Sensenig Bethany 4

What Happened

• Bethany Sensenig, a director of KalVista Pharmaceuticals, recorded a disposition of 45,000 derivative shares on June 11, 2026. The disposition was made pursuant to the Agreement and Plan of Merger by which Chiesi’s subsidiary acquired KalVista. The merger consideration for KalVista common stock was $27.00 per share. The filing shows the transaction as a disposition to the issuer (derivative), consistent with merger-related cash-out/cancellation of awards or options.

Key Details

• Transaction date: 2026-06-11; transaction code: D (Disposition to issuer).
• Shares disposed: 45,000 (reported as derivative securities). Price shown as N/A on the Form 4; merger consideration for common stock was $27.00 per share.
• Implied cash value for common shares at $27.00 would be $1,215,000 (45,000 × $27.00); if these were options, final cash paid depends on each option’s exercise price per the merger terms.
• Footnotes: F1 describes the Merger Agreement and $27.00 per-share cash tender/merger. F2 notes a 3-year vesting schedule for an option (1/36th vests Nov 1, 2025, then monthly). F3 explains outstanding options with exercise price below $27 were fully vested, cancelled and converted into a cash payment equal to (Merger Consideration − exercise price) × number of option shares; options with exercise price ≥ $27 were cancelled for no consideration.
• Shares owned after transaction: not specified in the filing.
• Filing timeliness: report period and filing date are both 2026-06-11 (timely).

Context

• This disposition was driven by the corporate merger (cash-out/cancellation of equity and/or options), not an open-market sale. For option holders, the merger converted in-the-money options into cash payments based on the spread to $27.00; out-of-the-money options were cancelled without payment. Merger-related dispositions are transactional and do not necessarily indicate the insider’s personal trading view.