In a recent filing with the Securities and Exchange Commission, CalciMedica, Inc., a pharmaceutical company based in La Jolla, California with a market capitalization of $39.1 million, announced changes to its board of directors.
Eric Bjerkholt has resigned from his position as a member of the board and as Chair of the audit committee, effective as of January 15, 2025. The company clarified that Bjerkholt's departure was not due to any disagreements regarding company operations or practices.
Following Bjerkholt's resignation, the board has appointed Dr. Alan Glicklich as a Class I director, with his term beginning on the same date as Bjerkholt's resignation and set to expire at the 2027 annual meeting of stockholders. Dr. Glicklich's appointment comes with no disclosed affiliations or transactions that would necessitate further disclosure under SEC regulations.
As part of the company's non-employee director compensation policy, Dr. Glicklich will receive an annual cash retainer of $40,000, prorated for his tenure, and an option to purchase 20,000 shares of CalciMedica's common stock. This stock option will vest over a three-year period, contingent on his continuous service to the company.
Dr. Glicklich will also enter into the company's standard indemnity agreement for directors, as per the company's practices. This agreement was included in the company's previous Form S-1 registration statement filed with the SEC in September 2020.
The company's stock, traded under the ticker symbol CALC on the Nasdaq Capital Market, may see investor reactions to these board changes. The stock has already experienced a 9.66% decline over the past week, though analysts maintain a bullish outlook with price targets ranging from $15 to $20.
According to InvestingPro analysis, CalciMedica currently appears undervalued based on its Fair Value assessment, with 7 additional key insights available to subscribers.While the company holds more cash than debt and maintains a healthy current ratio of 4.15, InvestingPro data indicates rapid cash burn that investors should monitor.
For deeper financial analysis and real-time updates, investors can access comprehensive metrics and expert insights through an InvestingPro subscription.CalciMedica, identified by its SIC code as a pharmaceutical preparations company, is subject to the governance and reporting requirements of the SEC, as indicated by this recent 8-K filing.
This article is based on a press release statement.
In other recent news, biopharmaceutical company CalciMedica has seen significant developments. The company reported positive results from its Phase 2b CARPO trial of Auxora for the treatment of acute pancreatitis with systemic inflammatory response syndrome, showing a substantial dose-response and up to a 43.6% relative reduction in median time to solid food tolerance compared to placebo. Following these results, H.C. Wainwright adjusted its price target for CalciMedica to $16.00, maintaining a Buy rating on the stock.
The company also initiated a public stock offering, with JonesTrading Institutional Services LLC as the sole book-running manager. Moreover, CalciMedica expanded its 2023 Equity Incentive Plan by 1.5 million shares, following stockholder approval, and elected two Class I directors. These are among the recent developments in the company's operations.
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