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Share Name | Share Symbol | Market | Type |
---|---|---|---|
KalVista Pharmaceuticals Inc | NASDAQ:KALV | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -0.08% | 12.17 | 11.43 | 13.52 | 12.30 | 11.75 | 12.23 | 571,494 | 21:32:20 |
– Oral Plasma Kallikrein Inhibitor Portfolio for Treatment of Hereditary Angioedema Continues to Advance –
“KalVista has been making substantial advances with our portfolio of oral small molecule plasma kallikrein inhibitors for treatment of hereditary angioedema (HAE), and our intravitreal program in diabetic macular edema (DME),” said Andrew Crockett, Chief Executive Officer of KalVista. “The first HAE program in the portfolio, KVD818, is nearing the end of its first-in-human study and we continue to progress the next candidate, KVD900, to the clinic. Our scientific team plans to bring at least one additional HAE program to the clinic in 2018 as we continue to evaluate all of these molecules with the goal of providing a best-in-class oral therapy for patients. We are also making preparations to initiate the Phase 2 proof-of-concept trial for our intravitreal DME program, KVD001, later this year.”
Fiscal 2017 Business Highlights:
HAE Portfolio:
DME Programs:
Recent and Upcoming Events:
Fourth Quarter and Full Year Financial Results:
About KalVista Pharmaceuticals, Inc.KalVista Pharmaceuticals, Inc. is a pharmaceuticals company focused on the discovery, development, and commercialization of small molecule protease inhibitors for diseases with significant unmet need. The initial focus is on inhibitors of plasma kallikrein, which is an important component of the body’s inflammatory response and which, in excess, can lead to increased vascular permeability, edema and inflammation. KalVista has developed a proprietary portfolio of novel, small molecule plasma kallikrein inhibitors initially targeting hereditary angioedema (HAE) and diabetic macular edema (DME). The Company has created a structurally diverse portfolio of oral plasma kallikrein inhibitors from which it plans to select multiple drug candidates to advance into clinical trials for HAE. The first candidate of this planned portfolio of programs, KVD818, is currently in a first-in-human study and additional program candidates are in preclinical development. KalVista’s most advanced program, an intravitreally administered plasma kallikrein inhibitor known as KVD001, has successfully completed its first-in-human study in patients with DME and is being prepared for Phase 2 studies in 2017.
For more information, please visit www.KalVista.com.
Forward-Looking StatementsThis 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 that could cause actual results to differ materially from what we expect. Examples of forward-looking statements include, among others, available funding and future clinical trial timing and results. Further information on potential risk factors that could affect our business and its financial results are detailed in the definitive proxy statement filed on October 28, 2016, our most recent Quarterly Report on Form 10-Q, and other reports as filed 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.
KalVista Pharmaceuticals Inc. | |||||||
Condensed Consolidated Balance Sheets | |||||||
(in thousands, except share and per share amounts) | |||||||
(Unaudited) | |||||||
April 30, | April 30, | ||||||
2017 | 2016 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 30,950 | $ | 21,764 | |||
Research and development tax credit receivable | 2,250 | 1,883 | |||||
Grants receivable | 297 | 356 | |||||
Prepaid expenses and other current assets | 751 | 668 | |||||
Total current assets | 34,248 | 24,671 | |||||
Property and equipment, net | 97 | 74 | |||||
Total assets | $ | 34,345 | $ | 24,745 | |||
Liabilities and Stockholders' Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 1,153 | $ | 1,135 | |||
Accrued expenses | 1,865 | 2,114 | |||||
Total current liabilities | 3,018 | 3,249 | |||||
Redeemable Convertible Preferred Stock, $0.0016 par value | - | 58,608 | |||||
Stockholders’ equity (deficit) | |||||||
Ordinary shares, $0.0016 par value | - | 3 | |||||
Common stock, $0.001 par value | 10 | - | |||||
Additional paid-in capital | 89,815 | 212 | |||||
Accumulated deficit | (55,855 | ) | (37,252 | ) | |||
Accumulated other comprehensive loss | (2,643 | ) | (75 | ) | |||
Total stockholders’ equity (deficit) | 31,327 | (37,112 | ) | ||||
Total liabilities and stockholders' equity | $ | 34,345 | $ | 24,745 | |||
KalVista Pharmaceuticals Inc. | |||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||
(in thousands, except share and per share amounts) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Years Ended | ||||||||||||||
April 30, | April 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Grant income | $ | 114 | $ | 314 | $ | 1,504 | $ | 2,133 | |||||||
Operating expenses: | |||||||||||||||
Research and development | 2,996 | 4,414 | 12,666 | 14,661 | |||||||||||
General and administrative | 2,204 | 986 | 11,177 | 2,653 | |||||||||||
Total operating expenses | 5,200 | 5,400 | 23,843 | 17,314 | |||||||||||
Operating loss | (5,086 | ) | (5,086 | ) | (22,339 | ) | (15,181 | ) | |||||||
Other income (expense): | |||||||||||||||
Interest income | 5 | 18 | 36 | 50 | |||||||||||
Foreign currency exchange rate gain (loss) | (140 | ) | (508 | ) | 1,371 | 1,661 | |||||||||
Other income | 1,019 | 707 | 2,329 | 2,034 | |||||||||||
Total other income | 884 | 217 | 3,736 | 3,745 | |||||||||||
Net loss | $ | (4,202 | ) | $ | (4,869 | ) | $ | (18,603 | ) | $ | (11,436 | ) | |||
Net loss per share to common stockholders, basic and diluted | $ | (0.43 | ) | $ | (9.37 | ) | $ | (4.47 | ) | $ | (26.17 | ) | |||
Weighted average common shares outstanding, basic and diluted | 9,713,042 | 630,921 | 4,646,764 | 591,298 |
KalVista Pharmaceuticals Inc. | ||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||
(in thousands, unaudited) | ||||||||
Years Ended | ||||||||
April 30 | ||||||||
2017 | 2016 | |||||||
Cash Flows from Operating Activities | ||||||||
Net loss | $ | (18,603 | ) | $ | (11,436 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities | ||||||||
Depreciation expense | 40 | 33 | ||||||
Stock-based compensation | 394 | 118 | ||||||
Foreign currency exchange rate gain | (1,371 | ) | (1,661 | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Research and development tax credit receivable | (600 | ) | (1,148 | ) | ||||
Prepaid expenses and other current assets | (81 | ) | (137 | ) | ||||
Grants receivable | 29 | (475 | ) | |||||
Accounts payable | (1,599 | ) | 374 | |||||
Accrued expenses | (1,931 | ) | 1,176 | |||||
Net cash used in operating activities | (23,722 | ) | (13,156 | ) | ||||
Cash Flows from Investing Activities | ||||||||
Cash acquired in transaction | 34,139 | - | ||||||
Purchases of property and equipment | (74 | ) | (11 | ) | ||||
Net cash provided by (used in) investing activities | 34,065 | (11 | ) | |||||
Cash Flows from Financing Activities | ||||||||
Proceeds from issuance of preferred stock | - | 33,002 | ||||||
Proceeds from issuance of common stock | 2 | 1 | ||||||
Net cash provided by financing activities | 2 | 33,003 | ||||||
Effect of exchange rate changes on cash | (1,159 | ) | (598 | ) | ||||
Net increase in cash and cash equivalents | 9,186 | 19,238 | ||||||
Cash and cash equivalents, beginning of year | 21,764 | 2,526 | ||||||
Cash and cash equivalents, end of year | $ | 30,950 | $ | 21,764 | ||||
Contact: KalVista Pharmaceuticals, Inc. Leah Monteiro, Corporate Communications & Investor Relations 857-999-0808 lmm@KalVista.com
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