Policy & Regulation
KalVista Pharmaceuticals reports wider net loss of USD10.8m in fiscal Q1
15 September 2020 -

Pharmaceutical company KalVista Pharmaceuticals Inc (NASDAQ:KALV) reported on Monday that it recorded a net loss of USD10.8m (USD0.61 per weighted average basic and diluted share) for the first fiscal quarter ended 31 July 2020.

This is an increase in net loss when compared with net loss of USD7.3m (USD0.42 per weighted average basic and diluted share) for the same period in the prior fiscal year, primarily due to the decrease in revenue and increase in research and development expenses.

No revenue was collected for the three months ended 31 July 2020, down over USD3.4m for the same period in the prior fiscal year. The decrease was due to the expiration of the Merck Option Agreement in February 2020. No future revenue remains under this agreement.

Research and development expenses of USD11.2m were recorded for the three months ended 31 July 2020, a rise versus R&D of USD9.7m for the same period in the prior fiscal year, which reflects increased costs related to the ongoing clinical trial for KVD900 as well as increased expenses in relation to the development of KVD824, primarily offset by a decrease in spending on KVD001.

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