0000950170-24-082965 | 10-K | XBRL Viewer | Kalvista Pharmaceuticals INC

Income Taxes (Tables)

12 Months Ended

Apr. 30, 2024

Schedule of Components of the Company's Loss Before Income Taxes

The components of the Company’s loss before income taxes for the years ended April 30 consisted of the following (in thousands):


	2024			2023			2021
Domestic	$	(52,661	)	$	(27,437	)	$	(21,145	)
Foreign		(73,983	)		(65,470	)		(61,194	)
	$	(126,644	)	$	(92,907	)	$	(82,339	)

Schedule of Reconciliation between Effective Tax Rates and Statutory Rates

A reconciliation between the effective tax rates and statutory rates for the years ended April 30 is as follows:


	2024			2023			2021
Income tax benefit at U.S. federal statutory rate		21.0	%		21.0	%		21.0	%
Foreign rate differential		2.3	%		2.8	%		(1.5	)%
Nondeductible expenses - UK R&D credit		(8.3	)%		(7.7	)%		(10.6	)%
162(m) permanent adjustment		(1.9	)%		—			—
Other		(0.4	)%		(0.3	)%		(0.8	)%
Valuation allowance		(12.7	)%		(15.8	)%		(8.1	)%
		—			—			—

Schedule of Tax Effect of Significant Temporary Differences Representing Deferred Tax Assets and Liabilities

The tax effect of significant temporary differences representing deferred tax assets and liabilities as of April 30 is as follows (in thousands):


	2024			2023
Deferred tax assets:
Net operating loss (“NOL”) carryforwards	$	50,179		$	35,790
Operating lease liabilities		1,406			1,777
174 capitalization		2,168			3,922
Stock compensation		3,708			3,915
Other		2,506			1,634
Subtotal		59,967			47,038
Less: valuation allowance		(58,537	)		(45,276	)
Deferred tax assets, net of valuation allowance		1,430			1,762
Deferred tax liabilities:
Operating lease - Right-of-use assets		(1,325	)		(1,693	)
Other		(105	)		(69	)
Net deferred tax asset	$	—		$	—

Income Taxes - Schedule of Components of the Company's Loss Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2021
Income Tax Disclosure [Abstract]
Domestic	$ (52,661)	$ (27,437)		$ (21,145)
Foreign	(73,983)	(65,470)		(61,194)
Income before income taxes	$ (126,644)	$ (92,907)	$ (82,339)	$ (82,339)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Property and Equipment - Components of Property and Equipment (Detail) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment at cost	$ 5,939	$ 5,906
Less: Accumulated depreciation	(3,712)	(2,958)
Property and equipment, net	2,227	2,948
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment at cost	2,409	2,404
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment at cost	269	249
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment at cost	402	398
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment at cost	$ 2,859	$ 2,855

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]
Balance at Apr. 30, 2021	$ 257,193	$ 24	$ 426,437	$ (167,836)	$ (1,432)
Balance, shares at Apr. 30, 2021		24,422,531
Issuance of common stock from equity incentive plans	1,582	$ 1	1,581
Issuance of common stock from equity incentive plans, shares		128,217
Stock-based compensation expense	11,086		11,086
Net Income (Loss)	(82,339)			(82,339)
Foreign currency translation (loss) gain	(1,499)				(1,499)
Unrealized holding (loss) gain from marketable securities	(1,511)				(1,511)
Reclassification adjustment for realized loss (gain) on marketable securities included in net loss	581				581
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	449		449
Issuance of common stock from equity incentive plans, shares		62,267
Release of restricted stock units, shares		73,924
Issuance of common stock, net of issuance costs	56,582	$ 9	56,573
Issuance of common stock, net of issuance costs, 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	9,922		9,922
Net Income (Loss)	(92,907)			(92,907)
Foreign currency translation (loss) gain	(604)				(604)
Unrealized holding (loss) gain from marketable securities	1,266				1,266
Reclassification adjustment for realized loss (gain) on marketable securities included in net loss	139				139
Balance at Apr. 30, 2023	161,025	$ 34	507,133	(343,082)	(3,060)
Balance, shares at Apr. 30, 2023		34,171,138
Exercise of stock options	$ 184		184
Exercise of stock options, shares	25,182	25,182
Issuance of stock under employee stock purchase plan	$ 462		462
Issuance of stock under employee stock purchase plan, shares		68,677
Release of restricted and performance stock units		$ 1	(1)
Release of restricted and performance stock units, shares		1,058,213
Issuance of common stock, net of issuance costs	96,945	$ 7	96,938
Issuance of common stock, net of issuance costs, shares		7,016,312
Issuance of pre-funded warrants for the purchase of common stock, net of issuance costs	53,123		53,123
Cashless exercise of pre-funded warrants, shares		182,453
Stock-based compensation expense	21,915		21,915
Net Income (Loss)	(126,644)			(126,644)
Foreign currency translation (loss) gain	(394)				(394)
Unrealized holding (loss) gain from marketable securities	1,291				1,291
Reclassification adjustment for realized loss (gain) on marketable securities included in net loss	(1,325)				(1,325)
Balance at Apr. 30, 2024	$ 206,582	$ 42	$ 679,754	$ (469,726)	$ (3,488)
Balance, shares at Apr. 30, 2024		42,521,975

Marketable Securities (Tables)

12 Months Ended

Apr. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Fair Value of Company's Investments By Type

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


	April 30, 2024
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Corporate debt securities	$	130,099	$	600	$	(276	)	$	130,423
Obligations of the U.S. Government and its agencies		48,228		83		(122	)		48,189
Total investments	$	178,327	$	683	$	(398	)	$	178,612


	April 30, 2023
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			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 investments	$	92,862	$	443	$	(168	)	$	93,137

Summary of Scheduled Maturity for Marketable Securities

The following table summarizes the scheduled maturity for the Company’s investments at April 30, 2024 (in thousands):


	April 30,
	2024
Maturing in one year or less	$	80,087
Maturing after one year through two years		84,414
Maturing after two years through four years		14,111
Total investments	$	178,612

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Apr. 30, 2024

Accounting Policies [Abstract]

Principles of Consolidation

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

Use of Estimates

Use of estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

Foreign Currency

Foreign currency: The functional currency of the Company’s United Kingdom (“U.K.”) subsidiary is the British Pound Sterling. Assets and liabilities of the foreign subsidiary are translated using the exchange rate existing on each respective balance sheet date. Revenues and expenses are translated using average exchange rates prevailing throughout the year. The translation adjustments resulting from this process are included as a component of the accumulated other comprehensive loss.

During the three months ended April 30, 2024, the Company formed entities in Switzerland and Japan. The Switzerland entity will serve as a subsidiary of the Company’s United Kingdom entity and will use the Swiss Franc ("CHF") as the functional currency for operations. The Japan entity will serve as a subsidiary of the Company’s United States headquarters and will use the Japanese Yen ("JPY") as the functional currency for operations. If a foreign subsidiary’s functional currency is the local currency, translation adjustments will result from the process of translating the subsidiary’s financial statements into the reporting currency of the Company. Such adjustments are accumulated and reported other comprehensive loss as a separate component of stockholders’ equity.

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. The new guidance was effective for the Company as of May 1, 2023. The adoption of ASU 2016-13 had no impact on our financial statements and disclosures.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting – Improvements to Reportable Segment Disclosures, which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. ASU No. 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied retrospectively. The Company does not expect the amendments in this ASU to have a material impact on its consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. ASU No. 2023-09 is effective for fiscal years beginning after December 15, 2024 and allows for adoption on a prospective basis, with a retrospective option. Early adoption is permitted. The Company does not expect the amendments in this ASU to have a material impact on its consolidated financial statements.

Cash and Cash Equivalents

Cash and cash equivalents: Cash and cash equivalents consist of bank deposits and money market accounts. Cash equivalents are carried at cost which approximates fair value due to their short-term nature. The Company considers all highly liquid investments with an original maturity of 90 days or less to be cash equivalents.

The Company maintains its cash and cash equivalent balances with financial institutions that management believes are of high credit quality. The Company’s cash and cash equivalent accounts at times may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk of cash and cash equivalents.

Research and Development Tax Credit Receivable

Research and development tax credit receivable: The research and development tax credit receivable consists of research and development expenses that have been claimed as research and development tax credits in accordance with the relevant U.K. tax legislation. These refundable tax credits are payable to the Company in cash and are carried on the consolidated balance sheet at the amount claimed and expected to be received from the U.K. government within the next 12 months.

Property and Equipment

Property and equipment: Property and equipment are stated at cost less accumulated depreciation. Expenditures for repairs and maintenance are charged to expense as incurred. Upon retirement or sale, the costs of the assets disposed of and the related accumulated depreciation are eliminated from the accounts and any resulting gain or loss is reflected in the statement of

operations. Depreciation is provided using the straight-line method over the estimated useful lives of the assets, which are as follows:


Asset Classification		Estimated Useful Life
Machinery and equipment		1-5 Years
Furniture and fixtures		1-5 Years
Computer equipment		3-4 Years
Leasehold improvements		15 Years or term of lease, if shorter

The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying value of such assets, or asset groups, may not be recoverable. Whenever events or changes in circumstances suggest that the carrying amount of long-lived assets may not be recoverable, the future undiscounted cash flows expected to be generated by the asset, or asset groups, from its use or eventual disposition is estimated. If the sum of the expected future undiscounted cash flows is less than the carrying amount of those assets, or asset groups, an impairment loss is recognized based on the excess of the carrying amount over the fair value of the assets, or asset groups.

Revenue Recognition

Revenue recognition: The Company recognizes revenue from research and development arrangements. In accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers,” revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these goods and services.

Performance obligations promised in a contract are identified based on the goods and services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the good or service either on its own or together with other available resources, and are distinct in the context of the contract, whereby the transfer of the good or service is separately identifiable from other promises in the contract. To the extent a contract includes multiple promised goods and services, the Company must apply judgment to determine whether promised goods and services are capable of being distinct and distinct in the context of the contract. If these criteria are not met, the promised goods and services are accounted for as a combined performance obligation.

The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring goods and services to the customer. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing either the expected value method or the most likely amount method depending on the nature of the variable consideration. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Any estimates, including the effect of the constraint on variable consideration, are evaluated at each reporting period for any changes.

If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation on a relative standalone selling price basis unless the transaction price is variable and meets the criteria to be allocated entirely to a performance obligation or to a distinct service that forms part of a single performance obligation. The consideration to be received is allocated among the separate performance obligations based on relative standalone selling prices.

The Company satisfies performance obligations either over time or at a point in time. Revenue is recognized over time if either: (1) the customer simultaneously receives and consumes the benefits provided by the entity’s performance, (2) the entity’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced or (3) the entity’s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date. If the entity does not satisfy a performance obligation over time, the related performance obligation is satisfied at a point in time by transferring the control of a promised good or service to a customer. ASC 606 requires the Company to select a single revenue recognition method for the performance obligation that faithfully depicts the Company’s performance in transferring control of the goods and services. The guidance allows for two methods to measure progress toward complete satisfaction of a performance obligation, depending on the facts and circumstances:

Output methods - recognize revenue on the basis of direct measurements of the value to the customer of the goods or services transferred to date relative to the remaining goods or services promised under the contract (e.g., surveys of performance completed to date, appraisals of results achieved, milestones reached, time elapsed, and units of produced or units delivered); and

Input methods - recognize revenue on the basis of the entity’s efforts or inputs to the satisfaction of a performance obligation (e.g., resources consumed, labor hours expended, costs incurred, or time elapsed) relative to the total expected inputs to the satisfaction of that performance obligation.

Licenses of intellectual property: If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company must consider the nature of the intellectual property to which the customer will have rights (i.e., access at a point in time or benefit of intellectual property enhancements over time). The Company recognizes revenue from non-refundable, up-front fees allocated to the license at a point in time/over the period the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of progress at each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.

Milestone payments: At the inception of each arrangement that includes development and regulatory milestone payments for promised goods and services, the Company evaluates the circumstances of whether the milestones will be reached and estimates the amount to be included in the transaction price that will not cause a significant revenue reversal.

Up-front payments: Up-front payments and fees are recorded as deferred revenue upon receipt or when due and may require deferral of revenue recognition to a future period until the Company performs its obligations under these arrangements. Amounts payable to the Company are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less.

Contract balances: The Company recognizes a contract asset when the Company transfers goods or services to a customer before the customer pays consideration or before payment is due, excluding any amounts presented as a receivable (i.e., accounts receivable). A contract asset is an entity’s right to consideration in exchange for goods or services that the entity has transferred to a customer. The contract liabilities (i.e., deferred revenue) primarily relate to contracts where the Company has received payment but has not yet satisfied the related performance obligations. The advance consideration received from customers for research and development services and/or licenses is a contract liability, recorded as deferred revenue, until the underlying performance obligations are transferred to the customer.

Research and Development

Research and development: Research and development costs are expensed as incurred and include, but are not limited to:

•

Employee-related expenses including salaries, benefits, travel, and share-based compensation expense for research and development personnel;

•

Costs associated with preclinical and development activities;

•

Costs associated with regulatory operations.

Costs for certain research and development activities, such as manufacturing development activities and clinical studies are recognized based on the contracted amounts adjusted for the percentage of work completed to date. Payments for these activities are based on the terms of the contractual arrangements, which may differ from the pattern of costs incurred, and are reflected on the consolidated balance sheets as prepaid or accrued expenses. The Company defers and capitalizes non-refundable advance payments made by the Company for research and development activities until the related goods are delivered or the related services are performed.

Income Taxes

Income taxes: The Company accounts for income taxes using an asset and liability approach. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company evaluates the realizability of its deferred tax assets and establishes a valuation allowance when it is more likely than not that all or a portion of deferred tax assets will not be realized. The Company has provided a full valuation allowance on its deferred tax assets.

Relative to accounting for uncertainties in tax positions, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company records the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, the Company does not recognize a tax benefit in the financial statements.

The Company recognizes interest and penalties related to uncertain tax positions, if any, as a component of income tax expense. As the Company has no uncertain tax positions, there were no interest or penalties charges recognized in the statement of operations for any years.

Stock Based Compensation

Stock-based compensation: The Company accounts for stock-based compensation arrangements at fair value. The fair value is recognized over the period during which the recipient is required to provide services (usually the vesting period), on a straight-line basis. Forfeitures are recognized as they are incurred.

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:


	April 30,
	2024		2023		2022
Stock options and awards		5,661,896		5,554,951		3,968,559

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 in 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 similar instruments or 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 April 30, 2024 and 2023 (in thousands):


	Level 1		Level 2		Level 3		Balance at April 30, 2024
Cash equivalents	$	11,143	$	—	$	—	$	11,143
Marketable securities:
Corporate debt securities		—		130,423		—		130,423
U.S. government agency securities		—		48,189		—		48,189
	$	11,143	$	178,612	$	—	$	189,755


	Level 1		Level 2		Level 3		Balance at 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

Leases - Summary of Cash Paid for Amounts Included in Measurement of Lease Liabilities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Lease, Cost [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 1,683	$ 1,615

Defined Contribution Plans - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
U.K. Employees Personal Pension Plan and U.S. Employees 401(K) Plan [Member]
Defined Contribution Plan Disclosure [Line Items]
Total employer contributions	$ 1.1	$ 0.8	$ 0.6

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Operating Loss Carryforwards [Line Items]
Income tax expense (benefit)	$ 0	$ 0	$ 0
Change in valuation allowance	$ 13,300,000	13,300,000
Amortized period for expenses incurred for research and development in united states	5 years
Amortized period for expenses incurred for research and development outside united states	15 years
Provision for unrecognized tax benefits	$ 0	$ 0	$ 0
Annual 382 Limitation [Member]
Operating Loss Carryforwards [Line Items]
NOL carryforwards	83,000,000
Net operating loss carryforwards to offset future taxable income	300,000
R&D Credit Carryforward [Member] \| Subject to 383 Limitation [Member]
Operating Loss Carryforwards [Line Items]
Tax credit carry forward amount	1,500,000
Tax credits to utilize	100,000
Credit to expire unutilized	1,400,000
U.S. Federal Income Tax [Member]
Operating Loss Carryforwards [Line Items]
NOL carryforwards	6,100,000
U.S. Federal Income Tax [Member] \| Annual 382 Limitation [Member]
Operating Loss Carryforwards [Line Items]
NOL carryforwards	300,000
Net operating loss unutilized	76,700,000
U.S. Federal Income Tax [Member] \| Carried Forward Indefinitely [Member]
Operating Loss Carryforwards [Line Items]
NOL carryforwards	49,700,000
U.S. Federal Income Tax [Member] \| Carried Forward Indefinitely [Member] \| Not Subject To Annual 382 Limitation [Member]
Operating Loss Carryforwards [Line Items]
NOL carryforwards	$ 49,700,000
U.S. Federal Income Tax [Member] \| Earliest Tax Year [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carry forwards expiration period	2036
State Income Tax [Member]
Operating Loss Carryforwards [Line Items]
NOL carryforwards	$ 31,900,000
State Income Tax [Member] \| Earliest Tax Year [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carry forwards expiration period	2036
Foreign Tax Jurisdiction [Member] \| United Kingdom [Member]
Operating Loss Carryforwards [Line Items]
NOL carryforwards	$ 145,600,000
Foreign Tax Jurisdiction [Member] \| Maximum [Member] \| Ireland, Switzerland and Japan [Member]
Operating Loss Carryforwards [Line Items]
NOL carryforwards	$ 2,000,000

Property and Equipment (Tables)

12 Months Ended

Apr. 30, 2024

Property, Plant and Equipment [Abstract]

Components of Property and Equipment

At April 30, 2024 and 2023, property and equipment consisted of (in thousands):


	2024			2023
Laboratory equipment	$	2,409		$	2,404
Office equipment		269			249
Furniture & fixtures		402			398
Leasehold improvements		2,859			2,855
Total property and equipment at cost		5,939			5,906
Less: Accumulated depreciation		(3,712	)		(2,958	)
Property and equipment, net	$	2,227		$	2,948

Summary of Significant Accounting Policies - Schedule of Cash Equivalents and Marketable Securities Measured at Fair Value (Detail) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 11,143	$ 31,507
Marketable securities	178,612	93,137
Cash equivalents and marketable securities	189,755	124,644
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	11,143	31,507
Cash equivalents and marketable securities	11,143	31,507
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	178,612	93,137
Corporate Debt Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	130,423	77,967
Corporate Debt Securities [Member] \| Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	130,423	77,967
U.S. Government Agency Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	48,189	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	$ 48,189	$ 15,170

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

Marketable Securities - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Realized gains (losses) on available-for-sale securities	$ 1.3	$ (0.1)

Stockholder's Equity - Additional Information (Detail) - USD ($)			1 Months Ended	12 Months Ended
	Feb. 14, 2024	Dec. 23, 2022	Apr. 30, 2024	Apr. 30, 2024	Apr. 30, 2023	May 21, 2021
Class of Warrant or Right [Line Items]
Common stock, per share			$ 0.001	$ 0.001	$ 0.001
Cash proceeds from issuance of common stock				$ 96,945,000	$ 56,582,000
Net proceeds from offering, after deducting estimated expenses	$ 150,100,000
Underwriting discounts, commissions, and other offering expenses	500,000
Maximum aggregate public offering price of securities to be issued under shelf registration statement						$ 300,000,000
Maximum [Member]
Class of Warrant or Right [Line Items]
Aggregate offering price of common stock authorized	$ 100,000,000
Common Stock [Member]
Class of Warrant or Right [Line Items]
Common stock, shares issued				7,016,312	9,484,199
Aggregate number of shares to sell under subscription agreements	7,016,312	9,484,199
Price per share under subscription agreements	$ 15.25	$ 6
Pre-funded Warrants [Member]
Class of Warrant or Right [Line Items]
Price per share under subscription agreements	15.249	5.999
Exercise price per share of each pre-funded warrant	$ 0.001	$ 0.001
Pre-funded Warrants [Member] \| Maximum [Member]
Class of Warrant or Right [Line Items]
Warrants to purchase shares of common stock	3,483,688	182,470
Direct Offering [Member]
Class of Warrant or Right [Line Items]
Net proceeds from offering, after deducting estimated expenses		$ 57,700,000
Underwriting discounts, commissions, and other offering expenses		$ 300,000
Direct Offering [Member] \| Pre-funded Warrants [Member]
Class of Warrant or Right [Line Items]
Common stock, shares issued			182,453

Income Taxes - Schedule of Reconciliation between Effective Tax Rates and Statutory Rates (Detail)	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2021
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income tax benefit at U.S. federal statutory rate	21.00%	21.00%	21.00%
Foreign rate differential	2.30%	2.80%	(1.50%)
Nondeductible expenses - UK R&D credit	(8.30%)	(7.70%)	(10.60%)
162(m) permanent adjustment	(1.90%)
Other	(0.40%)	(0.30%)	(0.80%)
Valuation allowance	(12.70%)	(15.80%)	(8.10%)

Accrued Expenses

12 Months Ended

Apr. 30, 2024

Payables and Accruals [Abstract]

Accrued Expenses

Note 6. Accrued Expenses

At April 30, 2024 and 2023, accrued expenses consisted of (in thousands):


	2024		2023
Accrued research expense	$	3,416	$	3,817
Accrued compensation		6,687		4,207
Accrued professional fees		2,042		906
Other accrued expenses		253		198
Total accrued expenses	$	12,398	$	9,128

Commitments and Contingencies - Additional Information (Detail) - USD ($)	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Other Commitments [Line Items]
Contractual Obligations Remaining Clinical Commitment Including Cancellation Provisions	$ 23,800,000
Amounts associated with indemnifications	0
Maximum [Member]
Other Commitments [Line Items]
Royalty payable upon completion of first commercial sale of DME	$ 1,000,000
Royalty payment obligations expiration period	90 days
Indemnification Guarantee [Member]
Other Commitments [Line Items]
Contingent liabilities	$ 0	$ 0

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Cash flows from operating activities:
Net loss	$ (126,644)	$ (92,907)	$ (82,339)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	816	718	564
Stock-based compensation expense	21,915	9,922	11,086
Realized (gain) loss from sale of marketable securities	(1,325)	139	581
Non-cash operating lease expense	(12)	84	179
Amortization of premium on available for sale securities	92	988	2,565
Foreign currency exchange loss (gain)	760	(1,618)	1,552
Changes in operating assets and liabilities:
Research and development tax credit receivable	8,176	(2,316)	(5,201)
Prepaid expenses and other assets	(538)	6,690	(9,280)
Accounts payable	4,320	1,107	1,687
Accrued expenses	3,209	1,932	472
Net cash used in operating activities	(89,231)	(75,261)	(78,134)
Cash flows from investing activities:
Purchases of available for sale securities	(189,231)	(98,246)	(136,920)
Sales and maturities of available for sale securities	104,955	140,857	195,711
Acquisition of property and equipment	(42)	(1,196)	(931)
Capitalized website development costs	(401)
Net cash (used in) provided by investing activities	(84,719)	41,415	57,860
Cash flows from financing activities:
Issuance of common stock, net of offering expenses	96,945	56,582
Issuance of pre-funded warrants	53,123	1,085
Issuance of common stock from equity incentive plans	646	449	1,581
Net cash provided by financing activities	150,714	58,116	1,581
Effect of exchange rate changes on cash and cash equivalents	(1,213)	1,236	(1,167)
Net (decrease) increase in cash and cash equivalents	(24,449)	25,506	(19,860)
Cash and cash equivalents, beginning year	56,238	30,732	50,592
Cash and cash equivalents, end of year	31,789	56,238	30,732
Supplemental disclosures of cash flow information:
Right of use assets obtained in exchange for operating lease liabilities	162	1,192	3,185
Website development costs included in accounts payable	$ 31
Property and equipment included in accounts payable and accrued expenses:		$ 47	$ 149

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 21,915	$ 9,922	$ 11,086
Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	9,305	5,384	5,189
General and Administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 12,610	$ 4,538	$ 5,897

Accrued Expenses (Tables)

12 Months Ended

Apr. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

At April 30, 2024 and 2023, accrued expenses consisted of (in thousands):


	2024		2023
Accrued research expense	$	3,416	$	3,817
Accrued compensation		6,687		4,207
Accrued professional fees		2,042		906
Other accrued expenses		253		198
Total accrued expenses	$	12,398	$	9,128

Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Thousands		1 Months Ended							4 Months Ended	11 Months Ended	12 Months Ended
	Jun. 30, 2023 shares	Jun. 30, 2024 shares	Feb. 29, 2024 USD ($)	Jan. 31, 2024 Executives $ / shares shares	Jun. 30, 2023 Executives $ / shares shares	Jan. 31, 2023 Executives $ / shares shares	Mar. 31, 2022 Executives $ / shares shares	Jul. 31, 2021 shares	Apr. 30, 2024 USD ($) shares	Apr. 30, 2024 USD ($) shares	Apr. 30, 2024 USD ($) Plan $ / shares shares	Apr. 30, 2023 USD ($) $ / shares	Apr. 30, 2022 USD ($) $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of equity-based compensation plans \| Plan											4
Number of legacy plans \| Plan											2
Common stock reserved for issuance upon exercise or settlement of stock options or other awards									6,977,124	6,977,124	6,977,124
Weighted-average grant date fair value of stock options granted \| $ / shares											$ 7.57	$ 7.14	$ 16.98
Total intrinsic value of stock options exercised \| $											$ 100	$ 300	$ 800
Total cash received as a result of employee stock option exercises \| $											200	200	1,400
Unrecognized compensation expense related to unvested awards \| $									$ 8,800	$ 8,800	$ 8,800
Unrecognized compensation expense related to unvested awards expected to be recognized over a weighted-average period											2 years 3 months 18 days
Stock-based compensation expense \| $											$ 21,915	$ 9,922	$ 11,086
2017 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock awards, available for grant									1,214,875	1,214,875	1,214,875
2021 Equity Inducement Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock awards, available for grant									152,500	152,500	152,500
Shares reserved for grants								350,000
Amendment and Restated 2021 Equity Inducement Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Option to purchase additional shares of common stock	500,000
Amendment and Restated 2021 Equity Inducement Plan [Member] \| Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Option to purchase additional shares of common stock		600,000
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Grants vest percentage											25.00%
Recurring grants vesting period											4 years
Scheme termination period											10 years
Employee Stock Option \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options granted, vesting period											1 year
Employee Stock Option \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options granted, vesting period											3 years
2017 Employee Stock Purchase Plan (ESPP) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock awards, available for grant									1,251,580	1,251,580	1,251,580
Percentage of discount for option to purchase common stock											15.00%
Performance Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares, Granted											694,334
Shares, Grant date fair value \| $ / shares											$ 11.52
Performance Stock Units [Member] \| 2017 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares, Granted				306,667	306,667	360,000	360,000
Number of executives eligible for share grant \| Executives				7	7	5	5
Number of non-executives eligible for share grant \| Executives				6
Shares, Grant date fair value \| $ / shares				$ 12.71	$ 9.99	$ 6.82	$ 15.39
Percentage of share eligible to vest						100.00%	100.00%
Stock-based compensation expense \| $			$ 5,500						$ 2,200	$ 3,000
Performance Stock Units [Member] \| 2017 Equity Incentive Plan [Member] \| Non-Executives [Member}
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares, Granted				81,000
Shares, Grant date fair value \| $ / shares				$ 12.85
Percentage of share eligible to vest				25.00%
Remaining percentage of shares eligible to vest upon successful completion of NDA approval metric				75.00%
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares, Granted											250,000
Shares, Grant date fair value \| $ / shares											$ 14.38
Restricted Stock Units \| 2017 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense related to unvested awards expected to be recognized over a weighted-average period											2 years 11 months 15 days
Unrecognized compensation costs \| $									$ 6,200	$ 6,200	$ 6,200
Restricted Stock Units \| 2017 Equity Incentive Plan [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options granted, vesting period											3 years
Restricted Stock Units \| 2017 Equity Incentive Plan [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options granted, vesting period											4 years

Summary of Significant Accounting Policies - Estimated Useful Life of Property and Equipment (Detail)	12 Months Ended
	Apr. 30, 2024
Machinery and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	1 year
Machinery and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	5 years
Furniture and Fixtures [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	1 year
Furniture and Fixtures [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	5 years
Computer Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	3 years
Computer Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	4 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	15 Years or term of lease, if shorter

Leases (Tables)

12 Months Ended

Apr. 30, 2024

Leases [Abstract]

Summary of Lease Costs

The following table summarizes lease costs included in research and development and general and administrative expense for the years ended April 30, 2024 and 2023 (in thousands):


	2024		2023
Operating lease costs	$	1,813	$	1,806
Short-term lease costs		114		13
Variable lease costs		238		174
Total lease costs	$	2,165	$	1,993

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

The following table summarizes the undiscounted payments due under lease liabilities and the present value of those liabilities as of April 30, 2024 (in thousands):


Years ending April 30,	Operating Leases
2025	$	1,867
2026		1,896
2027		1,849
2028		1,870
2029		848
Thereafter		664
Total lease payments		8,994
Less: imputed interest		1,677
Total lease liabilities		7,317
Current lease liabilities		1,302
Long-term lease liabilities	$	6,015

Summary of Lease Term and Discount Rate

The following table summarizes the lease term and discount rate as of April 30, 2024 and 2023:


	2024			2023
Weighted-average remaining lease term (years)		5.0			6.0
Weighted-average discount rate		9.0	%		9.0	%

Summary of Cash Paid for Amounts Included in Measurement of Lease Liabilities

The following table summarizes the cash paid for amounts included in the measurement of lease liabilities for the years ended April 30, 2024 and 2023 (in thousands):


	2024		2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,683	$	1,615

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid preclinical and clinical activities	$ 1,585	$ 1,724
Other prepaid expenses	2,833	2,583
Interest and other receivables	1,409	654
VAT receivable	1,023	1,422
Total prepaid expenses and other current assets	$ 6,850	$ 6,383

Income Taxes

12 Months Ended

Apr. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 11. Income Taxes

The components of the Company’s loss before income taxes for the years ended April 30 consisted of the following (in thousands):


	2024			2023			2021
Domestic	$	(52,661	)	$	(27,437	)	$	(21,145	)
Foreign		(73,983	)		(65,470	)		(61,194	)
	$	(126,644	)	$	(92,907	)	$	(82,339	)

For the years ended April 30, 2024, 2023 and 2022, the Company did not record any U.S. Federal income tax benefit or expense.

A reconciliation between the effective tax rates and statutory rates for the years ended April 30 is as follows:


	2024			2023			2021
Income tax benefit at U.S. federal statutory rate		21.0	%		21.0	%		21.0	%
Foreign rate differential		2.3	%		2.8	%		(1.5	)%
Nondeductible expenses - UK R&D credit		(8.3	)%		(7.7	)%		(10.6	)%
162(m) permanent adjustment		(1.9	)%		—			—
Other		(0.4	)%		(0.3	)%		(0.8	)%
Valuation allowance		(12.7	)%		(15.8	)%		(8.1	)%
		—			—			—

The tax effect of significant temporary differences representing deferred tax assets and liabilities as of April 30 is as follows (in thousands):


	2024			2023
Deferred tax assets:
Net operating loss (“NOL”) carryforwards	$	50,179		$	35,790
Operating lease liabilities		1,406			1,777
174 capitalization		2,168			3,922
Stock compensation		3,708			3,915
Other		2,506			1,634
Subtotal		59,967			47,038
Less: valuation allowance		(58,537	)		(45,276	)
Deferred tax assets, net of valuation allowance		1,430			1,762
Deferred tax liabilities:
Operating lease - Right-of-use assets		(1,325	)		(1,693	)
Other		(105	)		(69	)
Net deferred tax asset	$	—		$	—

Management of the Company has determined it is not more likely than not that the Company will recognize the benefits of net deferred tax assets, the majority of which are NOLs, and has provided a valuation allowance for the full amount of deferred tax assets as of April 30, 2024 and 2023, respectively. During the years ended April 30, 2024 and 2023 the valuation allowance changed by $13.3 million. Realization of deferred tax assets is dependent upon the generation of future taxable income.

The ability to utilize the Company’s domestic net operating losses is limited due to changes in ownership as defined by Section 382 of the Internal Revenue Code (the “Code”). Under the provisions of Sections 382 and 383 of the Code, a change of control, as defined in the Code, imposes an annual limitation on the amount of the Company’s net operating loss and tax credit carryforwards, and other tax attributes that can be used to reduce future tax liabilities. The Company determined that ownership changes occurred as a result of public offerings in December 2005, a transaction in November 2016 and a public offering in September 2018. The offering in September of 2018 resulted in an ownership change as of February 2019. The Company reevaluated the 382 position of the company as of April 30, 2024 and concluded that no issuances since February of 2019 have resulted in an ownership change, including the February 2024 Offering.

As of April 30, 2024, the Company has NOL carryforwards for U.S. federal income taxes of $6.1 million that expire in 2036 and $49.7 million that can be carried forward indefinitely. The $6.1 million of NOL expiring in 2036 is subject to an annual 382 limitation of $0.3 million. The $49.7 million of NOL that carries forward indefinitely is not currently subject to an annual 382 limitation. The Company also has NOL carryforwards for state income taxes of $31.9 million that begin to expire in 2036 and NOL carryforwards for U.K. income taxes of $145.6 million that do not expire. The company also has a small amount of NOLs in the jurisdictions of Ireland, Switzerland, and Japan that total less than $2.0 million and do not expire.

The Company has $83.0 million of NOLs subject to 382 limitation. As a result of these ownership changes, it is estimated that the effect of Section 382 will generally limit the amount of the net operating loss carryforwards that are available to offset future taxable income to approximately $0.3 million, annually. Due to this annual limitation, the company expects $76.7 million of federal NOL to go unutilized.

The company has $1.5 million of R&D credit carryforward subject to 383 limitation. As a result of these ownership changes, it is estimated that the effect of Section 383 will limit the company to $0.1 million of credits to utilize, with $1.4 million of credit to expire unutilized.

The Company recognizes the financial statement effects of a tax position when it becomes more likely than not, based upon the technical merits, that the position will be sustained upon examination. The Company files U.S. Federal tax returns, as well as certain state returns. The Company also files tax returns in the U.K and Ireland. The Company is subject to U.S. Federal, state, and U.K. income tax examinations by authorities for tax years ending after 2019. There are currently no federal, state, or U.K. audits in process. Tax year 2020 and subsequent years contain matters that could be subject to differing interpretations of the applicable tax laws and regulations as it relates to the amount and or timing of income, deductions, and tax credits. Although the outcome of tax audits is always uncertain, management has analyzed the Company’s tax positions taken for all open tax years and has concluded that no provision for unrecognized tax benefits from uncertain tax positions is required in the Company’s consolidated financial statements for the years ended April 30, 2024 and 2023, respectively.

As part of the Tax Cuts and Jobs Act of 2017 (TCJA), beginning with the Company's 2022 tax year, the Company is required to capitalize research and development expenses, as defined under Internal Revenue Code section 174. For expenses that are incurred for research and development in the U.S., the amounts will be amortized over 5 years, and expenses that are incurred for research and experimentation outside the U.S. will be amortized over 15 years. This provision has not had a significant impact to the consolidated financial statements.

- Definition

The entire disclosure for income tax.

+ References

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-Topic 740
-SubTopic 10
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-Section 50
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+ Details

Leases - Additional Information (Detail) $ in Millions	12 Months Ended
Leases - Additional Information (Detail) $ in Millions	Apr. 30, 2024 USD ($) ft²	Apr. 30, 2023 USD ($)	Apr. 30, 2022 USD ($)
Lessee Lease Description [Line Items]
Lease agreement square feet	500
General and Administrative Expenses and Research and Development Expenses [Member]
Lessee Lease Description [Line Items]
Rent expense \| $	$ 2.0	$ 1.8	$ 1.7
Massachusetts [Member]
Lessee Lease Description [Line Items]
Lease agreement square feet	8,300
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

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Accounting Policies [Abstract]
Uncertain tax positions	$ 0	$ 0	$ 0
Interest or penalties charges recognized	$ 0	$ 0	$ 0

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Operating expenses:
Research and development	$ 86,167,000	$ 80,276,000	$ 70,167,000
General and administrative	54,278,000	30,595,000	26,446,000
Total operating expenses	140,445,000	110,871,000	96,613,000
Operating loss	(140,445,000)	(110,871,000)	(96,613,000)
Other income:
Interest income	3,896,000	2,232,000	1,090,000
Foreign currency exchange gain (loss)	138,000	90,000	(1,537,000)
Other income (expenses), net	9,767,000	15,642,000	14,721,000
Total other income	13,801,000	17,964,000	14,274,000
Loss before income taxes	(126,644,000)	(92,907,000)	(82,339,000)
Income tax (benefit) expense	0	0	0
Net loss	(126,644,000)	(92,907,000)	(82,339,000)
Other comprehensive (loss) income:
Foreign currency translation loss	(394,000)	(604,000)	(1,499,000)
Unrealized holding gain (loss) on marketable securities	1,291,000	1,266,000	(1,511,000)
Reclassification adjustment for realized (gain) loss on available for sale securities included in net loss	(1,325,000)	139,000	581,000
Total other comprehensive (loss) income:	(428,000)	801,000	(2,429,000)
Comprehensive loss	$ (127,072,000)	$ (92,106,000)	$ (84,768,000)
Net loss per share, basic	$ (3.44)	$ (3.33)	$ (3.36)
Net loss per share, diluted	$ (3.44)	$ (3.33)	$ (3.36)
Weighted average common shares outstanding, basic	36,786,575	27,890,846	24,473,092
Weighted average common shares outstanding, diluted	36,786,575	27,890,846	24,473,092

Description of Business and Basis of Presentation

12 Months Ended

Apr. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Basis of Presentation

Note 1. Description of Business and Basis of Presentation

KalVista Pharmaceuticals, Inc. (together with its subsidiaries, the “Company”) is a clinical stage pharmaceutical company focused on the discovery, development and commercialization of drug therapies for diseases with significant unmet need. The Company’s first product candidate is sebetralstat, an inhibitor of plasma kallikrein being developed for hereditary angioedema (“HAE”).

In February 2024 the Company disclosed positive phase 3 data from the KONFIDENT trial, testing the safety and efficacy of sebetralstat as a potential oral, on-demand therapy for HAE attacks. The Company submitted a new drug application to the U.S. Food and Drug Administration (“FDA”) for sebetralstat in June 2024 and expects to file for approval in the UK, Europe and Japan later in 2024.

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

The Company has devoted substantially all of its efforts to research and development, including clinical trials of its product candidate sebetralstat. The Company has not completed the development of any product candidates. 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 has not yet commenced commercial operations. 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.

The Company has funded its operations primarily through the issuance of stock. As of April 30, 2024, the Company had an accumulated deficit of $469.7 million and cash, cash equivalents and marketable securities totaling $210.4 million. The Company’s working capital, primarily cash, cash equivalents and marketable securities, is anticipated to fund the Company’s operations for at least 12 months beyond the date of issuance of the consolidated financial statements.

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 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.

Leases

12 Months Ended

Apr. 30, 2024

Leases [Abstract]

Leases

Note 10. 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 runs through April 2028.

The Company has a lease agreement in Salt Lake City, Utah for approximately 6,200 square feet of office space that commenced in November 2021 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 has a lease agreement for office space in Zug, Switzerland that commenced in August 2023 with an option to renew annually.

The Company has a lease agreement for office space in Tokyo, Japan that commenced in April 2024 and runs through April 2026.

The Company is also party to several operating leases for office and laboratory space as well as certain lab equipment. Total rent expense was $2.0 million, $1.8 million and $1.7 million for the years ended April 30, 2024, 2023 and 2022, respectively and is reflected in general and administrative expenses and research and development expenses as determined by the underlying activities.

Incremental borrowing rate – The Company’s lease agreements do not provide an implicit rate. The Company estimated the incremental borrowing rate based on the rate of interest the Company would have to pay to borrow a similar amount on a collateralized basis over a similar term and economic environment.

Lease and non-lease components – The Company has elected the practical expedient which allows non-lease components to be combined with lease components for all existing asset classes and will therefore include any fixed additional rent amounts in its lease payments. Any variable lease payments are excluded from the lease liability and are recognized in the period incurred.

The following table summarizes lease costs included in research and development and general and administrative expense for the years ended April 30, 2024 and 2023 (in thousands):


	2024		2023
Operating lease costs	$	1,813	$	1,806
Short-term lease costs		114		13
Variable lease costs		238		174
Total lease costs	$	2,165	$	1,993

The following table summarizes the undiscounted payments due under lease liabilities and the present value of those liabilities as of April 30, 2024 (in thousands):


Years ending April 30,	Operating Leases
2025	$	1,867
2026		1,896
2027		1,849
2028		1,870
2029		848
Thereafter		664
Total lease payments		8,994
Less: imputed interest		1,677
Total lease liabilities		7,317
Current lease liabilities		1,302
Long-term lease liabilities	$	6,015

The following table summarizes the lease term and discount rate as of April 30, 2024 and 2023:


	2024			2023
Weighted-average remaining lease term (years)		5.0			6.0
Weighted-average discount rate		9.0	%		9.0	%

The following table summarizes the cash paid for amounts included in the measurement of lease liabilities for the years ended April 30, 2024 and 2023 (in thousands):


	2024		2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,683	$	1,615

Marketable Securities - Summary of Scheduled Maturity for Marketable Securities (Detail) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Maturing in one year or less	$ 80,087
Maturing after one year through two years	84,414
Maturing after two years through four years	14,111
Total investments	$ 178,612	$ 93,137

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

Prepaid Expenses and Other Current Assets

12 Months Ended

Apr. 30, 2024

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

Prepaid Expenses and Other Current Assets

Note 4. Prepaid Expenses and Other Current Assets

At April 30, 2024 and 2023, prepaid expenses and other current assets consisted of (in thousands):


	2024		2023
Prepaid preclinical and clinical activities	$	1,585	$	1,724
Other prepaid expenses		2,833		2,583
Interest and other receivables		1,409		654
VAT receivable		1,023		1,422
Total prepaid expenses and other current assets	$	6,850	$	6,383

Other Income (Expenses), Net - Additional Information (Detail) - USD ($) $ in Thousands				12 Months Ended
	Apr. 02, 2023	Apr. 01, 2023	Mar. 31, 2023	Apr. 30, 2024	Apr. 30, 2023
Research and development tax credit receivable				$ 8,439	$ 16,568
Percentage of reduction in payable tax credit for eligible research and development expenditures for small medium enterrpises		18.60%	33.40%
Percentage of decrease in cash rebate that subcontracted research expenditures	12.10%	21.70%
R&D Credit Carryforward [Member]
Revenue recognized				$ 8,500	$ 15,800

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details

Other Income (Expenses), Net (Tables)

12 Months Ended

Apr. 30, 2024

Other Nonoperating Income (Expense) [Abstract]

Summary of Other Income and Expenses

At April 30, 2024 and 2023, other income and expenses consisted of (in thousands):


	2024			2023			2022
R&D tax credit	$	8,452		$	15,785		$	15,303
Realized gain (loss) on sale of securities		1,325			(139	)		(581	)
Miscellaneous		(10	)		(4	)		(1	)
Other income (expenses), net	$	9,767		$	15,642		$	14,721

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Apr. 30, 2024

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

Schedule of Prepaid Expenses and Other Current Assets

At April 30, 2024 and 2023, prepaid expenses and other current assets consisted of (in thousands):


	2024		2023
Prepaid preclinical and clinical activities	$	1,585	$	1,724
Other prepaid expenses		2,833		2,583
Interest and other receivables		1,409		654
VAT receivable		1,023		1,422
Total prepaid expenses and other current assets	$	6,850	$	6,383

Consolidated Balance Sheets (Parenthetical) - $ / shares	Apr. 30, 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	42,521,975	34,171,138
Common stock, shares outstanding	42,521,975	34,171,138

Other Income (Expenses), Net - Summary of Other Income and Expenses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Other Nonoperating Income (Expense) [Abstract]
R&D tax credit	$ 8,452	$ 15,785	$ 15,303
Realized gain (loss) on sale of securities	1,325	(139)	(581)
Miscellaneous	(10)	(4)	(1)
Other income (expenses), net	$ 9,767	$ 15,642	$ 14,721

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Apr. 30, 2024

Accounting Policies [Abstract]

Estimated Useful Life of Property and Equipment

Depreciation is provided using the straight-line method over the estimated useful lives of the assets, which are as follows:


Asset Classification		Estimated Useful Life
Machinery and equipment		1-5 Years
Furniture and fixtures		1-5 Years
Computer equipment		3-4 Years
Leasehold improvements		15 Years or term of lease, if shorter

Schedule of Potential Dilutive Common Share Equivalents

Potential dilutive common share equivalents consist of:


	April 30,
	2024		2023		2022
Stock options and awards		5,661,896		5,554,951		3,968,559

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 April 30, 2024 and 2023 (in thousands):


	Level 1		Level 2		Level 3		Balance at April 30, 2024
Cash equivalents	$	11,143	$	—	$	—	$	11,143
Marketable securities:
Corporate debt securities		—		130,423		—		130,423
U.S. government agency securities		—		48,189		—		48,189
	$	11,143	$	178,612	$	—	$	189,755


	Level 1		Level 2		Level 3		Balance at 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

Marketable Securities - Summary of Fair Value of Company's Investments By Type (Detail) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Marketable Securities [Line Items]
Amortized Cost	$ 178,327	$ 92,862
Unrealized Gains	683	443
Unrealized Losses	(398)	(168)
Fair Value	178,612	93,137
Corporate Debt Securities [Member]
Marketable Securities [Line Items]
Amortized Cost	130,099	77,768
Unrealized Gains	600	367
Unrealized Losses	(276)	(168)
Fair Value	130,423	77,967
Obligations of U.S. Government and Its Agencies [Member]
Marketable Securities [Line Items]
Amortized Cost	48,228	15,094
Unrealized Gains	83	76
Unrealized Losses	(122)
Fair Value	$ 48,189	$ 15,170

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

Subsequent Events

12 Months Ended

Apr. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 14. Subsequent Events

In June 2024, the Company amended and restated the 2021 Equity Inducement Plan to register 600,000 additional shares of its common stock to be used exclusively for grants of awards as a material inducement to such individuals’ entry into employment with the Company within the meaning of Rule 563(c)(4) of the Nasdaq Listing Rules.

Stock-Based Compensation - Summary of Option Activity (Detail) - USD ($)	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Share-based Payment Arrangement [Abstract]
Shares, Outstanding Beginning Balance	4,060,175
Shares, Options Exercised	(25,182)
Shares, Options Granted	641,000
Shares, Options Cancelled	(234,352)
Shares, Outstanding Ending Balance	4,441,641	4,060,175
Shares, Exercisable	3,366,232
Shares, Vested and expected to vest	4,441,641
Weighted Average Exercise Price, Outstanding Beginning Balance	$ 15.01
Weighted Average Exercise Price, Options Exercised	7.3
Weighted Average Exercise Price, Options Granted	10.37
Weighted Average Exercise Price, Options Cancelled	16.6
Weighted Average Exercise Price, Outstanding Ending Balance	14.3	$ 15.01
Weighted Average Exercise Price, Exercisable	14.89
Weighted Average Exercise Price, Vested and expected to vest	$ 14.3
Weighted Average Remaining Contractual Life, Outstanding	5 years 3 months	6 years 7 months 24 days
Weighted Average Remaining Contractual Life, Exercisable	4 years 2 months 15 days
Weighted Average Remaining Contractual Life, Vested and expected to vest	5 years 3 months
Aggregate Intrinsic Value, Outstanding Beginning Balance	$ 1,668
Aggregate Intrinsic Value, Outstanding Ending Balance	6,505	$ 1,668
Aggregate Intrinsic Value, Exercisable	5,110
Aggregate Intrinsic Value, Vested and expected to vest	$ 6,505

Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 816	$ 718	$ 564

Stock-Based Compensation - Summary of Activity In Connection With RSU and PSU (Detail)	12 Months Ended
	Apr. 30, 2024 $ / shares shares
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares Outstanding, Outstanding Beginning Balance \| shares	742,242
Number of Shares Outstanding, Awarded \| shares	250,000
Number of Shares Outstanding, Released \| shares	(341,549)
Number of Shares Outstanding, Forfeited \| shares	(24,421)
Number of Shares Outstanding, Outstanding Ending Balance. \| shares	626,272
Weighted Average Grant Date Fair Value Per Share, Outstanding Beginning Balance \| $ / shares	$ 7.96
Weighted Average Grant Date Fair Value Per Share, Awarded \| $ / shares	14.38
Weighted Average Grant Date Fair Value Per Share, Released \| $ / shares	7.94
Weighted Average Grant Date Fair Value Per Share, Forfeited \| $ / shares	8.16
Weighted Average Grant Date Fair Value Per Share, Outstanding Ending Balance \| $ / shares	$ 10.52
Performance Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares Outstanding, Outstanding Beginning Balance \| shares	720,000
Number of Shares Outstanding, Awarded \| shares	694,334
Number of Shares Outstanding, Released \| shares	(716,664)
Number of Shares Outstanding, Forfeited \| shares	(155,834)
Number of Shares Outstanding, Outstanding Ending Balance. \| shares	541,836
Weighted Average Grant Date Fair Value Per Share, Outstanding Beginning Balance \| $ / shares	$ 11.11
Weighted Average Grant Date Fair Value Per Share, Awarded \| $ / shares	11.52
Weighted Average Grant Date Fair Value Per Share, Released \| $ / shares	13.18
Weighted Average Grant Date Fair Value Per Share, Forfeited \| $ / shares	7.72
Weighted Average Grant Date Fair Value Per Share, Outstanding Ending Balance \| $ / shares	$ 9.87

Stockholder's Equity

12 Months Ended

Apr. 30, 2024

Stockholders' Equity Note [Abstract]

Stockholder's Equity

Note 7. Stockholder’s Equity

Direct Offerings

On December 23, 2022, the Company entered into subscription agreements with institutional investors to sell, in a registered direct offering, an aggregate of 9,484,199 shares of common stock at a price of $6.00 per share and pre-funded warrants to purchase up to 182,470 shares of common stock at a price of $5.999 per pre-funded warrant (the “December 2022 Offering”). The purchase price per share of each pre-funded warrant represents the per share offering price for the common stock, less the $0.001 per share exercise price of each pre-funded warrant. The net proceeds from the registered direct offering, after deducting $0.3 million in expenses, were approximately $57.7 million. The pre-funded warrants do not expire and are exercisable at any time after the issuance date. The Company evaluated the pre-funded warrants for liability or equity classification in accordance with the provisions of ASC Topic 480, Distinguishing Liabilities from Equity, and determined that equity treatment was appropriate because the pre-funded warrants did not meet the definition of liability instruments and met the criteria for permanent equity. In April 2024 all pre-funded warrants from the December 2022 Offering were exercised in a cashless exercise, resulting in an issuance of 182,453 shares of common stock.

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 our 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 “February 2024 Offering”). The purchase price per share of each pre-funded warrant represents the per share offering price for the common stock, less the $0.001 per share exercise price of each pre-funded warrant. The net proceeds from the Offering, after deducting $0.5 million in expenses, were approximately $150.1 million. The pre-funded warrants do not expire and are exercisable at any time after the issuance date. The Company evaluated the pre-funded warrants for liability or equity classification in accordance with the provisions of ASC Topic 480, Distinguishing Liabilities from Equity, and determined that equity treatment was appropriate because the pre-funded warrants did not meet the definition of liability instruments and met the criteria for permanent equity. As of April 30, 2024, no pre-funded warrants from the February 2024 Offering have been exercised.

Termination of ATM Program

On May 21, 2021, the Company filed a shelf registration statement pursuant to which the Company may offer and sell securities having an aggregate public offering price of up to $300 million. In connection with the filing of the Registration Statement, the Company also entered into a sales agreement with a sales agent, pursuant to which the Company may issue and sell shares of its common stock under an at-the-market (the “ATM”) offering program.

On February 14, 2024, the Company terminated its ATM 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 ATM with Cantor Fitzgerald & Co.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Defined Contribution Plans

12 Months Ended

Apr. 30, 2024

Retirement Benefits [Abstract]

Defined Contribution Plans

Note 12. Defined Contribution Plans

Participation in a personal pension plan is available to all U.K. based employees of the Company upon commencement of their employment. Employer contributions are made in accordance with the terms and conditions of the employment contract. Employees of the U.S. parent company are eligible to participate in the Company's 401(k) Plan in which employee contributions on a pre-tax basis are supplemented by matching contributions by the Company. Total employer contributions to both plans for the years ended April 30, 2024, 2023 and 2022 were $1.1 million, $0.8 million and $0.6 million respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Stock issuance costs	$ 0.5	$ 0.3

Summary of Significant Accounting Policies - Schedule of Potential Dilutive Common Share Equivalents (Detail) - shares	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
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	5,661,896	5,554,951	3,968,559

Income Taxes - Schedule of Tax Effect of Significant Temporary Differences Representing Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Deferred tax assets:
Net operating loss ("NOL") carryforwards	$ 50,179	$ 35,790
Operating lease liabilities	1,406	1,777
174 capitalization	2,168	3,922
Stock compensation	3,708	3,915
Other	2,506	1,634
Subtotal	59,967	47,038
Less: valuation allowance	(58,537)	(45,276)
Deferred tax assets, net of valuation allowance	1,430	1,762
Deferred tax liabilities:
Operating lease - Right-of-use assets	(1,325)	(1,693)
Other	$ (105)	$ (69)

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Payables and Accruals [Abstract]
Accrued research expense	$ 3,416	$ 3,817
Accrued compensation	6,687	4,207
Accrued professional fees	2,042	906
Other accrued expenses	253	198
Total accrued expenses	$ 12,398	$ 9,128

Stock-Based Compensation - Schedule of Fair Value of Share-based Awards Measured with Weighted-Average Assumptions (Detail)	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Share-based Payment Arrangement [Abstract]
Risk-free interest rate	4.29%	3.11%	1.08%
Expected life of the options	6 years 3 months	6 years 3 months	6 years 3 months
Expected volatility of the underlying stock	81.38%	92.24%	85.40%
Expected dividend rate	0.00%	0.00%	0.00%

Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Current assets:
Cash and cash equivalents	$ 31,789	$ 56,238
Marketable securities	178,612	93,137
Research and development tax credit receivable	8,439	16,568
Prepaid expenses and other current assets	6,850	6,383
Total current assets	225,690	172,326
Property and equipment, net	2,227	2,948
Right of use assets	6,920	7,822
Other assets	567	106
Total assets	235,404	183,202
Current liabilities:
Accounts payable	9,107	4,817
Accrued expenses	12,398	9,128
Lease liability - current portion	1,302	1,087
Total current liabilities	22,807	15,032
Long-term liabilities:
Lease liability - net of current portion	6,015	7,145
Total long-term liabilities	6,015	7,145
Commitments and contingencies (Note 9)
Stockholders’ equity
Common stock, $0.001 par value, 100,000,000 authorized Shares issued and outstanding: 42,521,975 and 34,171,138 as of April 30, 2024 and 2023, respectively	42	34
Additional paid-in capital	679,754	507,133
Accumulated deficit	(469,726)	(343,082)
Accumulated other comprehensive loss	(3,488)	(3,060)
Total stockholders’ equity	206,582	161,025
Total liabilities and stockholders’ equity	$ 235,404	$ 183,202

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Apr. 30, 2024	Jun. 25, 2024	Oct. 31, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Apr. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Trading Symbol	KALV
Entity Registrant Name	KalVista Pharmaceuticals, Inc.
Entity Central Index Key	0001348911
Current Fiscal Year End Date	--04-30
Entity Well-known Seasoned Issuer	No
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 Voluntary Filers	No
Entity Shell Company	false
Document Annual 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 901 East
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		42,735,647
Entity Public Float			$ 273,160,000
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Documents Incorporated by Reference	Information required in responses to Part III of Form 10-K is hereby incorporated by reference to portions of the Registrant’s Proxy Statement for the Annual Meeting of Stockholders to be held in 2024. The Proxy Statement will be filed by the Registrant with the Securities and Exchange Commission no later than 120 days after the end of the Registrant’s fiscal year ended April 30, 2024.
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Boston, Massachusetts

Summary of Significant Accounting Policies

12 Months Ended

Apr. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

operations. Depreciation is provided using the straight-line method over the estimated useful lives of the assets, which are as follows:


Asset Classification		Estimated Useful Life
Machinery and equipment		1-5 Years
Furniture and fixtures		1-5 Years
Computer equipment		3-4 Years
Leasehold improvements		15 Years or term of lease, if shorter

Research and development: Research and development costs are expensed as incurred and include, but are not limited to:

•

Employee-related expenses including salaries, benefits, travel, and share-based compensation expense for research and development personnel;

•

Costs associated with preclinical and development activities;

•

Costs associated with regulatory operations.

Potential dilutive common share equivalents consist of:


	April 30,
	2024		2023		2022
Stock options and awards		5,661,896		5,554,951		3,968,559

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


	Level 1		Level 2		Level 3		Balance at April 30, 2024
Cash equivalents	$	11,143	$	—	$	—	$	11,143
Marketable securities:
Corporate debt securities		—		130,423		—		130,423
U.S. government agency securities		—		48,189		—		48,189
	$	11,143	$	178,612	$	—	$	189,755


	Level 1		Level 2		Level 3		Balance at 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

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (126,644)	$ (92,907)	$ (82,339)

- Definition

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

+ References

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+ Details

Subsequent Events - Additional Information (Detail)	1 Months Ended
Subsequent Events - Additional Information (Detail)	Jun. 30, 2024 shares
Subsequent Event [Member] \| Amended and Restated 2021 Equity Inducement Plan
Subsequent Event [Line Items]
Additional shares of common stock to be registered, exclusively for grants of awards as material inducement	600,000

Other Income (Expenses), Net

12 Months Ended

Apr. 30, 2024

Other Nonoperating Income (Expense) [Abstract]

Other Income (Expenses), Net

Note 13. Other Income (Expenses), Net

At April 30, 2024 and 2023, other income and expenses consisted of (in thousands):


	2024			2023			2022
R&D tax credit	$	8,452		$	15,785		$	15,303
Realized gain (loss) on sale of securities		1,325			(139	)		(581	)
Miscellaneous		(10	)		(4	)		(1	)
Other income (expenses), net	$	9,767		$	15,642		$	14,721

As of April 30, 2024 and 2023 the Company had research and development tax credits receivable totaling $8.4 million and $16.6 million, respectively. This tax credit is related to a tax scheme for small and medium enterprises in the U.K. as well as an R&D expenditure credit system that allows the Company to file a claim for cash credit in proportion to the Company’s R&D expenditure for the year. This amount is included in other income, as it is a refundable credit that does not depend on the Company’s ongoing tax status or position. The Company recognized $8.5 million and $15.8 million related to these programs in the years ended April 30, 2024 and 2023, respectively.

The Company receives tax credits from the U.K. government based on claims made under the Small Medium Enterprise ("SME) research and development tax relief program. Qualifying expenditures largely relate to research and development activities performed by third parties on the Company's behalf, as well as employment costs for research staff and consumables incurred. The research and development tax credits are recognized when the qualifying expenditure has been incurred and there is reasonable assurance that the reimbursement will be received.

In November 2022, the U.K. government announced changes to the research and development tax credit program. These changes, which include a reduction in tax credit rates for SMEs, were effective on April 1, 2023 and reduced the payable tax credit of approximately 33.4% for eligible research and development expenditures to 18.6%. Additionally, the cash rebate that subcontracted research expenditures are eligible for decreased from approximately 21.7% to 12.1% after April 1, 2023.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Apr. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Stock-Based Compensation (Tables)

12 Months Ended

Apr. 30, 2024

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Fair Value of Share-based Awards Measured with Weighted-Average Assumptions

The fair value of the share-based awards was measured with the following weighted-average assumptions for the fiscal years ended April 30:


	2024	2023	2022
Risk-free interest rate	4.29%	3.11%	1.08%
Expected life of the options	6.25 years	6.25 years	6.25 years
Expected volatility of the underlying stock	81.38%	92.24%	85.4%
Expected dividend rate	0%	0%	0%

Schedule of Stock-Based Compensation Expense

Stock-based compensation was reflected in the Company’s consolidated statement of operations and comprehensive loss as follows (in thousands):


	Year ended April 30,
	2024		2023		2022
Research and development	$	9,305	$	5,384	$	5,189
General and administrative		12,610		4,538		5,897
Total stock-based compensation expense	$	21,915	$	9,922	$	11,086

Summary of Option Activity

A summary of option activity for the year ended April 30, 2024 is presented below:


	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
Outstanding at May 1, 2023		4,060,175		$	15.01		6.65	$	1,668
Options Exercised		(25,182	)		7.30
Options Granted		641,000			10.37
Options Cancelled		(234,352	)		16.60
Outstanding at April 30, 2024		4,441,641		$	14.30		5.25	$	6,505
Exercisable at April 30, 2024		3,366,232		$	14.89		4.21	$	5,110
Vested and expected to vest at April 30, 2024		4,441,641		$	14.30		5.25	$	6,505

Restricted Stock Units

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Activity In Connection With RSU

A summary of activity in connection with RSUs for the year ended April 30, 2024 is as follows:


	Number of Shares Outstanding	Weighted Average Grant Date Fair Value Per Share
RSU outstanding at April 30, 2023	742,242	7.96
RSUs awarded	250,000	14.38
RSUs released	(341,549)	7.94
RSUs forfeited	(24,421)	8.16
RSUs outstanding at April 30, 2024	626,272	10.52

Performance Stock Units [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Activity In Connection With PSU

A summary of activity in connection with PSUs for the year ended April 30, 2024 is as follows:


	Number of Shares Outstanding	Weighted Average Grant Date Fair Value Per Share
PSUs outstanding at April 30, 2023	720,000	11.11
PSUs awarded	694,334	11.52
PSUs released	(716,664)	13.18
PSUs forfeited	(155,834)	7.72
PSUs outstanding at April 30, 2024	541,836	9.87

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Summary of Lease Term and Discount Rate (Detail)	Apr. 30, 2024	Apr. 30, 2023
Lease, Cost [Abstract]
Weighted-average remaining lease term (years)	5 years	6 years
Weighted-average discount rate	9.00%	9.00%

Commitments and Contingencies

12 Months Ended

Apr. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 9. 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 a contractual obligation 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, totaled $23.8 million as of April 30, 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 April 30, 2024 and 2023.

As a result of the terms of grant income received in prior years, upon successful regulatory approval and following the first commercial sale of certain products for DME, the Company will be required to pay royalty fees of up to $1 million within 90 days of the first commercial sale of the product subject to certain caps and follow on payments depending upon commercial success and type of product. Given the stage of development of the current pipeline of products it is not possible to predict with certainty the amount, if any or timing of any such liability.

Property and Equipment

12 Months Ended

Apr. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 5. Property and Equipment

At April 30, 2024 and 2023, property and equipment consisted of (in thousands):


	2024			2023
Laboratory equipment	$	2,409		$	2,404
Office equipment		269			249
Furniture & fixtures		402			398
Leasehold improvements		2,859			2,855
Total property and equipment at cost		5,939			5,906
Less: Accumulated depreciation		(3,712	)		(2,958	)
Property and equipment, net	$	2,227		$	2,948

For the years ended April 30, 2024 and 2023, depreciation expense was $0.8 million and $0.7 million, respectively.

Description of Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 469,726	$ 343,082
Cash, cash equivalents and marketable securities	$ 210,400

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Leases - Summary of Maturity of Undiscounted Payments Due Under Lease Liabilities and Present Value of Liabilities (Detail) - USD ($) $ in Thousands	Apr. 30, 2024	Apr. 30, 2023
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2025	$ 1,867
2026	1,896
2027	1,849
2028	1,870
2029	848
Thereafter	664
Total lease payments	8,994
Less: imputed interest	1,677
Total lease liabilities	7,317
Current lease liabilities	1,302	$ 1,087
Long-term lease liabilities	$ 6,015	$ 7,145

Marketable Securities

12 Months Ended

Apr. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Note 3. 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 significant losses from its investments.

The Company classifies all of its investments 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.

Effective May 1, 2023, the Company adopted ASU No. 2016-13 (“ASU 2016-13”), ASC 326, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments, using the effective date method. As the Company had 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.

Management evaluated the unrealized losses in available-for-sale (“AFS”) debt securities as of April 30, 2024 and 2023 to determine the existence of credit losses considering factors including credit ratings and other relevant information, which may indicate that contractual cash flows are not expected to occur. The results of this evaluation indicated that the unrealized losses on AFS debt securities are primarily attributable to market interest rate increases and not a deterioration in credit quality of the issuers. Based on the analysis, management determined that credit losses did not exist for AFS debt securities in an unrealized loss position as of April 30, 2024 and 2023. It is not considered likely that the Company will be required to sell the investments before full recovery of the amortized cost basis of the AFS debt securities, which may be at maturity. As a result, the Company has not recognized any impairment losses in earnings for the years ended April 30, 2024 and 2023.

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. For the years ended April 30, 2024 and 2023, respectively, the Company recorded $1.3 million and ($0.1 million) in realized gains and losses, respectively on available-for-sale securities, which is included in other income (expense), net on the statements of operations and comprehensive loss.

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


	April 30, 2024
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Corporate debt securities	$	130,099	$	600	$	(276	)	$	130,423
Obligations of the U.S. Government and its agencies		48,228		83		(122	)		48,189
Total investments	$	178,327	$	683	$	(398	)	$	178,612


	April 30, 2023
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			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 investments	$	92,862	$	443	$	(168	)	$	93,137

The following table summarizes the scheduled maturity for the Company’s investments at April 30, 2024 (in thousands):


	April 30,
	2024
Maturing in one year or less	$	80,087
Maturing after one year through two years		84,414
Maturing after two years through four years		14,111
Total investments	$	178,612

Leases - Summary of Lease Costs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2024	Apr. 30, 2023
Lease, Cost [Abstract]
Operating lease costs	$ 1,813	$ 1,806
Short-term lease costs	114	13
Variable lease costs	238	174
Total lease costs	$ 2,165	$ 1,993

Stock-Based Compensation

12 Months Ended

Apr. 30, 2024

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 8. Stock-Based Compensation

The Company has four plans that provide for equity-based compensation. Two are legacy plans for which no further grants are to be made. As of April 30, 2024, 1,214,875 stock awards remain available for grant under the 2017 Equity Incentive Plan (“2017 Plan”). There are 6,977,124 shares of the Company’s common stock that are reserved for issuance upon exercise or settlement of stock options or other awards under these four plans. Initial awards generally vest 25% after one year and then ratably on a monthly basis over the next three years. Recurring grants typically vest on a monthly basis over four years. Stock option grants expire after ten years.

In July 2021, the Company approved the 2021 Equity Inducement Plan to reserve 350,000 shares of its common stock to be used exclusively for grants of awards as a material inducement to such individuals' entry into employment with the Company within the meaning of Rule 5635(c)(4) of the Nasdaq Listing Rules. In June 2023, the Company amended and restated the 2021 Equity Inducement Plan (the “Amendment and Restated 2021 Equity Inducement Plan”) to register 500,000 additional shares of its common stock. As of April 30, 2024 there were 152,500 shares remaining available to be issued under the 2021 Inducement Plan.

In June 2024, the Company amended and restated the 2021 Equity Inducement Plan to register 600,000 additional shares of its common stock. See Note 14, Subsequent Events.

The Company also has in place the 2017 Employee Stock Purchase Plan (“ESPP”), under which employees have the option to purchase the Company’s common stock at a discount of 15% from the market price during predetermined offering periods each year. There are 1,251,580 shares available for future issuance under the ESPP as of April 30, 2024.

The Company recognizes stock-based compensation expense over the requisite service period based on the grant date fair value of the award. The Company has elected to use the Black-Scholes option pricing model to determine the fair value of awards granted. The determination of the fair value of stock-based awards utilizing the Black-Scholes model is affected by the share price and a number of assumptions, including expected volatility, expected life, risk-free interest rate and expected dividends. The Company determined the expected volatility by using available historical price information. The expected life of the awards is estimated based on the simplified method. The risk-free interest rate assumption is based on observed interest rates appropriate for the terms of the awards. The dividend yield assumption is based on history and expectation of paying no dividends. Forfeitures have not been material in the periods presented.

The fair value of the share-based awards was measured with the following weighted-average assumptions for the fiscal years ended April 30:


	2024	2023	2022
Risk-free interest rate	4.29%	3.11%	1.08%
Expected life of the options	6.25 years	6.25 years	6.25 years
Expected volatility of the underlying stock	81.38%	92.24%	85.4%
Expected dividend rate	0%	0%	0%

Stock-based compensation was reflected in the Company’s consolidated statement of operations and comprehensive loss as follows (in thousands):


	Year ended April 30,
	2024		2023		2022
Research and development	$	9,305	$	5,384	$	5,189
General and administrative		12,610		4,538		5,897
Total stock-based compensation expense	$	21,915	$	9,922	$	11,086

A summary of option activity for the year ended April 30, 2024 is presented below:


	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
Outstanding at May 1, 2023		4,060,175		$	15.01		6.65	$	1,668
Options Exercised		(25,182	)		7.30
Options Granted		641,000			10.37
Options Cancelled		(234,352	)		16.60
Outstanding at April 30, 2024		4,441,641		$	14.30		5.25	$	6,505
Exercisable at April 30, 2024		3,366,232		$	14.89		4.21	$	5,110
Vested and expected to vest at April 30, 2024		4,441,641		$	14.30		5.25	$	6,505

The weighted-average grant date fair value of stock options granted during the years ended April 30, 2024, 2023 and 2022 was $7.57, $7.14, and $16.98, respectively. The total intrinsic value (the amount by which the fair market value exceeded the exercise price) of stock options exercised during the years ended April 30, 2024, 2023 and 2022 was $0.1 million, $0.3 million and $0.8 million, respectively. The total cash received by the Company as a result of employee stock option exercises during the years ended April 30, 2024, 2023 and 2022 was $0.2 million, $0.2 million, and $1.4 million, respectively.

As of April 30, 2024, there was $8.8 million of unrecognized compensation expense related to unvested options, which is expected to be recognized over a weighted-average period of 2.3 years.

Restricted Stock Units

During the fiscal year ended April 30, 2024, the Company granted both executives and employees Restricted Stock Units (“RSUs”) from the 2017 Equity Incentive Plan. All RSUs granted are subject to a service condition, and vest over a three or four-year period with equal quarterly vesting.

A summary of activity in connection with RSUs for the year ended April 30, 2024 is as follows:


	Number of Shares Outstanding	Weighted Average Grant Date Fair Value Per Share
RSU outstanding at April 30, 2023	742,242	7.96
RSUs awarded	250,000	14.38
RSUs released	(341,549)	7.94
RSUs forfeited	(24,421)	8.16
RSUs outstanding at April 30, 2024	626,272	10.52

As of April 30, 2024, the unrecognized stock-based compensation cost related to the RSUs was $6.2 million, which is expected to be recognized over a weighted-average period of 2.96 years

Performance Stock Units

A summary of activity in connection with PSUs for the year ended April 30, 2024 is as follows:


	Number of Shares Outstanding	Weighted Average Grant Date Fair Value Per Share
PSUs outstanding at April 30, 2023	720,000	11.11
PSUs awarded	694,334	11.52
PSUs released	(716,664)	13.18
PSUs forfeited	(155,834)	7.72
PSUs outstanding at April 30, 2024	541,836	9.87

In March 2022, the Company granted 360,000 performance-based restricted stock units (“PSUs”) to five executives under the 2017 Equity Incentive Plan with a grant date fair value of $15.39. The performance-based metric for the awards was the success of the Company’s Phase 3 clinical trial of the sebetralstat program. Upon successful completion of the performance metric, 100% of the PSUs would vest in full. This performance metric was certified by the Compensation Committee of the Company's Board of Directors in February 2024, resulting in $5.5 million of expense recognized in full as of the certification date.

In January 2023, the Company granted 360,000 PSUs to five executives under the 2017 Equity Incentive Plan with a grant date fair value of $6.82. The performance-based metric for the awards is the FDA approval of a New Drug Application for sebetralstat. Upon successful completion of the performance metric, 100% of the PSUs will vest in full. As of April 30, 2024 the Company has not recognized any compensation expense related to these awards as the achievement of the Performance Metric is not yet deemed to be probable.

In June 2023, the Company granted 306,667 PSUs to seven executives under the 2017 Equity Incentive Plan with a grant date fair value of $9.99. The performance-based metric for the awards was the full enrollment for the KVD900-301 clinical trial. This performance metric was certified by the Compensation Committee of the Company's Board of Directors in July 2023, with twelve months of quarterly vesting beginning in August 2023. As of April 30, 2024, $3.0 million of expense from these awards has been recognized.

In January 2024, the Company granted 306,667 PSUs to seven executives under the 2017 Equity Incentive Plan with a grant date fair value of $12.71. The performance-based metric for the executive awards was the success of the Company’s Phase 3 clinical trial of the sebetralstat program. This performance metric was certified by the Compensation Committee of the Company's Board of Directors in February 2024, with twelve months of quarterly vesting beginning in February 2024. As of April 30, 2024, $2.2 million of expense from these awards has been recognized.

In January 2024, the Company granted 81,000 PSUs to six non-executives under the 2017 Equity Incentive Plan with a grant date fair value of $12.85. The performance-based metrics for the non-executive awards is the successful NDA filing for sebetralstat program and the FDA approval of the NDA. Upon successful completion of the NDA filing metric, 25% of the PSUs will vest, with the remaining 75% of the PSUs vesting upon successful completion of the NDA approval metric. As of April 30, 2024 the Company has not recognized any compensation expense related to these awards as the achievement of the Performance Metrics are not yet deemed to be probable.