Audhya Paul K. 4

What Happened

• Audhya Paul, Chief Medical Officer of KalVista Pharmaceuticals (KALV), reported the vesting/settlement of 5,000 restricted stock units (RSUs) on 2026-05-22 and an open-market sale of 2,239 shares on 2026-05-26. The sale generated proceeds of $59,955 (2,239 shares × $26.78).
• The filing shows two derivative-related entries for 5,000 shares on 2026-05-22 (exercise/conversion type "M") and a separate sale on 2026-05-26 (sale type "S"). The derivative entry at $0 reflects settlement/conversion of RSUs into common stock rather than a paid purchase.

Key Details

• Transaction dates and amounts:
  • 2026-05-22: RSU settlement/conversion of 5,000 shares (derivative entry; $0 listed).
  • 2026-05-26: Open-market sale of 2,239 shares at $26.78 each; proceeds $59,955.
• Shares owned after the transactions: not specified in the provided filing excerpt.
• Footnotes:
  • F1: Each RSU converts to one share upon settlement for no consideration.
  • F2: The 2,239-share sale was a "sell-to-cover" to satisfy tax withholding on the RSU settlement and was not a discretionary trade.
  • F3: RSUs vest quarterly (1/16th each quarter) beginning Aug 22, 2024, subject to continued service.
• Filing/timeliness: Form lists a report period date of 2026-05-22 and was filed 2026-05-27. Form 4s are normally due within two business days of the transaction; the 5/22 settlement was reported one business day after that typical deadline.

Context

• This was not a market-timed purchase by the insider. It reflects RSU settlement (award conversion) followed by a routine sell-to-cover to pay taxes — a common, non-discretionary insider transaction. Such tax-withholding sales generally do not indicate a change in the insider's investment view.