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

Rhea-AI Filing Summary

Insider transactions by KalVista Pharmaceuticals (KALV): Benjamin L. Palleiko, the company's Chief Executive Officer and a director, received 15,625 restricted stock units (RSUs) on 09/06/2025 that vest in equal quarterly installments (1/16th each) beginning June 6, 2024, and represent one share each on settlement. Upon vesting, 7,294 shares were sold on 09/08/2025 at an average price of $15.84 to satisfy tax-withholding obligations (a "sell to cover"). Following these events he beneficially owns 395,189 shares.

Positive

• Time-based RSU grant of 15,625 aligns executive incentives with long-term shareholder value
• Substantial remaining ownership: Reporting person beneficially owns 395,189 shares after transactions

Negative

• Partial sale of vested shares: 7,294 shares were sold, reducing direct holdings (sale stated to cover taxes)

Insights

Corporate Governance Expert

TL;DR: CEO received time-based RSUs and performed a routine sell-to-cover for taxes; ownership remains substantial.

The RSU grant is standard compensation practice aligning executive incentives with shareholder value through multi-quarter vesting. The reported sale on 09/08/2025 is disclosed as a non-discretionary "sell to cover" to satisfy tax withholding, indicating the sale was linked to settlement rather than an independent decision to liquidate equity. The remaining beneficial ownership of 395,189 shares reflects continued alignment with shareholders.

Securities Analyst

TL;DR: Compensation issuance and tax-driven disposition are routine; transactions are immaterial for market-moving analysis.

The Form 4 shows a grant of 15,625 RSUs and a subsequent sale of 7,294 shares at $15.84 per share to cover taxes. The RSUs convert one-for-one upon settlement and vest 1/16th quarterly, a common structure for retention. No option exercises, loans, or other derivative transactions are reported beyond the RSU settlement. Based solely on disclosed numbers, these actions are administrative and not indicative of a discretionary sell signal.

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)
09/06/2025

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	09/06/2025		M		15,625	A	(1)	402,483	D
Common Stock	09/08/2025		S(2)		7,294	D	$15.84	395,189	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)	09/06/2025		M			15,625	(3)	(3)	Common Stock	15,625	$0	156,251	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 subject to the RSU shall vest on each quarterly anniversary of the Vesting Commencement Date commencing on June 6, 2024, subject to continued service through each vesting date.

	/s/ Benjamin L. Palleiko	09/09/2025
	** 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 did KalVista CEO Benjamin Palleiko receive on 09/06/2025?

He was granted 15,625 RSUs, each convertible into one share upon settlement.

Why were 7,294 shares sold on 09/08/2025?

The sale was a sell-to-cover transaction to satisfy tax-withholding obligations related to RSU vesting.

At what price were the shares sold on 09/08/2025?

The reported sale price was $15.84 per share.

How do the RSUs vest?

Vesting occurs in 1/16th increments each quarter beginning on June 6, 2024, subject to continued service.

How many KalVista shares does the reporting person own after these transactions?

He beneficially owns 395,189 shares following the reported transactions.