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

Rhea-AI Filing Summary

KalVista Pharmaceuticals, Inc. insider activity: the company’s Chief Executive Officer and director reported routine equity award activity. On 11/17/2025, the reporting person acquired 9,364 shares of common stock through the vesting and settlement of restricted stock units (coded “M”), increasing directly held common shares to 408,345. On 11/18/2025, 4,466 shares of common stock were sold at a weighted average price of $14.4794 per share, leaving 403,879 shares of common stock directly owned.

The sale was made to cover tax withholding obligations arising from RSU vesting under a “sell to cover” arrangement and is described as non-discretionary. Related RSU awards provided common shares at no cash exercise price, with portions vesting in equal installments on quarterly anniversaries of their respective vesting commencement dates, subject to continued service.

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^*

Palleiko Benjamin L

(Last) (First) (Middle)

C/O KALVISTA PHARMACEUTICALS, INC.

200 CROSSING BOULEVARD

(Street)

FRAMINGHAM MA 01702

(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)
11/17/2025

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	11/17/2025		M		9,364	A	(1)	408,345	D
Common Stock	11/18/2025		S(2)		4,466	D	$14.4794(3)	403,879	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)	11/17/2025		M			2,419	(4)	(4)	Common Stock	2,419	$0	4,838	D
Restricted Stock Unit	(1)	11/17/2025		M			6,945	(5)	(5)	Common Stock	6,945	$0	0	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. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $14.16 to $14.4835 per share, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

4. 1/16th of the total number of shares subject to the RSU shall vest on each quarterly anniversary of the Vesting Commencement Date, subject to continued service through each vesting date.

5. 1/12th of the total number of shares subject to the RSU shall vest on each quarterly anniversary of the Vesting Commencement Date, subject to continued service through each vesting date.

	/s/ Benjamin L. Palleiko	11/19/2025
	** 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).
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FAQ

What insider transaction did KalVista Pharmaceuticals (KALV) report on this Form 4?

The filing reports the Chief Executive Officer and director acquiring 9,364 shares of KalVista common stock from restricted stock unit (RSU) vesting on 11/17/2025, followed by a sale of 4,466 shares on 11/18/2025.

What price did the KalVista (KALV) insider receive for the shares sold?

The 4,466 KalVista common shares were sold at a weighted average price of $14.4794 per share, with individual trades executed between $14.16 and $14.4835 per share.

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

Following the reported transactions, the reporting person directly owns 403,879 shares of KalVista Pharmaceuticals common stock.

Why did the KalVista (KALV) insider sell 4,466 shares?

The filing states the sale was made to cover tax withholding obligations related to the vesting and settlement of RSUs, funded through a “sell to cover” transaction and not a discretionary sale decision.

What are the key terms of the KalVista (KALV) restricted stock units mentioned?

Each RSU represents a contingent right to receive one share of KalVista common stock for no cash consideration, with one grant vesting at 1/16th of the total shares each quarter and another at 1/12th each quarter, in both cases subject to continued service.

Does this KalVista (KALV) Form 4 involve derivative securities?

Yes. The filing shows RSU-based derivative securities converting into common stock at an effective price of $0, with 2,419 and 6,945 underlying common shares associated with separate RSU awards.