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KalVista Pharmaceuticals Inc. (KALV-2.91%) has submitted its 10-Q filing for the quarterly period ended January 31, 2025.
The filing details financial statements for the quarter, highlighting a decrease in research and development expenses to $12.6 million from $22.5 million in the same quarter of the previous year. This decrease is primarily due to reduced spending on the sebetralstat program following the completion of the Phase 3 KONFIDENT trial.
General and administrative expenses increased to $30.3 million from $10.6 million in the same period the previous year. The increase is attributed to higher personnel costs, commercial strategy expenses, and professional fees.
The company reported an operating loss of $42.9 million for the quarter, compared to a loss of $33.2 million in the previous year. The increase in loss is mainly due to higher general and administrative expenses.
KalVista recorded $1.3 million in net other income, a decrease from $4.1 million in the same quarter the previous year. This decrease was due to increased interest expense and lower foreign currency exchange gains.
Net loss for the quarter was $48.5 million, compared to $29.0 million in the previous year. The company attributes the increased net loss to higher general and administrative expenses and interest expenses.
Cash used in operating activities was $112.5 million for the nine months ended January 31, 2025, compared to $74.1 million in the previous year. The increase is primarily due to higher operating expenses.
KalVista reported cash and cash equivalents of $167.9 million as of January 31, 2025, up from $31.8 million as of April 30, 2024. This increase is mainly due to proceeds from a royalty agreement and equity offerings.
The filing also discusses the company's ongoing efforts to seek regulatory approval for sebetralstat in various markets, including the U.S., Europe, and Japan. The company has submitted applications for marketing authorization and is awaiting decisions.
KalVista anticipates continuing to incur losses as it seeks regulatory approvals and prepares for potential commercialization of its product candidates. The company plans to finance future cash needs through equity offerings, debt financing, and partnerships.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the KalVista Pharmaceuticals Inc. quarterly 10-Q report dated March 12, 2025. To report an error, please email earnings@qz.com.