CALC insider activity: small purchase at $2.79 and large disposition reported

Rhea-AI Filing Summary

CalciMedica insider transaction summary: Director and Chief Business Officer Eric W. Roberts reported transactions in CalciMedica (CALC) on 08/21/2025. The filing shows a purchase of 3,508 shares at a weighted average price of $2.7928 (price range $2.75–$2.80). The form also reports a disposition of 179,706 shares. After the reported purchase, Mr. Roberts beneficially owns multiple blocks of common stock across accounts and entities, including 60,907 shares held by an FMTC Custodian Roth IRA, 49,894 shares via Oppenheimer custodian Roth IRA, and additional holdings through Valence Investments SPV entities totaling hundreds of thousands of shares. The form was signed by an attorney-in-fact on 08/25/2025.

Positive

• Insider purchase recorded: Acquisition of 3,508 shares at a weighted average price of $2.7928 shows the reporting person bought shares on 08/21/2025.
• Substantial beneficial ownership remains: Multiple custodial and SPV accounts report large aggregate holdings (including 60,907; 49,894; 356,989; and other blocks).

Negative

• Large disposition reported: The filing shows a disposition of 179,706 shares, a material sale recorded alongside the purchase.
• Lack of transaction detail in form: The filing does not explain the purpose or method of the large disposition (e.g., open-market sale, transfer, or other), limiting context for investors.

Insights

Financial Analyst

TL;DR: Insider filed both a small open-market purchase and a large disposition, resulting in significant beneficiary holdings across multiple accounts.

From a trading-pattern and liquidity perspective, the 3,508-share purchase at about $2.79 is modest relative to the large 179,706-share disposition reported on the same filing. The combination indicates mixed insider activity rather than a single directional signal. Reported beneficial ownership spans multiple custodial and SPV accounts, representing concentrated exposure which could affect voting control and liquidity depending on future dispositions.

Corporate Governance Expert

TL;DR: Significant outgoing disposition of 179,706 shares raises governance and ownership-concentration questions despite a small purchase.

Material governance implications stem from the large disposal recorded alongside continued broad indirect holdings through IRAs and SPV vehicles. Such sizable dispositions by a director and 10% owner are material to shareholder oversight and may warrant disclosure context (intent, method) not provided in the form. The filing documents substantial indirect ownership which preserves influence despite the sale.

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^*

Roberts Eric W

(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
X	Officer (give title below)		Other (specify below)
	CHIEF BUSINESS OFFICER

3. Date of Earliest Transaction (Month/Day/Year)
08/21/2025

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	08/21/2025		P		3,508	A	$2.7928(1)	60,907	I	By FMTC Custodian - Roth IRA FBO Eric W. Roberts
Common Stock								179,706	D
Common Stock								49,894	I	By Oppenheimer & Co Inc. Custodian FBO Eric W Roberts Roth IRA
Common Stock								10,661	I	By IRA Financial Trust Company CFBO Eric W. Roberts
Common Stock								356,989	I	By Valence Investments SPV IV, LLC
Common Stock								66,228	I	By Valence Investments SPV V, LLC
Common Stock								316,109	I	By Valence Investments SPV VI, LLC

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

Explanation of Responses:

1. The weighted average purchase price for the transaction reported was $2.7928, and the range of prices were between $2.75 and $2.80. 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.

	/s/ John Dunn, Esq., Attorney-in-Fact	08/25/2025
	** 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).
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.

FAQ

What insider transactions did Eric W. Roberts report for CALC on 08/21/2025?

The Form 4 reports a purchase of 3,508 shares at a weighted average price of $2.7928 and a disposition of 179,706 shares on 08/21/2025.

How much did the insider pay per share for the reported CALC purchase?

The weighted average purchase price reported was $2.7928, with a price range between $2.75 and $2.80.

Does the filing show how many CALC shares the reporting person beneficially owns after transactions?

Yes. The filing lists multiple beneficial holdings across accounts and entities, including 60,907 shares (FMTC Custodian Roth IRA), 49,894 (Oppenheimer Custodian Roth IRA), and other significant blocks such as 356,989 (Valence Investments SPV IV, LLC).

What roles does Eric W. Roberts hold at CalciMedica as disclosed in the Form 4?

The filing lists Mr. Roberts as a Director, a 10% owner, and an Officer with the title Chief Business Officer.

When was the Form 4 signed and by whom?

The signature on the filing is /s/ John Dunn, Esq., Attorney-in-Fact dated 08/25/2025.