CalciMedica insiders boost stakes in amended 13D

Rhea-AI Filing Summary

CalciMedica investors Eric Roberts and A. Rachel Leheny have increased their stakes and updated their ownership disclosures in an Amendment No. 4 to Schedule 13D. As of a total of 30,736,401 common shares outstanding on June 25, 2026, Roberts beneficially owns 1,965,916 shares, or 6.4% of the class, and Leheny beneficially owns 1,926,347 shares, or 6.3%.

The filing details numerous open-market purchases of CalciMedica common stock by both individuals during mid-2025, along with an option exercise by Roberts. It also notes that on June 25, 2026, Roberts and Leheny each acquired 186,729 Units at $0.8033 per Unit in a public offering, with each Unit consisting of one share and one pre-funded warrant, funded with their personal capital.

Insights

Equity ownership & governance analyst

Amended 13D shows CalciMedica insiders adding shares via open-market and offering purchases.

Eric Roberts and A. Rachel Leheny report beneficial ownership of 6.4% and 6.3% of CalciMedica common stock, respectively, based on 30,736,401 shares outstanding as of June 25, 2026. Their positions combine direct holdings, options, warrants and interests through Valence Investment SPVs.

The amendment lists a series of open-market purchases during mid-2025, generally in the roughly $1.40–$3.80 per-share range, plus a 15,000-share option exercise by Roberts at $1.53. These are straightforward accumulation transactions using personal funds, not sales or hedging activity.

On June 25, 2026, each purchased 186,729 Units at $0.8033 per Unit in a public offering, each Unit including a share and a pre-funded warrant. This deepens their economic exposure to CalciMedica. Future company filings may provide additional detail on any subsequent changes in these positions.

Key Figures

Shares outstanding: 30,736,401 shares Eric Roberts beneficial ownership: 1,965,916 shares (6.4%) A. Rachel Leheny beneficial ownership: 1,926,347 shares (6.3%) +5 more

8 metrics

Shares outstanding 30,736,401 shares CalciMedica common stock as of June 25, 2026

Eric Roberts beneficial ownership 1,965,916 shares (6.4%) Based on 30,736,401 shares outstanding

A. Rachel Leheny beneficial ownership 1,926,347 shares (6.3%) Based on 30,736,401 shares outstanding

Units bought by Roberts 186,729 Units at $0.8033 Public offering closing June 25, 2026

Units bought by Leheny 186,729 Units at $0.8033 Public offering closing June 25, 2026

Valence SPV IV holdings 356,989 shares Shared voting and dispositive power

Valence SPV VI holdings 316,109 shares Shared voting and dispositive power

Roberts option exercise 15,000 shares at $1.53 Option exercise on August 20, 2025

Key Terms

Schedule 13D, Securities Purchase Agreement, pre-funded warrant, Employee Stock Options, +2 more

6 terms

Schedule 13D regulatory

"This Amendment No 4 to the filed, relating to the common stock"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

Securities Purchase Agreement regulatory

"the Issuer entered into a Securities Purchase Agreement underwriting agreement"

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.

pre-funded warrant financial

"each Unit comprised of one share of the Issuer's Common Stock, and one pre-funded warrant to purchase one share"

A pre-funded warrant is a financial instrument that gives the holder the right to buy shares of a company's stock at a set price, with most of the purchase cost already paid upfront. It functions like a nearly fully paid option, allowing investors to secure shares quickly while minimizing the amount of additional money they need to invest later. This helps investors gain ownership rights efficiently, often used to avoid certain regulatory restrictions or to prepare for future stock purchases.

Employee Stock Options financial

"Employee Stock Options to purchase common stock at an exercise price ranging from $0.585 to $17.34"

Employee stock options are contracts that give workers the right to buy a company's shares at a set price sometime in the future, like a coupon that lets you purchase stock at today’s price later on. Investors care because they align employees’ incentives with company performance and create a potential future claim on shares that can reduce existing owners’ percentage and add to a company’s reported compensation costs.

open market transactions financial

"purchases of Common Stock in open market transactions using their personal funds"

Open market transactions are the buying and selling of a company’s shares or other securities conducted on public exchanges or through the wider market rather than through private deals or negotiated placements. They matter to investors because these trades change supply and demand in real time—like shoppers affecting a store’s inventory—and so can move prices, signal management or investor sentiment, affect liquidity, and alter ownership stakes that influence future returns and risk.

beneficially owned financial

"Aggregate amount beneficially owned by each reporting person 1,965,916.00"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

FAQ

What ownership stakes do Eric Roberts and A. Rachel Leheny report in CalciMedica (CALC)?

Eric Roberts reports beneficial ownership of 1,965,916 CalciMedica shares, representing 6.4% of the common stock. A. Rachel Leheny reports beneficial ownership of 1,926,347 shares, representing 6.3%. Both percentages are based on 30,736,401 shares outstanding as of June 25, 2026.

How many CalciMedica Units did Roberts and Leheny buy in the June 2026 offering?

On June 25, 2026, Eric Roberts and A. Rachel Leheny each purchased 186,729 Units in a public offering. Each Unit consisted of one CalciMedica common share and one pre-funded warrant, and the price was $0.8033 per Unit, funded with their personal capital.

What open-market CalciMedica share purchases are disclosed in this Schedule 13D/A?

The amendment lists multiple open-market purchases by Roberts and Leheny during mid-2025, including trades such as 5,100 shares on June 5, 2025 and 6,500 shares on July 14, 2025. Reported prices generally ranged from about $1.43 to $3.78 per share across these transactions.

What options and warrants tied to CalciMedica stock does Eric Roberts hold?

Eric Roberts’ beneficial holdings include 317,608 employee stock options with exercise prices from $0.585 to $17.34 per share and 421,143 warrants with exercise prices from $0.8033 to $10.42. He also has interests in shares and warrants held by Valence Investments SPV entities he manages.

How are Valence Investment SPVs involved in CalciMedica (CALC) ownership?

Valence Investments SPV IV, V, and VI LLC collectively hold several hundred thousand CalciMedica shares and some warrants. For example, Valence SPV IV holds 356,989 shares, while Valence SPV VI holds 316,109 shares. Roberts and Leheny are co-founders and managing directors of these SPVs.

What is the total CalciMedica share count used to calculate the reported ownership percentages?

All reported beneficial ownership percentages in the amendment use a total of 30,736,401 CalciMedica common shares outstanding. This share count is stated as of June 25, 2026 and is cited by the issuer as the basis for the percentage-of-class calculations.

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

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Accepted by SEC EDGAR 06/30/2026 - 05:56 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

CALCIMEDICA, INC.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

38942Q202

(CUSIP Number)

Valence Investments SPV IV LLC
590 Madison Avenue, 21st Floor,
New York, NY, 10022
(212) 521-4379

Valence Investment SPV VI LLC
Dorsey & Whitney LLP, 430 Cowper Street, Suite 250
Palo Alto, NY, 94301
(650) 565-2252

Valence Investment SPV VI LLC
590 Madison Avenue, 21st Floor,
New York, NY, 10022
(212) 521-4379

Eric Roberts
590 Madison Avenue, 21st Floor,
New York, NY, 10022
(212) 521-4379

Rachel Leheny
590 Madison Avenue, 21st Floor,
New York, NY, 10022
(212) 521-4379

Evan Ng
Dorsey & Whitney LLP, 430 Cowper Street, Suite 250
Palo Alto, CA, 94301
(650) 565-2252

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

06/25/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 38942Q202

1

Name of reporting person

Valence Investments SPV IV, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 356,989.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 356,989.00

11

Aggregate amount beneficially owned by each reporting person

356,989.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.2 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The calculation of percentage ownership is based on a total of 30,736,401 shares of Issuer common stock as of June 25, 2026, as set forth by the Issuer.

SCHEDULE 13D

CUSIP Number(s): 38942Q202

1

Name of reporting person

Valence Investments SPV V, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 86,098.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 86,098.00

11

Aggregate amount beneficially owned by each reporting person

86,098.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.3 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

(1) Includes 66,228 shares of common stock and 19,870 immediately exercisable warrants to purchase common stock at an exercise price of $27.94 per share received pursuant to the Merger Agreement. (2) The calculation of percentage ownership is based on a total of 30,736,401 shares of Issuer common stock as of June 25, 2026, as set forth by the Issuer.

SCHEDULE 13D

CUSIP Number(s): 38942Q202

1

Name of reporting person

Valence Investments SPV VI, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 316,109.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 316,109.00

11

Aggregate amount beneficially owned by each reporting person

316,109.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.0 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The calculation of percentage ownership is based on a total of 30,736,401 shares of Issuer common stock as of June 25, 2026, as set forth by the Issuer.

SCHEDULE 13D

CUSIP Number(s): 38942Q202

1

Name of reporting person

Eric W. Roberts

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,206,720.00
8	Shared Voting Power 759,196.00
9	Sole Dispositive Power 1,206,720.00
10	Shared Dispositive Power 759,196.00

11

Aggregate amount beneficially owned by each reporting person

1,965,916.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.4 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Includes 366,435 shares of common stock held directly by Mr. Roberts, 144,705 shares of common stock held in individual retirement accounts for the benefit of Mr. Roberts,317,608 Employee Stock Options to purchase common stock at an exercise price ranging from $0.585 to $17.34, and 421,143 warrants to purchase common stock at an exercise price ranging from $0.8033 to $10.42 per share. (2) Includes 19,870 warrants to purchase common stock at an exercise price of $27.94 held by Valence Investments SPV V, LLC, 356,989 shares of common stock held by Valence Investments SPV IV, LLC, 66,228 shares of common stock held by Valence Investments SPV V, LLC, and 316,109 shares of common stock held by Valence Investments SPV VI, LLC. Mr. Roberts is a co-founder and managing director of Valence Investments SPV IV, LLC, Valence Investments SPV V, LLC, and Valence Investments SPV VI, LLC. (3) The calculation of percentage ownership is based on a total of 30,736,401 shares of Issuer common stock as of June 25, 2026, as set forth by the Issuer.

SCHEDULE 13D

CUSIP Number(s): 38942Q202

1

Name of reporting person

A. Rachel Leheny

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,167,151.00
8	Shared Voting Power 759,196.00
9	Sole Dispositive Power 1,167,151.00
10	Shared Dispositive Power 759,196.00

11

Aggregate amount beneficially owned by each reporting person

1,926,347.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.3 %

14

Type of Reporting Person (See Instructions)

IN, IA

Comment for Type of Reporting Person:

(1) Includes 317,655 shares of common stock held directly by Ms. Leheny, 3,500 shares of common stock held by Ms. Leheny's revocable trust, 1,000 shares of common stock held by Ms. Leheny's spouse, 792,120 Employee Stock Options to purchase common stock at an exercise price ranging from $0.585 to $17.34, and 419,001 warrants to purchase common stock at an exercise price ranging from $0.8033 to $7.15 per share. (2) Includes 19,870 warrants to purchase common stock at an exercise price of $27.94 held by Valence Investments SPV V, LLC, 356,989 shares of common stock held by Valence Investments SPV IV, LLC, 66,228 shares of common stock held by Valence Investments SPV V, LLC, and 316,109 shares of common stock held by Valence Investments SPV VI, LLC. Ms. Leheny is a co-founder and managing director of Valence Investments SPV IV, LLC, Valence Investments SPV V, LLC, and Valence Investments SPV VI, LLC. (3) The calculation of percentage ownership is based on a total of 30,736,401 shares of Issuer common stock as of June 25, 2026, as set forth by the Issuer.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.0001 per share
(b)	Name of Issuer: CALCIMEDICA, INC.
(c)	Address of Issuer's Principal Executive Offices: 505 Coast Boulevard South, Suite 307, La Jolla, CALIFORNIA , 92037.
Item 1 Comment: Reference is hereby made to the statements on Schedule 13D originally filed with the Securities and Exchange Commission (the "SEC") on March 30, 2023, as amended by Amendment No 1 filed with the SEC on November 22, 2023, Amendment No 2 filed with the SEC on February 8, 2024 and Amendment No 3 filed with the SEC on November 6, 2024 (collectively, the "Schedule 13D"), which is incorporated by reference. This Amendment No 4 to the Schedule 13D filed, relating to the common stock, par value $0.0001 per share (the "Common Stock") of CalciMedica, Inc., a Delaware corporation (the "Issuer") amends and supplements certain of the items set forth therein.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 is hereby amended supplemented by adding the following at the end of Item 3: Open-Market Purchases Since November 6, 2024, Mr. Roberts and Ms. Leheny have made purchases of Common Stock in open market transactions using their personal funds. Such transactions are described in greater detail in Item 5 below. Securities Purchase Agreement On June 23,2026, the Issuer entered into a Securities Purchase Agreement underwriting agreement with existing institutional and accredited investors relating to the issuance and sale in a public offering of 18,673,429 Units, each Unit comprised of one share of the Issuer's Common Stock, and one pre-funded warrant to purchase one share of Common Stock. The price in the offering was $0.8033 per Unit. Mr. Roberts and Ms. Leheny purchased 186,729 Units. The offering closed on June 25, 2026. Mr. Roberts and Ms. Leheny each used personal funds to acquire the Units.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5 is hereby amended and supplemented as follows: The Reporting Persons effected the following transactions in the Common Stock on the dates indicated, and such transactions are the only transactions in the Common Stock by the Reporting Persons in the sixty days preceding the filing of this Amendment, or since the last 13D filing, whichever is less: Name Nature of Transaction Date Number of Shares of Common Stock Price per Share Roberts Open Market Purchase 6/5/2025 5,100 $1.6638 to 1.7274 Roberts Open Market Purchase 6/6/2025 5,000 $1.75 to 1.87 Roberts Open Market Purchase 6/11/2025 5,000 $1.85 Roberts Open Market Purchase 6/26/2025 4,500 $1.43 to $1.4499 Roberts Open Market Purchase 7/09/2025 5,000 $1.6047 Leheny Open Market Purchase 7/14/2025 2,500 $2.47 Roberts Open Market Purchase 7/14/2025 6,500 $2.30 to $2.55 Roberts Open Market Purchase 7/18/2025 2,000 $2.88 Leheny Open Market Purchase 7/21/2025 1,000 $3.40 Roberts Open Market Purchase 7/21/2025 1,500 $3.37 Roberts Open Market Purchase 7/22/2025 1,500 $3.775 Roberts Open Market Purchase 8/15/2025 5,076 $2.8977 Roberts Option Exercise 8/20/2025 15,000 $1.53 Roberts Open Market Purchase 8/19/2025 1,000 $2.79 Roberts Open Market Purchase 8/20/2025 2,000 $2.72 Roberts Open Market Purchase 8/21/2025 3,508 $2.75 to 2.80 Roberts Open Market Purchase 8/28/2025 9,200 $2.75 to $2.92 Roberts Open Market Purchase 8/29/2025 800 $2.74 Roberts Open Market Purchase 9/9/2025 2,343 $2.75 to $3.21 Roberts Open Market Purchase 9/12/2025 5,000 $3.12 Roberts Open Market Purchase 9/15/2025 3,400 $2.65 to $2.70 Roberts Open Market Purchase 9/18/2025 2,500 $3.07 Leheny Purchase in Private Placement 6/25/2026 186,729 $0.8033 Roberts Purchase in Private Placement 6/25/2026 186,729 $0.8033

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Valence Investments SPV IV, LLC

Signature:	/s/ Eric Roberts
Name/Title:	Eric Roberts, Manager
Date:	06/30/2026

Valence Investments SPV V, LLC

Signature:	/s/ Eric Roberts
Name/Title:	Eric Roberts, Manager
Date:	06/30/2026

Valence Investments SPV VI, LLC

Signature:	/s/ Eric Roberts
Name/Title:	Eric Roberts, Manager
Date:	06/30/2026

Eric W. Roberts

Signature:	/s/ Eric Roberts
Name/Title:	Self
Date:	06/30/2026

A. Rachel Leheny

Signature:	/s/ Rachel Leheny
Name/Title:	Self
Date:	06/30/2026