UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On July 7, 2022, KalVista Pharmaceuticals, Inc. (the “Company”) reported its financial results for the fiscal year ended April 30, 2022. A copy of the press release issued by the Company is furnished as Exhibit 99.1 to this report.
The information furnished with Item 2.02 of this report, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Exchange Act or under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number |
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Description |
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99.1 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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KALVISTA PHARMACEUTICALS, INC. |
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Date: |
July 7, 2022 |
By: |
/s/ Benjamin L. Palleiko |
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Benjamin L. Palleiko |
Exhibit 99.1
KalVista Pharmaceuticals Provides Operational Update and Fiscal Year Financial Results
– Sebetralstat Phase 3 KONFIDENT and KVD824 Phase 2 KOMPLETE Clinical Trial Enrollment on Track –
– Formal Notification Received of Sebetralstat EU Orphan Drug Status –
Cambridge, MA and Salisbury, England, July 7, 2022 – KalVista Pharmaceuticals, Inc. (NASDAQ: KALV), a clinical stage pharmaceutical company focused on the discovery, development, and commercialization of oral, small molecule protease inhibitors, today provided an operational update and released financial results for the fiscal year ended April 30, 2022.
“We are pleased with the progress we have made over the last fiscal year in the development of the candidates in our oral hereditary angioedema franchise,” said Andrew Crockett, Chief Executive Officer of KalVista. “We are meeting our enrollment targets for both our current clinical trials, the sebetralstat KONFIDENT Phase 3 and KVD824 KOMPLETE Phase 2. In addition, we are making great strides in developing our next wave of investigational compounds with promising preclinical data for our oral Factor XIIa inhibitor program. The Company is also well-capitalized, with funding until at least early 2024, which we expect takes us beyond data from both of our ongoing clinical trials.”
Fiscal 2022 and Recent Business Highlights:
Fourth Quarter and Full Year Financial Results:
About KalVista Pharmaceuticals, Inc.
KalVista Pharmaceuticals, Inc. is a pharmaceutical company focused on the discovery, development, and commercialization of oral, small molecule protease inhibitors for diseases with significant unmet need. KalVista has developed a proprietary portfolio of novel, small molecule plasma kallikrein inhibitors initially targeting hereditary angioedema (HAE) and diabetic macular edema (DME). KalVista is developing sebetralstat as an oral on-demand therapy for acute HAE attacks and is enrolling the Phase 3 KONFIDENT clinical trial. KVD824 is in development for prophylactic treatment of HAE, with the Phase 2 KOMPLETE clinical trial underway. In addition, KalVista’s oral Factor XIIa inhibitor program represents a new generation of therapies that may further improve the treatment of HAE for patients. In DME, an intravitreally administered plasma kallikrein inhibitor, called KVD001, has completed a Phase 2 clinical trial.
For more information about KalVista, please visit www.kalvista.com.
For more information on the sebetralstat HAE on-demand Phase 3 KONFIDENT study, please visit www.konfidentstudy.com.
For more information on the KVD824 HAE prophylaxis Phase 2 KOMPLETE study, please visit www.kompletestudy.com.
Forward-Looking Statements
This press release contains "forward-looking" statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. These statements are subject to numerous risks and uncertainties, including the potential impact of COVID-19, that could cause actual results to differ materially from what we expect. Examples of forward-looking statements include, among others, timing or outcomes of communications with the FDA, our expectations about safety and efficacy of our product candidates and timing of clinical trials and its results, our ability to commence clinical studies or complete ongoing clinical studies, including our Phase 3 KONFIDENT and Phase 2 KOMPLETE clinical trials, and to obtain regulatory approvals for sebetralstat, KVD824 and other candidates in development, the ability of sebetralstat, KVD824 and other candidates in development to treat HAE or DME, and the future progress and potential success of our oral Factor XIIa program. Further information on potential risk factors that could affect our business and financial results are detailed in our filings with the Securities and Exchange Commission, including in our annual report on Form 10-K for the year ended April 30, 2021, our quarterly reports on Form 10-Q, and our other reports that we may make from time to time with the Securities and Exchange Commission. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Contact:
KalVista Pharmaceuticals, Inc.
Jarrod Aldom
Vice President, Corporate Communications
(201) 705-0254
jarrod.aldom@kalvista.com
KalVista Pharmaceuticals Inc. |
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Condensed Consolidated Balance Sheets |
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(in thousands, except share and per share amounts) |
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(Unaudited) |
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April 30, |
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April 30, |
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2022 |
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2021 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
$ |
30,732 |
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$ |
50,592 |
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Marketable securities |
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135,470 |
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198,337 |
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Research and development tax credit receivable |
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14,098 |
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10,418 |
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Prepaid expenses and other current assets |
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13,347 |
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4,917 |
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Total current assets |
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193,647 |
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264,264 |
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Property and equipment, net |
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2,178 |
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1,791 |
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Right of use assets |
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7,862 |
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5,758 |
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Other assets |
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193 |
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200 |
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Total assets |
$ |
203,880 |
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$ |
272,013 |
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Liabilities and stockholders' equity |
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Current liabilities: |
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Accounts payable |
$ |
3,638 |
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$ |
1,981 |
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Accrued expenses |
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6,961 |
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6,930 |
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Lease liability - current portion |
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977 |
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863 |
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Total current liabilities |
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11,576 |
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9,774 |
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Long-term liabilities: |
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Lease liability - net of current portion |
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7,211 |
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5,046 |
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Total long-term liabilities |
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7,211 |
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5,046 |
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Stockholders’ equity: |
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Common stock, $0.001 par value |
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25 |
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24 |
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Additional paid-in capital |
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439,104 |
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426,437 |
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Accumulated deficit |
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(250,175 |
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(167,836 |
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Accumulated other comprehensive loss |
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(3,861 |
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(1,432 |
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Total stockholders’ equity |
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185,093 |
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257,193 |
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Total liabilities and stockholders' equity |
$ |
203,880 |
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$ |
272,013 |
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KalVista Pharmaceuticals Inc. |
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Condensed Consolidated Statement of Operations |
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(in thousands, except share and per share amounts) |
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(Unaudited) |
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Three Months Ended |
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Years Ended |
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April 30, |
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April 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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Revenue |
$- |
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$- |
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$- |
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$- |
Operating expenses: |
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Research and development |
19,213 |
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11,877 |
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70,167 |
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41,286 |
General and administrative |
7,598 |
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6,165 |
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26,446 |
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16,637 |
Total operating expenses |
26,811 |
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18,042 |
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96,613 |
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57,923 |
Operating loss |
(26,811) |
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(18,042) |
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(96,613) |
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(57,923) |
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Other income: |
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Interest income |
268 |
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314 |
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1,090 |
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903 |
Foreign currency exchange rate gain (loss) |
(1,008) |
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132 |
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(1,537) |
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847 |
Other income |
3,438 |
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2,639 |
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14,721 |
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9,929 |
Total other income |
2,698 |
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3,085 |
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14,274 |
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11,679 |
Loss before income taxes |
(24,113) |
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(14,957) |
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(82,339) |
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(46,244) |
Income tax (benefit) expense |
- |
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- |
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- |
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- |
Net loss |
$(24,113) |
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$(14,957) |
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$(82,339) |
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$(46,244) |
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Net loss per share, basic and diluted |
$(0.98) |
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$(0.65) |
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$(3.36) |
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$(2.42) |
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Weighted average common shares outstanding, basic and diluted |
24,545,360 |
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23,118,127 |
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24,473,092 |
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19,094,440 |
KalVista Pharmaceuticals Inc. |
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Condensed Consolidated Statements of Cash Flows |
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(in thousands, unaudited) |
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Years Ended |
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April 30, |
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2022 |
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2021 |
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Cash flows from operating activities |
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Net loss |
$ |
(82,339 |
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$ |
(46,244 |
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Adjustments to reconcile net loss to net cash used in operating activities: |
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Depreciation and amortization |
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564 |
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537 |
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Stock-based compensation expense |
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11,086 |
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7,118 |
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Realized (gain) loss from sale of marketable securities |
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581 |
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(153 |
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Non-cash operating lease expense |
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179 |
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114 |
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Amortization of premium on available for sale securities |
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2,565 |
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685 |
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Foreign currency exchange (gain) loss |
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1,552 |
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(574 |
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Changes in operating assets and liabilities: |
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Research and development tax credit receivable |
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(5,201 |
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7,457 |
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Prepaid expenses and other current assets |
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(9,280 |
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(244 |
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Accounts payable |
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1,687 |
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150 |
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Accrued expenses |
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472 |
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983 |
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Net cash used in operating activities |
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(78,134 |
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(30,171 |
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Cash flows from investing activities |
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Purchases of available for sale securities |
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(136,920 |
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(201,210 |
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Sales and maturities of available for sale securities |
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195,711 |
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53,638 |
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Acquisition of property and equipment |
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(931 |
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(82 |
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Net cash provided by (used in) investing activities |
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57,860 |
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(147,654 |
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Cash flows from financing activities |
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Issuance of common stock, net of offering expenses |
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- |
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210,582 |
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Issuance of common stock from equity incentive plans |
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1,581 |
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1,535 |
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Net cash provided by financing activities |
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1,581 |
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212,117 |
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Effect of exchange rate changes on cash and cash equivalents |
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(1,167 |
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511 |
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Net increase (decrease) in cash and cash equivalents |
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(19,860 |
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34,803 |
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Cash and cash equivalents, beginning of year |
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50,592 |
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15,789 |
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Cash and cash equivalents, end of year |
$ |
30,732 |
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$ |
50,592 |
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