Balance at Oct. 31, 2022	143,813	$ 25	444,588	(295,474)	(5,326)
Balance, shares at Oct. 31, 2022		24,602,023
Issuance of common stock from equity incentive plans	146		146
Issuance of common stock from equity incentive plans, shares		41,540
Issuance of common stock, net of issuance costs of $0.3 million	56,582	$ 9	56,573
Issuance of common stock, net of issuance costs of $0.3 million, shares		9,484,199
Issuance of pre-funded warrants for the purchase of common stock, net of issuance costs	1,085		1,085
Stock-based compensation expense	2,333		2,333
Net loss	(21,303)			(21,303)
Foreign currency translation gain (loss)	1,128				1,128
Unrealized holding gain from marketable securities	658				658
Reclassification adjustment for realized (gain) loss on marketable securities included in net loss	(1)				(1)
Balance at Jan. 31, 2023	184,441	$ 34	504,725	(316,777)	(3,541)
Balance, shares at Jan. 31, 2023		34,127,762
Balance at Apr. 30, 2023	161,025	$ 34	507,133	(343,082)	(3,060)
Balance, shares at Apr. 30, 2023		34,171,138
Issuance of common stock from equity incentive plans	204		204
Issuance of common stock from equity incentive plans, shares		35,313
Release of restricted stock units, shares		60,144
Stock-based compensation expense	3,254		3,254
Net loss	(25,317)			(25,317)
Foreign currency translation gain (loss)	91				91
Unrealized holding gain from marketable securities	392				392
Reclassification adjustment for realized (gain) loss on marketable securities included in net loss	(314)				(314)
Balance at Jul. 31, 2023	139,335	$ 34	510,591	(368,399)	(2,891)
Balance, shares at Jul. 31, 2023		34,266,595
Balance at Apr. 30, 2023	161,025	$ 34	507,133	(343,082)	(3,060)
Balance, shares at Apr. 30, 2023		34,171,138
Net loss	(81,995)
Foreign currency translation gain (loss)	(373)
Unrealized holding gain from marketable securities	1,270
Reclassification adjustment for realized (gain) loss on marketable securities included in net loss	(1,130)
Balance at Jan. 31, 2024	88,583	$ 34	516,920	(425,077)	(3,294)
Balance, shares at Jan. 31, 2024		34,595,623
Balance at Jul. 31, 2023	139,335	$ 34	510,591	(368,399)	(2,891)
Balance, shares at Jul. 31, 2023		34,266,595
Issuance of common stock from equity incentive plans	128		128
Issuance of common stock from equity incentive plans, shares		18,000
Release of restricted stock units, shares		136,863
Stock-based compensation expense	3,207		3,207
Net loss	(27,650)			(27,650)
Foreign currency translation gain (loss)	(419)				(419)
Unrealized holding gain from marketable securities	440				440
Reclassification adjustment for realized (gain) loss on marketable securities included in net loss	(595)				(595)
Balance at Oct. 31, 2023	114,446	$ 34	513,926	(396,049)	(3,465)
Balance, shares at Oct. 31, 2023		34,421,458
Issuance of common stock from equity incentive plans	283		283
Issuance of common stock from equity incentive plans, shares		36,914
Release of restricted stock units, shares		137,251
Stock-based compensation expense	2,711		2,711
Net loss	(29,028)			(29,028)
Foreign currency translation gain (loss)	(46)				(46)
Unrealized holding gain from marketable securities	438				438
Reclassification adjustment for realized (gain) loss on marketable securities included in net loss	(221)				(221)
Balance at Jan. 31, 2024	$ 88,583	$ 34	$ 516,920	$ (425,077)	$ (3,294)
Balance, shares at Jan. 31, 2024		34,595,623

Accrued Expenses

9 Months Ended

Jan. 31, 2024

Payables and Accruals [Abstract]

Accrued Expenses

4. Accrued Expenses

Accrued expenses consisted of the following as of January 31, 2024 and April 30, 2023 (in thousands):


	January 31,		April 30,
	2024		2023
Accrued compensation	$	5,465	$	4,207
Accrued research expense		7,993		3,817
Accrued professional fees		1,247		906
Other accrued expenses		135		198
	$	14,840	$	9,128

Commitments and Contingencies - Additional Information (Detail)	9 Months Ended
	Jan. 31, 2024 USD ($)
Other Commitments [Line Items]
Contractual obligations remaining clinical commitment including cancellation provisions	$ 23,300,000
Amounts associated with indemnifications	0
Indemnification Guarantee [Member]
Other Commitments [Line Items]
Contingent liabilities	$ 0

Prepaid Expenses and Other Current Assets

9 Months Ended

Jan. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

5. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of January 31, 2024 and April 30, 2023 (in thousands):


	January 31,		April 30,
	2024		2023
Prepaid preclinical and clinical activities	$	1,871	$	1,724
Other prepaid expenses		2,964		2,583
Interest and other receivables		408		654
VAT receivable		263		1,422
Total prepaid expenses and other current assets	$	5,506	$	6,383

Accrued Expenses (Tables)

9 Months Ended

Jan. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following as of January 31, 2024 and April 30, 2023 (in thousands):


	January 31,		April 30,
	2024		2023
Accrued compensation	$	5,465	$	4,207
Accrued research expense		7,993		3,817
Accrued professional fees		1,247		906
Other accrued expenses		135		198
	$	14,840	$	9,128

Condensed Consolidated Statements of Cash Flows (Parenthetical) $ in Millions	9 Months Ended
	Jan. 31, 2024 USD ($)
Statement of Cash Flows [Abstract]
Offering expenses	$ 0.3

Leases - Summary of Maturity of Undiscounted Payments Due Under Lease Liabilities and Present Value of Liabilities (Detail) - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2024	$ 438
2025	1,775
2026	1,813
2027	1,851
2028	1,847
Thereafter	1,537
Total minimum lease payments	9,261
Less amounts representing interest	1,817
Present value of minimum payments	7,444
Current portion	1,187	$ 1,087
Long-term portion	$ 6,257	$ 7,145

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jan. 31, 2024	Oct. 31, 2023	Jul. 31, 2023	Jan. 31, 2023	Oct. 31, 2022	Jul. 31, 2022	Jan. 31, 2024	Jan. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (29,028)	$ (27,650)	$ (25,317)	$ (21,303)	$ (22,257)	$ (23,042)	$ (81,995)	$ (66,602)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

The Company

9 Months Ended

Jan. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company

Company Background

KalVista Pharmaceuticals, Inc. (“Company”) is a clinical stage pharmaceutical company focused on the discovery, development, and commercialization of small molecule protease inhibitors for diseases with significant unmet need. The Company applies its insights into the chemistry and biology of proteases to develop orally delivered, small molecule inhibitors with high selectivity, potency, and bioavailability that it believes will make them successful treatments for disease. The Company’s initial focus is on developing novel, oral therapeutics targeting hereditary angioedema (HAE).

In February 2024, the Company announced topline data from the Phase 3 KONFIDENT clinical trial evaluating the safety and efficacy of sebetralstat as the first potential oral, on-demand therapy for HAE. KONFIDENT was the largest and most representative trial ever conducted in HAE, enrolling a total of 136 patients from 66 clinical sites across 20 countries. Eligible participants included adolescents, patients using long-term prophylaxis, and the trial evaluated all attack severities and locations.

The clinical trial met all primary and key secondary endpoints and demonstrated a favorable safety profile. Primary and key secondary endpoints were analyzed in a fixed, hierarchical sequence and adjusted for multiplicity. HAE attacks treated with both 300 mg and 600 mg of sebetralstat achieved the primary endpoint of beginning of symptom relief significantly faster than placebo (p<0.0001 for 300 mg, p=0.0013 for 600 mg). The median time to beginning of symptom relief was 1.6 hours with sebetralstat 300 mg, 1.8 hours with sebetralstat 600 mg and 6.7 hours with placebo. Key secondary endpoints showed that attacks treated with sebetralstat 300 mg or 600 mg achieved a significantly faster time to reduction in attack severity from baseline, compared to placebo (p=0.0036 for 300 mg and p=0.0032 for 600 mg). Attacks treated with sebetralstat 300 mg or 600 mg demonstrated a significantly faster time to complete attack resolution, compared to placebo (p=0.0022 for 300 mg and p<0.0001 for 600 mg). The KONFIDENT trial had no patient withdrawals due to an adverse event and no treatment-related serious adverse events (SAEs). Consistent with previous studies, sebetralstat was well-tolerated, with a safety profile similar to placebo.

The Company anticipates submitting a New Drug Application (“NDA”) for sebetralstat to the FDA in the first half of 2024. The Company also expects to file for approval in the European Union (“E.U.”) and Japan later in 2024.

In addition, the Company is conducting preclinical development of novel, oral Factor XIIa (“Factor XIIa”) inhibitors, which the Company initially is advancing to provide a next generation of HAE therapeutics. Factor XIIa also offers the opportunity for future expansion into other high unmet need indications in therapeutic areas outside HAE.

The Company’s headquarters is located in Cambridge, Massachusetts, with additional offices located in Porton Down, United Kingdom, Salt Lake City, Utah, and Zug, Switzerland.

Liquidity

The Company has devoted substantially all of its efforts to research and development, including preclinical and clinical trials of sebetralstat. The Company has not completed the development of any product candidates or commenced commercial operations. Pharmaceutical drug product candidates, like those being developed by the Company, require approvals from the FDA or foreign regulatory agencies prior to commercial sales. There can be no assurance that any product candidates will receive the necessary approvals and any failure to receive approval or delay in approval may have a material adverse impact on the Company’s business and financial results. The Company is subject to a number of risks and uncertainties similar to those of other life science companies developing new products, including, among others, the risks related to the necessity to obtain adequate additional financing, to successfully develop product candidates, to obtain regulatory approval of product candidates, to comply with government regulations, to successfully commercialize its potential products, to the protection of proprietary technology and to the dependence on key individuals.

To date, the Company has not generated any product sales revenues and does not have any products that have been approved for commercialization. As of January 31, 2024, the Company had an accumulated deficit of $425.1 million and $75.6 million of cash, cash equivalents and marketable securities. The Company does not expect to generate significant revenue unless and until it obtains regulatory approval for, and commercializes, one of its current or future product candidates. The Company anticipates that it will continue to incur losses for the foreseeable future, and it expects those losses to increase as it continues the development of, and seeks regulatory approvals for, product candidates, and begins to commercialize any approved products. The Company is subject to all of the risks inherent in the development of new therapeutic products, and it may encounter unforeseen expenses, difficulties, complications, delays, and other unknown factors that may adversely affect its business.

On February 14, 2024, the Company entered into an underwriting agreement with Jefferies LLC, Leerink Partners LLC, Stifel, Nicolaus & Company, Incorporated, and Cantor Fitzgerald & Co., as the representatives of several underwriters to sell an aggregate of 7,016,312 shares of the Company’s common stock at price of $15.25 per share and pre-funded warrants to purchase up to 3,483,688 shares of common stock at a price of $15.249 per pre-funded warrant (the "Underwritten Offering"). The net proceeds from the Underwritten Offering, after deducting estimated expenses, were approximately $150.1 million.

The Company currently anticipates that, based upon its operating plans and existing capital resources, it has sufficient funding to operate for at least the next twelve months.

The Company will need to expend substantial resources for research and development, including costs associated with the clinical testing of its product candidates and will need to obtain additional financing to fund its operations and to conduct trials for its product candidates. The Company will seek to finance future cash needs through equity offerings, future grants, corporate partnerships, and product sales.

The Company has never been profitable and has incurred significant operating losses in each year since its inception. Cash requirements may vary materially from those now planned because of changes in the Company’s focus and direction of its research and development programs, competitive and technical advances, patent developments, regulatory changes, or other developments. Additional financing will be required to continue operations after the Company exhausts its current cash resources and to continue its long-term plans for clinical trials and new product development. There can be no assurance that any such financing can be obtained by the Company, or if obtained, what the terms thereof may be, or that any amount that the Company is able to raise will be adequate to support the Company's working capital requirements until it achieves profitable operations. If adequate additional working capital is not secured when needed, the Company may be required to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible and/or suspend or curtail planned research programs. Any of these actions could materially harm the Company’s business and prospects.

Summary of Significant Accounting Policies - Schedule of Potential Dilutive Common Share Equivalents (Detail) - shares	9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Stock Options and Awards [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Number of anti-dilutive potential common share equivalents outstanding	6,229,313	5,386,625

Leases - Additional Information (Detail) $ in Millions	9 Months Ended
Leases - Additional Information (Detail) $ in Millions	Jan. 31, 2024 USD ($) ft²	Jan. 31, 2023 USD ($)	Aug. 31, 2023
General and Administrative Expenses and Research and Development Expenses [Member]
Lessee Lease Description [Line Items]
Rent expense \| $	$ 1.4	$ 1.4
Switzerland [Member]
Lessee Lease Description [Line Items]
Lease term			1 year
Massachusetts [Member]
Lessee Lease Description [Line Items]
Lease agreement square feet	8,300
Massachusetts [Member] \| Research Laboratory [Member]
Lessee Lease Description [Line Items]
Lease agreement square feet	500
United Kingdom [Member]
Lessee Lease Description [Line Items]
Lease agreement square feet	13,400
Utah [Member]
Lessee Lease Description [Line Items]
Lease agreement square feet	6,200

Leases

9 Months Ended

Jan. 31, 2024

Leases [Abstract]

Leases

7. Leases

The Company has a lease agreement for approximately 8,300 square feet of space for its headquarters located in Cambridge, Massachusetts that runs through September 2028.

The Company has lease agreements for approximately 13,400 square feet of office and research laboratory space located in Porton Down, United Kingdom that run through April 2028.

The Company has a lease agreement in Salt Lake City, Utah for approximately 6,200 square feet of office space that runs through February 2032.

The Company has a lease agreement for approximately 500 square feet of research laboratory space in Cambridge, Massachusetts that commenced in July 2022 with an option to renew annually.

The Company leases office space in Zug, Switzerland under an initial one-year term which commenced in August 2023. The Company has classified this lease as a short-term lease as the Company concluded that the non-cancelable terms of this lease was less than one year at the commencement.

Total rent expense was approximately $1.4 million and $1.4 million for the nine months ended January 31, 2024 and 2023, respectively and is reflected in general and administrative expenses and research and development expenses as determined by the underlying activities.

The following table summarizes the maturity of undiscounted payments due under lease liabilities and the present value of those liabilities as of January 31, 2024 (in thousands):


Years ending April 30,	Operating Leases
2024	$	438
2025		1,775
2026		1,813
2027		1,851
2028		1,847
Thereafter		1,537
Total minimum lease payments		9,261
Less amounts representing interest		1,817
Present value of minimum payments		7,444
Current portion		1,187
Long-term portion	$	6,257

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023
Current assets:
Cash and cash equivalents	$ 23,056	$ 56,238
Marketable securities	52,530	93,137
Research and development tax credit receivable	23,011	16,568
Prepaid expenses and other current assets	5,506	6,383
Total current assets	104,103	172,326
Property and equipment, net	2,423	2,948
Right of use assets	7,045	7,822
Other assets	397	106
Total assets	113,968	183,202
Current liabilities:
Accounts payable	3,101	4,817
Accrued expenses	14,840	9,128
Lease liability - current portion	1,187	1,087
Total current liabilities	19,128	15,032
Long-term liabilities:
Lease liability - net of current portion	6,257	7,145
Total long-term liabilities	6,257	7,145
Commitments and contingencies (Note 6)
Stockholders’ equity
Common stock, $0.001 par value, 100,000,000 authorized Shares issued and outstanding: 34,595,623 at January 31, 2024 and 34,171,138 at April 30, 2023	34	34
Additional paid-in capital	516,920	507,133
Accumulated deficit	(425,077)	(343,082)
Accumulated other comprehensive loss	(3,294)	(3,060)
Total stockholders’ equity	88,583	161,025
Total liabilities and stockholders’ equity	$ 113,968	$ 183,202

Subsequent Event

9 Months Ended

Jan. 31, 2024

Subsequent Events [Abstract]

Subsequent Event

Note 8. Subsequent Events

In February 2024, the achievement of the performance metric for certain performance-based restricted stock units (“PSUs”) granted in March 2022 and January 2024 with performance criteria based on positive data for the sebetralstat phase 3 KONFIDENT clinical trial were certified by the Compensation Committee of the Company’s Board of Directors (the "Board"). Consequently, 360,000 of these PSUs vested on February 11, 2024 and 76,667 PSUs vested on February 17, 2024. The PSUs were granted under the 2017 Equity Incentive Plan with a grant date fair value of $15.39 for the March 2022 grants and $12.71 for the January 2024 grants.

On February 14, 2024, the Company terminated its “at-the-market” program and sales agreement with Cantor Fitzgerald & Co., under which the Company could, from time to time, offer and sell shares of its common stock having an aggregate offering value of up to $100.0 million. Prior to delivering the written notice, no shares of Company common stock were offered or sold pursuant to this “at-the-market” offering with Cantor Fitzgerald & Co.

Also on February 14, 2024, the Company entered into an underwriting agreement with Jefferies LLC, Leerink Partners LLC, Stifel, Nicolaus & Company, Incorporated, and Cantor Fitzgerald & Co., as the representatives of several underwriters to sell an aggregate of 7,016,312 shares of the Company’s common stock at price of $15.25 per share and pre-funded warrants to purchase up to 3,483,688 shares of the Company’s common stock at a price of $15.249 per pre-funded warrant. The net proceeds from the Underwritten Offering, after deducting estimated expenses, were approximately $150.1 million.

On March 6, 2024, the Board appointed Benjamin L. Palleiko, the Company’s President, Chief Business Officer and Chief Financial Officer, as its Chief Executive Officer and principal executive officer. Mr. Palleiko will remain the Company’s principal financial officer. Mr. Palleiko was also appointed to the Board as a Class I director. Additionally, on March 6, 2024, T. Andrew Crockett announced his resignation from his position as the Chief Executive Officer and from his position on the Board, effective immediately. Mr. Crockett’s resignation is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.

The Company - Additional Information (Detail) $ / shares in Units, $ in Thousands		1 Months Ended
	Feb. 14, 2024 USD ($) $ / shares shares	Feb. 29, 2024 Partcipant Country Site	Jan. 31, 2024 USD ($)	Apr. 30, 2023 USD ($)
Accumulated deficit			$ 425,077	$ 343,082
Cash, cash equivalents and marketable securities			$ 75,600
Subsequent Event [Member]
Number of participants \| Partcipant		136
Number of sites \| Site		66
Number of countries \| Country		20
Net proceeds from offering, after deducting estimated expenses	$ 150,100
Pre-funded Warrants [Member] \| Subsequent Event [Member]
Price per share under underwriting agreement \| $ / shares	$ 15.249
Pre-funded Warrants [Member] \| Maximum [Member] \| Subsequent Event [Member]
Warrants to purchase shares of common stock \| shares	3,483,688
Common Stock [Member] \| Subsequent Event [Member]
Aggregate number of shares to sell under underwriting agreements \| shares	7,016,312
Price per share under underwriting agreement \| $ / shares	$ 15.25

Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) (Parenthetical) $ in Millions	3 Months Ended
	Jan. 31, 2023 USD ($)
Statement of Stockholders' Equity [Abstract]
Stock issuance costs	$ 0.3

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Operating expenses:
Research and development	$ 22,523	$ 20,063	$ 60,919	$ 56,325
General and administrative	10,628	6,882	31,071	22,818
Total operating expenses	33,151	26,945	91,990	79,143
Operating loss	(33,151)	(26,945)	(91,990)	(79,143)
Other income:
Interest income	684	732	2,383	1,424
Foreign currency exchange gain (loss)	1,120	597	277	(237)
Other income	2,319	4,313	7,335	11,354
Total other income	4,123	5,642	9,995	12,541
Net loss	(29,028)	(21,303)	(81,995)	(66,602)
Other comprehensive (loss) income:
Foreign currency translation (loss) gain	(46)	1,128	(373)	(573)
Unrealized holding gain on marketable securities	438	658	1,270	808
Reclassification adjustment for realized (gain) loss on marketable securities included in net loss	(221)	(1)	(1,130)	84
Other comprehensive gain (loss)	171	1,785	(233)	319
Comprehensive loss	$ (28,857)	$ (19,518)	$ (82,228)	$ (66,283)
Net loss per share to common stockholders, basic	$ (0.84)	$ (0.75)	$ (2.37)	$ (2.58)
Net loss per share to common stockholders, diluted	$ (0.84)	$ (0.75)	$ (2.37)	$ (2.58)
Weighted average common shares outstanding, basic	34,723,379	28,278,453	34,567,853	25,810,369
Weighted average common shares outstanding, diluted	34,723,379	28,278,453	34,567,853	25,810,369

Subsequent Event - Additional Information (Detail) - Subsequent Event [Member] - USD ($)				1 Months Ended
	Feb. 17, 2024	Feb. 14, 2024	Feb. 11, 2024	Feb. 29, 2024
Subsequent Event [Line Items]
Aggregate offering of common shares authorized		0
Net proceeds from offering, after deducting estimated expenses		$ 150,100,000
Performance-based Restricted Stock Units [Member]
Subsequent Event [Line Items]
Number of shares granted	76,667		360,000
Performance-based Restricted Stock Units [Member] \| January 2024 Grants [Member]
Subsequent Event [Line Items]
Grant date fair value				$ 12.71
Performance-based Restricted Stock Units [Member] \| March 2022 Grants [Member]
Subsequent Event [Line Items]
Grant date fair value				$ 15.39
Maximum [Member]
Subsequent Event [Line Items]
Aggregate offering price of common stock authorized		$ 100,000,000
Common Stock [Member]
Subsequent Event [Line Items]
Aggregate number of shares to sell under underwriting agreements		7,016,312
Price per share under underwriting agreement		$ 15.25
Pre-funded Warrants [Member]
Subsequent Event [Line Items]
Price per share under underwriting agreement		$ 15.249
Pre-funded Warrants [Member] \| Maximum [Member]
Subsequent Event [Line Items]
Warrants to purchase shares of common stock		3,483,688

Marketable Securities (Tables)

9 Months Ended

Jan. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Fair Values of Company's Investments By Type

The following tables summarize the fair values of the Company’s investments by type as of January 31, 2024 and April 30, 2023 (in thousands):


	January 31, 2024
	Amortized		Unrealized		Unrealized			Estimated
	Cost		Gains		Losses			Fair Value
Corporate debt securities	$	47,827	$	525	$	(13	)	$	48,339
Obligations of the U.S. Government and its agencies		4,178		13		—			4,191
Total	$	52,005	$	538	$	(13	)	$	52,530


	April 30, 2023
	Amortized		Unrealized		Unrealized			Estimated
	Cost		Gains		Losses			Fair Value
Corporate debt securities	$	77,768	$	367	$	(168	)	$	77,967
Obligations of the U.S. Government and its agencies		15,094		76					15,170
Total	$	92,862	$	443	$	(168	)	$	93,137

Summary of Scheduled Maturity for Marketable Securities

The following table summarizes the scheduled maturity for the Company’s marketable securities at January 31, 2024 (in thousands):


	January 31, 2024
Maturing in one year or less	$	30,047
Maturing after one year through two years		13,516
Maturing after two years through three years		8,967
Total	$	52,530

Insider Trading Arrangements

3 Months Ended

Jan. 31, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

In the third quarter of fiscal 2024, the following trading plans were adopted or terminated:


Name	Title	Action	Date	Intended to satisfy the affirmative defense of Rule 10b5-1?	Expiration Date	Total Amount of Common Stock to be Sold Under the Plan
Chris Yea	Chief Development Officer	Adopted	December 21, 2023	Yes(1)	March 31, 2025	50,000

(1)

The 10b5-1 plan included a representation from the officer to the broker administering the plan that they were not in possession of any material nonpublic information regarding the Company or the securities subject to the plan. A similar representation was made to the Company in connection with the adoption of the plan under the Company’s insider trading policy. Those representations were made as of the date of adoption of the 10b5-1 plan, and speak only as of that date. In making those representations, there is no assurance with respect to any material nonpublic information of which the director/officer was unaware, or with respect to any material nonpublic information acquired by the director/officer or the Company after the date of the representation.

Name

Chris Yea

Title

Chief Development Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

December 21, 2023

Termination Date

March 31, 2025

Aggregate Available

50,000

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Jan. 31, 2024

Accounting Policies [Abstract]

Principles of Consolidation

Principles of Consolidation: The accompanying unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Such financial statements reflect all adjustments that are, in management’s opinion, necessary to present fairly, in all material respects, the Company’s consolidated financial position, results of operations, and cash flows. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements. There were no adjustments other than normal recurring adjustments. These unaudited interim condensed consolidated financial results are not necessarily indicative of the results to be expected for the year ending April 30, 2024, or for any other future annual or interim period. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements as of and for the year ended April 30, 2023 in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on July 10, 2023.

Segment Reporting

Segment Reporting: The chief operating decision maker, the CEO, manages the Company’s operations as a single operating segment for the purposes of assessing performance and making operating decisions.

Recent Accounting Pronouncements

Recent Accounting Pronouncements: In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the impairment model by requiring entities to use a forward-looking approach on expected losses to estimate credit losses on certain financial instruments, including trade receivables and available-for-sale debt securities. This guidance became effective on May 1, 2023 and did not have a material impact to the consolidated financial statements. As the Company has never recorded any other-than-temporary-impairment adjustments to its available-for-sale debt securities prior to the effective date, no transition provisions were applicable to the Company.

Net Loss per Share

Net Loss per Share: Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing net loss by the sum of the weighted average number of common shares and the number of potential dilutive common share equivalents outstanding during the period. Potential dilutive common share equivalents consist of the incremental common shares issuable upon the exercise of share options and awards.

Potential dilutive common share equivalents consist of:


	January 31,
	2024		2023
Stock options and awards		6,229,313		5,386,625

The Company uses the treasury stock method to calculate the weighted average shares used in computing diluted net loss per share. In computing diluted earnings per share, common share equivalents are not considered in periods in which a net loss is reported, as the inclusion of the common share equivalents would be anti-dilutive. As a result, there is no difference between the Company’s basic and diluted loss per share for the periods presented.

The weighted average number of common shares used in the basic and diluted net loss per common share calculations includes the weighted-average pre-funded warrants outstanding during the period as they are exercisable at any time for nominal cash consideration.

Fair Value Measurement

Fair Value Measurement: The Company classifies fair value measurements using a three-level hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1, quoted market prices in active markets for identical assets or liabilities; Level 2, observable inputs other than quoted market prices included in Level 1, such as quoted market prices for markets that are not active or other inputs that are observable or can be corroborated by observable market data; and Level 3, unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. These fair values are obtained from independent pricing services which utilize Level 1 and Level 2 inputs.

The following tables summarize the cash equivalents and marketable securities measured at fair value on a recurring basis as of January 31, 2024 and April 30, 2023 (in thousands):


							Balance at
	Level 1		Level 2		Level 3		January 31, 2024
Cash equivalents	$	57	$	—	$	—	$	57
Marketable securities:
Corporate debt securities		—		48,339		—		48,339
U.S. government agency securities		—		4,191		—		4,191
	$	57	$	52,530	$	—	$	52,587


							Balance at
	Level 1		Level 2		Level 3		April 30, 2023
Cash equivalents	$	31,507	$	—	$	—	$	31,507
Marketable securities:
Corporate debt securities		—		77,967		—		77,967
U.S. government agency securities		—		15,170		—		15,170
	$	31,507	$	93,137	$	—	$	124,644

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

Leases (Tables)

9 Months Ended

Jan. 31, 2024

Leases [Abstract]

Summary of Maturity of Undiscounted Payments and Future Minimum Payments Due Under Lease Liabilities and Present Value of Liabilities

The following table summarizes the maturity of undiscounted payments due under lease liabilities and the present value of those liabilities as of January 31, 2024 (in thousands):


Years ending April 30,	Operating Leases
2024	$	438
2025		1,775
2026		1,813
2027		1,851
2028		1,847
Thereafter		1,537
Total minimum lease payments		9,261
Less amounts representing interest		1,817
Present value of minimum payments		7,444
Current portion		1,187
Long-term portion	$	6,257

Commitments and Contingencies

9 Months Ended

Jan. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

6. Commitments and Contingencies

Clinical Studies: The Company enters into contractual agreements with contract research organizations in connection with preclinical and toxicology studies and clinical trials. Amounts due under these agreements are invoiced to the Company on predetermined schedules during the course of the studies and clinical trials and are not refundable regardless of the outcome. The Company has contractual obligations related to the expected future costs to be incurred to complete the ongoing preclinical studies and clinical trials. The remaining clinical commitments, which have cancellation provisions, total $23.3 million at January 31, 2024.

Indemnification: In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves future claims that may be made against the Company but have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. No amounts associated with such indemnifications have been recorded to date.

Contingencies: From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business activities. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. There were no contingent liabilities requiring accrual at January 31, 2024.

Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Jan. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of January 31, 2024 and April 30, 2023 (in thousands):


	January 31,		April 30,
	2024		2023
Prepaid preclinical and clinical activities	$	1,871	$	1,724
Other prepaid expenses		2,964		2,583
Interest and other receivables		408		654
VAT receivable		263		1,422
Total prepaid expenses and other current assets	$	5,506	$	6,383

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jan. 31, 2024	Apr. 30, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	34,595,623	34,171,138
Common stock, shares outstanding	34,595,623	34,171,138

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Jan. 31, 2024	Feb. 29, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jan. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Trading Symbol	KALV
Entity Registrant Name	KALVISTA PHARMACEUTICALS, INC.
Entity Central Index Key	0001348911
Current Fiscal Year End Date	--04-30
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Document Quarterly Report	true
Title of 12(b) Security	Common Stock, $0.001 par value per share
Security Exchange Name	NASDAQ
Document Transition Report	false
Entity File Number	001-36830
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-0915291
Entity Address, Address Line One	55 Cambridge Parkway
Entity Address, Address Line Two	Suite 901E
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02142
City Area Code	857
Local Phone Number	999-0075
Entity Common Stock, Shares Outstanding		42,188,296

Marketable Securities

9 Months Ended

Jan. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

The objectives of the Company’s investment policy are to ensure the safety and preservation of invested funds, as well as to maintain liquidity sufficient to meet cash flow requirements. The Company invests its excess cash in securities issued by financial institutions, commercial companies, and government agencies that management believes to be of high credit quality in order to limit the amount of its credit exposure. The Company has not realized any material losses from its investments.

The Company classifies all of its debt securities as available-for-sale. Unrealized gains and losses on investments are recognized in accumulated comprehensive loss, unless an unrealized loss is considered to be other than temporary, in which case the unrealized loss is charged to operations. The Company periodically reviews its investments for other than temporary declines in fair value below cost basis and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company believes the individual unrealized losses represent temporary declines primarily resulting from interest rate changes. Realized gains and losses are included in other income in the consolidated statements of operations and comprehensive loss and are determined using the specific identification method with transactions recorded on a trade date basis.

The following tables summarize the fair values of the Company’s investments by type as of January 31, 2024 and April 30, 2023 (in thousands):


	January 31, 2024
	Amortized		Unrealized		Unrealized			Estimated
	Cost		Gains		Losses			Fair Value
Corporate debt securities	$	47,827	$	525	$	(13	)	$	48,339
Obligations of the U.S. Government and its agencies		4,178		13		—			4,191
Total	$	52,005	$	538	$	(13	)	$	52,530


	April 30, 2023
	Amortized		Unrealized		Unrealized			Estimated
	Cost		Gains		Losses			Fair Value
Corporate debt securities	$	77,768	$	367	$	(168	)	$	77,967
Obligations of the U.S. Government and its agencies		15,094		76					15,170
Total	$	92,862	$	443	$	(168	)	$	93,137

The Company has classified all of its available-for-sale investment securities, including those with maturities beyond one year, as current assets on its condensed consolidated balance sheets based on the highly liquid nature of the investment securities and because these investment securities are considered available for use in current operations.

As of January 31, 2024, unrealized losses related to individual securities that had been in a continuous loss position for 12 months or longer were insignificant.

The following table summarizes the scheduled maturity for the Company’s marketable securities at January 31, 2024 (in thousands):


	January 31, 2024
Maturing in one year or less	$	30,047
Maturing after one year through two years		13,516
Maturing after two years through three years		8,967
Total	$	52,530

Marketable Securities - Summary of Fair Values of Company's Investments By Type (Detail) - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023
Marketable Securities [Line Items]
Amortized Cost	$ 52,005	$ 92,862
Unrealized Gains	538	443
Unrealized Losses	(13)	(168)
Estimated Fair Value	52,530	93,137
Corporate Debt Securities [Member]
Marketable Securities [Line Items]
Amortized Cost	47,827	77,768
Unrealized Gains	525	367
Unrealized Losses	(13)	(168)
Estimated Fair Value	48,339	77,967
Obligations of U.S. Government and Its Agencies [Member]
Marketable Securities [Line Items]
Amortized Cost	4,178	15,094
Unrealized Gains	13	76
Estimated Fair Value	$ 4,191	$ 15,170

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Cash flows from operating activities
Net loss	$ (81,995)	$ (66,602)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	597	530
Stock-based compensation expense	9,172	7,481
Realized (gain) loss from sale of marketable securities	(1,130)	84
Non-cash operating lease expense	(11)	52
Amortization of premium on marketable securities	88	890
Foreign currency exchange loss (gain)	596	(1,339)
Changes in operating assets and liabilities:
Research and development tax credit receivable	(6,215)	2,049
Prepaid expenses and other assets	906	4,440
Accounts payable	(1,778)	(1,911)
Accrued expenses	5,644	1,701
Net cash used in operating activities	(74,126)	(52,625)
Cash flows from investing activities
Purchases of marketable securities	(47,687)	(63,757)
Sales and maturities of marketable securities	89,475	112,509
Acquisition of property and equipment	(27)	(1,127)
Website development costs	(294)
Net cash provided by investing activities	41,467	47,625
Cash flows from financing activities
Issuance of common stock from equity incentive plans	616	482
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
Net cash provided by financing activities	616	58,149
Effect of exchange rate changes on cash and cash equivalents	(1,139)	1,168
Net (decrease) increase in cash and cash equivalents	(33,182)	54,317
Cash and cash equivalents at beginning of period	56,238	30,732
Cash and cash equivalents at end of period	$ 23,056	85,049
Supplemental disclosures of non-cash activities:
Right of use assets obtained in exchange for operating lease liabilities		$ 1,192

Summary of Significant Accounting Policies

9 Months Ended

Jan. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Potential dilutive common share equivalents consist of:


	January 31,
	2024		2023
Stock options and awards		6,229,313		5,386,625

The following tables summarize the cash equivalents and marketable securities measured at fair value on a recurring basis as of January 31, 2024 and April 30, 2023 (in thousands):


							Balance at
	Level 1		Level 2		Level 3		January 31, 2024
Cash equivalents	$	57	$	—	$	—	$	57
Marketable securities:
Corporate debt securities		—		48,339		—		48,339
U.S. government agency securities		—		4,191		—		4,191
	$	57	$	52,530	$	—	$	52,587


							Balance at
	Level 1		Level 2		Level 3		April 30, 2023
Cash equivalents	$	31,507	$	—	$	—	$	31,507
Marketable securities:
Corporate debt securities		—		77,967		—		77,967
U.S. government agency securities		—		15,170		—		15,170
	$	31,507	$	93,137	$	—	$	124,644

Summary of Significant Accounting Policies - Schedule of Cash Equivalents and Marketable Securities Measured at Fair Value (Detail) - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 57	$ 31,507
Marketable securities	52,530	93,137
Cash equivalents and marketable securities	52,587	124,644
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	57	31,507
Cash equivalents and marketable securities	57	31,507
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	52,530	93,137
Corporate Debt Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	48,339	77,967
Corporate Debt Securities [Member] \| Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	48,339	77,967
U.S. Government Agency Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	4,191	15,170
U.S. Government Agency Securities [Member] \| Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	$ 4,191	$ 15,170

Marketable Securities - Summary of Scheduled Maturity for Marketable Securities (Detail) - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Maturing in one year or less	$ 30,047
Maturing after one year through two years	13,516
Maturing after two years through three years	8,967
Total	$ 52,530	$ 93,137

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Jan. 31, 2024

Accounting Policies [Abstract]

Schedule of Potential Dilutive Common Share Equivalents

Potential dilutive common share equivalents consist of:


	January 31,
	2024		2023
Stock options and awards		6,229,313		5,386,625

The Company uses the treasury stock method to calculate the weighted average shares used in computing diluted net loss per share.

Schedule of Cash Equivalents and Marketable Securities Measured at Fair Value

The following tables summarize the cash equivalents and marketable securities measured at fair value on a recurring basis as of January 31, 2024 and April 30, 2023 (in thousands):


							Balance at
	Level 1		Level 2		Level 3		January 31, 2024
Cash equivalents	$	57	$	—	$	—	$	57
Marketable securities:
Corporate debt securities		—		48,339		—		48,339
U.S. government agency securities		—		4,191		—		4,191
	$	57	$	52,530	$	—	$	52,587


							Balance at
	Level 1		Level 2		Level 3		April 30, 2023
Cash equivalents	$	31,507	$	—	$	—	$	31,507
Marketable securities:
Corporate debt securities		—		77,967		—		77,967
U.S. government agency securities		—		15,170		—		15,170
	$	31,507	$	93,137	$	—	$	124,644

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023
Payables and Accruals [Abstract]
Accrued compensation	$ 5,465	$ 4,207
Accrued research expense	7,993	3,817
Accrued professional fees	1,247	906
Other accrued expenses	135	198
Total accrued expenses	$ 14,840	$ 9,128

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid preclinical and clinical activities	$ 1,871	$ 1,724
Other prepaid expenses	2,964	2,583
Interest and other receivables	408	654
VAT receivable	263	1,422
Total prepaid expenses and other current assets	$ 5,506	$ 6,383