[Form 4] CalciMedica, Inc. Insider Trading Activity

Rhea-AI Filing Summary

CalciMedica, Inc. (CALC) filed a Form 4 reporting new stock-option grants to director and 10% owner Fred A. Middleton. On 06/24/2025 Mr. Middleton was awarded a total of 46,249 director stock options across four separate grants. Three grants carry an exercise price of $1.53 per share and one carries an exercise price of $1.65. All options expire in 2035, providing a 10-year+ exercise window.

The largest tranche—19,687 options—vests in equal monthly installments (1/9) over the year following 01-Apr-2025. Two additional tranches of 10,000 and 6,562 options vest 1/12 monthly after 26-Mar-2025 or are immediately exercisable, respectively. The final grant of 10,000 options vests 1/12 monthly after 24-Jun-2025, but will be fully vested no later than the company’s 2026 annual meeting. All awards were approved by the board on 23-Apr-2025 and became effective after shareholder approval of the amended 2023 Equity Incentive Plan on 24-Jun-2025.

No shares were sold or otherwise disposed of; the transactions are coded “A” (grant). Post-transaction, Mr. Middleton directly holds the same number of options as were granted, reflecting his continued insider ownership. Because the filing reports only option grants and no cash transactions, the immediate impact is limited to potential future dilution and enhanced alignment of director incentives with shareholder value.

Positive

• Shareholder-approved equity plan: Options became effective only after investors endorsed the Amended 2023 EIP on 24-Jun-2025, supporting governance transparency.
• Alignment of incentives: Granting 46,249 options to a director/10% owner links compensation to future share performance.
• No share sales: The filing shows acquisitions only, avoiding negative sentiment associated with insider disposals.

Negative

• Potential dilution: Issuance of 46,249 new option rights could modestly increase share count upon exercise.
• Immediate exercisability of 6,562 options: Lack of performance hurdles on this tranche offers limited incentive alignment beyond share price appreciation.

Insights

Financial Analyst

TL;DR: Director granted 46k options at $1.53-$1.65; neutral near-term, modest dilution risk.

The Form 4 documents an equity-based compensation event rather than a purchase or sale. Exercise prices are low, suggesting management believes they are achievable but still above zero, and the long expirations give ample time for value creation. Vesting schedules stagger over 12 months, incentivising service continuity. The total of 46,249 shares is small for most public companies, implying immaterial dilution. No immediate cash flow or P&L effects arise, so the filing is operationally neutral, albeit a positive governance signal because shareholders approved the expanded plan.

Corporate Governance Expert

TL;DR: Shareholder-approved option grants align director interests; routine governance filing.

The options were contingent on stockholder approval of the Amended 2023 EIP, demonstrating adherence to best-practice governance. Vesting clauses (monthly, capped at 2026 AGM) promote retention without creating long-term overhang. Immediate exercisability of one tranche could raise questions on performance linkage, but the small size mitigates concern. Overall, the transaction is compliant, transparent and consistent with typical director compensation frameworks, causing no red-flag governance issues.

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

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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^*

MIDDLETON FRED A

(Last) (First) (Middle)

C/O CALCIMEDICA, INC.

505 COAST BLVD. S. #307

(Street)

LA JOLLA CA 92037

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CalciMedica, Inc. [ CALC ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
06/24/2025

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

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

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

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

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
Director Stock Option (Right to Buy)	$1.53	06/24/2025(1)		A		10,000		(2)	04/22/2035	Common Stock	10,000	$0	10,000	D
Director Stock Option (Right to Buy)	$1.53	06/24/2025(1)		A		6,562		(3)	04/22/2035	Common Stock	6,562	$0	6,562	D
Director Stock Option (Right to Buy)	$1.53	06/24/2025(1)		A		19,687		(4)	04/22/2035	Common Stock	19,687	$0	19,687	D
Director Stock Option (Right to Buy)	$1.65	06/24/2025		A		10,000		(5)	06/23/2035	Common Stock	10,000	$0	10,000	D

Explanation of Responses:

1. The option grant was approved by the Board of Directors of CalciMedica, Inc. (the "Company") on April 23, 2025, subject to stockholder approval of an amendment of the Company's 2023 Equity Incentive Plan (the "Amended 2023 EIP") under which the option was granted. The Company's stockholders approved the Amended 2023 EIP on June 24, 2025.

2. 1/12th of the shares subject to the option vest in equal monthly installments over a one year period following March 26, 2025.

3. Immediately exercisable.

4. 1/9th of the shares subject to the option vest in equal monthly installments over a one year period following April 1, 2025.

5. 1/12th of the shares subject to the option vest in equal monthly installments over a one year period following June 24, 2025, provided that the shares will in any case be fully vested on the date of Company's 2026 annual meeting of stockholders.

	/s/ John Dunn, Attorney-in-Fact	06/26/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

How many stock options were granted to CALC director Fred Middleton?

The Form 4 reports 46,249 director stock options granted on 06/24/2025.

What are the exercise prices of the newly granted CALC options?

Three grants are priced at $1.53 per share; one grant is priced at $1.65 per share.

When do the options granted to Fred Middleton expire?

Options with a $1.53 exercise price expire on 22-Apr-2035; the $1.65 options expire on 23-Jun-2035.

What is the vesting schedule for the CALC director options?

Vesting occurs monthly: 1/12 or 1/9 per month depending on the tranche, with full vesting no later than the 2026 annual meeting.

Did the option grant need shareholder approval?

Yes. The board approved the grant on 23-Apr-2025, subject to shareholder approval of the Amended 2023 EIP, which was obtained on 24-Jun-2025.

What roles does Fred Middleton hold at CalciMedica?

He is listed as both a Director and a 10% owner of the company.