CalciMedica agrees to private placement with expected upfront gross proceeds of about $15.0 million

CalciMedica, Inc. (Nasdaq: CALC) agreed on June 23, 2026 to sell 18,673,429 units in a private placement, with expected upfront gross proceeds of about $15.0 million before placement agent fees and other expenses. Guggenheim Securities, LLC is the sole placement agent. The company disclosed the deal in a Form 8-K filed June 24, 2026. The closing is expected on or about June 25, 2026, subject to customary conditions.

The units, the warrants and the cash

Each unit carries either one share of common stock or one pre-funded warrant, plus the right to receive a Series A warrant and a Series B warrant. Units with common stock sell for $0.8033, and units with a pre-funded warrant sell for $0.8032. The company must file a resale registration statement within 30 days after closing. It says the net proceeds will fund research and development, working capital and general corporate purposes.

The upfront amount is less than the $21.2 million that CalciMedica used in operations in 2025, according to its 10-K filed March 3, 2026. That year the company reported research and development expense of $15.2 million and a net loss of $29.6 million, up from $13.7 million in 2024.

The warrants are not issued until stockholders approve them, a requirement under Nasdaq Capital Market rules. The Series A warrants have an exercise price of $0.8033 and expire on the earlier of 18 months after closing and 30 days after the company publicly announces FDA clearance of its Investigational New Drug application for CM5480. The Series B warrants have an exercise price of $1.00 and expire five years after closing.

If every warrant were exercised for cash, the company would receive up to about $34 million more. That money depends on holders choosing to exercise.

Insiders and large holders

Rachel Leheny, Ph.D., chief executive officer and a director, Eric Roberts, chief business officer and a director, Sudarshan Hebbar, M.D., chief medical officer, and director Robert Wilson are participating. So are Sanderling Venture Partners VI Co-Investment Fund, L.P., an affiliate of director Fred Middleton, Alafi Capital Company, LLC, and Bering Partners II, L.P. Each of those last three is a holder of more than 5% of the common stock. Together they are buying 6,908,996 units. The filing says the purchase price for any officer, director, employee or consultant investor was above the Nasdaq Consolidated Closing Bid Price as of June 23, 2026.

Leheny and Roberts are each also beneficial owners of more than 5% of the common stock, so part of the money comes from people already tied to the company.

The Auxora safety history

The release concerns Auxora, an intravenous CRAC channel inhibitor, in the Phase 2 KOURAGE trial for acute kidney injury. Enrollment was paused in January 2026 after the trial's Independent Data Monitoring Committee recommended a pause over a safety concern about a mortality imbalance, which the company said warranted reevaluating the study design. The release says the committee did not identify evidence of drug-related toxicity.

In March 2026 the company submitted a protocol amendment covering inclusion criteria and stratification. The amendment included a safety assessment of the 107 patients dosed before the pause, and the release says the observed serious adverse events "did not appear to be drug related." The FDA has since reviewed the amendment and interim safety data and sent no comments, so the company says it may continue dosing patients. The trial was never placed on clinical hold, the company says the pause was its own decision, and the release notes the FDA was not obligated to respond to the amendment. The announcement concerns safety review and the lack of FDA comments, not efficacy.

The company says Auxora has been evaluated in more than 350 patients and is planned for a Phase 1b proof-of-concept study in patients with pulmonary arterial hypertension. Its oral candidate CM5480 has IND clearance expected in mid-2027. The company expects FDA feedback on a potential pivotal program in acute pancreatitis in the third quarter of 2026.

What comes next

The dated items are the expected June 25, 2026 closing, the stockholder vote needed before any warrants are issued, and the third-quarter FDA feedback on the pancreatitis program.

Report an error

Companies in this story

CALCCalciMedica, Inc.NASDAQ · United StatesOpen the starter desk