CalciMedica CMO granted two 124,486-share warrants

CalciMedica, Inc. (CALC) reported that Chief Medical Officer Sudarshan Hebbar received two warrant awards linked to a Securities Purchase Agreement dated June 23, 2026, with a June 25, 2026 closing, approved by an independent board committee.

Rhea-AI Filing Summary

CalciMedica, Inc. (CALC) reported that Chief Medical Officer Sudarshan Hebbar received two warrant awards linked to a Securities Purchase Agreement dated June 23, 2026, with a June 25, 2026 closing, approved by an independent board committee. Each warrant covers 124,486 shares of Common Stock, one with a $0.8033 per-share exercise price expiring as early as December 25, 2027 and the other with a $1.00 exercise price expiring on June 25, 2031. Both become exercisable on or after August 19, 2026 and are subject to a beneficial ownership cap not exceeding 19.99%.

Insider Trade Summary

Grant/Award: 248,972 shares

Grant/Award 2 txns

Insider Hebbar Sudarshan

Role Chief Medical Officer

Type	Security	Shares	Price	Value
Grant/Award	Warrant F1, F2	124,486	$0.00	$0.00
Grant/Award	Warrant F1, F3	124,486	$0.00	$0.00

Holdings After Transaction: Warrant — 248,972 contracts (Direct)

Footnotes (3)

1. F1. The securities were acquired from the Issuer pursuant to a Securities Purchase Agreement dated June 23, 2026, with a closing date of June 25, 2026. The Securities Purchase Agreement and the issuance of the securities thereunder was approved by an independent committee of the Issuer's Board of Directors.
2. F2. The warrant may be exercised on or after August 19, 2026, and on or prior to the earlier of (i) December 25, 2027 and (ii) thirty (30) days following the Issuer's public disclosure of the clearance of its Investigational New Drug Application by the U.S. Food and Drug Administration for CM5480; provided, however, that the warrant may not be exercised if the aggregate number of shares of Common Stock beneficially owned by the holder thereof immediately following such exercise would exceed a specified beneficial ownership limitation, not to exceed 19.99%.
3. F3. The warrant may be exercised on or after August 19, 2026, and on or prior to June 25, 2031; provided, however, that the warrant may not be exercised if the aggregate number of shares of Common Stock beneficially owned by the holder thereof immediately following such exercise would exceed a specified beneficial ownership limitation, not to exceed 19.99%.

Key Figures

First warrant underlying shares: 124,486 shares Second warrant underlying shares: 124,486 shares First warrant exercise price: $0.8033 per share +5 more

8 metrics

First warrant underlying shares 124,486 shares Common Stock underlying warrant with $0.8033 exercise price granted to CMO

Second warrant underlying shares 124,486 shares Common Stock underlying warrant with $1.00 exercise price granted to CMO

First warrant exercise price $0.8033 per share Exercise price of warrant expiring as early as December 25, 2027

Second warrant exercise price $1.0000 per share Exercise price of warrant expiring June 25, 2031

Beneficial ownership limitation 19.99% Maximum beneficial ownership immediately following any warrant exercise

Securities Purchase Agreement date June 23, 2026 Agreement under which the warrants and related securities were acquired

Closing date of Securities Purchase Agreement June 25, 2026 Closing date for issuance of the reported securities

First warrant outside expiration date December 25, 2027 Outside date for exercise, subject to earlier 30-day CM5480 IND clearance trigger

Key Terms

Securities Purchase Agreement, Investigational New Drug Application, beneficial ownership limitation, warrant

4 terms

Securities Purchase Agreement financial

"The securities were acquired from the Issuer pursuant to a Securities Purchase Agreement dated June 23, 2026"

A securities purchase agreement is a written contract between a buyer and a seller outlining the terms for buying or selling financial assets such as stocks or bonds. It specifies details like the price, quantity, and conditions of the transaction, similar to a shopping list with agreed-upon terms. For investors, it provides clarity and legal protection when transferring ownership of these financial instruments.

Investigational New Drug Application medical

"following the Issuer's public disclosure of the clearance of its Investigational New Drug Application by the U.S."

An investigational new drug application is a formal request made to regulatory authorities to begin testing a new medication in humans. It is a critical step in the drug development process, as approval indicates the drug has passed initial safety checks and can be studied further. For investors, this signals that a potential new treatment is progressing through its early testing stages, which can impact the company's future growth prospects.

beneficial ownership limitation financial

"would exceed a specified beneficial ownership limitation, not to exceed 19.99%"

A beneficial ownership limitation is a rule that caps the percentage of a company’s shares an investor can be treated as owning or controlling for voting, regulatory or tax purposes. It matters to investors because it can restrict how many shares a person or group can buy or vote, affect takeover chances, and influence share liquidity and value — like a speed limit that prevents any single driver from taking over the whole road.

warrant financial

"The warrant may be exercised on or after August 19, 2026, and on or prior to"

A warrant is a time-limited financial contract that gives its holder the right to buy a company's shares at a set price before a specified date, like a coupon that lets you purchase stock at a fixed discount for a limited time. It matters to investors because warrants offer leveraged exposure to a stock’s upside and can dilute existing shareholders if exercised, so they affect potential gains and the company’s outstanding share count.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did CALC report for Sudarshan Hebbar?

CalciMedica reported that Chief Medical Officer Sudarshan Hebbar received two warrant grants, each for 124,486 shares of Common Stock, as part of a Securities Purchase Agreement dated June 23, 2026, with a June 25, 2026 closing.

What are the exercise prices of the new CALC warrants granted to the CMO?

One warrant granted to the CMO has an exercise price of $0.8033 per share, and the second warrant has an exercise price of $1.00 per share, each covering 124,486 underlying shares of CalciMedica Common Stock.

When do the CALC warrants granted to Sudarshan Hebbar become exercisable and when do they expire?

Both warrants may be exercised on or after August 19, 2026. One expires on the earlier of December 25, 2027 or 30 days after public disclosure of CM5480 IND clearance, and the other expires on June 25, 2031.

What is the beneficial ownership limitation on the new CALC warrants?

Each warrant includes a beneficial ownership limitation so it cannot be exercised if, immediately after exercise, the holder’s beneficial ownership would exceed a specified cap, not to exceed 19.99% of CalciMedica’s Common Stock.

How were the new CALC warrants to the CMO approved?

The warrants were acquired from CalciMedica under a Securities Purchase Agreement dated June 23, 2026, with a June 25, 2026 closing. The agreement and related security issuances were approved by an independent committee of the Board of Directors.

Are the reported CALC warrant transactions under a Rule 10b5-1 trading plan?

The filing’s Rule 10b5-1 checkbox was not marked as an affirmatively adopted plan, and the footnotes do not state that these warrant grants were made pursuant to a Rule 10b5-1 trading arrangement.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/21/2026 - 06:41 PM EDT Accepted by SEC EDGAR 08/21/2026 - 06:40 PM EDT Learn about SEC filing dates

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

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^*

Hebbar Sudarshan

(Last) (First) (Middle)

C/O CALCIMEDICA, INC.

505 COAST S. BLVD. #307

(Street)

LA JOLLA CALIFORNIA 92037

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/19/2026

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

X	Form filed by One Reporting Person
	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

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
Warrant	$0.8033	08/19/2026		A(1)		124,486		08/19/2026(2)	12/25/2027(2)	Common Stock	124,486	$0	124,486	D
Warrant	$1	08/19/2026		A(1)		124,486		08/19/2026(3)	06/25/2031	Common Stock	124,486	$0	124,486	D

Explanation of Responses:

1. The securities were acquired from the Issuer pursuant to a Securities Purchase Agreement dated June 23, 2026, with a closing date of June 25, 2026. The Securities Purchase Agreement and the issuance of the securities thereunder was approved by an independent committee of the Issuer's Board of Directors.

2. The warrant may be exercised on or after August 19, 2026, and on or prior to the earlier of (i) December 25, 2027 and (ii) thirty (30) days following the Issuer's public disclosure of the clearance of its Investigational New Drug Application by the U.S. Food and Drug Administration for CM5480; provided, however, that the warrant may not be exercised if the aggregate number of shares of Common Stock beneficially owned by the holder thereof immediately following such exercise would exceed a specified beneficial ownership limitation, not to exceed 19.99%.

3. The warrant may be exercised on or after August 19, 2026, and on or prior to June 25, 2031; provided, however, that the warrant may not be exercised if the aggregate number of shares of Common Stock beneficially owned by the holder thereof immediately following such exercise would exceed a specified beneficial ownership limitation, not to exceed 19.99%.

	/s/ John Dunn, Attorney-in-Fact	08/21/2026
	** 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)