Pharmaceutical company KalVista Pharmaceuticals Inc (NASDAQ:KALV) stated on Friday that it recorded a net loss of USD3.3m (USD0.22) per basic and diluted share) for the fiscal second quarter ended 31 October 2018.

This marks a rise in earnings when compared with a net loss of USD5.0m (USD0.50 per basic and diluted share) for the same period in 2017.

Revenue of USD5.6m was generated for the three months ended 31 October 2018, up over revenue of USD1.1m for the same period in 2017. Revenue in the three months ended 31 October 2018 consisted of the recognition of a portion of the upfront payment from Merck related to the 2017 agreement.

Research and development (R&D) expenses of USD7.9m were recorded for the three months ended 31 October 2018, a rise versus R&D expenses of USD4.4m for the same period in 2017, which primarily reflects the ongoing clinical trials for KVD001 and KVD900.