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Side-by-side financial comparison of KalVista Pharmaceuticals, Inc. (KALV) and OCULAR THERAPEUTIX, INC (OCUL). Click either name above to swap in a different company.
KalVista Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($13.7M vs $13.3M, roughly 1.0× OCULAR THERAPEUTIX, INC). KalVista Pharmaceuticals, Inc. runs the higher net margin — -361.4% vs -488.0%, a 126.6% gap on every dollar of revenue.
KalVista Pharmaceuticals is a clinical-stage biopharmaceutical company focused on the research, development and commercialization of novel oral serine protease inhibitor therapies. Its core pipeline addresses unmet medical needs for rare and inflammatory diseases including hereditary angioedema and diabetic macular edema, with primary target markets in North America and Europe.
Ocular Therapeutix, Inc. is a biopharmaceutical firm specializing in developing and commercializing innovative ophthalmic therapies. Its products treat acute and chronic eye conditions including post-surgical pain, glaucoma, and dry eye, serving patients and ophthalmology providers primarily across the U.S. and select global markets.
KALV vs OCUL — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $13.7M | $13.3M |
| Net Profit | $-49.5M | $-64.7M |
| Gross Margin | 91.0% | 88.0% |
| Operating Margin | -336.3% | -526.5% |
| Net Margin | -361.4% | -488.0% |
| Revenue YoY | — | -22.4% |
| Net Profit YoY | -17.1% | -33.6% |
| EPS (diluted) | $-0.92 | $-0.27 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $13.3M | ||
| Q3 25 | $13.7M | $14.5M | ||
| Q2 25 | — | $13.5M | ||
| Q1 25 | — | $10.7M | ||
| Q4 24 | — | $17.1M | ||
| Q3 24 | $0 | $15.4M | ||
| Q2 24 | — | $16.4M | ||
| Q1 24 | — | $14.8M |
| Q4 25 | — | $-64.7M | ||
| Q3 25 | $-49.5M | $-69.4M | ||
| Q2 25 | — | $-67.8M | ||
| Q1 25 | — | $-64.1M | ||
| Q4 24 | — | $-48.4M | ||
| Q3 24 | $-40.4M | $-36.5M | ||
| Q2 24 | — | $-43.8M | ||
| Q1 24 | — | $-64.8M |
| Q4 25 | — | 88.0% | ||
| Q3 25 | 91.0% | 87.8% | ||
| Q2 25 | — | 85.6% | ||
| Q1 25 | — | 88.2% | ||
| Q4 24 | — | 92.8% | ||
| Q3 24 | — | 89.9% | ||
| Q2 24 | — | 90.8% | ||
| Q1 24 | — | 91.0% |
| Q4 25 | — | -526.5% | ||
| Q3 25 | -336.3% | -472.3% | ||
| Q2 25 | — | -502.6% | ||
| Q1 25 | — | -597.5% | ||
| Q4 24 | — | -296.1% | ||
| Q3 24 | — | -298.2% | ||
| Q2 24 | — | -265.1% | ||
| Q1 24 | — | -214.0% |
| Q4 25 | — | -488.0% | ||
| Q3 25 | -361.4% | -477.3% | ||
| Q2 25 | — | -503.9% | ||
| Q1 25 | — | -598.7% | ||
| Q4 24 | — | -283.3% | ||
| Q3 24 | — | -236.6% | ||
| Q2 24 | — | -266.3% | ||
| Q1 24 | — | -438.9% |
| Q4 25 | — | $-0.27 | ||
| Q3 25 | $-0.92 | $-0.38 | ||
| Q2 25 | — | $-0.39 | ||
| Q1 25 | — | $-0.38 | ||
| Q4 24 | — | $-0.25 | ||
| Q3 24 | $-0.87 | $-0.22 | ||
| Q2 24 | — | $-0.26 | ||
| Q1 24 | — | $-0.49 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $243.5M | $737.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $17.0M | $654.3M |
| Total Assets | $339.9M | $808.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $737.1M | ||
| Q3 25 | $243.5M | $344.8M | ||
| Q2 25 | — | $391.1M | ||
| Q1 25 | — | $349.7M | ||
| Q4 24 | — | $392.1M | ||
| Q3 24 | $31.8M | $427.2M | ||
| Q2 24 | — | $459.7M | ||
| Q1 24 | — | $482.9M |
| Q4 25 | — | $654.3M | ||
| Q3 25 | $17.0M | $258.2M | ||
| Q2 25 | — | $305.9M | ||
| Q1 25 | — | $265.9M | ||
| Q4 24 | — | $315.3M | ||
| Q3 24 | $172.8M | $352.0M | ||
| Q2 24 | — | $377.7M | ||
| Q1 24 | — | $408.0M |
| Q4 25 | — | $808.1M | ||
| Q3 25 | $339.9M | $410.9M | ||
| Q2 25 | — | $451.3M | ||
| Q1 25 | — | $405.9M | ||
| Q4 24 | — | $457.9M | ||
| Q3 24 | $200.2M | $490.4M | ||
| Q2 24 | — | $517.1M | ||
| Q1 24 | — | $538.9M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $-54.2M |
| Free Cash FlowOCF − Capex | — | $-57.1M |
| FCF MarginFCF / Revenue | — | -430.9% |
| Capex IntensityCapex / Revenue | — | 21.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-216.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-54.2M | ||
| Q3 25 | — | $-50.7M | ||
| Q2 25 | — | $-55.2M | ||
| Q1 25 | — | $-44.7M | ||
| Q4 24 | — | $-39.4M | ||
| Q3 24 | $-40.2M | $-36.6M | ||
| Q2 24 | — | $-24.8M | ||
| Q1 24 | — | $-33.9M |
| Q4 25 | — | $-57.1M | ||
| Q3 25 | — | $-56.7M | ||
| Q2 25 | — | $-56.5M | ||
| Q1 25 | — | $-46.6M | ||
| Q4 24 | — | $-39.6M | ||
| Q3 24 | $-40.2M | $-36.6M | ||
| Q2 24 | — | $-25.5M | ||
| Q1 24 | — | $-34.1M |
| Q4 25 | — | -430.9% | ||
| Q3 25 | — | -390.0% | ||
| Q2 25 | — | -419.7% | ||
| Q1 25 | — | -435.6% | ||
| Q4 24 | — | -232.0% | ||
| Q3 24 | — | -237.6% | ||
| Q2 24 | — | -155.4% | ||
| Q1 24 | — | -231.1% |
| Q4 25 | — | 21.4% | ||
| Q3 25 | — | 41.2% | ||
| Q2 25 | — | 9.3% | ||
| Q1 25 | — | 18.1% | ||
| Q4 24 | — | 1.2% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 4.5% | ||
| Q1 24 | — | 1.7% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
