KalVista Pharmaceuticals Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

KalVista Pharmaceuticals (NASDAQ: KALV) announced the granting of inducement options to twelve newly-hired employees, allowing them to purchase a total of 84,000 shares of common stock as of July 1, 2024. The options were granted under Nasdaq Listing Rule 5635(c)(4) and have an exercise price of $11.89 per share, matching the closing price on the grant date. These options vest over four years, with one-fourth vesting after one year and the remainder vesting monthly over the next three years, contingent on continued employment. Each option has a 10-year term and is governed by KalVista's Inducement Equity Incentive Plan and relevant option agreements.

Positive

• Granting inducement options can attract and retain talent, potentially enhancing company performance.
• Stock options have a 10-year term, allowing long-term employee engagement.

Negative

• Issuing stock options could lead to shareholder dilution if exercised.
• Exercise price set at $11.89, which could be less favorable if the stock price drops.

CAMBRIDGE, Mass. & SALISBURY, England--(BUSINESS WIRE)-- KalVista Pharmaceuticals, Inc. (NASDAQ: KALV), today announced that the compensation committee of KalVista’s board of directors granted twelve newly-hired employees inducement options to purchase an aggregate of 84,000 shares of KalVista common stock on July 1, 2024 as inducements material to each employee entering into employment with KalVista. The options were granted in accordance with Nasdaq Listing Rule 5635(c)(4).

The options have an exercise price of $11.89 per share, which was equal to the closing price of KalVista common stock on the grant date. One-fourth of the options vest on the one-year anniversary of the vesting commencement date and the remainder vest in equal monthly installments over the next three years, in each case subject to the new employee’s continued service with the company. Each stock option has a 10-year term and is subject to the terms and conditions of KalVista’s Inducement Equity Incentive Plan and a stock option agreement covering the grant.

About KalVista Pharmaceuticals, Inc.
KalVista Pharmaceuticals, Inc. is a global pharmaceutical company focused on the development and delivery of oral medicines for diseases with significant unmet need. KalVista disclosed positive phase 3 data for the KONFIDENT trial for its oral, on-demand therapy sebetralstat in February 2024 and submitted an NDA with the FDA in June 2024. KalVista expects to file for approval in the UK, Europe, and Japan later in 2024.

For more information about KalVista, please visit www.kalvista.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20240702602098/en/

KalVista Pharmaceuticals, Inc.

Jarrod Aldom

Vice President, Corporate Communications

(201) 705-0254

jarrod.aldom@kalvista.com

Ryan Baker

Head, Investor Relations

(617) 771-5001

ryan.baker@kalvista.com

Source: KalVista Pharmaceuticals, Inc.

FAQ

What did KalVista Pharmaceuticals announce regarding inducement grants?

KalVista Pharmaceuticals announced inducement options for twelve newly-hired employees to purchase a total of 84,000 shares of common stock as of July 1, 2024, under Nasdaq Listing Rule 5635(c)(4).

What is the exercise price of the inducement options granted by KalVista Pharmaceuticals?

The exercise price of the inducement options is $11.89 per share, which was the closing price on the grant date.

When will the inducement options granted by KalVista Pharmaceuticals start vesting?

One-fourth of the inducement options will vest on the one-year anniversary of the vesting commencement date, with the remainder vesting in equal monthly installments over the next three years.

What is the term of the stock options granted by KalVista Pharmaceuticals?

Each stock option has a 10-year term and is subject to the terms of KalVista's Inducement Equity Incentive Plan and a stock option agreement.

How many shares can KalVista Pharmaceuticals' newly-hired employees purchase through the inducement options?

The newly-hired employees can purchase an aggregate of 84,000 shares of KalVista common stock through the inducement options.