Kalivsta Pharma (KALV) interesting small-cap biotech with upcoming catalysts in Q4 and buyers of 4,500 December $20 calls last week for more than $1.5M. KALV also had a near $2M insider buy on 10/30 from a director at $17.24. KALV focuses on small molecule protease inhibitors with programs currently in hereditary angioedema (HAE) and diabetic macular edema (DME). Protease inhibitors are antiviral drugs that prevent viral replication by selectively binding to enzymes that catalyze proteolysis. Common protease inhibitors are used to treat HIV and hepatitis C. KALV’s treatment KDV900 is an on-demand therapy for acute HAE attacks and they expect Proof of Concept data in Q4. This is their most advanced treatment for HAE and has shown strong early data with rapid absorption and 95% inhibition of plasma kallikrein in a short amount of time. HAE is a genetic condition which causes painful swelling in parts of the body and lacks a current treatment that isn’t injection/infusion based. KALV says the total HAE market is about $2B annually and up to $4B in 2026. Roth Capital out positive on 10/15 with a $30 PT. They think KALV has potential to become a dominant leader in the HAE space with their portfolio of treatments.