Sec Form 4 Filing - Leheny A. Rachel @ CalciMedica, Inc. /DE/ - 2023-03-20

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Leheny A. Rachel 2. Issuer Name and Ticker or Trading Symbol CalciMedica, Inc. /DE/ [ CALC] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director X __ 10% Owner X __ Officer (give title below) _____ Other (specify below) Chief Executive Officer (Last) (First) (Middle) C/O CALCIMEDICA, INC., 505 COAST S. BLVD. #202 3. Date of Earliest Transaction (MM/DD/YY) 03/20/2023 (Street) LA JOLLA, CA92037 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 03/20/2023 A 356,989 A 356,989 I By Valence Investments SPV IV, LLC ( 2 ) Common Stock 03/20/2023 A 66,228 A 66,228 I By Valence Investments SPV V, LLC ( 2 ) Common Stock 03/20/2023 A 316,109 A 316,109 I By Valence Investments SPV VI, LLC ( 2 )

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Employee Stock Option (right to buy) $ 2.44 03/20/2023 A 11,232 ( 5 ) 04/24/2029 Common Stock 11,232 ( 6 ) 11,232 D Employee Stock Option (right to buy) $ 6.6 03/20/2023 A 76,173 ( 5 ) 01/23/2030 Common Stock 76,173 ( 7 ) 76,173 D Employee Stock Option (right to buy) $ 6.6 03/20/2023 A 30,381 ( 8 ) 06/29/2030 Common Stock 30,381 ( 9 ) ( 10 ) 30,381 D Employee Stock Option (right to buy) $ 7.99 03/20/2023 A 13,964 ( 11 ) 04/27/2031 Common Stock 13,964 ( 9 ) ( 12 ) 13,964 D Employee Stock Option (right to buy) $ 7.99 03/20/2023 A 19,826 ( 13 ) 04/27/2031 Common Stock 19,826 ( 9 ) ( 14 ) 19,826 D Employee Stock Option (right to buy) $ 7.99 03/20/2023 A 13,964 ( 11 ) 06/30/2031 Common Stock 13,964 ( 9 ) ( 12 ) 13,964 D Employee Stock Option (right to buy) $ 10.42 03/20/2023 A 3,552 ( 13 ) 08/30/2032 Common Stock 3,552 ( 9 ) ( 15 ) 3,552 D Employee Stock Option (right to buy) $ 10.42 03/20/2023 A 2,030 ( 13 ) 08/30/2032 Common Stock 2,030 ( 9 ) ( 16 ) 2,030 D Employee Stock Option (right to buy) $ 10.42 03/20/2023 A 1,062 ( 13 ) 08/30/2032 Common Stock 1,062 ( 9 ) ( 17 ) 1,062 D Employee Stock Option (right to buy) $ 17.34 03/20/2023 A 1,717 ( 18 ) 03/19/2033 Common Stock 1,717 ( 9 ) ( 19 ) 1,717 D Employee Stock Option (right to buy) $ 17.34 03/20/2023 A 30,443 ( 18 ) 03/19/ 2033 Common Stock 30,443 ( 9 ) ( 20 ) 30,443 D Employee Stock Option (right to buy) $ 17.34 03/20/2023 A 12,342 ( 18 ) 03/19/2023 Common Stock 12,342 ( 9 ) ( 21 ) 12,342 D Warrant $ 27.94 03/20/2023 A 9,935 ( 13 ) 02/22/2026 Common Stock 9,935 ( 22 ) 9,935 I By Valence Investments SPV V, LLC ( 2 ) Warrant $ 27.94 03/20/2023 A 9,935 ( 13 ) 05/25/2026 Common Stock 9,935 ( 22 ) 9,935 I By Valence Investments SPV V, LLC ( 2 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Leheny A. Rachel C/O CALCIMEDICA, INC. 505 COAST S. BLVD. #202 LA JOLLA, CA92037 X X Chief Executive Officer Signatures By John Dunn, Attorney-in-Fact 03/22/2023 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Received in exchange for an aggregate of 12,395,423 shares of common stock of CalciMedica, Inc. ("CalciMedica") pursuant to an Agreement and Plan of Merger and Reorganization (the "Merger Agreement") by and among CalciMedica, the Issuer and Camaro Merger Sub, Inc., a wholly-owned subsidiary of the Issuer ("Merger Sub"). Under the terms of the Merger Agreement, on March 20, 2023, Merger Sub merged with and into CalciMedica (the "Merger"), with CalciMedica surviving the Merger as a wholly-owned subsidiary of the Issuer. Upon the closing of the Merger, each share of CalciMedica common stock was converted into the right to receive 0.0288 of a share of the Issuer's common stock. Subsequent to the Merger, the name of the Issuer was changed from Graybug Vision, Inc. to CalciMedica, Inc. ( 2 )The Reporting Person, a co-founder and managing director of Valence Investments SPV IV, LLC ("Valence IV"), Valence Investments SPV V, LLC ("Valence V") and Valence Investments SPV VI, LLC (Valence VI), may be deemed to beneficially own the securities held by Valence IV, Valence V and Valence VI (the "Valence Securities"). The Reporting Person disclaims beneficial ownership of the Valence Securities except to the extent of her pecuniary interest therein. ( 3 )Received in exchange for 2,299,564 shares of the common stock of CalciMedica pursuant to the Merger Agreement. ( 4 )Received in exchange for 10,975,977 shares of the common stock of CalciMedica pursuant to the Merger Agreement. ( 5 )25% of the shares subject to the option vested on April 30, 2020 and the balance of the shares vest in a series of thirty-six (36) successive equal monthly installments thereafter. ( 6 )Received in exchange for a stock option to acquire 390,000 shares of common stock of CalciMedica pursuant to the Merger Agreement. ( 7 )Received in exchange for a stock option to acquire 2,644,900 shares of common stock of CalciMedica pursuant to the Merger Agreement. ( 8 )25% of the shares subject to the option vested on June 30, 2020 and the balance of the shares vest in a series of thirty-six (36) successive equal monthly installments thereafter. ( 9 )Upon the closing of the Merger, each outstanding option to purchase shares of CalciMedica common stock was assumed by the Issuer and converted into an option to purchase the Issuer's common stock. ( 10 )Received in exchange for a stock option to acquire 1,054,921 shares of common stock of CalciMedica pursuant to the Merger Agreement. ( 11 )Beginning on February 22, 2021, the shares subject to the option vest in a series of forty-eight (48) successive equal monthly installments. ( 12 )Received in exchange for a stock option to acquire 484,863 shares of common stock of CalciMedica pursuant to the Merger Agreement. ( 13 )Immediately exercisable. ( 14 )Received in exchange for a stock option to acquire 688,404 shares of common stock of CalciMedica pursuant to the Merger Agreement. ( 15 )Received in exchange for a stock option to acquire 123,357 shares of common stock of CalciMedica pursuant to the Merger Agreement. ( 16 )Received in exchange for a stock option to acquire 70,490 shares of common stock of CalciMedica pursuant to the Merger Agreement. ( 17 )Received in exchange for a stock option to acquire 36,905 shares of common stock of CalciMedica pursuant to the Merger Agreement. ( 18 )Beginning on November 22, 2022, the shares subject to the option vest in a series of forty-eight (48) successive equal monthly installments. ( 19 )Received in exchange for a stock option to acquire 59,641 shares of common stock of CalciMedica pursuant to the Merger Agreement. ( 20 )Received in exchange for a stock option to acquire 1,057,071 shares of common stock of CalciMedica pursuant to the Merger Agreement. ( 21 )Received in exchange for a stock option to acquire 428,566 shares of common stock of CalciMedica pursuant to the Merger Agreement. ( 22 )Received in exchange for a stock option to acquire 344,934 shares of common stock of CalciMedica pursuant to the Merger Agreement.

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* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

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