KalVista CDO nets 29.7k shares after PSU vesting, minor tax sale

Rhea-AI Filing Summary

KalVista Pharmaceuticals (KALV) Form 4: Chief Development Officer Christopher Yea reported two transactions. On 8 July 2025, 60,000 performance stock units (PSUs) vested and converted 1-for-1 into common shares after the company met its performance metrics, raising his direct holdings to 158,189 shares.

On 9 July 2025, Yea executed a Rule 10b5-1 coded S sale of 30,250 shares at an average price of $15.6925 strictly to cover tax-withholding obligations (“sell-to-cover”), leaving him with 127,939 shares.

The net effect is a 29,750-share increase in ownership. No derivative securities were reported. The transactions appear routine and non-discretionary under the company’s equity compensation plan.

Positive

• Achievement of performance metrics: 100 % of the 2023 PSU award vested, implying operating targets were met.
• Net increase in insider ownership: Officer retains 127,939 shares, up 29,750 shares after tax sale, maintaining alignment with investors.

Negative

• Insider share sale: 30,250 shares sold, which some investors may view cautiously despite sell-to-cover rationale.

Insights

Securities Analyst

TL;DR: Routine vesting; small tax sale; neutral signal.

The vesting of 60 k PSUs confirms KalVista hit its 2023 performance targets, a mild positive for operational execution. The subsequent 30.25 k-share sale—explicitly to satisfy withholding—limits negative perception; the officer retains ~128 k shares, signalling continued alignment with shareholders. Transaction size (<2 % of float) is immaterial to market supply and does not indicate strategic insider divestment. Overall impact on valuation or sentiment is negligible.

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^*

Yea Christopher

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
07/08/2025

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
Common Stock	07/08/2025		A		60,000(1)	A	(2)	158,189	D
Common Stock	07/09/2025		S(3)		30,250	D	$15.6925	127,939	D

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

Explanation of Responses:

1. Shares earned upon the vesting of a percentage of the performance stock units ("PSUs") granted to the Reporting Person on January 11, 2023. Each PSU represents a contingent right to receive one share of Issuer common stock upon the Issuer's achievement of performance data metric goals ("Performance Metrics"). 100% of the total number of shares subject to the PSUs vested on July 8, 2025, upon Performance Metrics achieved.

2. Each PSU represents a contingent right to receive 1 share of the Issuer's Common Stock upon settlement for no consideration.

3. The sale reported on this Form 4 represents shares sold by the Reporting Person to cover tax withholding obligations in connection with the vesting and settlement of PSUs. The sale was to satisfy tax withholding obligations to be funded by a "sell to cover" transaction and does not represent a discretionary transaction by the Reporting Person.

	/s/ Benjamin L. Palleiko, Attorney-in-Fact	07/10/2025
	** 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.
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FAQ

What triggered the Form 4 filing for KALV?

Vesting of 60,000 PSUs on 8 Jul 2025 and subsequent sale of 30,250 shares on 9 Jul 2025 by CDO Christopher Yea.

How many KalVista shares did the officer acquire?

He acquired 60,000 shares via PSU vesting at no cost.

At what price were shares sold to cover taxes?

Shares were sold at an average of $15.6925 on 9 Jul 2025.

What is the officer's remaining ownership after the transactions?

Christopher Yea now directly owns 127,939 KALV shares.

Does the sale signal insider bearishness?

The filing states the sale was solely to cover withholding taxes, suggesting no discretionary bearish intent.

Were any derivative securities involved?

No derivative securities were reported in Table II of the Form 4.