No near-term revenue or EPS catalyst — the next meaningful data events (PAH Phase 1b data, CM5480 IND, AP Phase 2b start) are all mid-2027 and contingent on additional financing. Monitor for further capital raises given the $18.6M cash position and the stated need for additional financing to initiate the AP trial. The stock is likely to trade on pipeline sentiment and financing news rather than quarterly financials.
Price Chart
Executive Summary
CalciMedica reported Q2 2026 financial results with a net loss of $7.7M ($0.45/share) vs $6.0M ($0.40/share) in Q2 2025, and cash of $18.6M expected to fund operations into H2 2027. The key catalysts are FDA alignment on the Phase 2b acute pancreatitis trial design and a planned Phase 1b PAH proof-of-concept trial with Auxora, both data-readouts expected in mid-2027, but the company remains pre-revenue and needs additional financing to initiate the AP trial, making this a neutral event with no near-term revenue or EPS surprise to trade on.
Key Financial Metrics
Key Facts
- Cash and cash equivalents were $18.6M as of June 30, 2026, expected to fund operations into H2 2027.
- Net loss was $7.7M ($0.45/share) for Q2 2026 vs $6.0M ($0.40/share) in Q2 2025.
- FDA aligned on Phase 2b trial design for Auxora in acute pancreatitis; primary endpoint is new-onset severe respiratory failure.
- Auxora Phase 1b proof-of-concept trial in PAH and CM5480 IND submission both anticipated in mid-2027.
- Private placement financing of up to ~$49M (including ~$15M upfront) announced June 24, 2026 to support PH strategy.
- Initiation of the Phase 2b AP trial is subject to additional financing.
- R&D expenses decreased to $2.1M in Q2 2026 from $4.1M in Q2 2025.
- Total other expense was $3.6M in Q2 2026 vs total other income of $0.7M in Q2 2025, driven by change in fair value of financial instruments.
Financial Impact
Net loss of $7.7M in Q2 2026 vs $6.0M in Q2 2025; cash burn rate ~$2M/month based on operating expenses; no revenue reported.
Risk Factors
- Need for additional financing to initiate Phase 2b AP trial; current cash runway only into H2 2027.
- Pre-revenue clinical-stage biotech with no approved products; binary risk on pipeline data.
- KOURAGE trial (acute kidney injury) paused due to mortality imbalance; no plan to restart.
- Warrant liability of $1.3M and promissory note of $9.2M add balance-sheet complexity.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3342541 |
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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