Was Christopher Yea’s KalVista share sale a discretionary trade?

The filing specifies the sale was not a discretionary trade. It describes the transaction as a “sell to cover” sale executed solely to pay tax withholding obligations arising from the vesting and settlement of RSUs, rather than an independent investment decision.

KalVista (KALV) CDO sells shares to cover RSU tax obligations

Filing Impact

(Neutral)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

KalVista Pharmaceuticals chief development officer Christopher Yea reported routine equity compensation activity. On May 17, 2026, 1,774 restricted stock units vested and were converted into the same number of common shares for no cash consideration. On May 18, 2026, 1,108 common shares were sold at $26.76 per share solely to cover tax withholding obligations through a “sell to cover” arrangement, described as a non-discretionary transaction. After these transactions, Yea directly holds 227,367 shares of KalVista common stock.

Insider Trade Summary

Net Seller: 1,108 shares ($29,650)

Net Sell 3 txns

Insider Yea Christopher

Role CHIEF DEVELOPMENT OFFICER

Sold 1,108 shs ($30K)

Type	Security	Shares	Price	Value
Sale	Common Stock	1,108	$26.76	$30K
Exercise	Restricted Stock Unit	1,774	$0.00	--
Exercise	Common Stock	1,774	$0.00	--

Holdings After Transaction: Common Stock — 227,367 shares (Direct, null); Restricted Stock Unit — 0 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. 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.

Key Figures

Shares sold for taxes: 1,108 shares Sale price: $26.76 per share RSUs vested: 1,774 units +2 more

5 metrics

Shares sold for taxes 1,108 shares Open-market sale on May 18, 2026 to cover tax withholding

Sale price $26.76 per share Price for 1,108 KalVista common shares sold

RSUs vested 1,774 units Restricted stock units converted to common stock on May 17, 2026

Shares held after transactions 227,367 shares Direct KalVista common stock holdings after RSU conversion and tax sale

RSU-to-share ratio 1 RSU : 1 share Each RSU represents a right to receive one KalVista common share

Key Terms

Restricted Stock Unit, sell to cover, tax withholding obligations, vesting and settlement, +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.

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 and settlement financial

"in connection with the vesting and settlement of RSUs..."

vesting commencement date financial

"1/16th of the total number of shares subject to the RSU shall vest on each quarterly anniversary of the Vesting Commencement Date..."

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 →

05/19/2026 - 04:05 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^*

Yea Christopher

(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 DEVELOPMENT OFFICER

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/17/2026

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	05/17/2026		M		1,774	A	⁽¹⁾	228,475	D
Common Stock	05/18/2026		S⁽²⁾		1,108	D	$26.76	227,367	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⁾	05/17/2026		M			1,774	⁽³⁾	⁽³⁾	Common Stock	1,774	$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. 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.

	/s/ Benjamin L. Palleiko, Attorney-in-Fact	05/19/2026
	** 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 insider activity did KalVista (KALV) report for Christopher Yea?

KalVista’s chief development officer Christopher Yea reported RSU vesting and a related tax sale. 1,774 restricted stock units converted into common shares, and 1,108 shares were sold to cover withholding taxes, leaving him with 227,367 directly held shares.

How many KalVista (KALV) shares did Christopher Yea sell and at what price?

Christopher Yea sold 1,108 KalVista common shares at $26.76 per share. The filing explains the sale was executed solely to satisfy tax withholding obligations from RSU vesting, rather than as a discretionary open-market sale decision.

Why did KalVista’s chief development officer sell shares according to the Form 4?

The Form 4 states the sale was to cover tax withholding obligations linked to RSU vesting and settlement. It used a “sell to cover” mechanism, meaning shares were automatically sold to fund taxes, not as a discretionary portfolio move by Christopher Yea.

How many KalVista (KALV) shares does Christopher Yea hold after these transactions?

Following the RSU conversion and tax-related sale, Christopher Yea directly holds 227,367 KalVista common shares. This figure reflects his remaining position after 1,774 RSUs became shares and 1,108 shares were sold to satisfy related tax withholding obligations.

What happened to Christopher Yea’s restricted stock units in this KalVista filing?

1,774 restricted stock units vested and settled into an equal number of KalVista common shares at no cash cost. Each RSU represented a contingent right to one share, vesting quarterly in sixteenth increments, subject to his continued service with the company.