8-K: CalciMedica Appoints Baker Tilly as New Independent Auditor Following Moss Adams Merger

CalciMedica, Inc. announced the appointment of Baker Tilly US, LLP as its new independent registered public accounting firm, effective June 3, 2025, following the merger of its previous auditor, Moss Adams LLP, with Baker Tilly.

Summary

• CalciMedica, Inc. (the "Company") was notified on June 3, 2025, that Moss Adams LLP, its independent registered public accounting firm, merged with Baker Tilly US, LLP.
• The combined audit practices will operate under the name Baker Tilly US, LLP.
• In connection with the merger, Moss Adams LLP resigned as the Company's auditors.
• The Audit Committee of CalciMedica's Board of Directors approved the appointment of Baker Tilly US, LLP as the successor independent registered public accounting firm, effective June 3, 2025.
• The audit report issued by Moss Adams LLP on the Company's consolidated financial statements for the year ended December 31, 2024, did not contain an adverse opinion, a disclaimer of opinion, nor was it qualified or modified.
• There were no disagreements with Moss Adams LLP on any accounting principles, financial statement disclosures, or auditing scope or procedures during the years ended December 31, 2024 and 2023, and the subsequent interim period through June 3, 2025.
• No reportable events requiring disclosure pursuant to Item 304(a)(1)(v) of Regulation S-K occurred during the specified periods.
• Neither the Company nor anyone on its behalf consulted with Baker Tilly US, LLP regarding accounting principles or audit opinions prior to their appointment.

Sentiment

Score: 7

Explanation: The sentiment is positive as the auditor change is a result of a merger, not due to any issues with the company's financial reporting or disagreements with the auditor. The transition appears smooth and routine, with no adverse findings or reportable events.

Positives

• The transition of the independent registered public accounting firm was smooth, resulting from a merger of the previous auditor.
• Moss Adams LLP's audit report for the year ended December 31, 2024, was unqualified, indicating no adverse opinions, disclaimers, or modifications.
• There were no disagreements on accounting principles or practices, financial statement disclosure, or auditing scope or procedure with the former auditor, Moss Adams LLP.
• No reportable events were identified during the periods covered, indicating a clean audit history with the outgoing firm.

Future Outlook

The document does not contain any forward-looking statements or guidance regarding the company's financial performance or strategic direction.

Management Comments

• A. Rachel Leheny, Ph.D., Chief Executive Officer of CalciMedica, Inc., signed the Form 8-K on June 6, 2025.

Industry Context

Changes in independent registered public accounting firms are common occurrences in the corporate landscape, often triggered by mergers or acquisitions between auditing firms, as seen in this case with Moss Adams LLP merging into Baker Tilly US, LLP. Such transitions are typically administrative in nature, provided there are no underlying disagreements or issues with the outgoing auditor, and are a standard part of corporate governance and regulatory compliance.

Comparison to Industry Standards

• The transition of CalciMedica's auditor from Moss Adams to Baker Tilly due to a merger is a standard administrative event in corporate governance, aligning with common industry practices when accounting firms consolidate.
• The absence of any reported disagreements or adverse opinions from Moss Adams LLP regarding CalciMedica's financial statements for 2023 and 2024 indicates a clean audit history, which is a positive sign consistent with good financial reporting practices across publicly traded companies.

Corporate Governance

Stakeholder Impact

• Shareholders: The appointment of a new auditor ensures continued independent oversight of financial statements, which is crucial for investor confidence and transparency. The smooth transition without any reported issues is reassuring.
• Regulatory Authorities: The company is fulfilling its regulatory obligations by promptly disclosing the change in its certifying accountant via Form 8-K, maintaining compliance with SEC rules.

Key Dates

Keywords

SEC filing, Form 8-K, auditor change, accounting firm, CalciMedica, Baker Tilly, Moss Adams, corporate governance, financial reporting