CalciMedica, Inc. Amendment to a Schedule 13G/A updates beneficial ownership disclosures for Avenue-related reporting persons following a First Amendment to Loan Documents effective June 23, 2026. The amendment describes a 4.99% ownership Blocker that prevents conversion of loans into common stock beyond that threshold.
The filing reports that the lenders' position reflects 4,641,163 shares and 4.99% of the issuer on a fully diluted basis calculated from 30,736,401 shares as of June 24, 2026. It discloses an aggregate outstanding principal of $10,000,000, conversion rights for up to $3,000,000 at $1.00 per share, an original loan capacity of $32 million, and that the Blocker may be increased to 19.99% upon at least 61 days' notice.
Positive
None.
Negative
None.
Insights
Legal terms limit conversion and preserve a 4.99% ownership cap unless lenders give notice.
The First Amendment implements a contractual 4.99% Blocker that prevents conversion that would result in beneficial ownership above that threshold. The filing also preserves a lender option to convert up to $3,000,000 of principal into common stock at $1.00 per share.
The Blocker can be increased to 19.99% upon at least 61 days' notice; this qualifier is material because any future change would alter conversion economics and potential dilution.
Disclosure quantifies lender overhang and conversion mechanics but limits immediate dilution to 4.99.
The reporting persons show 4,641,163 shares and cite a fully diluted denominator of 30,736,401 shares (as of June 24, 2026), yielding the reported 4.99. The aggregate principal outstanding under the First Amendment is $10,000,000 with an original loan facility described as up to $32 million.
Actual dilution depends on lender conversion decisions and whether the Blocker is increased; subsequent filings or notices would specify any change to the blocker or conversions.
Key Figures
Reported shares:4,641,163 sharesOwnership blocker:4.99%Fully diluted shares:30,736,401 shares+5 more
8 metrics
Reported shares4,641,163 sharesAmount shown for reporting persons on cover page
Ownership blocker4.99%Blocker prevents conversion to exceed 4.99% beneficial ownership
Fully diluted shares30,736,401 sharesDenominator used to calculate percent of class as of June 24, 2026
Aggregate principal outstanding$10,000,000Outstanding principal under the First Amendment
Convertible tranche available to convert$3,000,000Amount that lenders may convert into common stock at $1.00 per share
Conversion price$1.00 per sharePer-share price for conversion of up to $3,000,000 principal
Original loan capacity$32,000,000Aggregate capital growth loans capacity described in Loan Agreement
Blocker escalation notice61 daysMinimum notice to increase the Blocker to up to 19.99%
"The First Amendment includes a 4.99% "blocker" provision designed to prevent Reporting Persons"
pre-funded warrantsfinancial
"in lieu of Issuer's common stock in the event conversion would exceed the 4.99% Blocker, pre-funded warrants"
Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.
beneficially ownedregulatory
"Amount beneficially owned: This Amendment No. 3 amends the ... with respect to the common stock"
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.
fully dilutedfinancial
"Percent of class is based on 30,736,401 fully diluted shares of Common Stock"
Fully diluted is the total number of a company's shares that would exist if every potential share from stock options, warrants, convertible debt and other claims were converted into common stock — like counting every reserved pizza slice as if everyone who could request one already had it. Investors use the fully diluted share count to see the realistic ownership picture and how those future claims could lower each shareholder’s percentage, earnings per share and implied valuation.
What does the 4.99% blocker mean for CALC (CalciMedica)?
The 4.99% blocker prevents the lenders from converting loan principal into shares if conversion would exceed 4.99% beneficial ownership. The filing notes the blocker may be increased to 19.99% with at least 61 days' notice to the company.
How many shares and what percent do the Avenue reporting persons list?
The reporting persons list 4,641,163 shares, representing 4.99% based on a fully diluted share count of 30,736,401 shares as of June 24, 2026. The filing explains conversion limits tied to the blocker.
What conversion rights do the lenders have under the First Amendment?
Lenders may convert up to $3,000,000 of outstanding principal into common stock at $1.00 per share, or, if conversion would exceed the blocker, receive pre-funded warrants subject to the same 4.99% cap.
What is the aggregate principal outstanding under the First Amendment?
The filing states the aggregate principal amount outstanding under the First Amendment is $10,000,000. The original Loan Agreement described capacity of up to $32 million in capital growth loans.
Can the reported share counts change without a new filing?
Yes. The Blocker may be increased to 19.99% upon at least 61 days' notice, and lenders retain conversion discretion; any exercises, conversions or blocker changes would be reflected in subsequent filings.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
CALCIMEDICA, INC.
(Name of Issuer)
Common Stock, par value $0.0001 per share
(Title of Class of Securities)
38942Q202
(CUSIP Number)
06/23/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
38942Q202
1
Names of Reporting Persons
Avenue Venture Opportunities Fund II, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,641,163.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.99 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: (1) Aggregate amount beneficially owned includes 3,000,000 shares of common stock issuable upon conversion of a loan to Issuer in the principal amount of $3 million and 1,641,163 shares of common stock issuable upon exercise of warrants outstanding. Such loan is convertible at any time at lender's option at a per share conversion price of $1.00. As more fully described in Item 4, ownership is limited to the 4.99% blocker, and the percentage set forth in row (11) gives effect to such blocker. The securities reported in row (9) show the number of shares of common stock that would be issuable upon full conversion of the loan and do not give effect to such blocker. Therefore, the actual number of shares of common stock beneficially owned by such Reporting Person, after giving effect to such blocker, is less than the number of securities reported in row (9).
(2) Percent of class is based on 30,736,401 fully diluted shares of Common Stock of CalciMedica, Inc. (the "Issuer") outstanding as of June 24, 2026.
SCHEDULE 13G
CUSIP Number(s):
38942Q202
1
Names of Reporting Persons
Avenue Capital Management II, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
4,641,163.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
4,641,163.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,641,163.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.99 %
12
Type of Reporting Person (See Instructions)
IA
Comment for Type of Reporting Person: (1) Avenue Capital Management II, L.P. is a registered investment adviser and is the manager ("Manager") of Avenue Venture Opportunities Fund II, L.P. (the "Fund"). The general partner of the Fund has delegated all management authority to Manager and therefore, Manager has sole voting and dispositive power over all securities of Issuer held by the Fund but disclaims beneficial ownership thereof except to the extent of its pecuniary interest, if any, therein. As more fully described in Item 4, ownership is limited to the 4.99% blocker, and the percentage set forth in row (11) gives effect to such blocker. The securities reported in rows (5), (7) and (9) show the number of shares of common stock that would be issuable upon full conversion of the loan and do not give effect to such blocker. Therefore, the actual number of shares of common stock beneficially owned by such Reporting Person, after giving effect to such blocker, is less than the number of securities reported in rows (5), (7) and (9).
(2) Percent of class is based on 30,736,401 shares of Common Stock of Issuer outstanding as of June 24, 2026.
SCHEDULE 13G
CUSIP Number(s):
38942Q202
1
Names of Reporting Persons
Avenue Venture Opportunities Partners II, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,641,163.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.99 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: (1) Avenue Venture Opportunities Partners II, LLC ("AVOPII") is the general partner of the Fund. AVOPII has delegated voting and dispositive power over securities held by the Fund to Manager and disclaims beneficial ownership of securities held by the Fund, except to the extent of its pecuniary interest, if any, therein. As more fully described in Item 4, ownership is limited to the 4.99% blocker, and the percentage set forth in row (11) gives effect to such blocker. The securities reported in row (9) show the number of shares of common stock that would be issuable upon full conversion of the loan and do not give effect to such blocker. Therefore, the actual number of shares of common stock beneficially owned by such Reporting Person, after giving effect to such blocker, is less than the number of securities reported in row (9).
(2) Percent of class is based on 30,736,401 shares of Issuer's common stock outstanding as of June 24, 2026.
SCHEDULE 13G
CUSIP Number(s):
38942Q202
1
Names of Reporting Persons
GL Venture Opportunities Partners II, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,641,163.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.99 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: (1) GL Venture Opportunities Partners II, LLC ("GLVOPII") is the managing member of AVOPII, the general partner of the Fund. GLVOPII has no voting or dispositive power over securities held by the Fund and disclaims beneficial ownership of securities held by the Fund, except to the extent of its pecuniary interest, if any, therein. As more fully described in Item 4, ownership is limited to the 4.99% blocker, and the percentage set forth in row (11) gives effect to such blocker. The securities reported in row (9) show the number of shares of common stock that would be issuable upon full conversion of the loan and do not give effect to such blocker. Therefore, the actual number of shares of common stock beneficially owned by such Reporting Person, after giving effect to such blocker, is less than the number of securities reported in row (9).
(2) Percent of class is based on 30,736,401 shares of Issuer's common stock outstanding as of June 24, 2026.
SCHEDULE 13G
CUSIP Number(s):
38942Q202
1
Names of Reporting Persons
Marc Lasry
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,641,163.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.99 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: (1) Marc Lasry is the beneficial owner of GLVOPII and therefore, is the ultimate beneficial owner of the Fund. Mr. Lasry does not have voting or dispositive power over securities held by the Fund. As more fully described in Item 4, ownership is limited to the 4.99% blocker, and the percentage set forth in row (11) gives effect to such blocker. The securities reported in row (9) show the number of shares of common stock that would be issuable upon full conversion of the loan and do not give effect to such blocker. Therefore, the actual number of shares of common stock beneficially owned by such Reporting Person, after giving effect to such blocker, is less than the number of securities reported in row (9).
(2) Percent of class is based on 30,736,401 shares of Issuer's common stock outstanding as of June 24, 2026.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
CALCIMEDICA, INC.
(b)
Address of issuer's principal executive offices:
505 Coast Boulevard South, Suite 307, La Jolla, California 92037
Item 2.
(a)
Name of person filing:
Avenue Venture Opportunities Fund II, L.P.,
Avenue Capital Management II, L.P.,
Avenue Venture Opportunities Partners II, LLC,
GL Venture Opportunities Partners II, LLC,
Marc Lasry
(b)
Address or principal business office or, if none, residence:
Avenue Capital Group
11 West 42nd Street, 9th Floor,
New York, New York 10036
(c)
Citizenship:
Avenue Venture Opportunities Fund II, L.P., Avenue Capital Management II, L.P., Avenue Venture Opportunities Partners II, LLC, and GL Venture Opportunities Partners II, LLC are organized under the laws of the State of Delaware.
Marc Lasry is a U.S. citizen.
(d)
Title of class of securities:
Common Stock, par value $0.0001 per share
(e)
CUSIP No.:
38942Q202
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
This Amendment No. 3 (this "Amendment") amends the Schedule 13G filed with the Securities and Exchange Commission (the "SEC") on May 28, 2025, as amended by Amendment No. 1 filed with the SEC on September 2, 2025 and Amendment No. 2 filed with the SEC on September 9, 2025 (collectively, the "Schedule 13G"), with respect to the common stock, par value $0.0001 per share (the "Common Stock") of Issuer. This Amendment is being filed solely to amend the Reporting Persons' beneficial ownership of the Common Stock.
On June 23, 2026 (the "Effective Date"), Issuer entered into the First Amendment to Loan Documents (the "First Amendment") to amend that certain Loan and Security Agreement and that certain Supplement to the Loan and Security Agreement, each dated as of February 28, 2025 (together, the "Loan Agreement") with Avenue Venture Opportunities Fund II, L.P. as "Lender" and Avenue Capital Management II, L.P., as administrative agent and collateral agent (collectively, the "Lenders"). Pursuant to the Loan Agreement, an aggregate of up to $32 million in capital growth loans (the "Loan"), was to be funded in three tranches, as described in the Loan Agreement. Tranche I of the Loans funded on February 28, 2025. Tranche II was made available to Issuer between September 1, 2025 and March 31, 2026. Tranche III was made available to Issuer between October 1, 2025 and March 31, 2026. Funding of each of Tranche II and Tranche III was subject to, among other things, the achievement of certain milestones. The aggregate principal amount outstanding under the First Amendment is $10,000,000.
The First Amendment includes a 4.99% "blocker" provision designed to prevent Reporting Persons from being beneficial owners of more than 4.99% of the Issuer's common stock. Pursuant to the terms of the First Amendment, the Reporting Persons cannot convert any portion of the Loan to the extent the Reporting Persons would beneficially own, after any such conversion, more than 4.99% of the outstanding shares of Issuer's common stock (the "Blocker"). Consequently, as of the date reported herein, the Reporting Persons are not able to fully convert their Loan due to the Blocker. The Blocker of 4.99% may be changed to up to 19.99% at the Reporting Persons' election upon at least 61 days' notice to the Issuer.
Pursuant to the First Amendment, Lenders have the right, in their discretion, at any time and from time to time, while the Loan is outstanding, to convert up to $3 million of the outstanding principal amount of the Loan into Issuer's common stock at a price per share equal to $1.00, or in lieu of Issuer's common stock in the event conversion would exceed the 4.99% Blocker, pre-funded warrants to purchase shares of Issuer's common stock which would include a 4.99% Blocker.
(b)
Percent of class:
The information required by this Item 4(b) is set forth in Row (11) of the cover page for each Reporting Person hereto, is incorporated herein by reference for each such Reporting Person, and is qualified by the preceding description of ownership in this Item 4.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by this Item 4(c)(i) is set forth in Row (5) of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(ii) Shared power to vote or to direct the vote:
The information required by this Item 4(c)(ii) is set forth in Row (6) of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(iii) Sole power to dispose or to direct the disposition of:
The information required by this Item 4(c)(iii) is set forth in Row (7) of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(iv) Shared power to dispose or to direct the disposition of:
The information required by this Item 4(c)(iv) is set forth in Row (8) of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
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.
Avenue Venture Opportunities Fund II, L.P.
Signature:
/s/ Andrew Schinder
Name/Title:
Andrew Schinder POA for Marc Lasry, Member GL Venture Opportunities Partners II LLC, Man. Mbr Avenue Venture Opportunities Partners II LLC, Gen. Ptnr.
Date:
06/25/2026
Avenue Capital Management II, L.P.
Signature:
/s/ Andrew Schinder
Name/Title:
Andrew Schinder POA for Marc Lasry, Member of Avenue Capital Management II GenPar, LLC, General Partner.
Date:
06/25/2026
Avenue Venture Opportunities Partners II, LLC
Signature:
/s/ Andrew Schinder
Name/Title:
Andrew Schinder POA for Marc Lasry, Member of GL Venture Opportunities Partners II, LLC, Managing Member
Date:
06/25/2026
GL Venture Opportunities Partners II, LLC
Signature:
/s/ Andrew Schinder
Name/Title:
Andrew Schinder Attorney-in-Fact for Marc Lasry, Member
Date:
06/25/2026
Marc Lasry
Signature:
/s/ Andrew Schinder
Name/Title:
Andrew Schinder Attorney-in-Fact for Marc Lasry
Date:
06/25/2026
Exhibit Information
Exhibit 99.1 Power of Attorney dated January 28, 2019 (filed as Exhibit 99.1 to Schedule 13G on October 3, 2024).
https://www.sec.gov/Archives/edgar/data/1792691/000182912624006629/beyondair_ex99-1.htm
Exhibit 99.2 Joint Filing Agreement (filed as Exhibit 99.2 to Schedule 13G on May 28, 2025).
https://www.sec.gov/Archives/edgar/data/1534133/000182912625004015/calcimedica_ex99-2.htm
