(CALC)

Role: Chief Executive Officer, Director, 10%+ Owner
Signature: By John Dunn, Attorney-in-Fact
Stock symbol: CALC
Transactions as of: Mar 20, 2023
Transactions value $: $0
Form type: 4
Date filed: 3/22/2023, 08:47 PM
Next filing: May 10, 2023

Transactions Table

Type	Sym	Class	Transaction	Shares	Shares After	Date	Ownership	Footnotes
transaction	CALC	Common Stock	Award	+357K	357K	Mar 20, 2023	By Valence Investments SPV IV, LLC	F1, F2
transaction	CALC	Common Stock	Award	+66.2K	66.2K	Mar 20, 2023	By Valence Investments SPV V, LLC	F2, F3
transaction	CALC	Common Stock	Award	+316K	316K	Mar 20, 2023	By Valence Investments SPV VI, LLC	F2, F4

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Shares	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CALC	Employee Stock Option (right to buy)	Award	+11.2K	11.2K	Mar 20, 2023	Common Stock	11.2K	$2.44	Direct	F5, F6
transaction	CALC	Employee Stock Option (right to buy)	Award	+76.2K	76.2K	Mar 20, 2023	Common Stock	76.2K	$6.60	Direct	F5, F7
transaction	CALC	Employee Stock Option (right to buy)	Award	+30.4K	30.4K	Mar 20, 2023	Common Stock	30.4K	$6.60	Direct	F8, F9, F10
transaction	CALC	Employee Stock Option (right to buy)	Award	+14K	14K	Mar 20, 2023	Common Stock	14K	$7.99	Direct	F9, F11, F12
transaction	CALC	Employee Stock Option (right to buy)	Award	+19.8K	19.8K	Mar 20, 2023	Common Stock	19.8K	$7.99	Direct	F9, F13, F14
transaction	CALC	Employee Stock Option (right to buy)	Award	+14K	14K	Mar 20, 2023	Common Stock	14K	$7.99	Direct	F9, F11, F12
transaction	CALC	Employee Stock Option (right to buy)	Award	+3.55K	3.55K	Mar 20, 2023	Common Stock	3.55K	$10.42	Direct	F9, F13, F15
transaction	CALC	Employee Stock Option (right to buy)	Award	+2.03K	2.03K	Mar 20, 2023	Common Stock	2.03K	$10.42	Direct	F9, F13, F16
transaction	CALC	Employee Stock Option (right to buy)	Award	+1.06K	1.06K	Mar 20, 2023	Common Stock	1.06K	$10.42	Direct	F9, F13, F17
transaction	CALC	Employee Stock Option (right to buy)	Award	+1.72K	1.72K	Mar 20, 2023	Common Stock	1.72K	$17.34	Direct	F9, F18, F19
transaction	CALC	Employee Stock Option (right to buy)	Award	+30.4K	30.4K	Mar 20, 2023	Common Stock	30.4K	$17.34	Direct	F9, F18, F20
transaction	CALC	Employee Stock Option (right to buy)	Award	+12.3K	12.3K	Mar 20, 2023	Common Stock	12.3K	$17.34	Direct	F9, F18, F21
transaction	CALC	Warrant	Award	+9.94K	9.94K	Mar 20, 2023	Common Stock	9.94K	$27.94	By Valence Investments SPV V, LLC	F2, F13, F22
transaction	CALC	Warrant	Award	+9.94K	9.94K	Mar 20, 2023	Common Stock	9.94K	$27.94	By Valence Investments SPV V, LLC	F2, F13, F22

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	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.
F2	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.
F3	Received in exchange for 2,299,564 shares of the common stock of CalciMedica pursuant to the Merger Agreement.
F4	Received in exchange for 10,975,977 shares of the common stock of CalciMedica pursuant to the Merger Agreement.
F5	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.
F6	Received in exchange for a stock option to acquire 390,000 shares of common stock of CalciMedica pursuant to the Merger Agreement.
F7	Received in exchange for a stock option to acquire 2,644,900 shares of common stock of CalciMedica pursuant to the Merger Agreement.
F8	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.
F9	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.
F10	Received in exchange for a stock option to acquire 1,054,921 shares of common stock of CalciMedica pursuant to the Merger Agreement.
F11	Beginning on February 22, 2021, the shares subject to the option vest in a series of forty-eight (48) successive equal monthly installments.
F12	Received in exchange for a stock option to acquire 484,863 shares of common stock of CalciMedica pursuant to the Merger Agreement.
F13	Immediately exercisable.
F14	Received in exchange for a stock option to acquire 688,404 shares of common stock of CalciMedica pursuant to the Merger Agreement.
F15	Received in exchange for a stock option to acquire 123,357 shares of common stock of CalciMedica pursuant to the Merger Agreement.
F16	Received in exchange for a stock option to acquire 70,490 shares of common stock of CalciMedica pursuant to the Merger Agreement.
F17	Received in exchange for a stock option to acquire 36,905 shares of common stock of CalciMedica pursuant to the Merger Agreement.
F18	Beginning on November 22, 2022, the shares subject to the option vest in a series of forty-eight (48) successive equal monthly installments.
F19	Received in exchange for a stock option to acquire 59,641 shares of common stock of CalciMedica pursuant to the Merger Agreement.
F20	Received in exchange for a stock option to acquire 1,057,071 shares of common stock of CalciMedica pursuant to the Merger Agreement.
F21	Received in exchange for a stock option to acquire 428,566 shares of common stock of CalciMedica pursuant to the Merger Agreement.
F22	Received in exchange for a stock option to acquire 344,934 shares of common stock of CalciMedica pursuant to the Merger Agreement.