Arif Bilal 4

What Happened Arif Bilal, Chief Operations Officer of KalVista Pharmaceuticals, disposed of a total of 149,000 derivative shares (100,000 and 49,000) on June 11, 2026 as part of the Company’s merger with Chiesi. The Form 4 reports the dispositions as derivatives with price listed as "N/A," but the Merger Agreement sets the merger consideration at $27.00 per share — implying gross proceeds of roughly $4,023,000 before any tax withholding.

Key Details

• Transaction date: June 11, 2026 (effective date of the merger).
• Reported price on Form 4: N/A (derivative); Merger consideration per filing: $27.00 per share.
• Shares disposed: 100,000 and 49,000 (total 149,000).
• Estimated cash received: ~ $4,023,000 before withholding.
• Shares owned after transaction: not specified in this filing.
• Filing timeliness: filed on the same date as the transaction (no late filing indicated).
• Relevant footnotes: F1/F6 — securities were converted to cash under the Agreement and Plan of Merger; F3 — outstanding options with exercise prices below the merger price were vested and cashed out per the Merger Agreement.

Context These were merger-related cash-outs of derivative awards (options/RSUs) rather than open-market sales. Such dispositions are routine in buyouts: outstanding options and restricted stock units were converted into the right to receive the merger cash consideration ($27.00/share) and cancelled per the merger terms. This action reflects the deal mechanics, not an ordinary insider sale signaling a change in sentiment.