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

Rhea-AI Filing Summary

KalVista Pharmaceuticals insider award disclosure: KalVista reported that Benjamin L. Palleiko, a director and the Chief Executive Officer, received equity awards on 08/11/2025 consisting of 113,920 restricted stock units (RSUs) and an employee stock option covering 113,920 shares with an exercise price of $12.51. The RSUs convert to one share each upon settlement for no consideration, and the RSU vesting schedule provides 1/16th of the RSUs on each quarterly anniversary beginning November 11, 2025, subject to continued service. The option vests over four years beginning September 11, 2025, with 1/48th vesting initially and monthly thereafter, and has an expiration date of 08/10/2035. The reported holdings after these awards are 113,920 RSUs and 113,920 underlying shares from the option, each shown as direct beneficial ownership.

Positive

• Equity awards disclosed: 113,920 RSUs and 113,920 employee stock options granted to CEO/director Benjamin L. Palleiko.
• Clear vesting schedules: RSUs vest quarterly (1/16th) from November 11, 2025; options vest over four years beginning September 11, 2025.
• Option terms provided: Exercise price is $12.51 and option expiration date is 08/10/2035.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: CEO Benjamin Palleiko received substantial equity awards (RSUs and options), reflecting a standard executive compensation grant with structured vesting.

The Form 4 discloses grants totaling 113,920 RSUs and 113,920 stock options to the CEO and director. The RSUs convert 1:1 to common shares and vest quarterly in 1/16th increments beginning November 11, 2025. The option vests over four years starting September 11, 2025, and expires on 08/10/2035 with an exercise price of $12.51. From a governance perspective, these are typical long-term incentive structures that align management and shareholder interests through time-based vesting, and the filing documents direct beneficial ownership of the reported awards.

Compensation Analyst

TL;DR: The awards combine time-based RSUs and options with a ten-year option life and a clear vesting schedule; this appears routine for executive pay.

Details show 113,920 RSUs (settlement for no consideration) and 113,920 options with a $12.51 strike price. The RSU vesting is quarterly (1/16th increments) commencing November 11, 2025. The option vests 1/48th initially on September 11, 2025, then monthly thereafter, expiring 08/10/2035. These structures incentivize retention and future performance but the filing alone does not provide context on total dilution or percentage ownership, so materiality relative to outstanding shares cannot be assessed from this Form 4 alone.

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
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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^*

Palleiko Benjamin L

(Last) (First) (Middle)

C/O KALVISTA PHARMACEUTICALS, INC.

55 CAMBRIDGE PARKWAY, SUITE 901E

(Street)

CAMBRIDGE MA 02142

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CHIEF EXECUTIVE OFFICER

3. Date of Earliest Transaction (Month/Day/Year)
08/11/2025

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
Restricted Stock Unit	(1)	08/11/2025		A		113,920		(2)	(2)	Common Stock	113,920	$0	113,920	D
Employee Stock Option	$12.51	08/11/2025		A		113,920		(3)	08/10/2035	Common Stock	113,920	$0	113,920	D

Explanation of Responses:

1. Each restricted stock unit ("RSU") represents a contingent right to receive 1 share of the Issuer's Common Stock upon settlement for no consideration.

2. 1/16th of the total number of shares subject to the RSU shall vest on each quarterly anniversary of the Vesting Commencement Date commencing on November 11, 2025, subject to continued service through each vesting date.

3. The option vests over a 4 year period: 1/48th on September 11, 2025, after which 1/48th of the total shares vest monthly, subject to continued service through each vesting date.

	/s/ Benjamin L. Palleiko	08/13/2025
	** 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 equity awards did Benjamin L. Palleiko receive according to the KALV Form 4?

The Form 4 reports 113,920 restricted stock units (RSUs) and 113,920 employee stock options granted to Benjamin L. Palleiko.

What is the exercise price and expiration date of the options reported for KALV?

The reported employee stock option has an exercise price of $12.51 and an expiration date of 08/10/2035.

How do the RSU and option vesting schedules work in the Form 4 for KALV?

The RSUs vest 1/16th on each quarterly anniversary beginning November 11, 2025. The option vests over four years: 1/48th on September 11, 2025, then monthly thereafter.

What ownership is reported after the transaction on the KALV Form 4?

The Form 4 shows 113,920 RSUs and 113,920 shares underlying the option as beneficially owned following the reported transactions.

What roles does the reporting person hold at KalVista (KALV)?

Benjamin L. Palleiko is reported as both a Director and the Chief Executive Officer of KalVista Pharmaceuticals.