CAMBRIDGE, Mass.—KalVista Pharmaceuticals, Inc. (NASDAQ:KALV), a $463 million market cap biopharmaceutical company, CEO Benjamin L. Palleiko recently sold 7,627 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The company, currently trading near $9.34, has seen its stock decline 23.8% year-to-date according to InvestingPro data. The shares were sold at a weighted average price of $9.75, amounting to a total transaction value of $74,363. This sale was conducted to cover tax withholding obligations related to the vesting and settlement of restricted stock units (RSUs). InvestingPro analysis shows the company maintains a strong liquidity position with a current ratio of 6.87 and holds more cash than debt on its balance sheet, though it's currently experiencing rapid cash burn.
Prior to the sale, Palleiko acquired 15,625 shares through the vesting of RSUs, which were converted to common stock without any cash consideration. Following these transactions, Palleiko holds 274,596 shares of KalVista Pharmaceuticals. The transactions were not discretionary, as they were conducted to satisfy tax obligations. Based on current InvestingPro Fair Value calculations, the stock appears to be trading above its fair value, with 8 additional exclusive insights available to subscribers.
In other recent news, KalVista Pharmaceuticals has made significant strides in the development of its drug candidate, sebetralstat. The firm has maintained a Buy rating from H.C. Wainwright, Leerink Partners, and Jones Trading, despite a price target reduction by Needham. The company's recent financial maneuvers have secured over $160 million in capital to support the anticipated mid-2025 U.S. launch of sebetralstat.
Additional developments include the appointment of Laurence Reid, Ph.D., to its Board of Directors, and Brian Piekos as the new CFO. KalVista has also announced a public offering and a concurrent private placement of shares, aiming to raise a total of $60 million.
The company has submitted Marketing Authorization Applications for sebetralstat in several regions, with a Prescription Drug User Fee Act goal date set for June 17, 2025, by the U.S. FDA. These are the latest developments in KalVista's ongoing efforts to provide innovative treatments for diseases with significant unmet medical needs.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.