10-Q · May 12, 2026
CalciMedica reported a net income of $5.0 million, or $0.30 EPS for Q1 2026, reversing from a net loss of $5.0 million in the prior period. Other income surged to $10.6 million, driven by fair value adjustments, while…
Earnings analysis · 10-Q
CALC earnings analysis
Filed August 11, 2026 · Our reading of the company's report
The latest report
CalciMedica reported a diluted loss of $0.45 per share, worsening from a $0.40 loss in the prior-year quarter, while the filing does not provide revenue, margin, segment, or current-quarter cash-flow figures. Liquidity…
Read full summary
CalciMedica reported a diluted loss of $0.45 per share, worsening from a $0.40 loss in the prior-year quarter, while the filing does not provide revenue, margin, segment, or current-quarter cash-flow figures. Liquidity improved to $18.6 million of cash and cash equivalents, which management expects to fund operations into the second half of 2027, but the company continues to carry a $192.0 million accumulated deficit and substantial going-concern risk. The KOURAGE safety-related pause, unavailable debt tranches, potential BIOSECURE exposure, and Nasdaq compliance deficiencies create significant execution and financing risks.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.45
What stood out
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Cash runway extended into 2H 2027
Cash and cash equivalents were $18.6 million as of June 30, 2026, and management expects this balance to fund the current operating plan into the second half of 2027.
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AP development planning advanced
The company advanced preparations for a potential Phase 2b Auxora trial in acute pancreatitis following a July 2026 Type C meeting with the FDA, although initiation remains subject to additional financing.
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Mid-2027 pipeline milestones
The planned Auxora PAH proof-of-concept study and CM5480 IND submission are both anticipated in mid-2027, providing defined development milestones.
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Disclosure controls remained effective
Management reported that disclosure controls and procedures were effective at a reasonable assurance level as of June 30, 2026, with no material changes in internal control during the quarter.
What to watch
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Going-concern risk persists
The company reported an accumulated deficit of $192.0 million and a net loss of $2.7 million for the six months ended June 30, 2026. Management states that recurring losses and negative operating cash flows raise substantial doubt about continuing as a going concern.
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KOURAGE safety issue remains unresolved
KOURAGE enrollment was paused in January 2026 after an Independent Data Monitoring Committee identified a mortality imbalance; the company states it has no current plans to resume dosing while prioritizing other programs.
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China supplier and BIOSECURE exposure
The company relies on Wuxi Apptec, which was designated on the 1260H List on June 8, 2026. If Wuxi is designated as a biotechnology company of concern by December 18, 2026, restrictions could limit the company's ability to work with the supplier or receive U.S. government funding.
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Nasdaq listing compliance risk
The company received Nasdaq notices on March 13 and March 16, 2026 for failing the $35.0 million market-value-of-listed-securities requirement and the $1.00 minimum bid-price requirement. The stated compliance deadlines are September 9, 2026 and September 14, 2026, respectively.
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Reduced debt financing availability
Tranche 2 and Tranche 3 of the Avenue loan, totaling up to $22.5 million, are no longer available following the KOURAGE enrollment pause, increasing dependence on additional financing.
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Warrant approval is critical to financing
The company is seeking stockholder approval for Series A and Series B Warrants at the August 19, 2026 annual meeting; failure to obtain approval could impair future financing and require meetings every 90 days until the applicable warrant deadlines of December 25, 2027 and June 25, 2031.
Management's outlook
No numeric revenue or EPS guidance was provided. Management states that $18.6 million of cash and cash equivalents as of June 30, 2026 are expected to fund the current operating plan into the second half of 2027. Auxora PAH proof-of-concept data and the CM5480 IND submission are anticipated in mid-2027.
Earlier filings 4
10-K · April 30, 2026
CalciMedica, Inc. is facing significant challenges with a total revenue of $0, a dilutive EPS reported at -1.97, and management contending with Nasdaq compliance issues regarding market valuation and stock price…
10-K · March 3, 2026
CalciMedica (CALC) is a clinical-stage biotech developing CRAC channel inhibitors led by lead candidate Auxora and a preclinical program CM5480 for PAH. The 10-K emphasizes positive Phase 2 signals (CARPO, CARDEA) and a…
10-Q · November 12, 2025
CalciMedica reported a Q3 net loss of $7,804 (EPS -$0.52) versus $5,618 (EPS -$0.50) in Q3 2024; no revenue was generated. Liquidity tightened — cash and cash equivalents were $5,470 and short-term investments $8,614…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.