Intrinsic value of KalVista Pharmaceuticals - KALV

Previous Close

$18.10

  Intrinsic Value

$0.63

stock screener

  Rating & Target

str. sell

-97%

Previous close

$18.10

 
Intrinsic value

$0.63

 
Up/down potential

-97%

 
Rating

str. sell

We calculate the intrinsic value of KALV stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  13
  21
  31
  45
  64
  87
  117
  154
  198
  250
  311
  380
  458
  545
  640
  745
  858
  980
  1,110
  1,248
  1,393
  1,547
  1,708
  1,877
  2,053
  2,237
  2,428
  2,627
  2,834
  3,049
Variable operating expenses, $m
  42
  65
  97
  141
  199
  273
  366
  481
  619
  782
  971
  1,187
  1,431
  1,702
  2,001
  2,328
  2,682
  3,062
  3,468
  3,899
  4,354
  4,834
  5,338
  5,865
  6,415
  6,989
  7,587
  8,209
  8,856
  9,528
Fixed operating expenses, $m
  19
  20
  20
  21
  21
  22
  22
  23
  23
  24
  24
  25
  25
  26
  26
  27
  28
  28
  29
  29
  30
  31
  31
  32
  33
  33
  34
  35
  36
  36
Total operating expenses, $m
  61
  85
  117
  162
  220
  295
  388
  504
  642
  806
  995
  1,212
  1,456
  1,728
  2,027
  2,355
  2,710
  3,090
  3,497
  3,928
  4,384
  4,865
  5,369
  5,897
  6,448
  7,022
  7,621
  8,244
  8,892
  9,564
Operating income, $m
  -48
  -64
  -86
  -116
  -156
  -207
  -271
  -350
  -444
  -555
  -684
  -832
  -998
  -1,183
  -1,387
  -1,610
  -1,851
  -2,110
  -2,387
  -2,680
  -2,991
  -3,318
  -3,661
  -4,020
  -4,395
  -4,786
  -5,193
  -5,617
  -6,058
  -6,516
EBITDA, $m
  -48
  -63
  -86
  -115
  -155
  -205
  -269
  -346
  -440
  -550
  -677
  -823
  -988
  -1,171
  -1,373
  -1,593
  -1,832
  -2,088
  -2,362
  -2,653
  -2,960
  -3,283
  -3,623
  -3,978
  -4,349
  -4,736
  -5,139
  -5,558
  -5,994
  -6,447
Interest expense (income), $m
  0
  0
  1
  2
  4
  7
  11
  16
  22
  29
  38
  49
  61
  75
  91
  108
  128
  149
  172
  197
  223
  251
  280
  311
  344
  378
  414
  451
  490
  530
  572
Earnings before tax, $m
  -48
  -65
  -89
  -121
  -163
  -218
  -287
  -372
  -473
  -594
  -733
  -893
  -1,073
  -1,274
  -1,496
  -1,738
  -2,000
  -2,282
  -2,583
  -2,903
  -3,242
  -3,598
  -3,972
  -4,364
  -4,773
  -5,200
  -5,645
  -6,107
  -6,588
  -7,088
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -48
  -65
  -89
  -121
  -163
  -218
  -287
  -372
  -473
  -594
  -733
  -893
  -1,073
  -1,274
  -1,496
  -1,738
  -2,000
  -2,282
  -2,583
  -2,903
  -3,242
  -3,598
  -3,972
  -4,364
  -4,773
  -5,200
  -5,645
  -6,107
  -6,588
  -7,088

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  56
  86
  129
  188
  265
  364
  488
  641
  825
  1,042
  1,294
  1,582
  1,907
  2,269
  2,669
  3,104
  3,576
  4,082
  4,624
  5,198
  5,806
  6,445
  7,117
  7,820
  8,554
  9,319
  10,116
  10,946
  11,808
  12,704
Adjusted assets (=assets-cash), $m
  56
  86
  129
  188
  265
  364
  488
  641
  825
  1,042
  1,294
  1,582
  1,907
  2,269
  2,669
  3,104
  3,576
  4,082
  4,624
  5,198
  5,806
  6,445
  7,117
  7,820
  8,554
  9,319
  10,116
  10,946
  11,808
  12,704
Revenue / Adjusted assets
  0.232
  0.244
  0.240
  0.239
  0.242
  0.239
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
Average production assets, $m
  2
  3
  4
  5
  8
  11
  14
  19
  24
  30
  38
  46
  55
  66
  77
  90
  104
  119
  134
  151
  169
  187
  207
  227
  248
  271
  294
  318
  343
  369
Working capital, $m
  -25
  -38
  -57
  -83
  -117
  -160
  -215
  -282
  -363
  -459
  -570
  -697
  -840
  -999
  -1,175
  -1,366
  -1,574
  -1,797
  -2,035
  -2,288
  -2,555
  -2,837
  -3,133
  -3,442
  -3,765
  -4,102
  -4,453
  -4,818
  -5,197
  -5,592
Total debt, $m
  17
  44
  83
  135
  205
  294
  406
  544
  709
  904
  1,131
  1,391
  1,683
  2,009
  2,368
  2,760
  3,184
  3,641
  4,128
  4,645
  5,192
  5,767
  6,372
  7,004
  7,665
  8,354
  9,071
  9,817
  10,593
  11,400
Total liabilities, $m
  50
  78
  116
  169
  238
  327
  440
  577
  743
  938
  1,165
  1,424
  1,717
  2,043
  2,402
  2,794
  3,218
  3,674
  4,161
  4,678
  5,225
  5,801
  6,405
  7,038
  7,698
  8,387
  9,105
  9,851
  10,627
  11,434
Total equity, $m
  6
  9
  13
  19
  26
  36
  49
  64
  83
  104
  129
  158
  191
  227
  267
  310
  358
  408
  462
  520
  581
  645
  712
  782
  855
  932
  1,012
  1,095
  1,181
  1,270
Total liabilities and equity, $m
  56
  87
  129
  188
  264
  363
  489
  641
  826
  1,042
  1,294
  1,582
  1,908
  2,270
  2,669
  3,104
  3,576
  4,082
  4,623
  5,198
  5,806
  6,446
  7,117
  7,820
  8,553
  9,319
  10,117
  10,946
  11,808
  12,704
Debt-to-equity ratio
  2.990
  5.110
  6.400
  7.210
  7.730
  8.080
  8.310
  8.480
  8.590
  8.680
  8.740
  8.790
  8.820
  8.850
  8.870
  8.890
  8.910
  8.920
  8.930
  8.940
  8.940
  8.950
  8.950
  8.960
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -48
  -65
  -89
  -121
  -163
  -218
  -287
  -372
  -473
  -594
  -733
  -893
  -1,073
  -1,274
  -1,496
  -1,738
  -2,000
  -2,282
  -2,583
  -2,903
  -3,242
  -3,598
  -3,972
  -4,364
  -4,773
  -5,200
  -5,645
  -6,107
  -6,588
  -7,088
Depreciation, amort., depletion, $m
  0
  0
  1
  1
  1
  2
  3
  3
  4
  6
  7
  9
  10
  12
  14
  17
  19
  22
  25
  28
  31
  35
  38
  42
  46
  50
  54
  59
  63
  68
Funds from operations, $m
  -48
  -64
  -88
  -120
  -162
  -216
  -284
  -368
  -469
  -588
  -726
  -884
  -1,063
  -1,262
  -1,481
  -1,721
  -1,981
  -2,260
  -2,558
  -2,875
  -3,211
  -3,564
  -3,934
  -4,322
  -4,727
  -5,150
  -5,590
  -6,048
  -6,524
  -7,019
Change in working capital, $m
  -9
  -13
  -19
  -26
  -34
  -44
  -55
  -67
  -81
  -96
  -111
  -127
  -143
  -159
  -176
  -192
  -208
  -223
  -238
  -253
  -267
  -282
  -296
  -309
  -323
  -337
  -351
  -365
  -380
  -395
Cash from operations, $m
  -38
  -51
  -69
  -94
  -128
  -173
  -230
  -301
  -388
  -492
  -615
  -758
  -920
  -1,103
  -1,306
  -1,529
  -1,773
  -2,037
  -2,320
  -2,622
  -2,943
  -3,282
  -3,639
  -4,013
  -4,404
  -4,813
  -5,239
  -5,683
  -6,145
  -6,625
Maintenance CAPEX, $m
  0
  0
  0
  -1
  -1
  -1
  -2
  -3
  -3
  -4
  -6
  -7
  -9
  -10
  -12
  -14
  -17
  -19
  -22
  -25
  -28
  -31
  -35
  -38
  -42
  -46
  -50
  -54
  -59
  -63
New CAPEX, $m
  -1
  -1
  -1
  -2
  -2
  -3
  -4
  -4
  -5
  -6
  -7
  -8
  -9
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
Cash from investing activities, $m
  -1
  -1
  -1
  -3
  -3
  -4
  -6
  -7
  -8
  -10
  -13
  -15
  -18
  -21
  -24
  -27
  -31
  -34
  -38
  -42
  -46
  -50
  -54
  -58
  -63
  -68
  -73
  -78
  -84
  -89
Free cash flow, $m
  -39
  -52
  -71
  -97
  -131
  -177
  -235
  -308
  -397
  -503
  -628
  -773
  -938
  -1,123
  -1,330
  -1,556
  -1,804
  -2,071
  -2,358
  -2,664
  -2,989
  -3,332
  -3,693
  -4,071
  -4,468
  -4,881
  -5,313
  -5,762
  -6,229
  -6,714
Issuance/(repayment) of debt, $m
  16
  27
  39
  52
  69
  89
  112
  138
  166
  195
  227
  259
  292
  326
  359
  392
  424
  456
  487
  517
  547
  576
  604
  632
  661
  689
  717
  746
  776
  807
Issuance/(repurchase) of shares, $m
  54
  68
  93
  127
  171
  228
  300
  387
  492
  615
  758
  922
  1,106
  1,310
  1,536
  1,781
  2,047
  2,333
  2,637
  2,961
  3,303
  3,662
  4,039
  4,434
  4,847
  5,277
  5,724
  6,190
  6,674
  7,177
Cash from financing (excl. dividends), $m  
  70
  95
  132
  179
  240
  317
  412
  525
  658
  810
  985
  1,181
  1,398
  1,636
  1,895
  2,173
  2,471
  2,789
  3,124
  3,478
  3,850
  4,238
  4,643
  5,066
  5,508
  5,966
  6,441
  6,936
  7,450
  7,984
Total cash flow (excl. dividends), $m
  31
  43
  61
  83
  109
  141
  176
  217
  261
  308
  357
  408
  460
  513
  565
  617
  668
  718
  767
  814
  861
  906
  951
  995
  1,040
  1,084
  1,129
  1,175
  1,221
  1,270
Retained Cash Flow (-), $m
  -54
  -68
  -93
  -127
  -171
  -228
  -300
  -387
  -492
  -615
  -758
  -922
  -1,106
  -1,310
  -1,536
  -1,781
  -2,047
  -2,333
  -2,637
  -2,961
  -3,303
  -3,662
  -4,039
  -4,434
  -4,847
  -5,277
  -5,724
  -6,190
  -6,674
  -7,177
Prev. year cash balance distribution, $m
  28
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  5
  -25
  -32
  -44
  -62
  -88
  -123
  -170
  -231
  -308
  -401
  -514
  -645
  -797
  -970
  -1,164
  -1,379
  -1,615
  -1,871
  -2,147
  -2,442
  -2,756
  -3,088
  -3,439
  -3,807
  -4,192
  -4,595
  -5,015
  -5,453
  -5,908
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  5
  -23
  -28
  -36
  -48
  -64
  -83
  -106
  -133
  -161
  -191
  -219
  -245
  -268
  -285
  -296
  -300
  -297
  -288
  -273
  -253
  -229
  -202
  -175
  -148
  -122
  -99
  -78
  -60
  -44
Current shareholders' claim on cash, %
  50.0
  18.6
  7.4
  3.1
  1.4
  0.6
  0.3
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

KalVista Pharmaceuticals, Inc., formerly Carbylan Therapeutics, Inc., is a clinical-stage pharmaceutical company. The Company is focused on the discovery, development, and commercialization of small molecule protease inhibitors for a range of diseases. The Company has developed a portfolio of small molecule plasma kallikrein inhibitors targeting hereditary angioedema (HAE) and diabetic macular edema (DME). The Company is developing a plasma kallikrein inhibitor, which is administered directly into the eye. The Company is engaged in advancing several product candidates developed from its portfolio into early clinical trials. The Company is progressing additional oral candidates towards regulatory preclinical studies. The Company's HAE product candidate, KVD818, is an inhibitor of plasma kallikrein. The Company has initiated clinical testing of KVD818 in a Phase I clinical trial. It has completed an open-label single ascending dose Phase I trial in DME patients with KVD001.

FINANCIAL RATIOS  of  KalVista Pharmaceuticals (KALV)

Valuation Ratios
P/E Ratio -9.3
Price to Sales 87.9
Price to Book 5.7
Price to Tangible Book
Price to Cash Flow -7.3
Price to Free Cash Flow -7.3
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -41.8%
Ret/ On Assets - 3 Yr. Avg. -87%
Return On Total Capital -44.7%
Ret/ On T. Cap. - 3 Yr. Avg. -123.5%
Return On Equity -47.5%
Return On Equity - 3 Yr. Avg. -920.4%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -950%
EBITDA Margin - 3 Yr. Avg. -316.7%
Operating Margin -1100%
Oper. Margin - 3 Yr. Avg. -366.7%
Pre-Tax Margin -950%
Pre-Tax Margin - 3 Yr. Avg. -316.7%
Net Profit Margin -950%
Net Profit Margin - 3 Yr. Avg. -316.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

KALV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KALV stock intrinsic value calculation we used $8.394 million for the last fiscal year's total revenue generated by KalVista Pharmaceuticals. The default revenue input number comes from 0001 income statement of KalVista Pharmaceuticals. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our KALV stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for KALV is calculated based on our internal credit rating of KalVista Pharmaceuticals, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of KalVista Pharmaceuticals.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of KALV stock the variable cost ratio is equal to 312.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $19 million in the base year in the intrinsic value calculation for KALV stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for KalVista Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for KalVista Pharmaceuticals. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the KALV stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for KALV are equal to 12.1%.

Life of production assets of 5.4 years is the average useful life of capital assets used in KalVista Pharmaceuticals operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for KALV is equal to -183.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $27.253 million for KalVista Pharmaceuticals - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 10.8 million for KalVista Pharmaceuticals is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of KalVista Pharmaceuticals at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ KalVista Pharmaceuticals Provides Clinical Update on KVD900   [Nov-12-18 07:30AM  Business Wire]
▶ Cantor Fitzgerald's 7 Buys For 7 Biotechs   [Sep-21-18 03:32PM  Benzinga]
▶ 3 Biotech Stocks That Big Investors Are Snatching Up   [Sep-19-18 07:30AM  Barrons.com]
▶ Kalvebod Plc - Series 2 - Full Redemption   [06:32AM  GlobeNewswire]
▶ Kalvebod Plc - Series 2 Notice re Coll Redemption   [Jun-29-18 01:20AM  GlobeNewswire]
▶ Kalvebod Plc - Series 2 Notice re Possible Redemption   [Jun-18-18 09:56AM  GlobeNewswire]
▶ KalVista Pharmaceuticals Recognizes HAE Day   [May-16-18 07:30AM  Business Wire]
▶ Management Report   [Apr-03-18 09:49AM  GlobeNewswire]
▶ KalVista Pharmaceuticals Commences Two Clinical Trials   [Jan-05-18 07:30AM  Business Wire]
▶ Merck takes stake in small Cambridge rare disease biotech, lifting shares   [Oct-16-17 01:58PM  American City Business Journals]
▶ Company News For Oct 11, 2017   [09:46AM  Zacks]
▶ Small-Cap Biotech Rockets After Dow's Merck Buys 10% Stake   [Oct-10-17 04:06PM  Investor's Business Daily]
▶ KalVista Pharmaceuticals to Recognize HAE Day 2017   [May-15-17 07:30AM  GlobeNewswire]

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