Arif Bilal 4

What Happened Arif Bilal, Chief Operations Officer of KalVista Pharmaceuticals (KALV), received a grant of 49,000 restricted stock units (RSUs) on January 16, 2026. The RSUs were granted at $0.00 (no cash paid) and therefore have no immediate cash cost; they represent a contingent right to receive one share per RSU upon settlement. This is an award/grant (not an open‑market purchase or sale) typically used for compensation and retention.

Key Details

• Transaction date: 2026-01-16; filing date: 2026-01-21 (filed 5 days after the transaction).
• Grant: 49,000 RSUs; acquisition price reported $0.00 (derivative award).
• Shares owned after transaction: Not specified in the provided filing.
• Footnotes:
  • F1: Each RSU converts to 1 share of common stock upon settlement for no consideration.
  • F2: Vesting: 1/16th of the total RSUs vest on each quarterly anniversary of the vesting commencement date, beginning May 22, 2026, subject to continued service.
• Filing timeliness: The Form 4 was filed more than the standard 2 business days after the transaction, so this appears to be a late filing.

Context RSU grants are common executive compensation and are conditional on future vesting and continued employment; they do not represent immediate ownership of shares until settled. Because this was a compensation award (not a purchase or sale), it should be interpreted as part of pay/retention arrangements rather than a direct market sentiment signal. The late filing reduces the immediacy of disclosure for investors but does not change the substance of the grant.