SCHEDULE: Avenue Capital Group Discloses 8.87% Stake in CalciMedica

Avenue Capital Group entities and Marc Lasry have disclosed a combined 8.87% beneficial ownership stake in CalciMedica, Inc., primarily through convertible debt and warrants.

Summary

• Avenue Venture Opportunities Fund II, L.P., along with related entities Avenue Capital Management II, L.P., Avenue Venture Opportunities Partners II, LLC, GL Venture Opportunities Partners II, LLC, and Marc Lasry, collectively reported beneficial ownership of 1,359,553 shares of CalciMedica, Inc. common stock.
• This represents 8.87% of CalciMedica's fully diluted common stock, based on 13,972,177 shares outstanding as of August 6, 2025.
• The reported ownership includes 718,390 shares issuable upon conversion of a $2 million loan to CalciMedica at a conversion price of $2.784 per share.
• Additionally, 641,163 shares are issuable upon the exercise of outstanding warrants.
• Avenue Capital Management II, L.P., as the investment adviser, holds sole voting and dispositive power over these securities.
• The reporting persons certified that the securities were not acquired or held for the purpose of changing or influencing control of CalciMedica.

Sentiment

Score: 5

Explanation: The filing is a standard disclosure of beneficial ownership and does not contain information that would significantly alter the sentiment positively or negatively, beyond confirming a significant institutional stake.

Positives

• A significant institutional investor, Avenue Capital Group, maintains a substantial stake, potentially indicating confidence in CalciMedica's long-term prospects.
• The ownership structure, including convertible debt and warrants, suggests a prior investment relationship with CalciMedica, providing capital to the company.

Risks

• The value of the beneficial ownership is subject to the market price of CalciMedica's common stock.
• The conversion of the loan and exercise of warrants could lead to dilution for existing shareholders if not already factored into the fully diluted share count.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: Confirms a significant institutional investor's stake in the company. Potential for future dilution if warrants are exercised and the loan is converted, though the fully diluted share count already considers this for the percentage calculation.

Key Dates

Keywords

CalciMedica, Avenue Capital Group, Marc Lasry, Schedule 13G, beneficial ownership, common stock, convertible loan, warrants, investment adviser