Was the KalVista (KALV) CFO’s share sale a discretionary trade?

The sale was not discretionary. The filing states the 1,489 shares were sold under a “sell to cover” arrangement to fund tax withholding obligations arising from restricted stock unit vesting and settlement.

KalVista (KALV) CFO sells shares after RSU vesting to cover taxes

Filing Impact

(Neutral)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

KalVista Pharmaceuticals Chief Financial Officer Brian Piekos reported routine equity compensation activity and a tax-related share sale. On May 21, 2026, 5,000 restricted stock units converted into 5,000 shares of common stock for no cash consideration. On May 22, 2026, 1,489 of those shares were sold at $26.7844 per share solely to cover tax withholding obligations under a “sell to cover” arrangement, which the company states was not a discretionary transaction. After these events, Piekos directly held 21,661 shares of common stock, and his reported restricted stock unit balance was 55,000 units.

Insider Trade Summary

Net Seller: 1,489 shares ($39,882)

Net Sell 3 txns

Insider Piekos Brian

Role Chief Financial Officer

Sold 1,489 shs ($40K)

Type	Security	Shares	Price	Value
Sale	Common Stock	1,489	$26.7844	$40K
Exercise	Restricted Stock Unit	5,000	$0.00	--
Exercise	Common Stock	5,000	$0.00	--

Holdings After Transaction: Common Stock — 21,661 shares (Direct, null); Restricted Stock Unit — 55,000 shares (Direct, null)

Footnotes (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. 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. 3/16th of the total number of shares underlying the RSUs vested on November 21, 2025 and 1/16 shall vest on each quarterly anniversary of the Vesting Commencement Date thereafter, for so long as grantee's Service (as defined in the Plan) does not terminate.

Key Figures

Shares sold to cover taxes: 1,489 shares Sale price per share: $26.7844/share RSUs converted: 5,000 units +2 more

5 metrics

Shares sold to cover taxes 1,489 shares Common stock sale on May 22, 2026

Sale price per share $26.7844/share Tax-related sale of 1,489 shares

RSUs converted 5,000 units RSUs converted to common stock on May 21, 2026

Common shares held after transactions 21,661 shares Direct holdings following reported trades

RSU balance after conversion 55,000 units Restricted stock units reported after 5,000-unit conversion

Key Terms

Restricted Stock Unit, RSU, sell to cover, tax withholding obligations, +1 more

5 terms

Restricted Stock Unit financial

"Each restricted stock unit ("RSU") represents a contingent right to receive 1 share..."

A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.

RSU financial

"Each restricted stock unit ("RSU") represents a contingent right to receive 1 share..."

Restricted stock units (RSUs) are a form of company shares given to employees as part of their compensation, usually with certain restrictions or conditions, such as remaining with the company for a set period. When these restrictions lift, employees receive actual shares that they can sell or hold. For investors, RSUs can impact a company's stock supply and reflect the company's commitment to attracting and retaining talent.

sell to cover financial

"to be funded by a "sell to cover" transaction and does not represent a discretionary transaction..."

Sell to cover is when a person who receives company stock through options or awards sells just enough shares immediately to pay required taxes, exercise costs, or fees, keeping the rest. Think of it like cashing part of a bonus to cover the tax bill so you can keep the remainder. For investors, it can create predictable small selling pressure and slightly change the number of shares actually held by insiders without increasing long‑term dilution.

tax withholding obligations financial

"shares sold by the Reporting Person to cover tax withholding obligations in connection with the vesting..."

Vesting Commencement Date financial

"1/16 shall vest on each quarterly anniversary of the Vesting Commencement Date thereafter..."

The vesting commencement date is the starting point when an employee begins earning ownership rights to their promised benefits, such as stock options or retirement contributions. Think of it like the day a savings account is opened—only after this date do the benefits start to grow and become fully available over time. It matters to investors because it marks when the clock begins ticking toward full ownership, affecting the timing and value of these benefits.

Form 4 Insider Transactions: What Each Field Means →

05/26/2026 - 07:32 PM

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^*

Piekos Brian

(Last)

(First)

(Middle)

C/O KALVISTA PHARMACEUTICALS, INC.

200 CROSSING BOULEVARD

(Street)

FRAMINGHAM

MASSACHUSETTS

01702

(City)

(State)

(Zip)

UNITED STATES

(Country)

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 Financial Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/21/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/21/2026		M		5,000	A	⁽¹⁾	23,150	D
Common Stock	05/22/2026		S⁽²⁾		1,489	D	$26.7844	21,661	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Unit	⁽¹⁾	05/21/2026		M			5,000	⁽³⁾	⁽³⁾	Common Stock	5,000	$0	55,000	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. 3/16th of the total number of shares underlying the RSUs vested on November 21, 2025 and 1/16 shall vest on each quarterly anniversary of the Vesting Commencement Date thereafter, for so long as grantee's Service (as defined in the Plan) does not terminate.

	/s/ Benjamin L. Palleiko, Attorney-in-Fact	05/26/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did KalVista (KALV) CFO Brian Piekos report in this Form 4?

KalVista CFO Brian Piekos reported RSU vesting into 5,000 common shares and a sale of 1,489 shares. The sale was executed only to cover tax withholding obligations tied to the RSU settlement.

How many KalVista (KALV) shares did the CFO sell and at what price?

Brian Piekos sold 1,489 shares of KalVista common stock at $26.7844 per share. According to the disclosure, this transaction was specifically to satisfy tax withholding obligations from RSU vesting.

How many KalVista (KALV) shares does the CFO hold after these transactions?

Following the reported transactions, Brian Piekos directly holds 21,661 shares of KalVista common stock. This reflects his position after the 5,000-share RSU conversion and the 1,489-share tax-related sale.

What happened to the KalVista (KALV) CFO’s restricted stock units in this filing?

5,000 restricted stock units converted into 5,000 shares of common stock for no consideration. After this conversion, the reported restricted stock unit balance stood at 55,000 units, subject to the vesting schedule described.

What vesting schedule applies to the KalVista (KALV) CFO’s RSUs?

The filing notes that 3/16 of the RSUs vested on November 21, 2025, with 1/16 vesting on each quarterly anniversary of the vesting commencement date, provided the grantee’s service continues under the plan.