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

No. The filing states the 1,862-share sale was executed to cover tax withholding obligations from RSU vesting. It was a nondiscretionary “sell to cover” transaction rather than a voluntary decision to reduce his investment in KalVista.

KalVista (KALV) CFO sells 1,862 shares to cover RSU tax obligations

Filing Impact

(Neutral)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

KalVista Pharmaceuticals Chief Financial Officer Brian Piekos reported routine equity compensation activity. On April 16, 2026, 6,250 restricted stock units (RSUs) converted into the same number of common shares for no cash consideration, reflecting scheduled vesting. On April 17, 2026, he sold 1,862 common shares at $20.2163 per share in an open-market transaction specifically to cover tax withholding obligations from the RSU vesting, described as a nondiscretionary “sell to cover” sale. After these transactions, he directly held 18,150 common shares, and 93,750 RSUs remained outstanding, which continue to vest quarterly in 1/16 increments starting April 16, 2026, subject to continued service.

Insider Trade Summary

Exercise and sale activity reported; no spread calculated

Exercise and Sale 3 txns

Insider Piekos Brian

Role Chief Financial Officer

Sold 1,862 shs ($38K)

Approx. gross sale proceeds $38K

Approx. exercise cost $0.00

Type	Security	Shares	Price	Value
Sale	Common Stock	1,862	$20.2163	$38K
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 — 93,750 shares (Direct); Common Stock — 18,150 shares (Direct)

Footnotes (3)

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.
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.
F3. 1/16th of the total number of shares subject to the RSU shall vest on each quarterly anniversary of the Vesting Commencement Date commencing on April 16, 2026, subject to continued service through each vesting date.

Key Figures

Tax-cover sale: 1,862 shares at $20.2163/share RSUs vested: 6,250 RSUs Shares held after transactions: 18,150 shares +2 more

5 metrics

Tax-cover sale 1,862 shares at $20.2163/share Open-market sale on April 17, 2026 to cover RSU tax withholding

RSUs vested 6,250 RSUs Converted into 6,250 common shares for no consideration on April 16, 2026

Shares held after transactions 18,150 shares Direct common stock holdings following the April 17, 2026 sale

RSUs outstanding after vesting 93,750 RSUs Restricted stock units remaining after 6,250 vested on April 16, 2026

RSU vesting schedule 1/16 quarterly One-sixteenth vests on each quarterly anniversary from April 16, 2026

Key Terms

Restricted Stock Unit, sell to cover, tax withholding obligations, vesting Commencement Date

4 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

"The 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.

tax withholding obligations financial

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

vesting Commencement Date financial

"1/16th 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.

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

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 04/20/2026 - 07:40 PM

FAQ

What insider transactions did KalVista (KALV) report for CFO Brian Piekos?

KalVista reported that CFO Brian Piekos had 6,250 RSUs vest into common stock and sold 1,862 shares. The sale was an open-market transaction used solely to cover tax withholding obligations related to the RSU vesting.

How many KalVista (KALV) shares does the CFO hold after these Form 4 transactions?

Following the reported transactions, CFO Brian Piekos directly holds 18,150 shares of KalVista common stock. In addition, the filing shows 93,750 restricted stock units outstanding that represent rights to receive future shares upon vesting and settlement.

What are the terms of the KalVista (KALV) CFO’s restricted stock units (RSUs)?

Each RSU represents a contingent right to receive one share of KalVista common stock for no consideration. One-sixteenth of the total RSUs vest on each quarterly anniversary of the vesting commencement date starting April 16, 2026, subject to continued service.

At what price did the KalVista (KALV) CFO sell shares to cover taxes?

The Form 4 shows the CFO sold 1,862 shares of KalVista common stock at $20.2163 per share. The filing explains this sale was executed solely to fund required tax withholding obligations related to the vesting and settlement of RSUs.

How many KalVista (KALV) RSUs remained after the reported vesting event?

After 6,250 RSUs vested and converted into common shares, the Form 4 indicates 93,750 restricted stock units remained outstanding. These unvested RSUs will vest in equal quarterly installments, conditioned on the executive’s continued service with KalVista.

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)
04/16/2026

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	04/16/2026		M		6,250	A	⁽¹⁾	20,012	D
Common Stock	04/17/2026		S⁽²⁾		1,862	D	$20.2163	18,150	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⁾	04/16/2026		M			6,250	⁽³⁾	⁽³⁾	Common Stock	6,250	$0	93,750	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 number of shares subject to the RSU shall vest on each quarterly anniversary of the Vesting Commencement Date commencing on April 16, 2026, subject to continued service through each vesting date.

	/s/ Benjamin L. Palleiko, Attorney-in-Fact	04/20/2026
	** 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