KalVista Pharmaceuticals (KALV) The Citizens Life Sciences Conference 2026 summary

Market overview and disease landscape

• Hereditary angioedema (HAE) affects about 9,000 people in the U.S., with prevalence estimates ranging from 1 in 35,000 to 1 in 50,000.

• Around 70% of HAE patients use prophylaxis, but nearly all require on-demand therapy due to breakthrough attacks.

• The on-demand market had seen little innovation for over a decade until the introduction of EKTERLY, the first oral on-demand therapy.

• Existing therapies, mainly injectables and IVs, are effective but burdensome, leading to under-treatment of attacks.

• EKTERLY aims to provide injectable-like efficacy with a better safety profile and ease of use, enabling earlier and more frequent treatment.

Clinical data and patient impact

• Guidelines recommend treating HAE attacks early and treating all attacks, but historically only 50-60% of attacks are treated.

• EKTERLY's open label extension study showed patients treated about 85% or more of their attacks, a significant increase from previous rates.

• Average time to treatment with EKTERLY is nine minutes, compared to 3.8 hours with icatibant; adolescents treated even faster.

• Early treatment with EKTERLY leads to faster resolution and less severe attacks, as confirmed by recent clinical data.

• The therapy is especially beneficial for adolescents, who previously faced greater challenges with IV-only options.

Market opportunity and commercial performance

• The acute HAE therapy market is stable at about 84,000 doses annually, translating to under $700 million in sales, but could reach $1.3–$1.4 billion at branded prices.

• EKTERLY's launch has driven higher refill rates and more frequent use, indicating increased attack treatment.

• Most patients receive prescriptions for a year, with refills as needed, and shelf life is not a significant limiting factor.

• The market is expected to shift significantly toward oral therapies, with potential for 80–90% conversion over time.

• Early sales exceeded expectations, with Q4 revenue notably higher due to strong uptake and some pull-forward effects.