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

Rhea-AI Filing Summary

Christopher Yea, Chief Development Officer and director of KalVista Pharmaceuticals (KALV), reported the vesting/settlement of equity awards on 08/17/2025 that resulted in the acquisition of 4,203 shares of common stock, bringing his beneficial ownership to 132,142 shares. A subsequent transaction on 08/18/2025 shows a sale of 2,649 shares at $13.187 per share to satisfy tax withholding obligations related to the vesting. The filing discloses two restricted stock unit grant schedules with periodic vesting: one vesting 1/16th quarterly from August 17, 2022, and another vesting 1/12th quarterly from November 17, 2022. The RSUs/PSUs are contingent rights to receive one share each upon settlement for no consideration.

Positive

• Vesting of equity awards increased insider ownership by 4,203 shares, demonstrating continued alignment with company performance incentives
• Substantial remaining beneficial ownership of 132,142 shares after the transactions

Negative

• Sale of 2,649 shares reduced the insider's holdings; however, the filing states it was a sell-to-cover for tax withholding
• No discretionary open-market purchases were reported that would indicate additional insider buying interest

Insights

Financial Analyst

TL;DR Insider received vested awards and sold a small portion to cover taxes; overall holding remains sizable.

The Form 4 indicates routine executive compensation activity rather than an opportunistic trading pattern. The reporting person acquired 4,203 shares through settlement of RSUs/PSUs on 08/17/2025, increasing beneficial ownership to 132,142 shares, then sold 2,649 shares on 08/18/2025 at $13.187 to satisfy tax withholding. These transactions are consistent with automated sell-to-cover tax actions described in the filing and reflect scheduled vesting schedules established in 2022. No discretionary large-scale divestiture or new open-market purchases are reported.

Corporate Governance Expert

TL;DR Transactions appear procedural for compensation settlement and tax compliance, not a governance red flag.

The filing documents settlement of RSUs/PSUs and an immediate sell-to-cover to satisfy statutory tax obligations. The disclosure clearly states the sale was to cover withholding and "does not represent a discretionary transaction." Vesting schedules are specified and originate from 2022 grant commencement dates. From a governance perspective, the filing contains required transparency and shows adherence to routine equity award mechanics and reporting 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

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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)
08/17/2025

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	08/17/2025		M		4,203	A	(1)	132,142	D
Common Stock	08/18/2025		S(2)		2,649	D	$13.187	129,493	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)	08/17/2025		M			1,773	(3)	(3)	Common Stock	1,773	$0	5,322	D
Restricted Stock Unit	(1)	08/17/2025		M			2,430	(4)	(4)	Common Stock	2,430	$0	2,431	D

Explanation of Responses:

1. Each restricted stock unit ("RSU") and performance stock unit ("PSU") 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 and 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.

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 August 17, 2022, subject to continued service through each vesting date.

4. 1/12th of the total number of shares subject to the RSU shall vest on each quarterly anniversary of the Vesting Commencement Date commencing on November 17, 2022, subject to continued service through each vesting date.

	/s/ Benjamin L. Palleiko, Attorney-in-Fact	08/19/2025
	** 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 the KalVista (KALV) Form 4 report about Christopher Yea's transactions?

The Form 4 reports that Christopher Yea acquired 4,203 shares on 08/17/2025 from RSU/PSU settlement and sold 2,649 shares on 08/18/2025 at $13.187 to cover taxes.

Why were shares sold after the vesting in the KALV Form 4?

The filing states the sale was a sell-to-cover transaction to satisfy tax withholding obligations related to the vesting and was not a discretionary sale.

How many KalVista shares did Christopher Yea beneficially own after the reported transactions?

Following the transactions, the filing shows beneficial ownership of 132,142 shares.

What vesting schedules are disclosed in the KALV Form 4?

One RSU vests 1/16th quarterly beginning August 17, 2022; another vests 1/12th quarterly beginning November 17, 2022.

Do the RSUs/PSUs require payment upon settlement according to the filing?

No. The filing explains each RSU and PSU represents a contingent right to receive 1 share upon settlement for no consideration.