CalciMedica insider purchase & option grant signal executive confidence

Rhea-AI Filing Summary

CalciMedica, Inc. (CALC) – Form 4 insider transaction by CFO Stephen Bardin

On 26 June 2025, Chief Financial Officer Stephen Bardin executed two reportable transactions:

• Open-market purchase: 2,000 shares of CALC common stock at a weighted-average price of $1.5025 (price range $1.45-$1.54). The shares are held indirectly by The Bardin Family Trust dated 4 June 2024.
• Employee stock option grant: 20,000 options with an exercise price of $1.53 per share, immediately exercisable and expiring 22 April 2035. The grant was approved by the Board on 23 April 2025 and became effective upon shareholder approval of the amended 2023 Equity Incentive Plan on 24 June 2025.

Post-transaction ownership

• Indirect: 3,000 shares (Bardin Family Trust)
• Direct: 40,000 shares
• Derivative: 20,000 stock options

The filing also corrects a prior Form 4 (3 June 2025) that had misclassified 1,000 trust-held shares as directly owned. No other financial metrics or operational updates were included.

Insights

Financial Analyst

TL;DR Small insider buy plus 20k option grant; marginal but positive alignment signal.

The CFO’s purchase—though modest in dollar terms (~$3k)—shows personal capital commitment at prices near CALC’s recent trading range. Insider buying typically signals management confidence, especially for clinical-stage biotechs where visibility is limited. The immediate-vest option award further links compensation to long-term equity performance following shareholder approval of the amended 2023 EIP. While the correction of prior share classification highlights administrative oversight, it does not affect economic exposure. Given the scale, the event is incrementally positive but not likely to move valuation absent broader catalysts.

Corporate Governance Expert

TL;DR Governance processes observed: shareholder-approved plan, prompt Section 16 reporting; minor filing correction noted.

The Board conditioned the option grant on shareholder approval, demonstrating procedural rigor. The Form 4 was filed within two business days, meeting Section 16 requirements. The clerical correction of 1,000 shares indicates attention to accuracy, albeit after an earlier mistake. Overall governance signals are sound; equity awards remain within typical biotech norms.

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^*

Bardin Stephen

(Last) (First) (Middle)

C/O CALCIMEDICA, INC.

505 COAST S. BLVD, #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)

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

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
Common Stock	06/26/2025		P		2,000	A	$1.5025(1)	3,000(2)	I	See Footnote(3)
Common Stock								40,000(4)	D

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
Employee Stock Option (Right to Buy)	$1.53	06/24/2025(5)		A		20,000		(6)	04/22/2035	Common Stock	20,000	$0	20,000	D

Explanation of Responses:

1. The weighted average purchase price for the transaction reported was $1.5025, and the range of prices were between $1.45 and $1.54. Upon request by the SEC staff, the Issuer, or any security holder of the Issuer, full information regarding the number of shares purchased at each separate price will be provided.

2. Includes 1,000 shares held by The Bardin Family Trust dated June 4, 2024 (the "Trust") which were inadvertently reported as directly owned on the Form 4 filed with the SEC on June 3, 2025.

3. By The Bardin Family Trust dated June 4, 2024.

4. Excludes 1,000 shares held by the Trust which were inadvertently reported as directly owned on the Form 4 filed with the SEC on June 3, 2025.

5. 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.

6. Immediately exercisable.

	/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.
* 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).
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