[Form 4] KalVista Pharmaceuticals, Inc. Insider Trading Activity

Rhea-AI Filing Summary

KalVista Pharmaceuticals insider grant: An officer, Chief Operations Officer Arif Bilal, was granted 100,000 stock options exercisable at $11.49 per share. The option award vests over a four-year schedule with 25% vesting on 10/08/2026 and the remainder vesting monthly thereafter; the options expire on 10/07/2035. Following this transaction the reporting person beneficially owns 100,000 underlying shares on a direct basis. The filing was reported on 10/08/2025.

Positive

• Officer received a performance-aligned equity award of 100,000 options
• Options vest over a four-year schedule, encouraging retention through 10/08/2026 and beyond

Negative

• The grant adds potential dilution of 100,000 shares if exercised
• Options are out-of-the-money unless the market price exceeds $11.49

Insights

Compensation & Governance Analyst

Grant aligns executive incentives via multi-year vesting at a fixed strike.

The award is a standard time‑based stock option: 100,000 options with a strike of $11.49 and an expiration in 2035. The vesting schedule (25% at one year, then monthly over three additional years) ties value realization to continued service over four years.

The primary dependency is the stock price relative to the $11.49 strike; if market price remains below the strike the options have no intrinsic value. Investors can monitor outstanding option counts and potential dilution and track any related grant policies disclosed in periodic filings over the next 12–48 months.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Arif Bilal

(Last) (First) (Middle)

C/O KALVISTA PHARMACEUTICALS, INC.

200 CROSSING BOULEVARD

(Street)

FRAMINGHAM MA 01702

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
KalVista Pharmaceuticals, Inc. [ KALV ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Operations Officer

3. Date of Earliest Transaction (Month/Day/Year)
10/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$11.49	10/08/2025		A		100,000		(1)	10/07/2035	Common Stock	100,000	$0	100,000	D

Explanation of Responses:

1. The option vests over a 4-year period: 25% vests on October 8, 2026, after which 1/48th of the total shares vest monthly, subject to reporting person's continued service through each vesting date.

	/s/ Benjamin L. Palleiko, Attorney-in-Fact	10/08/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did KalVista (KALV) disclose in this Form 4?

The Form 4 reports a grant of 100,000 stock options to Chief Operations Officer Arif Bilal with an exercise price of $11.49 and expiration on 10/07/2035.

When do the granted options vest for KALV insider?

The options vest 25% on 10/08/2026, then continue vesting monthly over the remaining three years.

How many shares does the reporting person own after the transaction?

The reporting person beneficially owns 100,000 shares underlying the granted options on a direct basis following the reported transaction.

What is the strike price of the options reported for KALV?

The exercise (strike) price reported is $11.49 per share.

When was this Form 4 transaction reported?

The transaction date and reporting date shown is 10/08/2025.