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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Oct. 31, 2018	Dec. 10, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 31, 2018
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Trading Symbol	KALV
Entity Registrant Name	KALVISTA PHARMACEUTICALS, INC.
Entity Central Index Key	0001348911
Current Fiscal Year End Date	--04-30
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Common Stock, Shares Outstanding		17,225,667

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2018	Apr. 30, 2018
Current assets:
Cash and cash equivalents	$ 121,116	$ 51,055
Research and development tax credit receivable	7,032	6,834
Prepaid expenses and other current assets	1,922	1,491
Total current assets	130,070	59,380
Other assets	173	173
Property and equipment, net	2,316	1,836
Total assets	132,559	61,389
Current liabilities:
Accounts payable	3,018	1,433
Accrued expenses	2,994	3,087
Deferred revenue - current portion	14,769	18,475
Capital lease liability - current portion	157	221
Total current liabilities	20,938	23,216
Long-term liabilities:
Deferred revenue - net of current portion	4,670	10,862
Capital lease liability - net of current portion		58
Total long-term liabilities	4,670	10,920
Commitments and contingencies (Note 4)
Stockholders’ equity
Common stock, $0.001 par value, 100,000,000 authorized Shares issued and outstanding: 17,225,167 at October 31, 2018 and 10,799,895 at April 30, 2018	17	11
Additional paid-in capital	189,164	100,011
Accumulated deficit	(79,994)	(71,660)
Accumulated other comprehensive loss	(2,236)	(1,109)
Total stockholders’ equity	106,951	27,253
Total liabilities and stockholders’ equity	$ 132,559	$ 61,389

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2018	Oct. 31, 2017
Income Statement [Abstract]
Revenue	$ 5,592	$ 1,127	$ 9,311	$ 1,223
Operating expenses:
Research and development	7,876	4,361	16,232	7,837
General and administrative	2,609	2,703	4,979	4,776
Total operating expenses	10,485	7,064	21,211	12,613
Operating loss	(4,893)	(5,937)	(11,900)	(11,390)
Other income:
Interest income	204	1	293	3
Foreign currency exchange gain (loss)	(231)	83	(165)	51
Other income	1,616	867	3,438	1,422
Total other income	1,589	951	3,566	1,476
Net loss	(3,304)	(4,986)	(8,334)	(9,914)
Other comprehensive loss:
Foreign currency translation adjustments	193	(43)	(1,127)	72
Comprehensive loss	$ (3,111)	$ (5,029)	$ (9,461)	$ (9,842)
Net loss per share to common stockholders, basic and diluted	$ (0.22)	$ (0.50)	$ (0.64)	$ (1.01)
Weighted average common shares outstanding, basic and diluted	15,108,272	10,003,963	12,954,083	9,858,502

Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Apr. 30, 2017	$ 31,327	$ 10	$ 89,815	$ (55,855)	$ (2,643)
Balance, shares at Apr. 30, 2017		9,713,042
Stock-based compensation expense	221		221
Net loss	(4,928)			(4,928)
Foreign currency translation	115				115
Balance at Jul. 31, 2017	26,735	$ 10	90,036	(60,783)	(2,528)
Balance, shares at Jul. 31, 2017		9,713,042
Balance at Apr. 30, 2017	31,327	$ 10	89,815	(55,855)	(2,643)
Balance, shares at Apr. 30, 2017		9,713,042
Net loss	(9,914)
Foreign currency translation	72
Balance at Oct. 31, 2017	31,079	$ 11	99,408	(65,769)	(2,571)
Balance, shares at Oct. 31, 2017		10,783,631
Balance at Jul. 31, 2017	26,735	$ 10	90,036	(60,783)	(2,528)
Balance, shares at Jul. 31, 2017		9,713,042
Issuance of common stock from public offerings, net of issuance costs\Issuance of common stock	9,100	$ 1	9,099
Issuance of common stock from public offerings, net of issuance costs, shares\ Issuance of common stock, shares		1,070,589
Stock-based compensation expense	273		273
Net loss	(4,986)			(4,986)
Foreign currency translation	(43)				(43)
Balance at Oct. 31, 2017	31,079	$ 11	99,408	(65,769)	(2,571)
Balance, shares at Oct. 31, 2017		10,783,631
Balance at Apr. 30, 2018	27,253	$ 11	100,011	(71,660)	(1,109)
Balance, shares at Apr. 30, 2018		10,799,895
Cash received pursuant to common stock subscription agreement	5,000		5,000
Stock-based compensation expense	347		347
Net loss	(5,030)			(5,030)
Foreign currency translation	(1,320)				(1,320)
Balance at Jul. 31, 2018	26,250	$ 11	105,358	(76,690)	(2,429)
Balance, shares at Jul. 31, 2018		10,799,895
Balance at Apr. 30, 2018	27,253	$ 11	100,011	(71,660)	(1,109)
Balance, shares at Apr. 30, 2018		10,799,895
Net loss	(8,334)
Foreign currency translation	(1,127)
Balance at Oct. 31, 2018	106,951	$ 17	189,164	(79,994)	(2,236)
Balance, shares at Oct. 31, 2018		17,225,167
Balance at Jul. 31, 2018	26,250	$ 11	105,358	(76,690)	(2,429)
Balance, shares at Jul. 31, 2018		10,799,895
Issuance of common stock from public offerings, net of issuance costs\Issuance of common stock	82,811	$ 6	82,805
Issuance of common stock from public offerings, net of issuance costs, shares\ Issuance of common stock, shares		6,378,320
Issuance of common stock from exercise of stock options	25		25
Issuance of common stock from exercise of stock options, shares		4,452
Issuance of common stock from vesting of performance stock units, shares		42,500
Stock-based compensation expense	976		976
Net loss	(3,304)			(3,304)
Foreign currency translation	193				193
Balance at Oct. 31, 2018	$ 106,951	$ 17	$ 189,164	$ (79,994)	$ (2,236)
Balance, shares at Oct. 31, 2018		17,225,167

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2018	Oct. 31, 2017
Cash Flows from Operating Activities
Net loss	$ (8,334)	$ (9,914)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	153	79
Stock-based compensation expense	1,323	494
Foreign currency remeasurement loss	226	31
Changes in operating assets and liabilities:
Research and development tax credit receivable	(692)	(1,397)
Prepaid expenses and other current assets	(517)	(636)
Grants and other receivables		(590)
Accounts payable	2,088	(139)
Accrued expenses	66	365
Deferred revenue	(9,311)
Net cash used in operating activities	(14,998)	(11,707)
Cash Flows from Investing Activities
Acquisition of property and equipment	(786)	(161)
Net cash used in investing activities	(786)	(161)
Cash Flows from Financing Activities
Capital lease principal payments	(104)	(49)
Issuance of common stock from stock option exercises	25
Issuance of common stock, net of offering expenses	87,811	9,100
Net cash from financing activities	87,732	9,051
Effect of exchange rate changes on cash and cash equivalents	(1,887)	(5)
Net increase (decrease) in cash and cash equivalents	70,061	(2,822)
Cash and cash equivalents at beginning of period	51,055	30,950
Cash and cash equivalents at end of period	$ 121,116	28,128
Supplemental Disclosures of Non-cash Financing Activities
Capital leases		$ 513

The Company

6 Months Ended

Oct. 31, 2018

Organization Consolidation And Presentation Of Financial Statements [Abstract]

The Company

1.	The Company

KalVista Pharmaceuticals, Inc. (“KalVista” or the “Company”) is a clinical stage pharmaceutical company focused on the discovery, development and commercialization of small molecule protease inhibitors for diseases with significant unmet need. The Company’s first product candidates are inhibitors of plasma kallikrein being developed for two indications: hereditary angioedema (“HAE”) and diabetic macular edema (“DME”). The Company applies its insights into the chemistry of proteases and, with current programs, the biology of the plasma kallikrein system, to develop small molecule inhibitors with high selectivity, potency and bioavailability that it believes will make successful treatments for disease.

KalVista has created a structurally diverse portfolio of oral plasma kallikrein inhibitors and advanced multiple drug candidates into Phase 1 clinical trials for HAE in order to create what it believes will be best-in-class oral therapies. The Company has decided to advance one of these candidates, KVD900, into later stage clinical development as a potential on-demand therapy for HAE attacks, with a Phase 2 clinical trial expected to initiate in late 2018 and complete in late 2019. The Company anticipates that this trial will evaluate the safety and efficacy of KVD900 as an on-demand treatment for HAE attacks in approximately 50 type 1 and 2 HAE patients. In the case of DME, the Company is initially developing a plasma kallikrein inhibitor which is administered directly into the eye and anticipates ultimate development of orally delivered drugs. KalVista is currently enrolling a Phase 2 clinical trial of KVD001, the Company’s most advanced DME drug candidate, which it anticipates will be completed in the second half of 2019.

The Company’s headquarters is located in Cambridge, Massachusetts, with research activities located in Porton Down, United Kingdom and Boston, Massachusetts.

The Company has devoted substantially all of its efforts to research and development, including clinical trials of its product candidates. The Company has not completed the development of any product candidates or commenced commercial operations. Pharmaceutical drug product candidates, like those being developed by the Company, require approvals from the U.S. Food and Drug Administration (“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 business and financial results. The Company is subject to a number of risks and uncertainties similar to those of other life science companies developing new products, including, among others, the risks related to the necessity to obtain adequate additional financing, to successfully develop product candidates, to obtain regulatory approval of product candidates, to comply with government regulations, to successfully commercialize its potential products, to the protection of proprietary technology and to the dependence on key individuals.

The Company has funded operations primarily through the issuance and sale of capital stock, the option agreement that a subsidiary of the Company entered into with Merck Sharp & Dohme Corp. (the “Merck Option Agreement”) and grant income. As of October 31, 2018, the Company had an accumulated deficit of $80.0 million and $121.1 million of cash and cash equivalents. To date, the Company has not generated any product sales revenues and does not have any products that have been approved for commercialization. The Company does not expect to generate significant revenue unless and until it obtains regulatory approval for, and commercializes, one of its current or future product candidates. The Company anticipates that it will continue to incur losses for the foreseeable future, and it expects those losses to increase as it continues the development of, and seek regulatory approvals for, product candidates, and begins to commercialize any approved products. The Company is subject to all of the risks inherent in the development of new therapeutic products, and it may encounter unforeseen expenses, difficulties, complications, delays and other unknown factors that may adversely affect its business. The Company currently anticipates that, based upon its operating plans and existing capital resources, it has sufficient funding to operate for at least the next twelve months.

Until such time, if ever, as the Company can generate substantial revenues, it expects to finance its cash needs through a combination of equity or debt financings, collaborations, strategic partnerships or licensing arrangements. To the extent that additional capital is raised through the sale of stock or convertible debt securities, the ownership interest of existing stockholders will be diluted, and the terms of these newly issued securities may include liquidation or other preferences that adversely affect the rights of common stockholders. Debt financing, if available, may involve agreements that include increased fixed payment obligations and covenants limiting or restricting the Company’s ability to take specific actions, such as incurring additional debt, making capital expenditures, declaring dividends, selling or licensing intellectual property rights and other operating restrictions that could adversely impact its ability to conduct business. Additional fundraising through collaborations, strategic partnerships or licensing arrangements with third parties may require the Company to relinquish valuable rights to product candidates, including other technologies, future revenue streams or research programs, or grant licenses on terms that may not be favorable to it. If the Company is unable to raise additional funds when needed, it may be required to delay, limit, reduce or terminate product development or future commercialization efforts or grant rights to develop and commercialize our other product candidates even if it would otherwise prefer to develop and commercialize such product candidates internally.

Summary of Significant Accounting Policies

6 Months Ended

Oct. 31, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2.	Summary of Significant Accounting Policies

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

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Such financial statements reflect all adjustments that are, in management’s opinion, necessary to present fairly, in all material respects, the Company’s consolidated financial position, results of operations, and cash flows. There were no adjustments other than normal recurring adjustments. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements. These unaudited interim condensed consolidated financial results are not necessarily indicative of the results to be expected for the year ending April 30, 2019, or for any other future annual or interim period. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements as of and for the year ended April 30, 2018.

Segment Reporting: The Company’s 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.

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 dilutive potential common share equivalents outstanding during the period. Potential dilutive common share equivalents consist of the incremental common shares issuable upon the exercise of vested share options.

Potential dilutive common share equivalents consist of:

	October 31,
	2018		2017
Stock Options		1,745,942		261,432

In computing diluted earnings per share, common share equivalents are not considered in periods in which a net loss is reported, as the inclusion of the common share equivalents would be anti-dilutive. As a result, there is no difference between the Company’s basic and diluted loss per share for the periods presented.

Revenue Recognition: The Company recognizes revenue from research and development arrangements and grant income. 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. Examples of control are using the asset to produce goods or services, enhance the value of other assets, settle liabilities, and holding or selling the asset. 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 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. The Company will evaluate these types of payments for customer options once those options have been exercised. ASC 606 suggests two alternatives to use when estimating the amount of variable consideration: the expected value method and the most likely amount method. Under the expected value method, an entity considers the sum of probability-weighted amounts in a range of possible consideration amounts. Under the most likely amount method, an entity considers the single most likely amount in a range of possible consideration amounts. The Company will use the most likely amount method for development and regulatory milestone payments. Management believes the most likely amount method is the better predictor as the Company expects to be entitled to only one of two possible amounts. Additionally, management believes that the most likely amount of milestone consideration is its stated amount. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. The transaction price is then allocated to performance obligations on a specific basis or on a relative standalone selling price basis. The Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates whether it is probable that a significant revenue reversal will not occur in future periods, and if necessary, adjusts its estimates of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment.

Royalties: For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied).

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 we have received payment but we have not yet satisfied the related performance obligations. The advance consideration received from customers for R&D services and/or licenses is a contract liability, recorded as deferred revenue, until the underlying performance obligations are transferred to the customer.

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

Recently Issued Accounting Pronouncements Not Yet Adopted: In February 2016, the FASB issued new lease accounting guidance in ASU No. 2016-02, “Leases” (Topic 842). Under the new guidance, lessees will be required to recognize for all leases (with the exception of short term leases) at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right of use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The new lease guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted, however, the Company does not intend to early adopt. See Note 4 for additional information regarding the Company’s lease obligations.

Recently Adopted Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards update (“ASU”) 2014-09, “Revenue from Contracts with Customers,” requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated standard replaced most existing revenue recognition guidance in U.S. GAAP when it became effective and permits the use of either the retrospective or cumulative effect transition method. The Company adopted the updated standard May 1, 2018 using the modified retrospective method of adoption for all open contracts. The Company’s only significant revenue generating arrangement is the arrangement with Merck. The adoption of this guidance on the consolidated financial statements had no impact on the date of adoption and through October 31, 2018, other than the enhanced footnote disclosures.

Commitments and Contingencies

6 Months Ended

Oct. 31, 2018

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

4.	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 toxicology studies and clinical trials and are not refundable regardless of the outcome. The Company has contractual obligations related to the expected future costs to be incurred to complete the ongoing toxicology studies and clinical trials. The remaining commitments, which have cancellation provisions, total $5.7 million at October 31, 2018.

Lease Commitments: The Company is party to several operating leases for office and laboratory space as well as certain lab equipment. Rent expense was $334,000 and $286,000 for the six months ended October 31, 2018 and 2017. Rent expense is reflected in general and administrative expenses and research and development expenses as determined by the underlying activities.

Future minimum lease payments under these leases as of October 31, 2018 are as follows (in thousands):

Fiscal Year	Capital Leases			Operating Leases
2019	$	106		$	191
2020		53			321
2021					324
2022		—			327
2023 and thereafter		—			697
Total minimum lease payments		159		$	1,860
Less amounts representing interest		(2	)
Present value of minimum payments	$	157

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 and that such expenditures can be reasonably estimated. There are no contingent liabilities requiring accrual at October 31, 2018.

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, the Company will be required to pay royalty fees of up to $1.0 million within 90 days of the first commercial sale of the product subject to certain limitations, 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 or timing of any such liability.

Merck Arrangement

6 Months Ended

Oct. 31, 2018

License And Collaboration Arrangements [Abstract]

Merck Arrangement

5. Merck Arrangement

On October 6, 2017, the Company’s wholly-owned U.K. based subsidiary KalVista Pharmaceuticals Limited (“KalVista Limited) and Merck Sharp & Dohme Corp. (“Merck”) entered into an option agreement (the “Merck Option Agreement”). The Company is the guarantor of KalVista Limited’s obligations under the Merck Option Agreement. Under the terms of the Merck Option Agreement, the Company, through KalVista Limited, has granted to Merck an option to acquire KVD001 through a period following completion of a Phase 2 clinical trial. The Company, through KalVista Limited, has also granted to Merck a similar option to acquire investigational orally delivered molecules for DME that the Company will continue to develop as part of its ongoing research and development activities, through a period following the completion of a Phase 2 clinical trial. The Company, through KalVista Limited, also granted to Merck a non-exclusive license to use the compounds solely for research purposes, and is required to use its diligent efforts to develop the two compounds through the completion of Phase 2 clinical trials. The Company will fund and retain control over the planned Phase 2 clinical trial of KVD001 as well as development of the investigational oral DME compounds through Phase 2 clinical trials unless Merck determines to exercise its options earlier, at which point Merck will take responsibility for all development and commercialization activities for the compounds. The Company’s development efforts under the Merck Option Agreement are governed by a joint steering committee consisting of equal representatives from the Company and Merck.

Under the terms of the Merck Option Agreement, Merck paid a non-refundable upfront fee of $37.0 million to KalVista Limited in November 2017. If Merck exercises both options under the Merck Option Agreement, KalVista Limited could receive up to an additional $715.0 million composed of option exercise payments and clinical, regulatory, and sales-based milestone payments. In addition, the Company is eligible for tiered royalties on global net sales ranging from mid-single digits to double digit percentages. Merck may terminate the Merck Option Agreement at any time upon written notice to the Company. KalVista Limited may terminate the Merck Option Agreement in the event of Merck’s material breach of the Merck Option Agreement, subject to cure.

Concurrent with the Merck Option Agreement, the Company and Merck also entered into a stock purchase agreement (the “Stock Purchase Agreement”) pursuant to which Merck paid approximately $9.1 million to purchase 1,070,589 new shares of the Company’s common stock at a price of $8.50 per share.

The Company determined that the Merck Option Agreement and the Stock Purchase Agreement were negotiated and executed contemporaneously, are for a single commercial objective and therefore should be combined as one arrangement for accounting purposes. The aggregate proceeds from the arrangement were allocated to the equity arrangement and to the revenue arrangement.

The Company evaluated the revenue arrangement in accordance with the provisions of ASC 606 upon the adoption of this guidance on May 1, 2018. The Company determined that the revenue arrangement contains the following promised services: (i) a non-exclusive license to use the two compounds solely for research purposes, (ii) research and development services related to the development of KVD001 through completion of a Phase 2 clinical trial, and (iii) research and development services related to the development of the Oral DME Compounds.

The Company has determined that Merck’s options to acquire KVD001 and the Oral DME Compounds are customer options. Merck is not contractually obligated to exercise the options. The Company has determined that Merck’s options to acquire KVD001 and the Oral DME Compounds are not priced below their standalone selling prices and do not grant the customer a material right. Consequently, the Company determined that Merck’s options are not performance obligations at the inception of the arrangement.

The Company further determined that the research license granted is not distinct from the respective research and development services, as the license could not be used on its own by Merck for its intended purpose of developing and commercializing KVD001 and the Oral DME Compounds and is significantly interdependent with the respective research and development services. As a result, the research license has been combined with the respective research and development services for KVD001 and the Oral DME Compounds as two performance obligations (the “KVD001 Performance Obligation” and the “Oral DME Performance Obligation”).

Therefore, the Company has identified two performance obligations under the revenue arrangement as follows: (i) the KVD001 Performance Obligation, and (ii) the Oral DME Performance Obligation. The transaction price that is allocable at inception of the arrangement is comprised of the non-refundable upfront payment of $37.0 million and the payment for the common stock of $9.1 million. The Company allocated the $9.1 million payment to the common stock, as this represented the fair value of the shares issued based on arms length negotiations between the Company and Merck. The amount allocated to the common stock was recorded in stockholders’ equity at the date of issuance. The Company allocated the remaining transaction price of $37.0 million to the remaining performance obligations using the relative standalone selling price.

There is uncertainty that the events to obtain and the development and regulatory milestones will be achieved given the nature of clinical development and the stage of the research. The development and regulatory milestones will be constrained until the Company is sure that a significant revenue reversal will not occur. The royalties and sales-based milestones relate predominantly to a license of intellectual property and are determined by sales or usage-based thresholds. The royalties and sales-based milestones will be accounted for the under sales-based royalty recognition exception and will not recognize revenue until the subsequent sale of a licensed product (achievement of sales-based milestone) occurs.

The Company developed the stand-alone selling price for the KVD001 Performance Obligation and Oral DME Performance by applying an analysis of discounted cash flows and the transaction price was allocated among the separate performance obligations using the relative standalone selling price method. The amount allocated to each Performance Obligation will be recognized as revenue using an input method of performance completed to date comparing the total effort incurred with the Company’s estimate of total effort required to perform the R&D services for each respective performance obligation. For the three and six month periods ended October 31, 2018, the Company recognized approximately $5.6 million and $9.3 million of revenue with respect to the arrangement with Merck, all of which was recognized from the deferred revenue balance. As of October 31, 2018, deferred revenue on the consolidated balance sheet is $19.4 million, which is related to the remaining unsatisfied performance obligations in this arrangement. Approximately $14.8 million related to the unsatisfied performance obligation is expected to be satisfied in the next 12 months and the remaining $4.6 million will be satisfied in the 4 years thereafter.

Upon adoption of ASC 606 on May 1, 2018, the Company concluded that there was no change in the amount or timing of revenue recognition as compared to its historical practices for this arrangement. Accordingly, there was no adjustment upon adoption.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Oct. 31, 2018

Accounting Policies [Abstract]

Principles of Consolidation

Segment Reporting

Net Loss per Share

Potential dilutive common share equivalents consist of:

	October 31,
	2018		2017
Stock Options		1,745,942		261,432

Revenue Recognition

Fair Value Measurement

Recently Issued Accounting Pronouncements Adopted and Not Yet Adopted

Commitments and Contingencies - Schedule of Future Minimum Lease Payments Under Capital and Operating Leases (Detail) $ in Thousands	Oct. 31, 2018 USD ($)
Capital Leases
2019	$ 106
2020	53
Total minimum lease payments	159
Less amounts representing interest	(2)
Present value of minimum payments	157
Operating Leases
2019	191
2020	321
2021	324
2022	327
2023 and thereafter	697
Total minimum lease payments	$ 1,860

Merck Arrangement - Additional Information (Detail)			1 Months Ended	3 Months Ended	6 Months Ended
Merck Arrangement - Additional Information (Detail)	Aug. 02, 2018 USD ($) $ / shares shares	Oct. 06, 2017 USD ($) PerformanceObligation $ / shares shares	Nov. 30, 2017 USD ($)	Oct. 31, 2018 USD ($)	Oct. 31, 2018 USD ($)	Oct. 31, 2017 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Proceeds from issuance of common stock	$ 14,500,000				$ 87,811,000	$ 9,100,000
Number of shares of common stock issued \| shares	1,778,320
Price per share of common stock issued \| $ / shares	$ 8.21
Number of performance obligations \| PerformanceObligation		2
Research and Development Services for KVD001 and Oral DME [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of performance obligations \| PerformanceObligation		2
Merck Option Agreement [Member] \| Research and Development Services for KVD001 and Oral DME [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price allocable for non refundable upfront payment in performance obligations		$ 37,000,000
Merck Sharp & Dohme Corp. [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue recognized				$ 5,600,000	9,300,000
Merck Sharp & Dohme Corp. [Member] \| Remaining Unsatisfied Performance Obligations [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue				$ 19,400,000	$ 19,400,000
Merck Sharp & Dohme Corp. [Member] \| Stock Purchase Agreement [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Proceeds from issuance of common stock		$ 9,100,000
Number of shares of common stock issued \| shares		1,070,589
Price per share of common stock issued \| $ / shares		$ 8.50
Transaction price allocable for payment to common stock of performance obligations		$ 9,100,000
KalVista Pharmaceuticals Limited [Member] \| Merck Sharp & Dohme Corp. [Member] \| Merck Option Agreement [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Agreement commencement date					Oct. 06, 2017
Non-refundable upfront fee			$ 37,000,000
Maximum additional option exercise payments and clinical, regulatory, and sales-based milestone payments could be received if options exercised		$ 715,000,000

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Oct. 31, 2018	Apr. 30, 2018
Payables And Accruals [Abstract]
Compensation expense	$ 845	$ 1,393
Research expense	1,885	1,192
Professional fees	122	164
Other expenses	142	338
Total accrued expenses	$ 2,994	$ 3,087

Commitments and Contingencies - Additional Information (Detail) - USD ($)	6 Months Ended
	Oct. 31, 2018	Oct. 31, 2017
Other Commitments [Line Items]
Contractual obligations remaining commitments including cancellation provisions	$ 5,700,000
Maximum [Member]
Other Commitments [Line Items]
Royalty payable upon completion of first commercial sale	$ 1,000,000
Royalty payment obligations expiration period	90 days
Indemnification Guarantee [Member]
Other Commitments [Line Items]
Contingent liabilities	$ 0
General and Administrative Expenses and Research and Development Expenses [Member]
Other Commitments [Line Items]
Rent expense	$ 334,000	$ 286,000

Merck Arrangement - Additional Information (Detail 1) - Merck Sharp & Dohme Corp. [Member] $ in Millions	Oct. 31, 2018 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2018-11-01
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue, remaining performance obligation	$ 14.8
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-11-01
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue, remaining performance obligation	$ 4.6
Revenue, remaining performance obligation, expected timing of satisfaction, period	4 years

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Oct. 31, 2018	Apr. 30, 2018
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	17,225,167	10,799,895
Common stock, shares outstanding	17,225,167	10,799,895

The Company - Additional Information (Detail) - USD ($) $ in Thousands	Oct. 31, 2018	Apr. 30, 2018	Oct. 31, 2017	Apr. 30, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Accumulated deficit	$ 79,994	$ 71,660
Cash and cash equivalents	$ 121,116	$ 51,055	$ 28,128	$ 30,950

Summary of Significant Accounting Policies - Schedule of Potential Dilutive Common Share Equivalents (Detail) - shares	6 Months Ended
	Oct. 31, 2018	Oct. 31, 2017
Stock Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Number of anti-dilutive potential common share equivalents outstanding	1,745,942	261,432

Financing - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			6 Months Ended
	Sep. 10, 2018	Aug. 02, 2018	Oct. 31, 2018	Oct. 31, 2017
Securities Financing Transaction [Line Items]
Number of shares of common stock issued		1,778,320
Price per common stock		$ 8.21
Issuance of common stock		$ 14,500	$ 87,811	$ 9,100
Public Offering [Member]
Securities Financing Transaction [Line Items]
Number of shares of common stock issued	4,600,000
Price per common stock	$ 17.00
Issuance of common stock	$ 73,300
Public Offering [Member] \| Stockholders Affiliated with Directors [Member]
Securities Financing Transaction [Line Items]
Number of shares of common stock issued	1,117,648