Audhya Paul K. 4

What Happened

• Audhya Paul, Chief Medical Officer of KalVista Pharmaceuticals (KALV), disposed of a total of 478,560 shares and derivative-based awards on June 11, 2026 as part of the company’s merger with Chiesi. The reported transactions include 150,260 shares (reported as a disposition to the issuer) and six derivative-related dispositions totaling 328,300 units (100,000; 25,800; 40,000; 68,750; 93,750). The Merger Agreement set the cash consideration at $27.00 per share; if all units were valued at $27 the gross value would be about $12.9M, though option-related payouts reflect the spread over option exercise prices rather than the full $27 per share.

Key Details

• Transaction date: June 11, 2026 (filed same day).
• Reported items: 150,260 shares disposed; derivative dispositions of 100,000; 25,800; 40,000; 68,750; and 93,750 units (total 478,560).
• Price/consideration: Merger Consideration = $27.00 per share (cash-out). Some derivative items show N/A because options/RSUs were converted/cancelled for cash per merger terms.
• Footnotes of note:
  • F1: Merger with Chiesi (Skyline Merger Sub) — cash tender/merger at $27.00/share.
  • F3: In-the-money options were cashed out for the spread (Merger Consideration minus exercise price); options with exercise price ≥ $27 were cancelled for no consideration.
  • F7: Outstanding RSUs were cashed out at the Merger Consideration per share.
  • Transactions were subject to any applicable tax withholding.
• Shares owned after transaction: Not specified in the filing.
• Filing timeliness: Reported on the same date as the transactions (timely).

Context

• These were merger-driven dispositions (cash-out/conversion of stock, RSUs and options), not open-market sales — common when a company is acquired. For option-related items, payments equal the excess of $27 over the option exercise price (per F3), while RSUs converted to a $27-per-share cash payment (per F7). Such filings reflect deal mechanics rather than independent insider trading sentiment.