Insider transaction
KalVista Pharmaceuticals (NASDAQ: KALV) disclosed that Chief Executive Officer Benjamin L. Palleiko sold 10,034 shares of common stock on February 23, 2026. The shares were disposed of to meet tax withholding obligations and were sold at a weighted average price of $15.5668, producing proceeds of approximately $156,197. Execution prices ranged from $15.5253 to $15.566982 per share.
Related option exercise and restricted stock conversion
Prior to the sale, on February 21, 2026, Palleiko exercised options on 23,250 shares of common stock. Those shares were obtained through the conversion of Restricted Stock Units, with each unit entitling the holder to one share of KalVista stock for no consideration.
Market context and recent price action
The insider sale occurred as KalVista shares have appreciated materially over the past year, delivering a 46% return and trading recently at $15.77. An InvestingPro analysis included in the disclosure indicates the stock appears undervalued relative to its Fair Value and lists KalVista among opportunities on its Most Undervalued list.
Commercial performance of EKTERLY
KalVista reported approximately $35 million of fourth-quarter 2025 revenue tied to its hereditary angioedema, or HAE, treatment EKTERLY. That quarterly figure outperformed analyst expectations of about $20 million and helped drive full-year revenue to roughly $49 million following EKTERLY's market introduction in July 2025. The product has been positioned as the first and only oral on-demand treatment for HAE.
The International Guideline on the Diagnosis and Management of Pediatric Patients with Hereditary Angioedema recommended EKTERLY as a first-line therapy for acute HAE attacks in adolescents aged 12 and older, a development cited alongside the commercial results.
Adoption metrics
KalVista's fourth-quarter rollout included 1,318 start forms, an amount the company says represents approximately 11% of the diagnosed U.S. HAE population. The company and analysts have highlighted these figures as evidence of initial market adoption following the July 2025 launch.
Analyst reactions
Following the reported results and adoption metrics, multiple brokerages updated their assessments. Stifel reiterated a Buy rating with a $39 price target. Needham raised its target from $32 to $35 while maintaining a Buy. Citizens increased its target from $28 to $29 and kept a Market Outperform rating. The firms cited EKTERLY's launch performance in adjusting their outlooks.
What the filings and results show
The filings outline a routine insider action to satisfy tax obligations tied to a recent conversion and exercise of equity awards. Separately, KalVista's reported revenue and guideline recognition for EKTERLY signal a meaningful commercialization milestone for the company within the HAE treatment market. The company-level data and analyst updates in the disclosure provide a snapshot of both insider activity and early commercial traction for EKTERLY.
Limitations
The disclosure conveys transaction details, exercise information, sales proceeds, revenue totals, start form counts, guideline recommendations, and analyst rating changes as reported. It does not provide forward-looking forecasts or additional context beyond the events and metrics noted above.
Summary of key facts: CEO sale of 10,034 shares on February 23, 2026 at a weighted average price of $15.5668; exercise of options on 23,250 shares on February 21, 2026 via conversion of Restricted Stock Units; Q4 2025 EKTERLY revenue about $35 million; full-year revenue about $49 million following July 2025 launch; 1,318 start forms representing about 11% of diagnosed U.S. population; analyst target adjustments from Stifel, Needham, and Citizens.