The Q1 results are non-actionable for a pre-revenue biotech — the net income is a non-cash accounting artifact. The only catalysts are FDA feedback on the Auxora AP pivotal program and AKI development path, both expected in Q2 2026. Monitor for those regulatory updates; the stock will move on clinical/regulatory news, not financial results.
Price Chart
Executive Summary
CalciMedica reported Q1 2026 GAAP net income of $5.0M ($0.31 basic EPS), a swing from a $5.0M net loss in Q1 2025, driven entirely by a $10.8M non-cash fair value gain on financial instruments. Operating loss improved to -$5.6M from -$6.5M, but cash burn continues with cash dropping to $8.2M from $13.0M at year-end. The stock is a pre-revenue clinical-stage biotech with no approved products; the reported 'net income' is non-operational and does not reflect underlying business progress.
Key Financial Metrics
Key Facts
- Net income of $5.0M in Q1 2026 vs net loss of $5.0M in Q1 2025, driven by $10.8M non-cash fair value gain on financial instruments
- Operating loss improved to -$5.6M from -$6.5M, a 14% improvement
- Cash and cash equivalents fell to $8.2M from $13.0M at Dec 31, 2025; cash runway expected into Q4 2026
- R&D expenses decreased 17% to $3.5M from $4.2M, reflecting lower clinical trial activity
- FDA feedback on Auxora pivotal program in acute pancreatitis and potential AKI development expected in Q2 2026
- No revenue reported; company is pre-commercial with no approved products
Financial Impact
No revenue; net income of $5.0M is entirely non-cash fair value adjustments. Cash burn of ~$4.8M in Q1 2026.
Risk Factors
- Cash runway only into Q4 2026 — likely needs to raise capital before year-end
- No approved products; Auxora pivotal program design not yet finalized
- KOURAGE trial in AKI was paused in Jan 2026 due to IDMC safety concern; FDA feedback pending
- Pre-revenue biotech with $9M market cap — high binary risk on regulatory outcomes
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-218134 |
| Document: ck0001534133-20260512.htm | 0001193125-26-218134 |
| Document: 0001193125-26-218134-index-headers.html | 0001193125-26-218134 |
| Document: 0001193125-26-218134-index.html | 0001193125-26-218134 |
| Document: 0001193125-26-218134.txt | 0001193125-26-218134 |
| 8-K Data (Synthetic) | 0001193125-26-218134 |
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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