Insider sale tied to RSU settlement
Christopher Yea, KalVista Pharmaceuticals, Inc. Chief Development Officer, reported the sale of 4,347 shares of common stock on February 23, 2026, according to a Form 4 filing with the Securities and Exchange Commission. The transaction generated approximately $67,668 in proceeds. The shares were sold at a weighted average price of $15.5668, with individual sale prices reported between $15.5182 and $15.566982.
Reason for the sale
The filing indicates the disposition was executed to cover tax withholding obligations related to the vesting and settlement of Restricted Stock Units (RSUs). The Form 4 specifies that the sale was not discretionary, reflecting a transactional purpose tied to tax liabilities rather than a voluntary cashing out of equity.
Related option exercises and resulting ownership
In related filings, Yea exercised options on February 21 and 22, 2026, to acquire a total of 6,875 shares of KalVista common stock upon settlement for no consideration. Those exercises comprised 3,750 and 3,125 shares on the respective dates. Following the February transactions, Yea directly holds 226,701 shares of KalVista Pharmaceuticals.
Market context and valuation signals
KalVista's shares have risen about 46% over the past year and were trading at $15.77 at the time of the filing, representing a market capitalization of roughly $800 million. An InvestingPro analysis noted in the filing describes the stock as appearing undervalued relative to its Fair Value, with published analyst price targets ranging from $22 to $39.
Commercial performance of EKTERLY
Separately reported corporate results show that KalVista recorded approximately $35 million in global net product revenue for EKTERLY (sebetralstat) in the fourth quarter of 2025, materially above analyst expectations of around $20 million. The company stated this contributed to full-year 2025 revenue of about $49 million.
Those top-line results influenced analyst coverage. Stifel maintained a Buy rating with a $39 price target; Needham raised its target from $32 to $35 while keeping a Buy rating; and Citizens increased its target to $29 from $28, each citing EKTERLY's strong launch performance.
Clinical guideline update
Newly published international guidelines recommended EKTERLY as a first-line therapy for acute hereditary angioedema attacks in adolescents. The recommendation is described as being grounded in clinical trial data demonstrating EKTERLY's efficacy and safety.
Takeaway
The insider sale by KalVista's Chief Development Officer was disclosed as a non-discretionary transaction to satisfy tax withholding obligations following RSU vesting and option exercises. At the same time, the company reported stronger-than-expected EKTERLY revenue in Q4 2025 and drew upward adjustments to analyst price targets. The filings leave clear the sale was transactional in nature while highlighting recent commercial momentum and changing analyst expectations.