KalVista Pharmaceuticals Inc (NASDAQ:KALV) Stock Rises 7.4% on Strong EKTERLY Launch Despite Q1 Earnings Miss

KalVista Pharmaceuticals Inc (NASDAQ:KALV) reported its fiscal first-quarter 2026 financial results, delivering revenue that fell short of analyst expectations while posting a wider-than-anticipated loss per share. The market reaction has been notably positive in pre-market trading, with shares rising approximately 7.4% following the announcement.

Earnings Performance vs. Estimates

The company reported revenue of $1.43 million for the quarter, falling below the consensus estimate of $2.13 million. This represents KalVista's first quarter of meaningful product revenue following the U.S. commercial launch of EKTERLY in mid-July.

On the bottom line, the company reported a non-GAAP EPS of -$1.12, which was worse than the analyst estimate of -$0.97. The wider loss reflects the significant investments made in commercializing EKTERLY and expanding the company's operational capabilities.

Key financial metrics from the quarter:

• Net product revenue: $1.4 million (first full quarter of EKTERLY sales)
• Research and development expenses: $15.2 million (down from $26.6 million year-over-year)
• Selling, general and administrative expenses: $44.7 million (up from $17.6 million year-over-year)
• Cash, cash equivalents and marketable securities: $191.5 million as of July 31, 2025

Commercial Progress and Operational Highlights

The earnings release highlighted several significant milestones, particularly around the commercialization of EKTERLY, the company's novel oral treatment for hereditary angioedema (HAE). The FDA approved EKTERLY on July 7, 2025, and the company initiated its U.S. commercial launch on the same day.

Most notably, KalVista reported receiving 460 patient start forms within the first eight weeks following approval, representing nearly 5% of the reported HAE patient population in the United States. This early adoption rate exceeded management's expectations and suggests strong initial demand for the first and only oral on-demand treatment for HAE.

The company also achieved regulatory progress in international markets, with the UK's MHRA granting marketing authorization for EKTERLY in July 2025 and the European CHMP adopting a positive opinion recommending marketing authorization. The European Commission decision is expected in October 2025.

Market Reaction and Outlook

The positive market reaction despite the earnings miss suggests investors are focusing on the strong early commercial performance of EKTERLY rather than the quarterly financial results. The 7.4% pre-market gain follows positive momentum in the stock, which has risen approximately 25.6% over the past month.

Looking ahead, analysts project continued growth with Q2 2026 revenue estimates of $4.58 million and full-year 2026 sales estimates of $35.3 million. The company's substantial cash position of $191.5 million provides a runway to continue commercial expansion and development activities.

For more detailed earnings information and analyst estimates, readers can view the complete data here.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Readers should conduct their own research and consult with a qualified financial advisor before making any investment decisions.