By Ben Glickman
KalVista Pharmaceuticals saw its stock rise on Friday following its announcement that it plans to submit an application for its drug candidate in the first half of next year.
Promising Stock Performance
The stock of this Cambridge, Mass.-based pharmaceutical company rose by 12%, reaching $10 per share. This year alone, shares have experienced an impressive 48% increase.
Advancements in Drug Development
KalVista recently achieved its target enrollment for a Phase 3 trial of its drug sebetralstat. This oral on-demand therapy is designed to address hereditary angioedema attacks, a condition characterized by skin swelling. The company is optimistic about submitting a New Drug Application to the U.S. Food and Drug Administration in the first half of 2024. Furthermore, they have secured funding that will sustain them through 2025.
In the fourth quarter ending April 30, KalVista reported a loss of $26.3 million, or 77 cents per share. This is compared to the previous year’s loss of $24.1 million, or 98 cents per share. Analysts polled by FactSet anticipated a per share loss of 87 cents.