KalVista Pharmaceuticals, Inc. reported significant financial developments in its 10-Q filing for the quarter ended July 31, 2024. The company recorded a net loss of $40.4 million, an increase from a net loss of $25.3 million during the same period in 2023. This resulted in a net loss per share of $(0.87), compared to $(0.74) in the prior year. The increase in losses is attributed to higher operating expenses, which totaled $44.2 million, up from $29.1 million in the previous year.

Research and development (R&D) expenses rose to $26.6 million, a $7.3 million increase from $19.3 million in the prior year. This increase was primarily driven by heightened spending on the sebetralstat program, personnel costs, and preclinical activities. General and administrative expenses also surged to $17.6 million, up from $9.8 million, largely due to increased commercial and employee-related expenses.

As of July 31, 2024, KalVista's total assets decreased to $200.2 million from $235.4 million at the end of April 2024. Total current assets also fell to $191.6 million, down from $225.7 million. The company’s cash and cash equivalents remained relatively stable at $31.8 million, compared to $31.8 million at the end of April 2024. However, marketable securities decreased significantly from $178.6 million to $142.4 million.

The accumulated deficit increased to $(510.2 million) from $(469.7 million) at the end of April 2024, reflecting ongoing operational losses. Total stockholders' equity also declined to $172.8 million from $206.6 million.

KalVista continues to focus on the development of sebetralstat, a novel treatment for hereditary angioedema (HAE). The company filed a New Drug Application (NDA) with the FDA in June 2024, which was accepted for review in August 2024, with a PDUFA date set for June 17, 2025. Additionally, a Marketing Authorization Application (MAA) was validated by the European Medicines Agency (EMA) in August 2024.

The company has not generated any revenue from product sales and anticipates continued losses until regulatory approval and commercialization of its product candidates. KalVista plans to finance its future cash needs through equity offerings, grants, and corporate partnerships, while also maintaining sufficient funding to operate for at least the next twelve months based on current capital resources.