KalVista Pharmaceuticals is a biopharmaceutical company focused on rare diseases. Its core product is EKTERLY (sebetralstat), an oral tablet approved by the FDA in July 2025 for on-demand treatment of acute hereditary angioedema (HAE) attacks in patients aged 12 and older. HAE is a rare genetic condition causing severe, unpredictable swelling episodes — including potentially fatal airway swelling — affecting roughly 1 in 35,000 to 1 in 50,000 people. EKTERLY works by inhibiting plasma kallikrein, the enzyme that drives HAE attacks. Its key differentiator is the oral route of administration: all previously approved on-demand HAE therapies in the U.S. require injection, which discourages early treatment. KalVista sells EKTERLY in the U.S. through a direct sales force targeting allergists and immunologists. Internationally, KalVista is building direct commercial teams in Germany and the UK, and has licensed rights to Kaken Pharmaceutical in Japan and Pendopharm in Canada. Revenue is driven by patient uptake, prescription pricing, and reimbursement terms, with demand recurring in nature given HAE patients experience attacks on an ongoing basis. In markets where KalVista uses partners, it earns upfront fees, milestones, and royalties. KalVista outsources manufacturing to contract manufacturers and clinical work to CROs, keeping its cost base centered on R&D and commercial expenses. The company is pre-profitability. Pipeline extensions include a pediatric ODT formulation study and a preclinical oral Factor XIIa inhibitor program.