Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jul. 31, 2019 | Aug. 30, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 31, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | KALV | |
Entity Registrant Name | KALVISTA PHARMACEUTICALS, INC. | |
Entity Central Index Key | 0001348911 | |
Current Fiscal Year End Date | --04-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Security Exchange Name | NASDAQ | |
Document Transition Report | false | |
Entity File Number | 001-36830 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-0915291 | |
Entity Address, Address Line One | 55 Cambridge Parkway | |
Entity Address, Address Line Two | Suite 901E | |
Entity Address, City or Town | Cambridge | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02142 | |
City Area Code | 857 | |
Local Phone Number | 999-0075 | |
Entity Common Stock, Shares Outstanding | 17,815,493 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 31, 2019 | Apr. 30, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 30,107 | $ 32,006 |
Marketable securities | 70,259 | 68,805 |
Research and development tax credit receivable | 12,625 | 11,315 |
Prepaid expenses and other current assets | 2,728 | 3,420 |
Total current assets | 115,719 | 115,546 |
Right of use assets | 1,737 | |
Property and equipment, net | 2,255 | 2,413 |
Other assets | 173 | 173 |
Total assets | 119,884 | 118,132 |
Current liabilities: | ||
Accounts payable | 3,103 | 2,860 |
Accrued expenses | 4,261 | 5,647 |
Deferred revenue - current portion | 6,023 | 9,545 |
Lease liability - current portion | 580 | |
Total current liabilities | 13,967 | 18,052 |
Long-term liabilities: | ||
Deferred revenue - net of current portion | 2,873 | 3,342 |
Lease liability - net of current portion | 1,177 | |
Total long-term liabilities | 4,050 | 3,342 |
Commitments and contingencies (Note 5) | ||
Stockholders’ equity | ||
Common stock, $0.001 par value, 100,000,000 authorized Shares issued and outstanding: 17,815,493 at July 31, 2019 and 17,277,750 at April 30, 2019 | 18 | 17 |
Additional paid-in capital | 203,650 | 191,123 |
Accumulated deficit | (99,814) | (92,476) |
Accumulated other comprehensive loss | (1,987) | (1,926) |
Total stockholders’ equity | 101,867 | 96,738 |
Total liabilities and stockholders’ equity | $ 119,884 | $ 118,132 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jul. 31, 2019 | Apr. 30, 2019 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 17,815,493 | 17,277,750 |
Common stock, shares outstanding | 17,815,493 | 17,277,750 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2019 | Jul. 31, 2018 | |
Income Statement [Abstract] | ||
Revenue | $ 3,369 | $ 3,718 |
Operating expenses: | ||
Research and development | 9,686 | 8,356 |
General and administrative | 3,247 | 2,371 |
Total operating expenses | 12,933 | 10,727 |
Operating loss | (9,564) | (7,009) |
Other income: | ||
Interest income | 590 | 89 |
Foreign currency exchange gain (loss) | (453) | 67 |
Other income | 2,089 | 1,823 |
Total other income | 2,226 | 1,979 |
Net loss | (7,338) | (5,030) |
Other comprehensive loss: | ||
Foreign currency translation adjustments | (89) | (1,320) |
Unrealized holding gains on available-for-sale securities | 28 | |
Other comprehensive loss | (61) | (1,320) |
Comprehensive loss | $ (7,399) | $ (6,350) |
Net loss per share to common stockholders, basic and diluted | $ (0.42) | $ (0.47) |
Weighted average common shares outstanding, basic and diluted | 17,488,997 | 10,799,895 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Apr. 30, 2018 | $ 27,253 | $ 11 | $ 100,011 | $ (71,660) | $ (1,109) |
Balance, shares at Apr. 30, 2018 | 10,799,895 | ||||
Cash received pursant to common stock subscription agreement | 5,000 | 5,000 | |||
Stock-based compensation expense | 347 | 347 | |||
Net loss | (5,030) | (5,030) | |||
Foreign currency translation adjustments | (1,320) | (1,320) | |||
Balance at Jul. 31, 2018 | 26,250 | $ 11 | 105,358 | (76,690) | (2,429) |
Balance, shares at Jul. 31, 2018 | 10,799,895 | ||||
Balance at Apr. 30, 2019 | 96,738 | $ 17 | 191,123 | (92,476) | (1,926) |
Balance, shares at Apr. 30, 2019 | 17,277,750 | ||||
Issuance of common stock, net of issuance costs | 11,422 | $ 1 | 11,421 | ||
Issuance of common stock, net of issuance costs,shares | 527,221 | ||||
Issuance of common stock from equity incentive plans | 32 | 32 | |||
Issuance of common stock from equity incentive plans,shares | 10,522 | ||||
Stock-based compensation expense | 1,074 | 1,074 | |||
Net loss | (7,338) | (7,338) | |||
Foreign currency translation adjustments | (89) | (89) | |||
Unrealized holding gains from available-for-sale securities | 28 | 28 | |||
Balance at Jul. 31, 2019 | $ 101,867 | $ 18 | $ 203,650 | $ (99,814) | $ (1,987) |
Balance, shares at Jul. 31, 2019 | 17,815,493 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2019 | Jul. 31, 2018 | |
Cash Flows from Operating Activities | ||
Net loss | $ (7,338) | $ (5,030) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 121 | 50 |
Stock-based compensation expense | 1,074 | 347 |
Realized (gain) loss from available for sale securities | (29) | |
Amortization of right of use assets | 138 | |
Amortization of discount/premium on available for sale securities | 35 | |
Foreign currency remeasurement loss | 454 | 6 |
Changes in operating assets and liabilities: | ||
Research and development tax credit receivable | (2,060) | 919 |
Prepaid expenses and other current assets | 561 | (69) |
Accounts payable | 392 | 1,126 |
Accrued expenses | (1,117) | 157 |
Lease obligations | (137) | |
Deferred revenue | (3,369) | (3,718) |
Net cash used in operating activities | (11,275) | (6,212) |
Cash Flows from Investing Activities | ||
Acquisition of property and equipment | (98) | (565) |
Purchases of available for sale securities | (19,646) | |
Sales and maturities of available for sale securities | 18,214 | |
Net cash used in investing activities | (1,530) | (565) |
Cash Flows from Financing Activities | ||
Capital lease principal payments | (54) | (52) |
Issuance of common stock from equity incentive plans | 32 | |
Issuance of common stock, net of $123 of offering expenses | 11,422 | 5,000 |
Net cash from financing activities | 11,400 | 4,948 |
Effect of exchange rate changes on cash and cash equivalents | (494) | (1,156) |
Net decrease in cash and cash equivalents | (1,899) | (2,985) |
Cash and cash equivalents at beginning of period | 32,006 | 51,055 |
Cash and cash equivalents at end of period | 30,107 | 48,070 |
Supplemental Disclosures of Non-cash Financing Activities | ||
Acquisition of property and equipment in accounts payable | $ 47 | $ 100 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Parenthetical) (Unaudited) $ in Thousands | 3 Months Ended |
Jul. 31, 2019USD ($) | |
Statement Of Cash Flows [Abstract] | |
Offering expenses | $ 123 |
The Company
The Company | 3 Months Ended |
Jul. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
The Company | 1. The Company KalVista Pharmaceuticals, Inc. (“KalVista” or the “Company”) is a clinical stage pharmaceutical company focused on the discovery, development and commercialization of small molecule protease inhibitors for diseases with significant unmet need. The Company’s first product candidates are inhibitors of plasma kallikrein being developed for two indications: hereditary angioedema (“HAE”) and diabetic macular edema (“DME”). The Company applies its insights into the chemistry of proteases and, with current programs, the biology of the plasma kallikrein system, to develop small molecule inhibitors with high selectivity, potency and bioavailability that it believes will make them successful treatments for disease. KalVista has created a structurally diverse portfolio of oral plasma kallikrein inhibitors and advanced multiple drug candidates into clinical trials in order to create best-in-class oral therapies for both HAE and DME. The Company is enrolling a Phase 2 clinical trial of KVD900 as a potential on-demand therapy for HAE attacks, which is expected to complete in late 2019. In the case of DME, the Company has completed enrollment in a Phase 2 clinical trial of KVD001, the Company’s most advanced DME drug candidate, that it anticipates will provide data in the fourth quarter of 2019 . The Company also has completed a first-in-human study of the next oral plasma kallikrein inhibitor selected for clinical development, KVD824, and expects to announce further development plans for this program in the first half of 2020. The Company’s headquarters is located in Cambridge, Massachusetts, with research activities located in Porton Down, United Kingdom and Boston, Massachusetts . The Company has devoted substantially all of its efforts to research and development, including clinical trials of its product candidates. The Company has not completed the development of any product candidates. Pharmaceutical drug product candidates, like those being developed by the Company, require approvals from the U.S. Food and Drug Administration (“FDA”) or foreign regulatory agencies prior to commercial sales. There can be no assurance that any product candidates will receive the necessary approvals and any failure to receive approval or delay in approval may have a material adverse impact on the Company’s business and financial results. . The Company has funded operations primarily through the issuance and sale of capital stock and the option agreement with Merck Sharp & Dohme Corp. (the “Merck Option Agreement”). As of July 31, 2019, the Company had an accumulated deficit of $99.8 million and $100.4 million of cash, cash equivalents and marketable securities. To date, the Company has not generated any product sales and revenues and does not have any products that have been approved for commercialization. The Company does not expect to generate significant revenue unless and until it obtains regulatory approval for, and commercializes, one of its current or future product candidates. The Company anticipates that it will continue to incur losses for the foreseeable future, and it expects those losses to increase as it continues the development of, and seeks regulatory approvals for, product candidates, and begins to commercialize any approved products. The Company is subject to all of the risks inherent in the development of new therapeutic products, and it may encounter unforeseen expenses, difficulties, complications, delays and other unknown factors that may adversely affect its business. The Company currently anticipates that, based upon its operating plans and existing capital resources, it has sufficient funding to operate for at least the next twelve months. Until such time, if ever, as the Company can generate substantial revenues, it expects to finance its cash needs through a combination of equity or debt financings, collaborations, strategic partnerships and licensing arrangements. To the extent that additional capital is raised through the sale of stock or convertible debt securities, the ownership interest of existing stockholders will be diluted, and the terms of these newly issued securities may include liquidation or other preferences that adversely affect the rights of common stockholders. Debt financing, if available, may involve agreements that include increased fixed payment obligations and covenants limiting or restricting the Company’s ability to take specific actions, such as incurring additional debt, making capital expenditures, declaring dividends, selling or licensing intellectual property rights and other operating restrictions that could adversely impact its ability to conduct business. Additional fundraising through collaborations, strategic partnerships or licensing arrangements with third parties may require the Company to relinquish valuable rights to product candidates, including other technologies, future revenue streams or research programs, or grant licenses on terms that may not be favorable. If the Company is unable to raise additional funds when needed, it may be required to delay, limit, reduce or terminate product development or future commercialization efforts or grant rights to develop and commercialize other product candidates even if it would otherwise prefer to develop and commercialize such product candidates internally. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Jul. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Principles of Consolidation: The accompanying unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Such financial statements reflect all adjustments that are, in management’s opinion, necessary to present fairly, in all material respects, the Company’s consolidated financial position, results of operations, and cash flows. There were no adjustments other than normal recurring adjustments These unaudited interim financial results are not necessarily indicative of the results to be expected for the year ending April 30, 2020, or for any other future annual or interim period. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements as of and for the year ended April 30, 2019 Segment Reporting: The Company’s Chief Operating Decision Maker, the CEO, manages the Company’s operations as a single operating segment for the purposes of assessing performance and making operating decisions. Net Loss per Share: Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing net loss by the sum of the weighted average number of common shares and the number of potential dilutive common share equivalents outstanding during the period. Potential dilutive common share equivalents consist of the incremental common shares issuable upon the exercise of share options and awards. Potential dilutive common share equivalents consist of: July 31, 2019 2018 Stock options and awards 2,289,947 1,239,861 In computing diluted earnings per share, common share equivalents are not considered in periods in which a net loss is reported, as the inclusion of the common share equivalents would be anti-dilutive. As a result, there is no difference between the Company’s basic and diluted loss per share for the periods presente d Fair Value Measurement: The Company classifies fair value measurements using a three level hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1, quoted market prices in active markets for identical assets or liabilities; Level 2, observable inputs other than quoted market prices included in Level 1, such as quoted market prices for markets that are not active or other inputs that are observable or can be corroborated by observable market data; and Level 3, unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. These fair values are obtained from independent pricing services which utilize Level 1 and Level 2 inputs. The following table summarizes the cash and cash equivalents and marketable securities measured at fair value on a recurring basis as of July 31, 2019: Balance at Level 1 Level 2 Level 3 July 31, 2019 Cash equivalents $ — $ 973 $ — $ 973 Marketable securities: Corporate debt securities — 59,247 — 59,247 U.S. government agency securities 11,012 — 11,012 $ — $ 71,232 $ — $ 71,232 Recently Adopted Accounting Pronouncements: The Company adopted ASC 842, Leases (“ASC 842”), using the modified retrospective approach with cumulative effect adjustment, effective May 1, 2019. The Company elected the package of practical expedients permitted under the transition guidance within the new standard expedients which allows the Company to not reassess previous accounting conclusions around whether arrangements are or contain leases, the classification of its existing leases as of the transition date, and the treatment of initial direct costs. In addition, the Company elected the practical expedient not to apply the recognition requirements in the lease standard to short-term leases (a lease that at commencement date has a lease term of 12 months or less and does not contain a purchase option that it is reasonably certain to exercise) and the practical expedient that permits lessees to make an accounting policy election (by class of underlying asset) to account for each separate lease component of a contract and its associated non-lease components as a single lease component. The adoption had a material impact on the consolidated balance sheet related to the recognition of a transition adjustment on May 1, 2019 of a right of use asset of $1.9 million and lease liability of $1.9 million for an operating lease and the derecognition of deferred rent originally accounted for under legacy guidance. The adoption did not have a material impact on the consolidated statement of operations. Refer to the Leases footnote for further information on the adoption of this standard and the Company’s accounting for leases. Impact of Adopting ASC 842 on the Financial Statements May 1, 2019 May 1, 2019 Prior to ASC 842 ASC 842 Adjustment As Adjusted Consolidated Balance Sheet Data (in thousands): Right of use assets - operating leases $ — $ 1,913 $ 1,913 Deferred rent, current portion $ 19 $ (19 ) $ — Current operating lease liabilities $ — $ 569 $ 569 Non-current operating lease liabilities $ — $ 1,363 $ 1,363 |
Marketable Securities
Marketable Securities | 3 Months Ended |
Jul. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Marketable Securities | 3. Marketable Securities The objectives of the Company’s investment policy are to ensure the safety and preservation of invested funds, as well as to maintain liquidity sufficient to meet cash flow requirements. The Company invests its excess cash in securities issued by high credit quality financial institutions, commercial companies, and government agencies in order to limit the amount of its credit exposure. The Company has not realized any significant losses from its investments. The Company classifies all of its debt securities as available for sale. Unrealized gains and losses on debt securities are recognized in comprehensive loss, unless an unrealized loss is considered to be other than temporary, in which case the unrealized loss is charged to operations. The Company periodically reviews its investments for other than temporary declines in fair value below cost basis and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company believes the individual unrealized losses represent temporary declines primarily resulting from interest rate changes. Realized gains and losses are included in interest and other income in the consolidated statements of operations and comprehensive loss and are determined using the specific identification method with transactions recorded on a trade date basis. The following tables summarize the fair value of the Company’s investments by type: July 31, 2019 Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value Corporate debt securities $ 58,817 $ 450 $ (20 ) $ 59,247 Obligation of the U.S. Government and its agencies 10,966 49 (3 ) 11,012 Total investments $ 69,783 $ 499 $ (23 ) $ 70,259 April 30, 2019 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Corporate debt securities $ 56,083 $ 405 $ (1 ) $ 56,487 Obligation of the U.S. Government and its agencies 12,282 36 — 12,318 Total investments $ 68,365 $ 441 $ (1 ) $ 68,805 The following table summarizes the scheduled maturity for the Company’s investments at July 31, 2019: July 31, 2019 Maturing in one year or less $ 39,209 Maturing after one year through two years 18,055 Maturing after two years 12,995 Total investments $ 70,259 |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Jul. 31, 2019 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 4 . Accrued Expenses Accrued expenses consisted of the following as of July 31, 2019 and April 30, 2019 (in thousands): July 31, April 30, 2019 2019 Compensation expense $ 775 $ 1,949 Research expense 3,054 3,065 Professional fees 171 186 Other expenses 261 447 $ 4,261 $ 5,647 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jul. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 5 . Commitments and Contingencies Clinical Studies: The Company enters into contractual agreements with contract research organizations in connection with preclinical studies and clinical trials. Amounts due under these agreements are invoiced to the Company on predetermined schedules during the course of the studies and clinical trials and are not refundable regardless of the outcome. The Company has contractual obligations related to the expected future costs to be incurred to complete the ongoing preclinical studies and clinical trials. The remaining commitments, which have cancellation provisions, total $6.4 million at July 31, 2019. Contingencies: From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business activities. The Company accrues a liability for such matters when it is probable and that such expenditures can be reasonably estimated. There are no contingent liabilities requiring accrual at July 31, 2019. As a result of the terms of grant income received in prior years, upon successful regulatory approval and following the first commercial sale of certain products, the Company will be required to pay royalty fees of up to $1.0 million within 90 days of the first commercial sale of the product subject to certain limitations, and follow on payments depending upon commercial success and type of product. Given the stage of development of the current pipeline of products it is not possible to predict with certainty the amount or timing of any such liability. |
Leases
Leases | 3 Months Ended |
Jul. 31, 2019 | |
Leases [Abstract] | |
Leases | 6. Leases The Company has a lease agreement for approximately 2,700 square feet of space for its headquarters located in Cambridge, Massachusetts that commenced in September 2017 for a term of five years. The Company has a lease agreement for approximately 8,800 square feet of office and research laboratory space located in Porton Down, United Kingdom that commenced in July 2018 for a term of ten years. The Company has the right to terminate the lease agreement on or after April 30, 2021. The Company is not reasonably certain to do so and therefore has included the entire lease term in its calculation of the lease liability. The Company additionally is party to several operating leases for office and laboratory space as well as certain lab equipment. Total rent expense was $177,000 and $170,000 for the three months ended July 31, 2019 and 2018, respectively and is reflected in general and administrative expenses and research and development expenses as determined by the underlying activities. The Company identified and assessed the following significant assumptions in calculating the lease liability: Incremental borrowing rate – The Company’s lease agreements do not provide an implicit rate. The Company estimated the incremental borrowing rate based on the rate of interest the Company would have to pay to borrow a similar amount on a collateralized basis over a similar term and economic environment. Lease and non-lease components – The Company has elected the practical expedient which allows non-lease components to be combined with lease components for all asset classes and will therefore include any fixed additional rent amounts in its lease payments. Any variable components of these operating costs are excluded from the lease liability and are recognized in the period incurred. The ROU asset of $1.7 million, the current lease liability of $0.6 million and the non-current lease liability of $1.2 million are classified on separate lines on the Condensed Consolidated Balance Sheet. The following table summarizes operating lease costs included in research and development and general and administrative expense for the three months ended July 31, 2019 (in thousands): Three Months Ended July 31, 2019 Operating lease costs $ 177 Finance lease costs 54 Short-term lease costs — Variable lease costs 9 Total lease costs $ 240 The following table summarizes the maturity of undiscounted payments due under lease liabilities and the present value of those liabilities as of July 31, 2019 (in thousands): Fiscal Years Operating Leases 2020 $ 528 2021 616 2022 324 2023 188 2024 92 Thereafter 374 Total lease payments 2,122 Less: imputed interest (365 ) Total lease liabilities 1,757 Current lease liabilities 580 Long-term lease liabilities $ 1,177 The following table summarizes the lease term and discount rate as of July 31, 2019: July 31, 2019 Weighted-average remaining lease term (years) Operating leases 4.5 Weighted-average discount rate Operating leases 9.0 % The following table summarizes the cash paid for amounts included in the measurement of lease liabilities for the three months ended July 31, 2019 (in thousands): July 31, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 175 Cash paid for amounts included in the measurement of finance lease liabilities $ 54 The aggregate future lease payments for operating and capital leases as of April 30, 2019 were as follows (in thousands): Years ending April 30, Capital Leases Operating Leases 2020 $ 54 $ 687 2021 — 474 2022 — 328 2023 — 194 2024 and thereafter — 495 Total minimum lease payments 54 $ 2,178 Less amounts representing interest — Present Value of minimum payments 54 Current portion 54 Long-term portion $ — |
Merck Arrangement
Merck Arrangement | 3 Months Ended |
Jul. 31, 2019 | |
License And Collaboration Arrangements [Abstract] | |
Merck Arrangement | 7. Merck Arrangement On October 6, 2017, the Company’s wholly-owned U.K. based subsidiary KalVista Pharmaceuticals Limited (“KalVista Limited) and Merck Sharp & Dohme Corp. (“Merck”) entered into an option agreement (the “Merck Option Agreement”). The Company is the guarantor of KalVista Limited’s obligations under the Merck Option Agreement. Under the terms of the Merck Option Agreement, the Company, through KalVista Limited, has granted to Merck an option to acquire KVD001 through a period following completion of a Phase 2 clinical trial. The Company, through KalVista Limited, has also granted to Merck a similar option to acquire investigational orally delivered molecules for DME that the Company will continue to develop as part of its ongoing research and development activities, through a period following the completion of a Phase 2 clinical trial. The Company, through KalVista Limited, also granted to Merck a non-exclusive license to use the compounds solely for research purposes, and is required to use its diligent efforts to develop the two compounds through the completion of Phase 2 clinical trials. The Company will fund and retain control over the planned Phase 2 clinical trial of KVD001 as well as development of the investigational oral DME compounds through Phase 2 clinical trials unless Merck determines to exercise its options earlier, at which point Merck will take responsibility for all development and commercialization activities for the compounds. The Company’s development efforts under the Merck Option Agreement are governed by a joint steering committee consisting of equal representatives from the Company and Merck. Under the terms of the Merck Option Agreement, Merck paid a non-refundable upfront fee of $37.0 million to KalVista Limited in November 2017. If Merck exercises both options under the Merck Option Agreement, KalVista Limited could receive up to an additional $715.0 million composed of option exercise payments and clinical, regulatory, and sales-based milestone payments. In addition, the Company is eligible for tiered royalties on global net sales ranging from mid-single digits to double digit percentages. Merck may terminate the Merck Option Agreement at any time upon written notice to the Company. KalVista Limited may terminate the Merck Option Agreement in the event of Merck’s material breach of the Merck Option Agreement, subject to cure. The Company evaluated the revenue arrangement in accordance with the provisions of ASC 606 upon the adoption of this guidance on May 1, 2018. The Company determined that the revenue arrangement contains the following promised services: (i) a non-exclusive license to use the two compounds solely for research purposes, (ii) research and development services related to the development of KVD001 through completion of a Phase 2 clinical trial, and (iii) research and development services related to the development of the Oral DME Compounds. There is uncertainty that the events to obtain the development and regulatory milestones will be achieved given the nature of clinical development and the stage of the research. The development and regulatory milestones will be constrained until the Company is sure that a significant revenue reversal will not occur. The royalties and sales-based milestones relate predominantly to a license of intellectual property and are determined by sales or usage-based thresholds. The royalties and sales-based milestones will be accounted for under the sales-based royalty recognition exception and the Company will not recognize revenue until the subsequent sale of a licensed product (achievement of sales-based milestone) occurs. The amounts allocated to each performance obligation will be recognized as revenue using an input method of performance completed to date comparing the total effort incurred with the Company’s estimate of total effort required to perform the R&D services for each respective performance obligation. For the three month period ended July 31, 2019, the Company recognized approximately $3.4 million of revenue with respect to the arrangement with Merck, all of which was recognized from the deferred revenue balance. As of July 31, 2019, deferred revenue on the consolidated balance sheet is $8.9 million, which is related to the remaining unsatisfied performance obligations in the arrangement. Approximately $6.0 million related to the unsatisfied performance obligation is expected to be satisfied in the next 12 months and the remaining $2.9 million will be satisfied in the four years thereafter. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Jul. 31, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation: The accompanying unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Such financial statements reflect all adjustments that are, in management’s opinion, necessary to present fairly, in all material respects, the Company’s consolidated financial position, results of operations, and cash flows. There were no adjustments other than normal recurring adjustments These unaudited interim financial results are not necessarily indicative of the results to be expected for the year ending April 30, 2020, or for any other future annual or interim period. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements as of and for the year ended April 30, 2019 |
Segment Reporting | Segment Reporting: The Company’s Chief Operating Decision Maker, the CEO, manages the Company’s operations as a single operating segment for the purposes of assessing performance and making operating decisions. |
Net Loss per Share | Net Loss per Share: Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing net loss by the sum of the weighted average number of common shares and the number of potential dilutive common share equivalents outstanding during the period. Potential dilutive common share equivalents consist of the incremental common shares issuable upon the exercise of share options and awards. Potential dilutive common share equivalents consist of: July 31, 2019 2018 Stock options and awards 2,289,947 1,239,861 In computing diluted earnings per share, common share equivalents are not considered in periods in which a net loss is reported, as the inclusion of the common share equivalents would be anti-dilutive. As a result, there is no difference between the Company’s basic and diluted loss per share for the periods presente d |
Fair Value Measurement | Fair Value Measurement: The Company classifies fair value measurements using a three level hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1, quoted market prices in active markets for identical assets or liabilities; Level 2, observable inputs other than quoted market prices included in Level 1, such as quoted market prices for markets that are not active or other inputs that are observable or can be corroborated by observable market data; and Level 3, unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. These fair values are obtained from independent pricing services which utilize Level 1 and Level 2 inputs. The following table summarizes the cash and cash equivalents and marketable securities measured at fair value on a recurring basis as of July 31, 2019: Balance at Level 1 Level 2 Level 3 July 31, 2019 Cash equivalents $ — $ 973 $ — $ 973 Marketable securities: Corporate debt securities — 59,247 — 59,247 U.S. government agency securities 11,012 — 11,012 $ — $ 71,232 $ — $ 71,232 |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements: The Company adopted ASC 842, Leases (“ASC 842”), using the modified retrospective approach with cumulative effect adjustment, effective May 1, 2019. The Company elected the package of practical expedients permitted under the transition guidance within the new standard expedients which allows the Company to not reassess previous accounting conclusions around whether arrangements are or contain leases, the classification of its existing leases as of the transition date, and the treatment of initial direct costs. In addition, the Company elected the practical expedient not to apply the recognition requirements in the lease standard to short-term leases (a lease that at commencement date has a lease term of 12 months or less and does not contain a purchase option that it is reasonably certain to exercise) and the practical expedient that permits lessees to make an accounting policy election (by class of underlying asset) to account for each separate lease component of a contract and its associated non-lease components as a single lease component. The adoption had a material impact on the consolidated balance sheet related to the recognition of a transition adjustment on May 1, 2019 of a right of use asset of $1.9 million and lease liability of $1.9 million for an operating lease and the derecognition of deferred rent originally accounted for under legacy guidance. The adoption did not have a material impact on the consolidated statement of operations. Refer to the Leases footnote for further information on the adoption of this standard and the Company’s accounting for leases. Impact of Adopting ASC 842 on the Financial Statements May 1, 2019 May 1, 2019 Prior to ASC 842 ASC 842 Adjustment As Adjusted Consolidated Balance Sheet Data (in thousands): Right of use assets - operating leases $ — $ 1,913 $ 1,913 Deferred rent, current portion $ 19 $ (19 ) $ — Current operating lease liabilities $ — $ 569 $ 569 Non-current operating lease liabilities $ — $ 1,363 $ 1,363 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Jul. 31, 2019 | |
Schedule of Potential Dilutive Common Share Equivalents | Potential dilutive common share equivalents consist of: July 31, 2019 2018 Stock options and awards 2,289,947 1,239,861 |
Schedule of Cash and Cash Equivalents and Marketable Securities Measured at Fair Value | The following table summarizes the cash and cash equivalents and marketable securities measured at fair value on a recurring basis as of July 31, 2019: Balance at Level 1 Level 2 Level 3 July 31, 2019 Cash equivalents $ — $ 973 $ — $ 973 Marketable securities: Corporate debt securities — 59,247 — 59,247 U.S. government agency securities 11,012 — 11,012 $ — $ 71,232 $ — $ 71,232 |
ASC - 842 [Member] | |
Schedule of Impact of Adopting ASC 842 on Financial Statements | Impact of Adopting ASC 842 on the Financial Statements May 1, 2019 May 1, 2019 Prior to ASC 842 ASC 842 Adjustment As Adjusted Consolidated Balance Sheet Data (in thousands): Right of use assets - operating leases $ — $ 1,913 $ 1,913 Deferred rent, current portion $ 19 $ (19 ) $ — Current operating lease liabilities $ — $ 569 $ 569 Non-current operating lease liabilities $ — $ 1,363 $ 1,363 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Jul. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Fair Value of Company's Investments By Type | The following tables summarize the fair value of the Company’s investments by type: July 31, 2019 Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value Corporate debt securities $ 58,817 $ 450 $ (20 ) $ 59,247 Obligation of the U.S. Government and its agencies 10,966 49 (3 ) 11,012 Total investments $ 69,783 $ 499 $ (23 ) $ 70,259 April 30, 2019 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Corporate debt securities $ 56,083 $ 405 $ (1 ) $ 56,487 Obligation of the U.S. Government and its agencies 12,282 36 — 12,318 Total investments $ 68,365 $ 441 $ (1 ) $ 68,805 |
Summary of Scheduled Maturity for Investments | The following table summarizes the scheduled maturity for the Company’s investments at July 31, 2019: July 31, 2019 Maturing in one year or less $ 39,209 Maturing after one year through two years 18,055 Maturing after two years 12,995 Total investments $ 70,259 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Jul. 31, 2019 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following as of July 31, 2019 and April 30, 2019 (in thousands): July 31, April 30, 2019 2019 Compensation expense $ 775 $ 1,949 Research expense 3,054 3,065 Professional fees 171 186 Other expenses 261 447 $ 4,261 $ 5,647 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Jul. 31, 2019 | |
Leases [Abstract] | |
Summary of Operating Lease Costs | The following table summarizes operating lease costs included in research and development and general and administrative expense for the three months ended July 31, 2019 (in thousands): Three Months Ended July 31, 2019 Operating lease costs $ 177 Finance lease costs 54 Short-term lease costs — Variable lease costs 9 Total lease costs $ 240 |
Summary of Maturity of Undiscounted Payments Due Under Lease Liabilities and Present Value of Liabilities | The following table summarizes the maturity of undiscounted payments due under lease liabilities and the present value of those liabilities as of July 31, 2019 (in thousands): Fiscal Years Operating Leases 2020 $ 528 2021 616 2022 324 2023 188 2024 92 Thereafter 374 Total lease payments 2,122 Less: imputed interest (365 ) Total lease liabilities 1,757 Current lease liabilities 580 Long-term lease liabilities $ 1,177 |
Summary of Lease Term and Discount Rate | The following table summarizes the lease term and discount rate as of July 31, 2019: July 31, 2019 Weighted-average remaining lease term (years) Operating leases 4.5 Weighted-average discount rate Operating leases 9.0 % |
Summary of Cash Paid for Amounts Included in Measurement of Lease Liabilities | The following table summarizes the cash paid for amounts included in the measurement of lease liabilities for the three months ended July 31, 2019 (in thousands): July 31, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 175 Cash paid for amounts included in the measurement of finance lease liabilities $ 54 |
Schedule of Aggregate Future Lease Payments Under Operating and Capital Leases | The aggregate future lease payments for operating and capital leases as of April 30, 2019 were as follows (in thousands): Years ending April 30, Capital Leases Operating Leases 2020 $ 54 $ 687 2021 — 474 2022 — 328 2023 — 194 2024 and thereafter — 495 Total minimum lease payments 54 $ 2,178 Less amounts representing interest — Present Value of minimum payments 54 Current portion 54 Long-term portion $ — |
The Company - Additional Inform
The Company - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 31, 2019 | Apr. 30, 2019 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Accumulated deficit | $ 99,814 | $ 92,476 |
Cash, cash equivalents and marketable securities | $ 100,400 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Potential Dilutive Common Share Equivalents (Detail) - shares | 3 Months Ended | |
Jul. 31, 2019 | Jul. 31, 2018 | |
Stock Options and Awards [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Number of anti-dilutive potential common share equivalents outstanding | 2,289,947 | 1,239,861 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Marketable Securities Measured at Fair Value (Detail) $ in Thousands | Jul. 31, 2019USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Cash equivalents | $ 973 |
Cash equivalents and marketable securities | 71,232 |
Level 2 [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Cash equivalents | 973 |
Cash equivalents and marketable securities | 71,232 |
Corporate Debt Securities [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Marketable securities | 59,247 |
Corporate Debt Securities [Member] | Level 2 [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Marketable securities | 59,247 |
U.S. Government Agency Securities [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Marketable securities | 11,012 |
U.S. Government Agency Securities [Member] | Level 2 [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Marketable securities | $ 11,012 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 31, 2019 | May 01, 2019 |
Summary Of Significant Accounting Policies [Line Items] | ||
Operating lease, right-of-use asset | $ 1,737 | |
Operating Lease liability | $ 1,757 | |
Topic 842 [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Operating lease, right-of-use asset | $ 1,913 | |
Operating Lease liability | $ 1,900 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Impact of Adopting ASC 842 on Financial Statements (Detail) - USD ($) $ in Thousands | Jul. 31, 2019 | May 01, 2019 |
Right of use assets - operating leases | $ 1,737 | |
Current operating lease liabilities | 580 | |
Non-current operating lease liabilities | $ 1,177 | |
Topic 842 [Member] | ||
Right of use assets - operating leases | $ 1,913 | |
Current operating lease liabilities | 569 | |
Non-current operating lease liabilities | 1,363 | |
Prior to ASC 842 [Member] | ||
Deferred rent, current portion | 19 | |
ASC 842 Adjustment [Member] | Topic 842 [Member] | ||
Right of use assets - operating leases | 1,913 | |
Deferred rent, current portion | (19) | |
Current operating lease liabilities | 569 | |
Non-current operating lease liabilities | $ 1,363 |
Marketable Securities - Summary
Marketable Securities - Summary of Fair Value of Company's Investment By Type (Detail) - USD ($) $ in Thousands | Jul. 31, 2019 | Apr. 30, 2019 |
Marketable Securities [Line Items] | ||
Amortized Cost | $ 69,783 | $ 68,365 |
Unrealized Gains | 499 | 441 |
Unrealized Losses | (23) | (1) |
Estimated Fair Value | 70,259 | 68,805 |
Corporate Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 58,817 | 56,083 |
Unrealized Gains | 450 | 405 |
Unrealized Losses | (20) | (1) |
Estimated Fair Value | 59,247 | 56,487 |
Obligation of U.S. Government and Its Agencies [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 10,966 | 12,282 |
Unrealized Gains | 49 | 36 |
Unrealized Losses | (3) | |
Estimated Fair Value | $ 11,012 | $ 12,318 |
Marketable Securities - Summa_2
Marketable Securities - Summary of Scheduled Maturity for Investments (Detail) - USD ($) $ in Thousands | Jul. 31, 2019 | Apr. 30, 2019 |
Investments Debt And Equity Securities [Abstract] | ||
Maturing in one year or less | $ 39,209 | |
Maturing after one year through two years | 18,055 | |
Maturing after two years | 12,995 | |
Total investments | $ 70,259 | $ 68,805 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Jul. 31, 2019 | Apr. 30, 2019 |
Payables And Accruals [Abstract] | ||
Compensation expense | $ 775 | $ 1,949 |
Research expense | 3,054 | 3,065 |
Professional fees | 171 | 186 |
Other expenses | 261 | 447 |
Total accrued expenses | $ 4,261 | $ 5,647 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 3 Months Ended |
Jul. 31, 2019USD ($) | |
Other Commitments [Line Items] | |
Contractual obligations remaining commitments including cancellation provisions | $ 6,400,000 |
Maximum [Member] | |
Other Commitments [Line Items] | |
Royalty payable upon completion of first commercial sale | $ 1,000,000 |
Royalty payment obligations expiration period | 90 days |
Indemnification Guarantee [Member] | |
Other Commitments [Line Items] | |
Contingent liabilities | $ 0 |
Leases - Additional Information
Leases - Additional Information (Detail) | 3 Months Ended | |
Jul. 31, 2019USD ($)ft² | Jul. 31, 2018USD ($) | |
Lessee Lease Description [Line Items] | ||
ROU asset | $ 1,737,000 | |
Lease liability, current | 580,000 | |
Lease liability, non current | 1,177,000 | |
General and Administrative Expenses and Research and Development Expenses [Member] | ||
Lessee Lease Description [Line Items] | ||
Rent expense | $ 177,000 | $ 170,000 |
Massachusetts [Member] | ||
Lessee Lease Description [Line Items] | ||
Lease agreement square feet | ft² | 2,700 | |
Lessee, lease term | 5 years | |
United Kingdom [Member] | ||
Lessee Lease Description [Line Items] | ||
Lease agreement square feet | ft² | 8,800 | |
Lessee, lease term | 10 years |
Leases - Summary of Operating L
Leases - Summary of Operating Lease Costs (Detail) $ in Thousands | 3 Months Ended |
Jul. 31, 2019USD ($) | |
Lease Cost [Abstract] | |
Operating lease costs | $ 177 |
Finance lease costs | 54 |
Variable lease costs | 9 |
Total lease costs | $ 240 |
Leases - Summary of Maturity of
Leases - Summary of Maturity of Undiscounted Payments Due Under Lease Liabilities and Present Value of Liabilities (Detail) $ in Thousands | Jul. 31, 2019USD ($) |
Operating Lease Liabilities Payments Due [Abstract] | |
2020 | $ 528 |
2021 | 616 |
2022 | 324 |
2023 | 188 |
2024 | 92 |
Thereafter | 374 |
Total lease payments | 2,122 |
Less: imputed interest | (365) |
Total lease liabilities | 1,757 |
Current lease liabilities | 580 |
Long-term lease liabilities | $ 1,177 |
Leases - Summary of Lease Term
Leases - Summary of Lease Term and Discount Rate (Detail) | Jul. 31, 2019 |
Lease Cost [Abstract] | |
Operating lease, Weighted-average remaining lease term (years) | 4 years 6 months |
Operating lease, Weighted-average discount rate | 9.00% |
Leases - Summary of Cash Paid f
Leases - Summary of Cash Paid for Amounts Included in Measurement of Lease Liabilities (Detail) $ in Thousands | 3 Months Ended |
Jul. 31, 2019USD ($) | |
Lease Cost [Abstract] | |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 175 |
Cash paid for amounts included in the measurement of finance lease liabilities | $ 54 |
Leases - Schedule of Aggregate
Leases - Schedule of Aggregate Future Lease Payments Under Operating and Capital Leases (Detail) $ in Thousands | Apr. 30, 2019USD ($) |
Capital Leases | |
2020 | $ 54 |
Total minimum lease payments | 54 |
Present Value of minimum payments | 54 |
Current portion | 54 |
Operating Leases | |
2020 | 687 |
2021 | 474 |
2022 | 328 |
2023 | 194 |
2024 and thereafter | 495 |
Total minimum lease payments | $ 2,178 |
Merck Arrangement - Additional
Merck Arrangement - Additional Information (Detail) - Merck Sharp & Dohme Corp. [Member] - USD ($) | 1 Months Ended | 3 Months Ended | |
Nov. 30, 2017 | Jul. 31, 2019 | Oct. 06, 2017 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Revenue recognized | $ 3,400,000 | ||
Remaining Unsatisfied Performance Obligations [Member] | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Deferred revenue | $ 8,900,000 | ||
KalVista Pharmaceuticals Limited [Member] | Merck Option Agreement [Member] | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Agreement commencement date | Oct. 6, 2017 | ||
Non-refundable upfront fee | $ 37,000,000 | ||
Maximum additional option exercise payments and clinical, regulatory, and sales-based milestone payments could be received if options exercised | $ 715,000,000 |
Merck Arrangement - Additiona_2
Merck Arrangement - Additional Information (Detail 1) - Merck Sharp & Dohme Corp. [Member] $ in Millions | Jul. 31, 2019USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-08-01 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Revenue, remaining performance obligation | $ 6 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-08-01 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Revenue, remaining performance obligation | $ 2.9 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 4 years |