Pharmaceutical company KalVista Pharmaceuticals Inc (NASDAQ:KALV) stated on Tuesday its net loss of USD5.9m (USD0.33) per basic and diluted share for the fiscal second quarter ended 31 October 2019.

This marks a decline in earnings when compared to a net loss of USD3.3m (USD0.22 per basic and diluted share) for the same period in 2018.

Revenue of USD3.9m were generated for the three months ended 31 October 2019, down over revenues of USD5.6m for the same period in 2018. Revenue in the three months ended 31 October 2019 consisted of the recognition of a portion of the upfront payment from Merck.

Research and development expenses of USD9.8m were recorded for the three months ended 31 October 2019, an increase versus USD7.9m for the same period in 2018, which reflects the ongoing clinical trial for KVD900 and an increase in expense related to preclinical activities.