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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Oct. 31, 2019	Nov. 30, 2019
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 31, 2019
Document Fiscal Year Focus	2020
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	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Document Quarterly Report	true
Title of 12(b) Security	Common Stock, $0.001 par value per share
Security Exchange Name	NASDAQ
Document Transition Report	false
Entity File Number	001-36830
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-0915291
Entity Address, Address Line One	55 Cambridge Parkway
Entity Address, Address Line Two	Suite 901E
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02142
City Area Code	857
Local Phone Number	999-0075
Entity Common Stock, Shares Outstanding		17,834,126

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2019	Apr. 30, 2019
Current assets:
Cash and cash equivalents	$ 21,719	$ 32,006
Marketable securities	71,742	68,805
Research and development tax credit receivable	11,814	11,315
Prepaid expenses and other current assets	2,617	3,420
Total current assets	107,892	115,546
Right of use assets	1,634
Property and equipment, net	2,365	2,413
Other assets	173	173
Total assets	112,064	118,132
Current liabilities:
Accounts payable	2,238	2,860
Accrued expenses	5,029	5,647
Deferred revenue - current portion	2,601	9,545
Lease liability - current portion	602
Total current liabilities	10,470	18,052
Long-term liabilities:
Deferred revenue - net of current portion	2,754	3,342
Lease liability - net of current portion	1,053
Total long-term liabilities	3,807	3,342
Commitments and contingencies (Note 5)
Stockholders’ equity
Common stock, $0.001 par value, 100,000,000 authorized Shares issued and outstanding: 17,834,126 at October 31, 2019 and 17,277,750 at April 30, 2019	18	17
Additional paid-in capital	204,950	191,123
Accumulated deficit	(105,717)	(92,476)
Accumulated other comprehensive loss	(1,464)	(1,926)
Total stockholders’ equity	97,787	96,738
Total liabilities and stockholders’ equity	$ 112,064	$ 118,132

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Oct. 31, 2019	Apr. 30, 2019
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	17,834,126	17,277,750
Common stock, shares outstanding	17,834,126	17,277,750

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018
Income Statement [Abstract]
Revenue	$ 3,920	$ 5,592	$ 7,289	$ 9,311
Operating expenses:
Research and development	9,789	7,876	19,476	16,232
General and administrative	3,420	2,609	6,665	4,979
Total operating expenses	13,209	10,485	26,141	21,211
Operating loss	(9,289)	(4,893)	(18,852)	(11,900)
Other income:
Interest income	505	204	1,095	293
Foreign currency exchange gain (loss)	560	(231)	108	(165)
Other income	2,321	1,616	4,408	3,438
Total other income	3,386	1,589	5,611	3,566
Net loss	(5,903)	(3,304)	(13,241)	(8,334)
Other comprehensive income (loss):
Foreign currency translation adjustments	495	193	406	(1,127)
Unrealized holding gains on available-for-sale securities	28		56
Other comprehensive income (loss)	523	193	462	(1,127)
Comprehensive loss	$ (5,380)	$ (3,111)	$ (12,779)	$ (9,461)
Net loss per share to common stockholders, basic and diluted	$ (0.33)	$ (0.22)	$ (0.75)	$ (0.64)
Weighted average common shares outstanding, basic and diluted	17,823,302	15,108,272	17,656,150	12,954,083

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, 2018	$ 27,253	$ 11	$ 100,011	$ (71,660)	$ (1,109)
Balance, shares at Apr. 30, 2018		10,799,895
Cash received pursant to common stock subscription agreement	5,000		5,000
Stock-based compensation expense	347		347
Net loss	(5,030)			(5,030)
Foreign currency translation adjustments	(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 adjustments	(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, net of issuance costs	82,811	$ 6	82,805
Issuance of common stock, net of issuance costs, 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 adjustments	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
Balance at Apr. 30, 2019	96,738	$ 17	191,123	(92,476)	(1,926)
Balance, shares at Apr. 30, 2019		17,277,750
Issuance of common stock, net of issuance costs	11,422	$ 1	11,421
Issuance of common stock, net of issuance costs, shares		527,221
Issuance of common stock from equity incentive plans	32		32
Issuance of common stock from equity incentive plans, shares		10,522
Stock-based compensation expense	1,074		1,074
Net loss	(7,338)			(7,338)
Foreign currency translation adjustments	(89)				(89)
Unrealized holding gains from available-for-sale securities	28				28
Balance at Jul. 31, 2019	101,867	$ 18	203,650	(99,814)	(1,987)
Balance, shares at Jul. 31, 2019		17,815,493
Balance at Apr. 30, 2019	96,738	$ 17	191,123	(92,476)	(1,926)
Balance, shares at Apr. 30, 2019		17,277,750
Net loss	(13,241)
Foreign currency translation adjustments	406
Unrealized holding gains from available-for-sale securities	56
Balance at Oct. 31, 2019	97,787	$ 18	204,950	(105,717)	(1,464)
Balance, shares at Oct. 31, 2019		17,834,126
Balance at Jul. 31, 2019	101,867	$ 18	203,650	(99,814)	(1,987)
Balance, shares at Jul. 31, 2019		17,815,493
Issuance of common stock from exercise of stock options	138		138
Issuance of common stock from exercise of stock options, shares		18,633
Stock-based compensation expense	1,162		1,162
Net loss	(5,903)			(5,903)
Foreign currency translation adjustments	495				495
Unrealized holding gains from available-for-sale securities	28				28
Balance at Oct. 31, 2019	$ 97,787	$ 18	$ 204,950	$ (105,717)	$ (1,464)
Balance, shares at Oct. 31, 2019		17,834,126

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018
Cash Flows from Operating Activities
Net loss	$ (13,241)	$ (8,334)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	248	153
Stock-based compensation expense	2,236	1,323
Realized (gain) loss from available for sale securities	(129)
Amortization of right of use assets	273
Amortization of discount/premium on available for sale securities	79
Foreign currency remeasurement (gain) loss	(81)	226
Changes in operating assets and liabilities:
Research and development tax credit receivable	(577)	(692)
Prepaid expenses and other current assets	785	(517)
Accounts payable	(558)	2,088
Accrued expenses	(564)	66
Lease obligations	(271)
Deferred revenue	(7,289)	(9,311)
Net cash used in operating activities	(19,089)	(14,998)
Cash Flows from Investing Activities
Acquisition of property and equipment	(212)	(786)
Purchases of available for sale securities	(42,561)
Sales and maturities of available for sale securities	39,729
Net cash used in investing activities	(3,044)	(786)
Cash Flows from Financing Activities
Capital lease principal payments	(54)	(104)
Issuance of common stock from equity incentive plans	170	25
Issuance of common stock, net of $123 of offering expenses	11,422	87,811
Net cash from financing activities	11,538	87,732
Effect of exchange rate changes on cash and cash equivalents	308	(1,887)
Net (decrease) increase in cash and cash equivalents	(10,287)	70,061
Cash and cash equivalents at beginning of period	32,006	51,055
Cash and cash equivalents at end of period	$ 21,719	$ 121,116

Condensed Consolidated Statements of Cash Flows (Parenthetical) (Unaudited) $ in Thousands	6 Months Ended
	Oct. 31, 2019 USD ($)
Statement Of Cash Flows [Abstract]
Offering expenses	$ 123

The Company

6 Months Ended

Oct. 31, 2019

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 them successful treatments for disease.

KalVista has created a structurally diverse portfolio of oral plasma kallikrein inhibitors and advanced multiple drug candidates into clinical trials in order to create best-in-class oral therapies for both HAE and DME. KVD900, the Company’s most advanced HAE drug candidate, is being developed as a potential on-demand therapy for HAE attacks and is in an ongoing Phase 2 clinical trial that is expected to complete enrollment in 2019 and provide data in 2020. KVD900 recently received Fast Track designation from the U.S. Food and Drug Administration (“FDA”), supporting the Company’s belief in the high level of unmet need in HAE and providing a potentially expedited path to drug approval.

In the case of DME, the Company has completed enrollment in a Phase 2 clinical trial of KVD001, an intravitreally administered plasma kallikrein inhibitor, and anticipates providing data in the fourth quarter of 2019. The Company also is continuing to work on formulation refinement and other activities for its next orally-delivered plasma kallikrein inhibitor, KVD824. The Company has completed a first-in-human study for this program that the Company believes shows the potential for development either as a prophylaxis for HAE or as the first orally-delivered therapy for DME. The Company continues to expect to announce further development plans for this program in the first half of 2020 following selection of the indication for later stage development.

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. 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 operations primarily through the issuance and sale of capital stock and the option agreement with Merck Sharp & Dohme Corp. (the “Merck Option Agreement”). As of October 31, 2019, the Company had an accumulated deficit of $105.7 million and $93.4 million of cash, cash equivalents and marketable securities. To date, the Company has not generated any product sales and 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 seeks regulatory approvals for, product candidates, and begins to commercialize any approved products. The Company is subject to all of the risks inherent in the development of new therapeutic products, and it may encounter unforeseen expenses, difficulties, complications, delays and other unknown factors that may adversely affect its business. 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 and 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 may 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. 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 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, 2019

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 subsidiaries. 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. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements. There were no adjustments other than normal recurring adjustments. These unaudited interim condensed consolidated financial results are not necessarily indicative of the results to be expected for the year ending April 30, 2020, 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, 2019.

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 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:

	October 31,
	2019		2018
Stock options and awards		2,274,648		1,745,942

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.

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

The following table summarizes the cash and cash equivalents and marketable securities measured at fair value on a recurring basis as of October 31, 2019:

							Balance at
	Level 1		Level 2		Level 3		October 31, 2019
Cash equivalents	$	3	$	—	$	—	$	3
Marketable securities:
Corporate debt securities		—		58,152		—		58,152
U.S. government agency securities				13,590		—		13,590
	$	3	$	71,742	$	—	$	71,745

Recently Adopted Accounting Pronouncements:

The Company adopted ASC 842, Leases (“ASC 842”), using the modified retrospective approach with cumulative effect adjustment, effective May 1, 2019. The Company elected the package of practical expedients permitted under the transition guidance within the new standard expedients which allows the Company to not reassess previous accounting conclusions around whether arrangements are or contain leases, the classification of its existing leases as of the transition date, and the treatment of initial direct costs. In addition, the Company elected the practical expedient not to apply the recognition requirements in the lease standard to short-term leases (a lease that at commencement date has a lease term of 12 months or less and does not contain a purchase option that it is reasonably certain to exercise) and the practical expedient that permits lessees to make an accounting policy election (by class of underlying asset) to account for each separate lease component of a contract and its associated non-lease components as a single lease component.

The adoption had a material impact on the consolidated balance sheet related to the recognition of a transition adjustment on May 1, 2019 of a right of use asset of $1.9 million and lease liability of $1.9 million for an operating lease and the derecognition of deferred rent originally accounted for under legacy guidance. The adoption did not have a material impact on the consolidated statement of operations. Refer to Note 6, Leases for further information on the adoption of this standard and the Company’s accounting for leases.

Impact of Adopting ASC 842 on the Financial Statements

	May 1, 2019					May 1, 2019
	Prior to ASC 842		ASC 842 Adjustment			As Adjusted
Consolidated Balance Sheet Data (in thousands):
Right of use assets - operating leases	$	—	$	1,913		$	1,913
Deferred rent, current portion	$	19	$	(19	)	$	—
Current operating lease liabilities	$	—	$	569		$	569
Non-current operating lease liabilities	$	—	$	1,363		$	1,363

Marketable Securities

6 Months Ended

Oct. 31, 2019

Investments Debt And Equity Securities [Abstract]

Marketable Securities

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

The following tables summarize the fair value of the Company’s investments by type:

	October 31, 2019
								Estimated
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Corporate debt securities	$	57,676	$	479	$	(3	)	$	58,152
Obligation of the U.S. Government and its agencies		13,556		35		(1	)		13,590
Total investments	$	71,232	$	514	$	(4	)	$	71,742

	April 30, 2019
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value

Corporate debt securities	$	56,083	$	405	$	(1	)	$	56,487
Obligation of the U.S. Government and its agencies		12,282		36		—			12,318
Total investments	$	68,365	$	441	$	(1	)	$	68,805

The following table summarizes the scheduled maturity for the Company’s investments at October 31, 2019:

	October 31, 2019
Maturing in one year or less	$	35,070
Maturing after one year through two years		23,340
Maturing after two years		13,332
Total investments	$	71,742

Accrued Expenses

6 Months Ended

Oct. 31, 2019

Payables And Accruals [Abstract]

Accrued Expenses

4.	Accrued Expenses

Accrued expenses consisted of the following as of October 31, 2019 and April 30, 2019 (in thousands):

	October 31,		April 30,
	2019		2019
Compensation expense	$	1,264	$	1,949
Research expense		3,166		3,065
Professional fees		383		186
Other expenses		216		447
	$	5,029	$	5,647

Commitments and Contingencies

6 Months Ended

Oct. 31, 2019

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

5.	Commitments and Contingencies

Clinical Studies: The Company enters into contractual agreements with contract research organizations in connection with preclinical studies and clinical trials. Amounts due under these agreements are invoiced to the Company on predetermined schedules during the course of the studies and clinical trials and are not refundable regardless of the outcome. The Company has contractual obligations related to the expected future costs to be incurred to complete the ongoing preclinical studies and clinical trials. The remaining commitments, which have cancellation provisions, total $4.6 million at October 31, 2019.

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, 2019.

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.

Leases

6 Months Ended

Oct. 31, 2019

Leases [Abstract]

Leases

The Company has a lease agreement for approximately 2,700 square feet of space for its headquarters located in Cambridge, Massachusetts that commenced in September 2017 for a term of five years.

The Company has a lease agreement for approximately 8,800 square feet of office and research laboratory space located in Porton Down, United Kingdom that commenced in July 2018 for a term of ten years. The Company has the right to terminate the lease agreement on or after April 30, 2021. It is not likely that the Company will terminate the lease at that time, therefore the entire lease term is included in its calculation of the lease liability.

The Company is also party to several operating leases for office and laboratory space as well as certain lab equipment. Total rent expense was $378,000 and $334,000 for the six months ended October 31, 2019 and 2018, respectively and is reflected in general and administrative expenses and research and development expenses as determined by the underlying activities.

The Company identified and assessed the following significant assumptions in calculating the lease liability:

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 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 ROU asset of $1.6 million, the current lease liability of $0.6 million and the non-current lease liability of $1.1 million are classified on separate lines on the Condensed Consolidated Balance Sheet.

The following table summarizes operating lease costs included in research and development and general and administrative expense for the six months ended October 31, 2019 (in thousands):

	Six Months Ended
	October 31, 2019
Operating lease costs	$	353
Finance lease costs		54
Short-term lease costs		—
Variable lease costs		22
Total lease costs	$	429

The following table summarizes the maturity of undiscounted payments due under lease liabilities and the present value of those liabilities as of October 31, 2019 (in thousands):

Fiscal Years	Operating Leases
2020	$	357
2021		625
2022		329
2023		194
2024		97
Thereafter		396
Total lease payments		1,998
Less: imputed interest		(343	)
Total lease liabilities		1,655
Current lease liabilities		602
Long-term lease liabilities	$	1,053

The following table summarizes the lease term and discount rate as of October 31, 2019:

	October 31, 2019
Weighted-average remaining lease term (years)
Operating leases	4.4
Weighted-average discount rate
Operating leases		9.0	%

The following table summarizes the cash paid for amounts included in the measurement of lease liabilities for the six months ended October 31, 2019 (in thousands):

	October 31, 2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	355
Cash paid for amounts included in the measurement of finance lease liabilities	$	54

The aggregate future lease payments for operating and capital leases as of April 30, 2019 were as follows (in thousands):

Years ending April 30,	Capital Leases		Operating Leases
2020	$	54	$	687
2021		—		474
2022		—		328
2023		—		194
2024 and thereafter		—		495
Total minimum lease payments		54	$	2,178
Less amounts representing interest		—
Present Value of minimum payments		54
Current portion		54
Long-term portion	$	—

Merck Arrangement

6 Months Ended

Oct. 31, 2019

License And Collaboration Arrangements [Abstract]

Merck Arrangement

7. 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 current 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.

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.

There is uncertainty that the events to obtain 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 under the sales-based royalty recognition exception and the Company will not recognize revenue until the subsequent sale of a licensed product (achievement of sales-based milestone) occurs.

The amounts 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, 2019, the Company recognized approximately $3.9 million and $7.3 million of revenue, respectively, from the arrangement with Merck, all of which was recognized from the deferred revenue balance. As of October 31, 2019, deferred revenue on the consolidated balance sheet is $5.4 million, which is related to the remaining unsatisfied performance obligations in the arrangement. Approximately $2.6 million related to the unsatisfied performance obligation is expected to be satisfied in the next 12 months and the remaining $2.8 million will be satisfied in the four years thereafter.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Oct. 31, 2019

Accounting Policies [Abstract]

Principles of Consolidation

Segment Reporting

Net Loss per Share

Potential dilutive common share equivalents consist of:

	October 31,
	2019		2018
Stock options and awards		2,274,648		1,745,942

Fair Value Measurement

The following table summarizes the cash and cash equivalents and marketable securities measured at fair value on a recurring basis as of October 31, 2019:

							Balance at
	Level 1		Level 2		Level 3		October 31, 2019
Cash equivalents	$	3	$	—	$	—	$	3
Marketable securities:
Corporate debt securities		—		58,152		—		58,152
U.S. government agency securities				13,590		—		13,590
	$	3	$	71,742	$	—	$	71,745

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements:

Impact of Adopting ASC 842 on the Financial Statements

	May 1, 2019					May 1, 2019
	Prior to ASC 842		ASC 842 Adjustment			As Adjusted
Consolidated Balance Sheet Data (in thousands):
Right of use assets - operating leases	$	—	$	1,913		$	1,913
Deferred rent, current portion	$	19	$	(19	)	$	—
Current operating lease liabilities	$	—	$	569		$	569
Non-current operating lease liabilities	$	—	$	1,363		$	1,363

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Oct. 31, 2019

Schedule of Potential Dilutive Common Share Equivalents

Potential dilutive common share equivalents consist of:

	October 31,
	2019		2018
Stock options and awards		2,274,648		1,745,942

Schedule of Cash and Cash Equivalents and Marketable Securities Measured at Fair Value

The following table summarizes the cash and cash equivalents and marketable securities measured at fair value on a recurring basis as of October 31, 2019:

							Balance at
	Level 1		Level 2		Level 3		October 31, 2019
Cash equivalents	$	3	$	—	$	—	$	3
Marketable securities:
Corporate debt securities		—		58,152		—		58,152
U.S. government agency securities				13,590		—		13,590
	$	3	$	71,742	$	—	$	71,745

ASC - 842 [Member]

Schedule of Impact of Adopting ASC 842 on Financial Statements

Impact of Adopting ASC 842 on the Financial Statements

	May 1, 2019					May 1, 2019
	Prior to ASC 842		ASC 842 Adjustment			As Adjusted
Consolidated Balance Sheet Data (in thousands):
Right of use assets - operating leases	$	—	$	1,913		$	1,913
Deferred rent, current portion	$	19	$	(19	)	$	—
Current operating lease liabilities	$	—	$	569		$	569
Non-current operating lease liabilities	$	—	$	1,363		$	1,363

Marketable Securities (Tables)

6 Months Ended

Oct. 31, 2019

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:

	October 31, 2019
								Estimated
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Corporate debt securities	$	57,676	$	479	$	(3	)	$	58,152
Obligation of the U.S. Government and its agencies		13,556		35		(1	)		13,590
Total investments	$	71,232	$	514	$	(4	)	$	71,742

	April 30, 2019
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value

Corporate debt securities	$	56,083	$	405	$	(1	)	$	56,487
Obligation of the U.S. Government and its agencies		12,282		36		—			12,318
Total investments	$	68,365	$	441	$	(1	)	$	68,805

Summary of Scheduled Maturity for Investments

The following table summarizes the scheduled maturity for the Company’s investments at October 31, 2019:

	October 31, 2019
Maturing in one year or less	$	35,070
Maturing after one year through two years		23,340
Maturing after two years		13,332
Total investments	$	71,742

Accrued Expenses (Tables)

6 Months Ended

Oct. 31, 2019

Payables And Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following as of October 31, 2019 and April 30, 2019 (in thousands):

	October 31,		April 30,
	2019		2019
Compensation expense	$	1,264	$	1,949
Research expense		3,166		3,065
Professional fees		383		186
Other expenses		216		447
	$	5,029	$	5,647

Leases (Tables)

6 Months Ended

Oct. 31, 2019

Leases [Abstract]

Summary of Operating Lease Costs

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The following table summarizes operating lease costs included in research and development and general and administrative expense for the six months ended October 31, 2019 (in thousands):

	Six Months Ended
	October 31, 2019
Operating lease costs	$	353
Finance lease costs		54
Short-term lease costs		—
Variable lease costs		22
Total lease costs	$	429

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

The following table summarizes the maturity of undiscounted payments due under lease liabilities and the present value of those liabilities as of October 31, 2019 (in thousands):

Fiscal Years	Operating Leases
2020	$	357
2021		625
2022		329
2023		194
2024		97
Thereafter		396
Total lease payments		1,998
Less: imputed interest		(343	)
Total lease liabilities		1,655
Current lease liabilities		602
Long-term lease liabilities	$	1,053

Summary of Lease Term and Discount Rate

The following table summarizes the lease term and discount rate as of October 31, 2019:

	October 31, 2019
Weighted-average remaining lease term (years)
Operating leases	4.4
Weighted-average discount rate
Operating leases		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 six months ended October 31, 2019 (in thousands):

	October 31, 2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	355
Cash paid for amounts included in the measurement of finance lease liabilities	$	54

Schedule of Aggregate Future Lease Payments Under Operating and Capital Leases

The aggregate future lease payments for operating and capital leases as of April 30, 2019 were as follows (in thousands):

Years ending April 30,	Capital Leases		Operating Leases
2020	$	54	$	687
2021		—		474
2022		—		328
2023		—		194
2024 and thereafter		—		495
Total minimum lease payments		54	$	2,178
Less amounts representing interest		—
Present Value of minimum payments		54
Current portion		54
Long-term portion	$	—

The Company - Additional Information (Detail) - USD ($) $ in Thousands	Oct. 31, 2019	Apr. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Accumulated deficit	$ 105,717	$ 92,476
Cash, cash equivalents and marketable securities	$ 93,400

Summary of Significant Accounting Policies - Schedule of Potential Dilutive Common Share Equivalents (Detail) - shares	6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018
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	2,274,648	1,745,942

Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Marketable Securities Measured at Fair Value (Detail) $ in Thousands	Oct. 31, 2019 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 3
Cash equivalents and marketable securities	71,745
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	3
Cash equivalents and marketable securities	3
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	71,742
Corporate Debt Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	58,152
Corporate Debt Securities [Member] \| Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	58,152
U.S. Government Agency Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	13,590
U.S. Government Agency Securities [Member] \| Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	$ 13,590

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	Oct. 31, 2019	May 01, 2019
Summary Of Significant Accounting Policies [Line Items]
Operating lease, right-of-use asset	$ 1,634
Operating Lease liability	$ 1,655
Topic 842 [Member]
Summary Of Significant Accounting Policies [Line Items]
Operating lease, right-of-use asset		$ 1,913
Operating Lease liability		$ 1,900

Summary of Significant Accounting Policies - Schedule of Impact of Adopting ASC 842 on Financial Statements (Detail) - USD ($) $ in Thousands	Oct. 31, 2019	May 01, 2019
Right of use assets - operating leases	$ 1,634
Current operating lease liabilities	602
Non-current operating lease liabilities	$ 1,053
Topic 842 [Member]
Right of use assets - operating leases		$ 1,913
Current operating lease liabilities		569
Non-current operating lease liabilities		1,363
Prior to ASC 842 [Member]
Deferred rent, current portion		19
ASC 842 Adjustment [Member] \| Topic 842 [Member]
Right of use assets - operating leases		1,913
Deferred rent, current portion		(19)
Current operating lease liabilities		569
Non-current operating lease liabilities		$ 1,363

Marketable Securities - Summary of Fair Value of Company's Investment By Type (Detail) - USD ($) $ in Thousands	Oct. 31, 2019	Apr. 30, 2019
Marketable Securities [Line Items]
Amortized Cost	$ 71,232	$ 68,365
Unrealized Gains	514	441
Unrealized Losses	(4)	(1)
Estimated Fair Value	71,742	68,805
Corporate Debt Securities [Member]
Marketable Securities [Line Items]
Amortized Cost	57,676	56,083
Unrealized Gains	479	405
Unrealized Losses	(3)	(1)
Estimated Fair Value	58,152	56,487
Obligation of U.S. Government and Its Agencies [Member]
Marketable Securities [Line Items]
Amortized Cost	13,556	12,282
Unrealized Gains	35	36
Unrealized Losses	(1)
Estimated Fair Value	$ 13,590	$ 12,318

Marketable Securities - Summary of Scheduled Maturity for Investments (Detail) - USD ($) $ in Thousands	Oct. 31, 2019	Apr. 30, 2019
Investments Debt And Equity Securities [Abstract]
Maturing in one year or less	$ 35,070
Maturing after one year through two years	23,340
Maturing after two years	13,332
Total investments	$ 71,742	$ 68,805

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Oct. 31, 2019	Apr. 30, 2019
Payables And Accruals [Abstract]
Compensation expense	$ 1,264	$ 1,949
Research expense	3,166	3,065
Professional fees	383	186
Other expenses	216	447
Total accrued expenses	$ 5,029	$ 5,647

Commitments and Contingencies - Additional Information (Detail)	6 Months Ended
	Oct. 31, 2019 USD ($)
Other Commitments [Line Items]
Contractual obligations remaining commitments including cancellation provisions	$ 4,600,000
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

Leases - Additional Information (Detail)	6 Months Ended
Leases - Additional Information (Detail)	Oct. 31, 2019 USD ($) ft²	Oct. 31, 2018 USD ($)
Lessee Lease Description [Line Items]
ROU asset	$ 1,634,000
Lease liability, current	602,000
Lease liability, non current	1,053,000
General and Administrative Expenses and Research and Development Expenses [Member]
Lessee Lease Description [Line Items]
Rent expense	$ 378,000	$ 334,000
Massachusetts [Member]
Lessee Lease Description [Line Items]
Lease agreement square feet \| ft²	2,700
Lessee, lease term	5 years
United Kingdom [Member]
Lessee Lease Description [Line Items]
Lease agreement square feet \| ft²	8,800
Lessee, lease term	10 years

Leases - Summary of Operating Lease Costs (Detail) $ in Thousands	6 Months Ended
	Oct. 31, 2019 USD ($)
Lease Cost [Abstract]
Operating lease costs	$ 353
Finance lease costs	54
Variable lease costs	22
Total lease costs	$ 429

Leases - Summary of Maturity of Undiscounted Payments Due Under Lease Liabilities and Present Value of Liabilities (Detail) $ in Thousands	Oct. 31, 2019 USD ($)
Operating Lease Liabilities Payments Due [Abstract]
2020	$ 357
2021	625
2022	329
2023	194
2024	97
Thereafter	396
Total lease payments	1,998
Less: imputed interest	(343)
Total lease liabilities	1,655
Current lease liabilities	602
Long-term lease liabilities	$ 1,053

Leases - Summary of Lease Term and Discount Rate (Detail)	Oct. 31, 2019
Lease Cost [Abstract]
Operating lease, Weighted-average remaining lease term (years)	4 years 4 months 24 days
Operating lease, Weighted-average discount rate	9.00%

Leases - Summary of Cash Paid for Amounts Included in Measurement of Lease Liabilities (Detail) $ in Thousands	6 Months Ended
	Oct. 31, 2019 USD ($)
Lease Cost [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 355
Cash paid for amounts included in the measurement of finance lease liabilities	$ 54

Leases - Schedule of Aggregate Future Lease Payments Under Operating and Capital Leases (Detail) $ in Thousands	Apr. 30, 2019 USD ($)
Capital Leases
2020	$ 54
Total minimum lease payments	54
Present Value of minimum payments	54
Current portion	54
Operating Leases
2020	687
2021	474
2022	328
2023	194
2024 and thereafter	495
Total minimum lease payments	$ 2,178

Merck Arrangement - Additional Information (Detail) - Merck Sharp & Dohme Corp. [Member] - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
	Nov. 30, 2017	Oct. 31, 2019	Oct. 31, 2019	Oct. 06, 2017
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue recognized		$ 3,900,000	$ 7,300,000
Remaining Unsatisfied Performance Obligations [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue		$ 5,400,000	$ 5,400,000
KalVista Pharmaceuticals Limited [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

Merck Arrangement - Additional Information (Detail 1) - Merck Sharp & Dohme Corp. [Member] $ in Millions	Oct. 31, 2019 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-08-01
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue, remaining performance obligation	$ 2.6
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-08-01
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue, remaining performance obligation	$ 2.8
Revenue, remaining performance obligation, expected timing of satisfaction, period	4 years