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

Rhea-AI Filing Summary

Audhya Paul K., Chief Medical Officer and director of KalVista Pharmaceuticals, reported equity transactions in the company in late August 2025. On 08/21/2025 the reporting person was issued 6,250 restricted stock units (RSUs) that convert one-for-one into common shares upon settlement, bringing beneficial ownership to 122,783 shares. On 08/22/2025 the reporting person sold 2,942 shares at $13.2228 per share, reducing beneficial ownership to 119,841 shares. The sale was a sell-to-cover transaction to satisfy tax withholding obligations related to the RSU vesting, not a discretionary sale. The RSU award vests in 1/16th increments each quarterly anniversary starting May 21, 2025, subject to continued service.

Positive

• RSU grant settled demonstrating continued executive equity compensation alignment with shareholders
• Substantial remaining insider stake of 119,841 shares after the sell-to-cover

Negative

• Sell-to-cover transaction reduced holdings by 2,942 shares, though it was for tax withholding
• Future dilution possible as additional RSU tranches vest per the 1/16th quarterly schedule

Insights

Securities Analyst

TL;DR: Routine equity compensation vesting with a tax-related sell-to-cover; not a material change to insider stake.

The Form 4 shows standard compensation mechanics: 6,250 RSUs vested and were settled resulting in increased beneficial ownership before a subsequent sell-to-cover of 2,942 shares at $13.2228 per share to satisfy tax obligations. The net position remains 119,841 shares, indicating continued alignment with shareholder interests. There is no indication of discretionary trading or large-scale divestiture that would signal a change in insider outlook. Impact on valuation or control is immaterial given the size of the transactions reported.

Corporate Governance Expert

TL;DR: Disclosure reflects standard insider compensation and required tax withholding; governance procedures appear followed.

The filing discloses vesting terms and the sell-to-cover rationale, which aligns with proper disclosure practices. Vesting schedule is explicit: 1/16th quarterly from May 21, 2025, which clarifies future potential dilution from additional RSU settlements. The Form 4 was signed by an attorney-in-fact, indicating procedural execution of the filing. No governance red flags or unexplained transactions are present in this disclosure.

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
Estimated average burden
hours per response:			0.5

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^*

Audhya Paul K.

(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 MEDICAL 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		6,250	A	(1)	122,783	D
Common Stock	08/22/2025		S(2)		2,942	D	$13.2228	119,841	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			6,250	(3)	(3)	Common Stock	6,250	$0	87,500	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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Audhya Paul K. report on Form 4 for KALV?

The report shows 6,250 RSUs settled on 08/21/2025 and a subsequent sale of 2,942 shares on 08/22/2025 at $13.2228 per share.

Why were shares sold by the reporting person in the Form 4?

The sale was a sell-to-cover transaction to satisfy tax withholding obligations related to the RSU vesting, not a discretionary sale.

How many KALV shares does Audhya Paul K. beneficially own after these transactions?

Following the transactions the reporting person beneficially owns 119,841 shares.

What are the vesting terms for the RSUs disclosed in the Form 4?

The RSUs vest at 1/16th of the total award each quarterly anniversary beginning May 21, 2025, subject to continued service.

Was the Form 4 filing properly executed and who signed it?

The Form 4 was signed by Benjamin L. Palleiko, Attorney-in-Fact on 08/25/2025.