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

Rhea-AI Filing Summary

KalVista Pharmaceuticals insider filing: Christopher Yea, Chief Development Officer, received a grant of 3,750 restricted stock units (RSUs) on 08/21/2025 that convert 1-for-1 into common shares upon settlement for no consideration. After the grant, the reporting person beneficially owned 133,243 shares. On 08/22/2025 he sold 2,362 shares at an average price of $13.2228 to satisfy tax-withholding obligations from the RSU settlement, leaving 130,881 shares beneficially owned. The RSUs vest quarterly with 1/16th vesting on each quarterly anniversary beginning 05/21/2025, subject to continued service. The sale was described as a routine "sell to cover" for taxes and not a discretionary trade.

Positive

• Transparent disclosure of RSU grant, vesting schedule, and sell-to-cover tax sale
• Insider retains substantial holding after the transaction: 130,881 shares beneficially owned

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine RSU grant and a sell-to-cover tax sale; modest net dilution to insider holdings, limited investor impact.

The Form 4 records a standard equity compensation event: a grant of 3,750 RSUs that settle one-for-one into common stock, increasing the reporting person’s beneficial holdings to 133,243 shares. A one-day subsequent sale of 2,362 shares at $13.2228 was disclosed as a sell-to-cover to satisfy tax withholding, which is typical for RSU settlements and not indicative of a voluntary liquidity event. The vesting schedule (1/16th quarterly beginning 05/21/2025) implies incremental future share issuances tied to continued service. Overall this is a routine insider compensation disclosure with neutral implications for control or corporate governance.

Corporate Governance Expert

TL;DR: Compensation-related transaction following standard procedures; no governance red flags evident in the filing.

The filing shows compliance with Section 16 reporting for an officer-level RSU award and a sell-to-cover tax settlement. The transaction was reported timely and includes vesting terms and the tax-sale explanation. There is no evidence here of concentrated insider selling beyond tax obligations and no change in officer status. For governance review, the disclosed vesting cadence and settlement-for-no-consideration terms are conventional and transparent.

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)
08/21/2025

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	08/21/2025		M		3,750	A	(1)	133,243	D
Common Stock	08/22/2025		S(2)		2,362	D	$13.2228	130,881	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)	08/21/2025		M			3,750	(3)	(3)	Common Stock	3,750	$0	52,500	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 restricted stock units subject to the Award shall vest on each quarterly anniversary of the Vesting Commencement Date commencing on May 21, 2025, subject to continued service through each vesting date.

	/s/ Benjamin L. Palleiko, Attorney-in-Fact	08/25/2025
	** 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 transactions did Christopher Yea report on Form 4 for KALV?

He was granted 3,750 RSUs on 08/21/2025 and sold 2,362 shares on 08/22/2025 at an average price of $13.2228 to cover taxes.

How many KalVista (KALV) shares does the reporting person beneficially own after these transactions?

130,881 shares beneficially owned following the reported sale.

Why were shares sold the day after the RSU grant?

The sale was a sell-to-cover transaction to satisfy tax-withholding obligations from the RSU vesting and settlement, per the filer’s explanation.

What are the RSU vesting terms disclosed in the Form 4?

Vesting occurs 1/16th quarterly starting on 05/21/2025, subject to continued service through each vesting date.

Does the Form 4 indicate any discretionary insider selling beyond tax withholding?

No. The filing states the sale was to satisfy tax withholding and does not represent a discretionary transaction by the reporting person.