KalVista CMO sells shares to cover RSU taxes

KalVista Pharmaceuticals Chief Medical Officer Paul K. Audhya reported routine equity compensation-related transactions.

Rhea-AI Filing Summary

KalVista Pharmaceuticals Chief Medical Officer Paul K. Audhya reported routine equity compensation-related transactions. On May 21, 2026, he exercised 6,250 restricted stock units (RSUs), receiving 6,250 shares of Common Stock at $0.00 per share upon settlement.

On May 22, 2026, he sold 2,685 Common Stock shares at an average price of $26.7844 per share solely to cover tax withholding obligations through a "sell to cover" transaction, which the filing states was not a discretionary sale. After these transactions, he directly owned 147,499 Common Stock shares and 68,750 RSUs representing contingent rights to receive an equal number of shares over time, subject to vesting.

Insider Trade Summary

Exercise and sale activity reported; no spread calculated

Exercise and Sale 3 txns

Insider Audhya Paul K.

Role CHIEF MEDICAL OFFICER

Sold 2,685 shs ($72K)

Approx. gross sale proceeds $72K

Approx. exercise cost $0.00

Type	Security	Shares	Price	Value
Sale	Common Stock	2,685	$26.7844	$72K
Exercise	Restricted Stock Unit	6,250	$0.00	$0.00
Exercise	Common Stock	6,250	$0.00	$0.00

Holdings After Transaction: Restricted Stock Unit — 68,750 contracts (Direct); Common Stock — 147,499 shares (Direct)

Footnotes (3)

1. F1. 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. F2. 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. F3. 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.

Key Figures

Shares sold: 2,685 shares Sale price: $26.7844 per share RSUs exercised: 6,250 units +2 more

5 metrics

Shares sold 2,685 shares Common Stock sold on May 22, 2026 to cover taxes

Sale price $26.7844 per share Average price for 2,685 Common Stock shares sold

RSUs exercised 6,250 units Restricted Stock Units converted to Common Stock on May 21, 2026

Shares held after 147,499 shares Direct Common Stock ownership following reported transactions

RSUs outstanding 68,750 units Restricted Stock Units remaining after 6,250-unit conversion

Key Terms

Restricted Stock Unit, RSU, sell to cover, Vesting Commencement Date

4 terms

Restricted Stock Unit financial

"Each restricted stock unit ("RSU") represents a contingent right to receive 1 share of the Issuer's Common Stock"

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

"sale was to satisfy tax withholding obligations to be funded by a "sell to cover" 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.

Vesting Commencement Date financial

"shall vest on each quarterly anniversary of the Vesting Commencement Date commencing on May 21, 2025"

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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did KalVista (KALV) CMO Paul K. Audhya report?

Paul K. Audhya reported exercising 6,250 restricted stock units into Common Stock and selling 2,685 shares. The exercise was at no cost per share, and the sale was executed to cover tax withholding obligations associated with the RSU vesting and settlement.

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

He sold 2,685 shares of KalVista Common Stock at an average price of $26.7844 per share. According to the filing, this sale was conducted solely to satisfy tax withholding obligations via a "sell to cover" transaction and was not a discretionary trade.

Why did the KalVista (KALV) CMO sell shares after RSU vesting?

The filing states the CMO sold shares to cover tax withholding obligations related to the vesting and settlement of RSUs. This "sell to cover" transaction funded required taxes and is described as non-discretionary, rather than a voluntary decision to reduce his investment position.

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

Following the reported transactions, the CMO directly holds 147,499 shares of KalVista Common Stock. He also has 68,750 restricted stock units outstanding, each representing a contingent right to receive one share of Common Stock upon future vesting and settlement, subject to service conditions.

What RSU activity did the KalVista (KALV) filing disclose for the CMO?

The filing shows 6,250 restricted stock units were converted into Common Stock on May 21, 2026 at $0.00 per share upon settlement. It also notes a remaining RSU balance of 68,750 units, subject to quarterly vesting starting on May 21, 2025, contingent on continued service.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/26/2026 - 07:33 PM EDT Learn about SEC filing dates

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.

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 MEDICAL 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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/21/2026		M		6,250	A	(1)	150,184	D
Common Stock	05/22/2026		S(2)		2,685	D	$26.7844	147,499	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)	05/21/2026		M			6,250	(3)	(3)	Common Stock	6,250	$0	68,750	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	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)