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

Rhea-AI Filing Summary

KalVista Pharmaceuticals (KALV) insider activity: Christopher Yea, the company’s Chief Development Officer and a director, received 3,125 restricted stock units (RSUs) that convert one-for-one into common shares upon settlement. The RSUs were reported as acquired upon vesting and increase the reporting person's contingent claim on 3,125 shares. To satisfy tax withholding when those RSUs settled, the reporting person sold 1,954 shares at $13.42 per share in a "sell-to-cover" transaction, which was not a discretionary sale. After these transactions the reporting person beneficially owned 132,052 common shares and continued to hold RSUs representing 34,375 underlying shares that vest quarterly at one-sixteenth of the total per quarter while service continues.

Positive

• Officer received 3,125 RSUs demonstrating continued compensation alignment with company performance
• RSUs convert one-for-one to common stock, preserving the executive’s economic interest in the company
• Vesting schedule is defined (1/16th quarterly), providing predictable future equity alignment

Negative

• Sell-to-cover of 1,954 shares reduced the number of shares added to the reporting person's direct holdings
• Some vested units remain subject to service-based vesting which could lapse if service terminates

Insights

Corporate Governance Expert

TL;DR: Officer received routine RSU vesting and used a standard sell-to-cover to meet tax obligations; this is a common, non-discretionary insider event.

The filing shows a standard equity compensation settlement by a senior executive. The 3,125 RSUs reflect compensation realization rather than a market-timed purchase. The subsequent sale of 1,954 shares to cover taxes is explicitly non-discretionary per the filing. Remaining direct beneficial ownership of 132,052 shares and outstanding RSUs for 34,375 shares indicate continued alignment with shareholders through equity compensation. No unusual trading pattern or material change in control is evident from this Form 4.

Securities Analyst

TL;DR: The transaction is compensatory and routine; it modestly increases vested equity while a sell-to-cover reduces net shares delivered.

This Form 4 records vesting of RSUs that convert to common stock on a one-for-one basis and a contemporaneous sell-to-cover of 1,954 shares at $13.42 to satisfy tax withholding. The vesting schedule disclosed (quarterly 1/16th) means future small, periodic vesting events will occur if service continues. From an investor-materiality perspective, the trades are small relative to typical public-company free float and are disclosed consistently with Section 16 obligations.

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

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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^*

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)
08/22/2025

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	08/22/2025		M		3,125	A	(1)	134,006	D
Common Stock	08/25/2025		S(2)		1,954	D	$13.42	132,052	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
Restricted Stock Unit	(1)	08/22/2025		M			3,125	(3)	(3)	Common Stock	3,125	$0	34,375	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. 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 RSUs. 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.

3. 1/16th of the total number of shares underlying the RSUs shall vest on each quarterly anniversary of the Vesting Commencement Date thereafter, for so long as grantee's Service (as defined in the Plan) does not terminate.

	/s/ Benjamin L. Palleiko, Attorney-in-Fact	08/26/2025
	** 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).
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FAQ

What did KALV insider Christopher Yea report on Form 4?

The report shows the vesting/settlement of 3,125 RSUs and a contemporaneous sell-to-cover of 1,954 shares at $13.42 to satisfy tax withholding.

How many KALV shares does Christopher Yea beneficially own after these transactions?

After the transactions the reporting person beneficially owned 132,052 common shares.

How many unvested RSUs remain for Christopher Yea and how do they vest?

The filing shows RSUs underlying 34,375 shares remain and vest at 1/16th of the total each quarter while service continues.

Was the sale of KALV shares a discretionary transaction?

No. The filing states the sale was a sell-to-cover executed to satisfy tax withholding and was not a discretionary sale by the reporting person.

At what price were the KALV shares sold in the sell-to-cover?

The sell-to-cover transaction reported 1,954 shares sold at $13.42 per share.