The wider-than-expected loss and lack of near-term revenue catalysts suggest continued downside pressure. The $49M financing and FDA alignment on the AP trial design provide a floor, but the stock remains a binary catalyst play on mid-2027 PAH data and IND. Traders should monitor for any financing-related dilution and the initiation of the Phase 2b AP trial, which is subject to additional financing.
Price Chart
Executive Summary
CalciMedica reported Q2 2026 financial results with a net loss of $7.7M ($0.45/share), wider than the $6.0M loss in Q2 2025 and the $0.33 Street consensus. The company highlighted FDA alignment on a Phase 2b trial design for Auxora in acute pancreatitis, a planned Phase 1b PAH proof-of-concept trial with data in mid-2027, and a $49M private placement financing. Cash runway extends into H2 2027. The wider-than-expected loss and lack of near-term revenue catalysts are bearish, partially offset by the financing and regulatory clarity.
Key Financial Metrics
Key Facts
- Net loss of $7.7M ($0.45/share) for Q2 2026 vs $6.0M ($0.40/share) in Q2 2025, wider than consensus.
- Cash and cash equivalents of $18.6M as of June 30, 2026, expected to fund operations into H2 2027.
- Completed private placement of up to ~$49M (including ~$15M upfront) to advance pulmonary hypertension program.
- FDA aligned on Phase 2b trial design for Auxora in acute pancreatitis; primary endpoint is reduction of new-onset severe respiratory failure.
- Auxora Phase 1b proof-of-concept data in PAH and CM5480 IND submission both anticipated in mid-2027.
Financial Impact
Net loss widened by $1.7M YoY; EPS of -$0.45 missed consensus of -$0.33 by 36.4%. Cash burn rate ~$4.0M/quarter in operating expenses.
Risk Factors
- Wider-than-expected net loss and cash burn rate may pressure the stock near-term.
- Phase 2b AP trial initiation is subject to additional financing, creating execution risk.
- No near-term revenue catalysts; stock is a binary event play on mid-2027 data readouts.
- Share count nearly doubled YoY (30.7M vs 15.4M shares outstanding), diluting existing holders.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-343428 |
| Document: ck0001534133-20260811.htm | 0001193125-26-343428 |
| Document: 0001193125-26-343428-index-headers.html | 0001193125-26-343428 |
| Document: 0001193125-26-343428-index.html | 0001193125-26-343428 |
| Document: 0001193125-26-343428.txt | 0001193125-26-343428 |
| 8-K Data (Synthetic) | 0001193125-26-343428 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 10d ago | 8-K | $1.02 | awaiting T+20 | — | $1.30 (−27.45%) |
Sep 30, 2026 26d ago | 8-K | $1.65 | awaiting T+20 | — | $1.30 (+21.21%) |
Sep 30, 2026 26d ago | 424B5 | $1.65 | awaiting T+20 | — | $1.30 (+21.21%) |
Sep 2, 2026 7w ago | 8-K | $2.10 $1.65 | ▲ +21.43% | ▲ +21.28% | $1.30 (+38.10%) |
Aug 11, 2026 10w ago | 8-K | $0.6577 $0.4590 | ▲ +30.21% | ▲ +29.15% | $1.30 (−97.66%) |
Aug 11, 2026 10w ago | Press Release | $0.6577 $0.4590 | ▼ −30.21% | ▼ −29.15% | $1.30 (+97.66%) |
Jul 10, 2026 15w ago | 3 | $0.8178 $0.6590 | ▼ −19.42% | ▼ −22.60% | $1.30 (+58.96%) |
Jun 24, 2026 17w ago | 8-K | $0.5973 $0.7159 | ▼ −19.86% | ▼ −19.18% | $1.30 (−117.65%) |
May 12, 2026 23w ago | 8-K | $0.6300 $0.9320 | ▲ +47.94% | ▲ +49.66% | $1.30 (+106.35%) |
Mar 12, 2026 32w ago | EFFECT | $0.7260 $0.6180 | ▼ −14.88% | ▼ −16.85% | $1.30 (+79.06%) |
US Market Status
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