Venrock funds trim KalVista (KALV) stake, retain 5.09M shares

Rhea-AI Filing Summary

KalVista Pharmaceuticals’ major shareholder funds reported open-market sales of 214,631 shares of Common Stock. The transactions were executed on March 25–26 at prices between approximately $16.95 and $19.12 per share through entities affiliated with Venrock Healthcare Capital Partners.

After these sales, the affiliated funds continue to hold about 5,089,354 shares indirectly. The filing clarifies that management entities and individuals associated with these funds may be deemed to beneficially own these securities only to the extent of any indirect pecuniary interest.

Insider Trade Summary

Net Seller: 214,631 shares ($3,691,148)

Net Sell 5 txns

Insider Venrock Healthcare Capital Partners III, L.P., VHCP Co-Investment Holdings III, LLC, VHCP Management EG, LLC, Venrock Healthcare Capital Partners EG, L.P., VHCP Management III, LLC, Koh Bong Y, Shah Nimish P

Role 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner

Sold 214,631 shs ($3.69M)

Type	Security	Shares	Price	Value
Sale	Common Stock	21,386	$17.76	$380K
Sale	Common Stock	15,417	$18.82	$290K
Sale	Common Stock	3,183	$19.12	$61K
Sale	Common Stock	174,485	$16.95	$2.96M
Sale	Common Stock	160	$17.53	$3K

Holdings After Transaction: Common Stock — 5,107,954 shares (Indirect, By Funds)

Footnotes (1)

1. The price reported in Column 4 is a weighted average price. These securities were sold in multiple transactions at prices ranging from $16.51 to $17.50 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of securities sold at each separate price within the range set forth in this footnote. Consists of (i) 1,105,126 shares held by Venrock Healthcare Capital Partners III, L.P. ("VHCP3"); (ii) 110,550 shares held by VHCP Co-Investment Holdings III,LLC ("VHCP Co-3"); and (iii) 3,913,824 shares held by Venrock Healthcare Capital Partners EG, L.P. ("VHCP EG"). VHCP Management III, LLC ("VHCPM3") is the general partner of VHCP3 and the manager of VHCP Co-3 and may be deemed to beneficially own these securities. VHCP Management EG, LLC ("VHCPMEG") is the general partner of VHCPEG and may be deemed to beneficially own these securities. Bong Koh and Nimish Shah are the voting members of VHCPM3 and VHCPMEG and may be deemed to beneficially own these securities. Each of VHCPM3, VHCPMEG and Messrs. Koh and Shah expressly disclaims beneficial ownership over these securities except to the extent of its or his indirect pecuniary interest therein. The price reported in Column 4 is a weighted average price. These securities were sold in multiple transactions at prices ranging from $17.51 to $17.55 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of securities sold at each separate price within the range set forth in this footnote. Consists of (i) 1,105,092 shares held by VHCP3; (ii) 110,547 shares held by VHCP Co-3; and (iii) 3,913,701 shares held by VHCP EG. The price reported in Column 4 is a weighted average price. These securities were sold in multiple transactions at prices ranging from $17.07 to $18.06 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of securities sold at each separate price within the range set forth in this footnote. Consists of (i) 1,100,485 shares held by VHCP3; (ii) 110,085 shares held by VHCP Co-3; and (iii) 3,897,384 shares held by VHCP EG. The price reported in Column 4 is a weighted average price. These securities were sold in multiple transactions at prices ranging from $18.07 to $19.06 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of securities sold at each separate price within the range set forth in this footnote. Consists of (i) 1,097,164 shares held by VHCP3; (ii) 109,752 shares held by VHCP Co-3; and (iii) 3,885,621 shares held by VHCP EG. The price reported in Column 4 is a weighted average price. These securities were sold in multiple transactions at prices ranging from $19.07 to $19.25 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of securities sold at each separate price within the range set forth in this footnote. Consists of (i) 1,096,478 shares held by VHCP3; (ii) 109,684 shares held by VHCP Co-3; and (iii) 3,883,192 shares held by VHCP EG.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Venrock Healthcare Capital Partners III, L.P.

(Last) (First) (Middle)

C/O VENROCK

7 BRYANT PARK, 23RD FLOOR

(Street)

NEW YORK NEW YORK 10018

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
KalVista Pharmaceuticals, Inc. [ KALV ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/25/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/25/2026		S		174,485	D	$16.95(1)	5,129,500(2)	I	By Funds(3)
Common Stock	03/25/2026		S		160	D	$17.53(4)	5,129,340(5)	I	By Funds(3)
Common Stock	03/26/2026		S		21,386	D	$17.76(6)	5,107,954(7)	I	By Funds(3)
Common Stock	03/26/2026		S		15,417	D	$18.82(8)	5,092,537(9)	I	By Funds(3)
Common Stock	03/26/2026		S		3,183	D	$19.12(10)	5,089,354(11)	I	By Funds(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Venrock Healthcare Capital Partners III, L.P.

(Last) (First) (Middle)

C/O VENROCK

7 BRYANT PARK, 23RD FLOOR

(Street)

NEW YORK NEW YORK 10018

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

VHCP Co-Investment Holdings III, LLC

(Last) (First) (Middle)

C/O VENROCK

7 BRYANT PARK, 23RD FLOOR

(Street)

NEW YORK NEW YORK 10018

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

VHCP Management EG, LLC

(Last) (First) (Middle)

C/O VENROCK

7 BRYANT PARK, 23RD FLOOR

(Street)

NEW YORK NEW YORK 10018

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Venrock Healthcare Capital Partners EG, L.P.

(Last) (First) (Middle)

C/O VENROCK

7 BRYANT PARK, 23RD FLOOR

(Street)

NEW YORK NEW YORK 10018

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

VHCP Management III, LLC

(Last) (First) (Middle)

C/O VENROCK

7 BRYANT PARK, 23RD FLOOR

(Street)

NEW YORK NEW YORK 10018

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Koh Bong Y

(Last) (First) (Middle)

C/O VENROCK

7 BRYANT PARK, 23RD FLOOR

(Street)

NEW YORK NEW YORK 10018

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Shah Nimish P

(Last) (First) (Middle)

C/O VENROCK

7 BRYANT PARK, 23RD FLOOR

(Street)

NEW YORK NEW YORK 10018

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These securities were sold in multiple transactions at prices ranging from $16.51 to $17.50 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of securities sold at each separate price within the range set forth in this footnote.

2. Consists of (i) 1,105,126 shares held by Venrock Healthcare Capital Partners III, L.P. ("VHCP3"); (ii) 110,550 shares held by VHCP Co-Investment Holdings III,LLC ("VHCP Co-3"); and (iii) 3,913,824 shares held by Venrock Healthcare Capital Partners EG, L.P. ("VHCP EG").

3. VHCP Management III, LLC ("VHCPM3") is the general partner of VHCP3 and the manager of VHCP Co-3 and may be deemed to beneficially own these securities. VHCP Management EG, LLC ("VHCPMEG") is the general partner of VHCPEG and may be deemed to beneficially own these securities. Bong Koh and Nimish Shah are the voting members of VHCPM3 and VHCPMEG and may be deemed to beneficially own these securities. Each of VHCPM3, VHCPMEG and Messrs. Koh and Shah expressly disclaims beneficial ownership over these securities except to the extent of its or his indirect pecuniary interest therein.

4. The price reported in Column 4 is a weighted average price. These securities were sold in multiple transactions at prices ranging from $17.51 to $17.55 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of securities sold at each separate price within the range set forth in this footnote.

5. Consists of (i) 1,105,092 shares held by VHCP3; (ii) 110,547 shares held by VHCP Co-3; and (iii) 3,913,701 shares held by VHCP EG.

6. The price reported in Column 4 is a weighted average price. These securities were sold in multiple transactions at prices ranging from $17.07 to $18.06 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of securities sold at each separate price within the range set forth in this footnote.

7. Consists of (i) 1,100,485 shares held by VHCP3; (ii) 110,085 shares held by VHCP Co-3; and (iii) 3,897,384 shares held by VHCP EG.

8. The price reported in Column 4 is a weighted average price. These securities were sold in multiple transactions at prices ranging from $18.07 to $19.06 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of securities sold at each separate price within the range set forth in this footnote.

9. Consists of (i) 1,097,164 shares held by VHCP3; (ii) 109,752 shares held by VHCP Co-3; and (iii) 3,885,621 shares held by VHCP EG.

10. The price reported in Column 4 is a weighted average price. These securities were sold in multiple transactions at prices ranging from $19.07 to $19.25 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of securities sold at each separate price within the range set forth in this footnote.

11. Consists of (i) 1,096,478 shares held by VHCP3; (ii) 109,684 shares held by VHCP Co-3; and (iii) 3,883,192 shares held by VHCP EG.

	Venrock Healthcare Capital Partners III, L.P., By: VHCP Management III, LLC, Its: General Partner, By: /s/ Sherman G. Souther, Authorized Signatory	03/27/2026
	VHCP Co-Investment Holdings III, LLC, By: VHCP Management III, LLC, Its: Manager, By: /s/ Sherman G. Souther, Authorized Signatory	03/27/2026
	VHCP Management III, LLC, By: /s/ Sherman G. Souther, Authorized Signatory	03/27/2026
	Venrock Healthcare Capital Partners EG, L.P., By: VHCP Management EG, LLC, Its: General Partner, By: /s/ Sherman G. Souther, Authorized Signatory	03/27/2026
	VHCP Management EG, LLC, By: /s/ Sherman G. Souther, Authorized Signatory	03/27/2026
	Bong Koh, By: /s/ Sherman G. Souther, Attorney-in-fact	03/27/2026
	Nimish Shah, By: /s/ Sherman G. Souther, Attorney-in-fact	03/27/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider activity did KalVista Pharmaceuticals (KALV) report in this Form 4?

The filing shows affiliated Venrock Healthcare funds sold 214,631 KalVista shares in open-market transactions. These sales occurred over two days and involved Common Stock held indirectly through investment funds.

How many KalVista (KALV) shares were sold and at what prices?

Affiliated funds sold 214,631 shares of KalVista Common Stock. Reported transaction prices on March 25–26 ranged from about $16.95 to $19.12 per share in multiple open-market trades.

Who executed the KalVista (KALV) share sales disclosed in this Form 4?

The sales were executed by funds including Venrock Healthcare Capital Partners III, L.P., VHCP Co-Investment Holdings III, LLC, and Venrock Healthcare Capital Partners EG, L.P., with management entities and individuals only indirectly associated through their interests in these funds.

How many KalVista (KALV) shares do the Venrock-affiliated funds hold after the sales?

Following the reported transactions, the Venrock-affiliated funds together hold 5,089,354 KalVista shares of Common Stock indirectly. This figure reflects their combined position after completing the open-market sales on March 25–26.

Do the individuals linked to the Venrock funds fully own the reported KalVista (KALV) shares?

Footnotes state the management entities and individuals, including Bong Koh and Nimish Shah, may be deemed to beneficially own the shares only to the extent of any indirect pecuniary interest, and they expressly disclaim broader beneficial ownership.

Were the KalVista (KALV) share sales done in single trades or multiple transactions?

The filing notes weighted average prices, explaining the shares were sold in multiple transactions within specified price ranges on each day. Detailed trade breakdowns are available upon request from the issuer, any security holder, or the SEC staff.