Schedule 13G/A: Avenue Group Holds Convertible Positions Equaling 8.87% of CALC

Rhea-AI Filing Summary

CalciMedica, Inc. disclosed that a group led by Avenue Venture Opportunities Fund II, L.P. beneficially owns 1,359,553 shares of common stock, representing 8.87% of the fully diluted class based on 13,972,177 shares. The reported holdings include 718,390 shares issuable upon conversion of a $2.0 million loan convertible at a per‑share price of $2.784 and 641,163 shares issuable upon exercise of outstanding warrants. Avenue Capital Management II, L.P. is the manager with sole voting and dispositive power over the Fund's shares but disclaims direct beneficial ownership except to the extent of pecuniary interest. The filing provides required ownership disclosure and related certifications.

Positive

• Clear disclosure of aggregate ownership of 1,359,553 shares representing 8.87% on a fully diluted basis
• Detailed breakdown of convertible loan (718,390 shares) and warrant (641,163 shares) components
• Managerial authority is explicitly stated: Avenue Capital Management II, L.P. reports sole voting and dispositive power over the Fund's shares

Negative

• Potential dilution from conversion of a $2.0 million loan into 718,390 shares and exercise of 641,163 warrants
• Concentrated stake of 8.87% could affect ownership dynamics if conversions or exercises occur

Insights

Financial Analyst

TL;DR Fund holds an 8.87% fully diluted stake driven largely by convertible debt and warrants.

The Schedule 13G/A discloses a meaningful minority position: 1,359,553 shares, equal to 8.87% of the issuer's fully diluted equity. Material components are a $2.0 million convertible loan (718,390 shares at $2.784 conversion) and 641,163 warrant shares. This structure signals creditor-to-equity conversion exposure and potential future dilution if conversions/exercises occur. The manager (Avenue Capital Management II, L.P.) reports sole voting/dispositive power for the Fund, clarifying voting control without asserting separate beneficial ownership beyond pecuniary interest.

Corporate Governance Expert

TL;DR Disclosure clarifies voting authority and beneficial ownership but shows concentrated position above 5%.

The filing properly attributes voting and dispositive authority to the registered investment adviser while several related entities and an individual (Marc Lasry) are identified as connected parties who disclaim direct control. The statement includes the required certification that the stake is not held to change control. For governance purposes, an 8.87% economic stake is material for shareholder engagement and could influence negotiations if conversion or warrant exercises alter ownership percentages.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

CALCIMEDICA, INC.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

38942Q202

(CUSIP Number)

09/01/2025

(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)

SCHEDULE 13G

CUSIP No. 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

1,359,553.00

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)

8.87 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: (1) Aggregate amount owned includes 718,390 shares of common stock issuable upon conversion of a loan to Issuer in the principal amount of $2 million and 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 $2.784. (2) Percent of class is based on. 13,972,177 fully diluted shares of Common Stock of CalciMedica, Inc. (the "Issuer") outstanding as of August 6, 2025.

SCHEDULE 13G

CUSIP No. 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 1,359,553.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,359,553.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,359,553.00

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)

8.87 %

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. (2) Percent of class is based on 13,972,177 shares of Common Stock of Issuer outstanding as of August 6, 2025.

SCHEDULE 13G

CUSIP No. 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

1,359,553.00

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)

8.87 %

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. (2) Percent of class is based on 13,972,177 shares of Issuer's common stock outstanding as of August 6, 2025.

SCHEDULE 13G

CUSIP No. 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

1,359,553.00

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)

8.87 %

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. (2) Percent of class is based on 13,972,177 shares of Issuer's common stock outstanding as of August 6, 2025.

SCHEDULE 13G

CUSIP No. 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

1,359,553.00

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)

8.87 %

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. (2) Percent of class is based on 13,972,177 shares of Issuer's common stock outstanding as of August 6, 2025.

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: The information required by this Item 4(a) is set forth in Row (9) of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(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 and is incorporated herein by reference for each such Reporting Person.
(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 5.	Ownership of 5 Percent or Less of a Class.
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:	09/02/2025

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:	09/02/2025

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:	09/02/2025

GL Venture Opportunities Partners II, LLC

Signature:	/s/ Andrew Schinder
Name/Title:	Andrew Schinder Attorney-in-Fact for Marc Lasry, Member
Date:	09/02/2025

Marc Lasry

Signature:	/s/ Andrew Schinder
Name/Title:	Marc Lasry Attorney-in-Fact for Marc Lasry
Date:	09/02/2025

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

FAQ

How many CalciMedica (CALC) shares does Avenue Venture Opportunities Fund II hold?

The Fund beneficially owns 1,359,553 shares, representing 8.87% on a fully diluted basis.

What convertible instruments are included in the reported CALC position?

The position includes 718,390 shares issuable upon conversion of a $2.0 million loan convertible at $2.784 per share and 641,163 shares issuable upon exercise of warrants.

Who has voting and dispositive power over the reported shares?

Avenue Capital Management II, L.P. reports sole voting and sole dispositive power over the Fund's CALC securities.

Is the reported stake intended to influence CalciMedica’s control?

The filing includes a certification that the securities were not acquired to change or influence control of the issuer.

On what share base is the 8.87% calculated?

The percentage is based on 13,972,177 fully diluted shares outstanding as of the date referenced in the filing.