CalciMedica (CALC): CVI Investments and Heights Capital disclose 5.1% equity stake

Rhea-AI Filing Summary

CalciMedica, Inc. has a new institutional holder disclosure on Schedule 13G. CVI Investments, Inc. and Heights Capital Management, Inc. report beneficial ownership of 1,556,081 shares of CalciMedica common stock, representing 5.1% of the class, with shared voting and dispositive power over these shares.

The ownership percentage is calculated using 15,798,031 shares outstanding as of May 6, 2026, as reported in a recent quarterly report, plus 14,938,370 shares issued in a subsequent private placement. Heights Capital Management acts as investment manager to CVI Investments and may be deemed a beneficial owner of these shares, while each reporting person disclaims beneficial ownership except to the extent of its pecuniary interest.

Key Figures

Shares beneficially owned: 1,556,081 shares Percent of class: 5.1 % Shares outstanding: 15,798,031 shares +2 more

5 metrics

Shares beneficially owned 1,556,081 shares Common stock of CalciMedica, Inc. reported by CVI Investments and Heights Capital

Percent of class 5.1 % Ownership percentage of CalciMedica common stock reported on Schedule 13G

Shares outstanding 15,798,031 shares CalciMedica shares outstanding as of May 6, 2026 per Form 10-Q

Private placement shares issued 14,938,370 shares Shares issued in a private placement described in a June 24, 2026 Form 8-K

Par value per share $0.0001 per share Par value of CalciMedica common stock

Key Terms

beneficial owner, dispositive power, pecuniary interest, Schedule 13G, +1 more

5 terms

beneficial owner financial

"may be deemed to be the beneficial owner of all Shares owned by CVI Investments"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

dispositive power financial

"Shared Dispositive Power 1,556,081.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

pecuniary interest financial

"disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein"

Schedule 13G regulatory

"This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons""

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

Limited Power of Attorney regulatory

"authorized agent of CVI Investments, Inc. pursuant to a Limited Power of Attorney"

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Available on EDGAR 07/20/2026 - 05:32 PM Accepted by SEC EDGAR 07/20/2026 - 05:32 PM Learn about SEC filing dates

FAQ

What stake in CalciMedica (CALC) do CVI Investments and Heights Capital report?

CVI Investments and Heights Capital report beneficial ownership of 1,556,081 CalciMedica shares, representing 5.1% of the company’s common stock, with shared voting and dispositive power over all of these shares.

How is the 5.1% ownership of CalciMedica (CALC) calculated?

The 5.1% ownership is based on 15,798,031 shares outstanding as of May 6, 2026, as disclosed in a quarterly report, plus 14,938,370 shares issued in a private placement completed afterward.

What role does Heights Capital Management play regarding CalciMedica (CALC) shares?

Heights Capital Management, Inc. is the investment manager to CVI Investments, Inc. and may exercise shared voting and dispositive power over the 1,556,081 CalciMedica shares reported as beneficially owned by CVI Investments.

Do the reporting persons fully claim beneficial ownership of their CalciMedica (CALC) shares?

No. Each reporting person disclaims beneficial ownership of the CalciMedica shares reported, except for their pecuniary interest, even though Heights Capital may be deemed a beneficial owner as investment manager.

What class of CalciMedica (CALC) securities is covered by this Schedule 13G?

The Schedule 13G covers CalciMedica, Inc. common stock with a par value of $0.0001 per share, identified by CUSIP 38942Q202, which is the company’s listed equity security class.

Which entities filed the Schedule 13G related to CalciMedica (CALC)?

The filing is made jointly by CVI Investments, Inc. and Heights Capital Management, Inc., referred to as the reporting persons, regarding their beneficial ownership of CalciMedica common shares.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

CalciMedica, Inc.

(Name of Issuer)

Common Stock, $0.0001 par value 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

CVI Investments, Inc.

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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,556,081.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,556,081.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,556,081.00

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)

5.1 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: With respect to Row 6 and Row 8 above, Heights Capital Management, Inc. is the investment manager to CVI Investments, Inc. and as such may exercise voting and dispositive power over the shares reported as beneficially owned by CVI Investments, Inc. herein.

SCHEDULE 13G

CUSIP Number(s): 38942Q202

1

Names of Reporting Persons

Heights Capital Management, Inc.

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 1,556,081.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,556,081.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,556,081.00

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)

5.1 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: With respect to Row 6 and Row 8 above, Heights Capital Management, Inc. is the investment manager to CVI Investments, Inc. and as such may exercise voting and dispositive power over the shares reported as beneficially owned by CVI Investments, Inc. herein.

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: This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons," with respect to the shares of common stock of CalciMedica, Inc. (the "Company"), $0.0001 par value per share (the "Shares"). (i) CVI Investments, Inc. (ii) Heights Capital Management, Inc.
(b)	Address or principal business office or, if none, residence: The address of the principal business office of CVI Investments, Inc. is: P.O. Box 309GT Ugland House South Church Street George Town Grand Cayman KY1-1104 Cayman Islands The address of the principal business office of Heights Capital Management, Inc. is: 101 California Street, Suite 3250 San Francisco, California 94111
(c)	Citizenship: Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(d)	Title of class of securities: Common Stock, $0.0001 par value per share
(e)	CUSIP Number(s): 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. The Company's Quarterly Report on Form 10-Q, filed on May 12, 2026, indicates there were 15,798,031 Shares outstanding as of May 6, 2026. In addition, the Company issued 14,938,370 Shares in connection with the private placement transaction described in the Company's Periodic Report on Form 8-K, filed on June 24, 2026.
(b)	Percent of class: 5.1 %
(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. Heights Capital Management, Inc., which serves as the investment manager to CVI Investments, Inc., may be deemed to be the beneficial owner of all Shares owned by CVI Investments, Inc. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein.
	(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. Heights Capital Management, Inc., which serves as the investment manager to CVI Investments, Inc., may be deemed to be the beneficial owner of all Shares owned by CVI Investments, Inc. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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.

CVI Investments, Inc.

Signature:	/s/ Sarah Travis
Name/Title:	Sarah Travis, Assistant General Counsel and Assistant Secretary of Heights Capital Management, Inc.
Date:	07/20/2026

Heights Capital Management, Inc.

Signature:	/s/ Sarah Travis
Name/Title:	Sarah Travis, Assistant General Counsel and Assistant Secretary
Date:	07/20/2026

Comments accompanying signature: Heights Capital Management, Inc. serves as authorized agent of CVI Investments, Inc. pursuant to a Limited Power of Attorney, a copy of which is attached as Exhibit 24 hereto.

Exhibit Information

EXHIBIT INDEX EXHIBIT DESCRIPTION ________ ________ 24 Limited Power of Attorney 99 Joint Filing Agreement