Pharmaceutical company KalVista Pharmaceuticals Inc (NASDAQ:KALV) stated on Friday that it recorded a net loss of USD5.0m (USD0.47 per basic and diluted share) for the fiscal first quarter ended 31 July 2018.

This is compared with a lower net loss of USD4.9m and a higher USD0.51 per basic and diluted share for the same period in 2017.

Revenue of USD3.7m were generated for the three months ended 31 July 2018, up over revenues of USD0.1m for the same period in 2017, due to the recognition of a portion of the upfront payment from Merck related to the agreement signed in October 2017.

Research and development (R&D) expenses of USD8.4m were recorded for the three months ended 31 July 2018, a rise versus R&D of USD3.5m for the same period in 2017,which primarily reflects the ongoing clinical trials for KVD001 and KVD900.