Merck Arrangement	12 Months Ended
Apr. 30, 2020
License And Collaboration Arrangements [Abstract]
Merck Arrangement	Note 6. Merck Arrangement On October 6, 2017, the Company’s wholly-owned U.K. based subsidiary KalVista Pharmaceuticals Limited (“KalVista Limited”) and Merck entered into the Option Agreement. Under the terms of the Option Agreement, the Company, through KalVista Limited, granted to Merck an option to acquire KVD001 through a period following completion of a Phase 2 clinical trial. The Company, through KalVista Limited, also granted to Merck a similar option to acquire investigational orally delivered molecules for DME (the “Oral DME Compounds”) 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 was required to use its diligent efforts to develop the two compounds through the completion of Phase 2 clinical trials. The Company’s development efforts under the Option Agreement were governed by a joint steering committee consisting of equal representatives from the Company and Merck. Under the terms of the Option Agreement, Merck paid a non-refundable upfront fee of $37 million to KalVista Limited in November 2017. 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 contained 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. The Company further determined that the research license granted is not distinct from the respective research and development services, as the license could not be used on its own by Merck for its intended purpose of developing and commercializing KVD001 and the Oral DME Compounds and is significantly interdependent with the respective research and development services. As a result, the research license was combined with the respective research and development services for KVD001 and the Oral DME Compounds as two performance obligations. The amounts allocated to each performance obligation were 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 fiscal years ended April 30, 2020, 2019 and 2018, the Company recognized approximately $12.7 million, $16.1 million, and $8.0 million of revenue with respect to the arrangement with Merck, all of which was recognized from the deferred revenue balance. On February 10, 2020, the Company announced that the Option Agreement had expired. As a result of the expiration, KalVista has no further obligations to Merck. The Company has retained full ownership of all of its DME intellectual property in additional to its oral HAE portfolio. The Company concluded that the performance obligations were completed in the fourth quarter of the fiscal year ended April 30, 2020. As a result, the Company recognized the remaining $3.8 million of deferred revenue from the Option Agreement, after which no additional revenue remains.

Merck Arrangement

12 Months Ended

Apr. 30, 2020

License And Collaboration Arrangements [Abstract]

Note 6. Merck Arrangement

On October 6, 2017, the Company’s wholly-owned U.K. based subsidiary KalVista Pharmaceuticals Limited (“KalVista Limited”) and Merck entered into the Option Agreement. Under the terms of the Option Agreement, the Company, through KalVista Limited, granted to Merck an option to acquire KVD001 through a period following completion of a Phase 2 clinical trial. The Company, through KalVista Limited, also granted to Merck a similar option to acquire investigational orally delivered molecules for DME (the “Oral DME Compounds”) 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 was required to use its diligent efforts to develop the two compounds through the completion of Phase 2 clinical trials. The Company’s development efforts under the Option Agreement were governed by a joint steering committee consisting of equal representatives from the Company and Merck.

Under the terms of the Option Agreement, Merck paid a non-refundable upfront fee of $37 million to KalVista Limited in November 2017.

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 contained 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.

The Company further determined that the research license granted is not distinct from the respective research and development services, as the license could not be used on its own by Merck for its intended purpose of developing and commercializing KVD001 and the Oral DME Compounds and is significantly interdependent with the respective research and development services. As a result, the research license was combined with the respective research and development services for KVD001 and the Oral DME Compounds as two performance obligations.

The amounts allocated to each performance obligation were 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 fiscal years ended April 30, 2020, 2019 and 2018, the Company recognized approximately $12.7 million, $16.1 million, and $8.0 million of revenue with respect to the arrangement with Merck, all of which was recognized from the deferred revenue balance.

On February 10, 2020, the Company announced that the Option Agreement had expired. As a result of the expiration, KalVista has no further obligations to Merck. The Company has retained full ownership of all of its DME intellectual property in additional to its oral HAE portfolio. The Company concluded that the performance obligations were completed in the fourth quarter of the fiscal year ended April 30, 2020. As a result, the Company recognized the remaining $3.8 million of deferred revenue from the Option Agreement, after which no additional revenue remains.