aibioCalciMedica pushes Avenue loan maturity to 2029 and cuts warrant price
Tickers CALC
Avenue Venture Opportunities Fund II, L.P. is the lender on a $10,000,000 loan. The amendment moves maturity to September 1, 2029, expands the lender's conversion right to up to $3,000,000 and cuts the warrant price to $1.00.
Key facts
- Company
- CalciMedica, Inc. (NASDAQ: CALC)
- News type
- Debt Financing
- Primary source
- SEC Form 8-K
What the amendment changes
CalciMedica, Inc. (Nasdaq: CALC) signed a First Amendment to Loan Documents on June 23, 2026 with Avenue Venture Opportunities Fund II, L.P., its lender. Avenue Capital Management II, L.P. is administrative agent and collateral agent. The aggregate principal outstanding is $10,000,000.
The interest-only period now runs to September 30, 2027, with amortization starting October 1, 2027, a year later than before. The maturity date moves from September 1, 2028 to September 1, 2029. In exchange, the company agreed to raise the final payment fee by $200,000.
The lender's existing right to convert $1,000,000 of principal into common stock has been replaced with a discretionary right to convert up to $3,000,000. The lender may take the conversion in common stock or in pre-funded warrants priced $0.0001 below the stock purchase price. The company gets a put option, exercisable no more than once a month, to require conversion of up to 20% of average daily trading volume, but only if the 15-day volume-weighted average price is at least 50% above the conversion price.
Warrants reset to $1.00
A warrant for 641,163 shares, issued to the lender on February 28, 2025, carried an exercise price of $2.32. The June 23 amendment cuts that price to $1.00, subject to adjustments, and caps beneficial ownership at 19.99%. The company also issued the lender a new warrant for 1,000,000 shares at $1.00, exercisable until June 23, 2031. It can be exercised for cash or on a net-issuance basis. On a change of control, the lender would receive the underlying shares without paying the exercise price.
Who is named
The lender is Avenue Venture Opportunities Fund II, L.P., and Avenue Capital Management II, L.P. is the administrative and collateral agent. The 8-K names no placement agent or underwriter for the amendment, and it names no legal counsel.
The Auxora record
The lead product candidate is Auxora, an intravenously formulated CRAC channel inhibitor containing the active compound zegocractin, formerly CM4620. The company's annual report, filed in March 2026, said it expected to finalize the design of a pivotal program in acute pancreatitis in the first half of 2026.
The data the company cites most come from CARDEA, a randomized, double-blind, placebo-controlled Phase 2 study in patients hospitalized with severe COVID-19 pneumonia and acute respiratory distress syndrome. The company reports a statistically significant 56% relative reduction in all-cause mortality at 30 days compared with placebo, with a p-value of 0.016. A post-hoc analysis of 38 CARDEA patients with acute kidney injury and respiratory failure reported a 62.7% reduction in mortality at day 30. The company itself calls post-hoc analyses exploratory and says they are not powered for definitive conclusions.
The CARPO Phase 2b study in acute pancreatitis reported a 100% relative risk reduction in new-onset severe respiratory failure in both dose groups compared with placebo. The annual report text on this point gives no event counts behind that figure, so it is hard to judge how many events it rests on.
The KOURAGE Phase 2 trial, in patients with acute kidney injury and acute hypoxemic respiratory failure, was discontinued in January 2026 after the independent data monitoring committee recommended stopping it because of a mortality imbalance. The committee found no evidence of drug-related toxicity, and the company's own review agreed. The company says imbalances in baseline disease severity may have contributed. That patient group resembles the CARDEA subgroup the company highlights. The company planned to discuss KOURAGE and future kidney-injury development with the FDA in the second quarter of 2026.
Losses, cash and the year-end position
Research and development expense was $15.2 million in 2025, against $14.5 million in 2024. The net loss rose to $29.6 million from $13.7 million. Cash used in operations was $21.2 million in 2025, against $21.1 million in 2024.
At the end of 2024 the company held $7.9 million in cash and cash equivalents and $10.7 million in short-term investments.
The extension gives the company more time before principal is due, but it adds a lender conversion right and a lower warrant price, both of which bear on existing shareholders.