KalVista Pharmaceuticals (KALV) investor relations material

Product launch and market adoption

• EKTERLY, an oral therapy for acute HAE attacks, launched in July after FDA approval and is now available in the U.S. and several other countries.

• Over 1,000 patients are on therapy, representing more than 10% market penetration, with rapid uptake attributed to the convenience of oral administration.

• High patient satisfaction is reported, with users treating attacks earlier and more frequently, aligning with treatment guidelines.

• The majority of early prescribers are Tier 1 physicians, with strong repeat prescribing indicating both breadth and depth of adoption.

• Refills are frequent among severe disease patients, who currently make up a disproportionate share of new users.

Commercial and payer dynamics

• Patients receive an initial free carton after insurance confirmation, followed by commercial fills as coverage is established.

• Time to commercial drug is typically 6–8 weeks initially, expected to shorten as payer familiarity increases and formularies are established by 2026.

• Quantity limits are standard, generally allowing two cartons per month, with exceptions for high-frequency users.

• Revenue of $13.7 million last quarter is primarily driven by patient usage, with inventory levels remaining modest.

Competitive landscape and future outlook

• The market is expected to shift predominantly to oral therapies, with EKTERLY positioned as a step change over injectables.

• Upcoming competitor data (Pharvaris) is not expected to impact current commercial momentum due to differences in study design and established patient satisfaction.

• EKTERLY is anticipated to remain the market leader post-competitor entry, with the overall market large enough for multiple oral entrants.