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Share Name | Share Symbol | Market | Type |
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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.05 | 0.41% | 12.19 | 9.99 | 12.53 | 12.28 | 11.9701 | 12.18 | 131,214 | 21:02:16 |
– Enrollment Ongoing for a Phase 2 Clinical Trial of KVD001 in Diabetic Macular Edema (“DME”) and a Phase 1 Clinical Trial for the Second Candidate in the Oral Hereditary Angioedema (“HAE”) Portfolio –
KalVista Pharmaceuticals, Inc. (NASDAQ: KALV), a clinical stage pharmaceutical company focused on the discovery, development, and commercialization of small molecule protease inhibitors, today reported operational and financial results for the fiscal third quarter ended January 31, 2018.
“We are pleased to have the second candidate from our oral hereditary angioedema portfolio in a Phase 1 trial as we continue to pursue a best-in-class therapy,” said Andrew Crockett, Chief Executive Officer of KalVista. “Our diabetic macular edema compound KVD001 is enrolling in a Phase 2 clinical trial for which we expect to see data in the second half of 2019. The cash position of KalVista continues to be sufficient to reach data readouts in both of these ongoing trials.”
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About KalVista Pharmaceuticals, Inc.KalVista Pharmaceuticals, Inc. is a pharmaceutical 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, and is advancing multiple drug candidates into Phase 1 clinical trials for HAE. 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 began a Phase 2 clinical trial 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, our cash runway 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 annual report on Form 10-K filed on July 27, 2017, 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) January 31, April 30, 2018 2017 Assets Current assets: Cash and cash equivalents $ 58,678 $ 30,950 Research and development tax credit receivable 4,989 2,250 Grants and other receivables 40 297 Prepaid expenses and other current assets 2,003 701 Total current assets 65,710 34,198 Other assets 173 50 Property and equipment, net 774 97 Total assets $ 66,657 $ 34,345 Liabilities and Stockholders' Equity Accounts payable $ 1,575 $ 1,153 Accrued expenses 2,290 1,865 Deferred revenue - current portion 19,996 - Capital lease liability - current portion 222 - Total current liabilities 24,083 3,018 Long-term liabilities: Deferred revenue - net of current portion 13,889 - Capital lease liability, net of current portion 117 -Total long-term liabilities
14,006 - Stockholders’ equity Common stock, $0.001 par value 11 10 Additional paid-in capital 99,696 89,815 Accumulated deficit (71,003 ) (55,855 ) Accumulated other comprehensive loss (136 ) (2,643 ) Total stockholders’ equity 28,568 31,327 Total liabilities and stockholders' equity $ 66,657 $ 34,345 KalVista Pharmaceuticals Inc. Condensed Consolidated Statements of Operations (in thousands, except share and per share amounts) (Unaudited) Three Months Ended Nine Months Ended January 31, January 31, 2018 2017 2018 2017 Revenue $ 2,331 $ 248 $ 3,554 $ 1,390 Operating expenses: Research and development 4,548 3,339 12,385 9,670 General and administrative 2,129 5,026 6,905 8,973 Total operating expenses 6,677 8,365 19,290 18,643 Operating loss (4,346 ) (8,117 ) (15,736 ) (17,253 ) Other income (expense): Interest income 14 7 17 31 Foreign currency exchange gain (loss) (1,887 ) (195 ) (1,836 ) 1,511 Other income 985 661 2,407 1,310 Total other income (888 ) 473 588 2,852 Net loss $ (5,234 ) $ (7,644 ) $ (15,148 ) $ (14,401 ) Net loss per share to common stockholders, basic and diluted $ (0.49 ) $ (1.03 ) $ (1.49 ) $ (5.50 ) Weighted average common shares outstanding, basic and diluted 10,788,556 7,657,874 10,168,520 3,013,073 KalVista Pharmaceuticals Inc. Condensed Consolidated Statements of Cash Flows (in thousands, unaudited) Nine Months Ended January 31 2018 2017 Cash Flows from Operating Activities Net loss $ (15,148 ) $ (14,401 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 129 29 Stock-based compensation 779 228 Foreign currency remeasurement (gain) loss (500 ) (1,464 ) Changes in operating assets and liabilities: Research and development tax credit receivable (2,383 ) (1,303 ) Prepaid expenses and other current assets (1,206 ) (689 ) Grants and other receivables 281 36 Other assets (123 ) - Accounts payable 548 (1,957 ) Accrued expenses 332 (1,560 ) Deferred revenue 33,804 - Net cash provided by (used in) operating activities 16,513 (21,081 ) Cash Flows from Investing Activities Cash acquired in transaction - 34,139 Acquisition of property and equipment (343 ) (67 ) Net cash provided by (used in) investing activities (343 ) 34,072 Cash Flows from Financing Activities Capital lease principal payments (101 ) - Issuance of common stock 9,100 2 Net cash from financing activities 8,999 2 Effect of exchange rate changes on cash 2,559 (1,259 ) Net increase in cash and cash equivalents 27,728 11,734 Cash and cash equivalents, beginning of period 30,950 21,764 Cash and cash equivalents, end of period $ 58,678 $ 33,498
View source version on businesswire.com: http://www.businesswire.com/news/home/20180316005172/en/
KalVista Pharmaceuticals, Inc.Leah Monteiro, 857-999-0808Director, Corporate Communications & Investor Relationsleah.monteiro@kalvista.com
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