What is CalciMedica, Inc.'s earnings per share (EPS)?

CalciMedica, Inc. (CALC) reported diluted earnings per share of -$1.97 for fiscal year 2025. This represents a -61.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

CalciMedica, Inc. (CALC) Financials

CALC

FY2025 annual

Net Income -$29.6M -115.8% YoY

EPS (Diluted) -$1.97 -61.5% YoY

Free Cash Flow -$21.2M -0.2% YoY

Operating Cash Flow -$21.2M -0.2% YoY

Market Cap $8.2M as of Oct 13, 2026

Price / Sales n/m no revenue reported

Price / Earnings n/m net loss, so no earnings multiple, FY2025

Price / Book 1.5x on $5.5M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 11, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CALC SEC filings page.

This page shows CalciMedica, Inc. (CALC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI CALC FY2025 2026-10-03

CalciMedica remains a development-stage business: operating losses convert almost directly into cash use, while financing and investing inflows fund the gap.

Across FY2024 and FY2025, operating cash use tracked operating losses closely, while FY2025 capital expenditures were only $28K; this indicates the cash requirement is the research-and-overhead base, not heavy physical expansion.

The 2025 statements report no revenue, while R&D spending reached $15.2M and SG&A reached $7.9M; the company is carrying a substantial operating cost base before sales are visible in these data. Net loss was $29.6M despite an operating loss of $23.1M, so below-operating items materially widened the bottom-line result.

After positive equity in FY2024, FY2025 ended with negative equity of $6.6M against liabilities of $20.2M, removing the prior year's equity cushion. Financing provided $15.2M while operating cash flow was -$21.2M; alongside reported liquidity of 7.4 months, that pattern shows the cash base is being replenished externally rather than generated internally.

Financial Health Signals

Financial health score not available

CalciMedica, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

1/6

CalciMedica, Inc. passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality No Cash Backing

N/A

CalciMedica, Inc. reported a net loss of $29.6M while operations used $21.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

CalciMedica, Inc. reported an operating loss of $23.1M against $1.4M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

Export CSV

Earnings & Revenue

EBITDA

-$4.0M

YoY+39.4%

QoQ+28.5%

CalciMedica, Inc.'s EBITDA was -$4.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 39.4% from the same quarter a year earlier. Against the prior quarter it is up 28.5%.

Net Income

-$7.7M

YoY-28.5%

QoQ-253.8%

CalciMedica, Inc. reported -$7.7M in net income in Q2 2026. This represents a decrease of 28.5% from the same quarter a year earlier. Against the prior quarter it is down 253.8%.

EPS (Diluted)

-$0.45

CalciMedica, Inc. earned -$0.45 per diluted share (EPS) in Q2 2026.

Revenue

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

-$4.6M

YoY+30.8%

QoQ+4.9%

CalciMedica, Inc. recorded an outflow of $4.6M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 30.8% from the same quarter a year earlier. Against the prior quarter it is up 4.9%.

Cash & Debt

$18.6M

YoY+214.6%

QoQ+128.0%

5Y CAGR+18.8%

CalciMedica, Inc. held $18.6M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

34M

5Y CAGR+9.9%

CalciMedica, Inc. had 34M shares outstanding in Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Return on Equity

-138.8%

YoY-41.2pp

CalciMedica, Inc.'s ROE was -138.8% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 41.2 percentage points from the same quarter a year earlier.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Net Margin

Not reported for Q2 2026.

Capital Allocation

R&D Spending

$2.1M

YoY-48.1%

QoQ-39.7%

CalciMedica, Inc. invested $2.1M in research and development in Q2 2026. This represents a decrease of 48.1% from the same quarter a year earlier. Against the prior quarter it is down 39.7%.

Capital Expenditures

YoY-100.0%

CalciMedica, Inc. reported no capital expenditure in Q2 2026. This represents a decrease of 100.0% from the same quarter a year earlier.

Share Buybacks

Not reported for Q2 2026.

CALC Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CALC quarterly income statement

Metric	TTM	FY25DEF 14A	FY24DEF 14A	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
R&D Expenses	N/A	$15.2M+5.2%	$14.5M-8.7%	$15.9M+89.9%	$8.3M-55.8%	$18.9M-9.8%	$21.0M-31.5%	$30.6M
SG&A Expenses	N/A	$7.9M-18.9%	$9.7M-56.2%	$22.2M+280.2%	$5.8M-65.7%	$17.0M+92.2%	$8.9M+28.1%	$6.9M
Operating Income	N/A	-$23.1M+4.5%	-$24.2M+36.4%	-$38.1M-168.3%	-$14.2M+60.5%	-$35.9M-20.5%	-$29.8M+20.5%	-$37.5M
EBITDA	N/A	-$23.1M+4.4%	-$24.1M+36.5%	-$38.0M-168.8%	-$14.1M+60.1%	-$35.4M-20.4%	-$29.4M+20.9%	-$37.2M
Interest Expense	N/A	$1.4M	$0	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	$0	$0-100.0%	$1K0.0%	$1K	N/A	N/A	N/A
Net Income	N/A	-$29.6M-115.8%	-$13.7M+60.1%	-$34.4M-339.1%	-$7.8M+78.2%	-$35.8M-30.1%	-$27.5M+25.7%	-$37.0M
EPS (Basic)	N/A	-$1.97-61.5%	-$1.22+84.1%	-$7.66+93.1%	-$111.16-6477.5%	-$1.69	N/A	N/A
EPS (Diluted)	—	-$1.97-61.5%	-$1.22	-$7.66	-$111.16	-$1.69	N/A	N/A
Diluted Shares (Avg)	N/A	15M+33.5%	11M	4M	82,245	21M	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
R&D Expenses	$2.1M-48.1%	$3.5M-17.5%	N/A	$3.9M+8.6%	$4.1M-2.5%	$4.2M+43.5%	N/A	$3.5M+27.9%
SG&A Expenses	$1.9M-25.7%	$2.1M-6.5%	N/A	$1.8M-19.3%	$2.6M+8.3%	$2.3M-19.5%	N/A	$2.2M+6.3%
Operating Income	-$4.0M+39.4%	-$5.6M+13.6%	N/A	-$5.6M+2.1%	-$6.6M-1.4%	-$6.5M-12.7%	N/A	-$5.7M-18.7%
EBITDA	-$4.0M+39.4%	-$5.6M+13.5%	N/A	-$5.6M+2.0%	-$6.6M-1.4%	-$6.5M-12.7%	N/A	-$5.7M-18.7%
Interest Expense	$325K+0.3%	$319K-28.6%	N/A	$326K	$324K	$447K	N/A	$0
Income Tax	$0	$0	N/A	$0	$0	$0	N/A	$0
Net Income	-$7.7M-28.5%	$5.0M+198.7%	N/A	-$7.8M-38.9%	-$6.0M-50.6%	-$5.0M-3978.5%	N/A	-$5.6M-21.6%
EPS (Basic)	-$0.45-12.5%	$0.31+186.1%	-$0.69-102.9%	-$0.52-4.0%	-$0.40-11.1%	-$0.36-3700.0%	-$0.34-47.8%	-$0.50+39.0%
EPS (Diluted)	-$0.45	$0.30+183.3%	-$0.69-102.9%	-$0.52-4.0%	-$0.40-11.1%	-$0.36-3700.0%	-$0.34-47.8%	-$0.50
Diluted Shares (Avg)	17M	16M+15.6%	N/A	15M+35.4%	15M+34.7%	14M+40.5%	N/A	11M

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit.

CALC Balance Sheet

CALC quarterly balance sheet

Metric	FY25DEF 14A	FY24DEF 14A	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
Total Assets	$13.6M-31.3%	$19.8M+62.4%	$12.2M+263.8%	$3.3M-95.2%	$69.1M-32.1%	$101.8M+150.4%	$40.7M
Current Assets	$13.5M-31.2%	$19.7M+69.5%	$11.6M+570.8%	$1.7M-97.4%	$67.1M-32.4%	$99.2M+173.6%	$36.3M
Cash & Equivalents	$11.5M+45.2%	$7.9M+43.5%	$5.5M+316.7%	$1.3M-90.1%	$13.4M-60.0%	$33.4M+110.6%	$15.9M
Short-Term Investments	$1.5M-86.1%	$10.7M+88.1%	$5.7M	$0-100.0%	$50.3M-18.4%	$61.6M+206.8%	$20.1M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$20.2M+275.8%	$5.4M+33.7%	$4.0M-94.6%	$74.7M-43.9%	$133.1M+1798.9%	$7.0M-95.1%	$143.6M
Current Liabilities	$3.8M+2.7%	$3.7M-8.5%	$4.0M-15.7%	$4.8M+17.8%	$4.1M-42.0%	$7.0M-42.9%	$12.3M
Non-Current Liabilities	$16.4M+867.6%	$1.7M	$0-100.0%	$69.9M-45.8%	$129.0M+1172790.9%	$11K-100.0%	$131.4M
Total Equity	-$6.6M-146.1%	$14.4M+76.7%	$8.2M+111.4%	-$71.3M-11.4%	-$64.0M-167.5%	$94.8M+192.1%	-$103.0M
Retained Earnings	-$189.3M-18.5%	-$159.8M-9.4%	-$146.1M-30.8%	-$111.7M+34.0%	-$169.2M-26.9%	-$133.4M-26.0%	-$105.8M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$19.5M+2.2%	$8.6M-66.0%	$13.6M-31.3%	$14.9M-8.0%	$19.1M-9.4%	$25.3M-6.6%	$19.8M+62.4%	$16.2M+2.3%
Current Assets	$19.5M+2.6%	$8.6M-66.1%	$13.5M-31.2%	$14.9M-5.3%	$19.0M-7.2%	$25.2M-5.2%	$19.7M+69.5%	$15.7M+2.7%
Cash & Equivalents	$18.6M+214.6%	$8.2M-35.0%	$11.5M+45.2%	$5.5M-40.2%	$5.9M+17.0%	$12.6M+85.9%	$7.9M+43.5%	$9.2M-21.4%
Short-Term Investments	$0-100.0%	$0-100.0%	$1.5M-86.1%	$8.6M+58.0%	$12.0M-14.5%	$12.1M-36.3%	$10.7M+88.1%	$5.5M+85.0%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$14.0M+7.8%	$9.7M-32.8%	$20.2M+275.8%	$15.2M+111.4%	$13.0M+79.9%	$14.5M+46.2%	$5.4M+33.7%	$7.2M+94.8%
Current Liabilities	$3.5M+0.4%	$5.3M+19.2%	$3.8M+2.7%	$3.7M-2.7%	$3.5M-11.2%	$4.5M+4.0%	$3.7M-8.5%	$3.8M+2.6%
Non-Current Liabilities	$10.5M+10.5%	$4.4M-56.0%	$16.4M+867.6%	$11.5M+238.2%	$9.5M+187.9%	$10.0M+78.6%	$1.7M	$3.4M
Total Equity	$5.5M-9.7%	-$1.1M-110.1%	-$6.6M-146.1%	-$268K-103.0%	$6.1M-55.9%	$10.9M-36.9%	$14.4M+76.7%	$9.0M-25.7%
Retained Earnings	-$192.0M-12.4%	-$184.3M-11.9%	-$189.3M-18.5%	-$178.6M-14.8%	-$170.8M-13.9%	-$164.8M-12.9%	-$159.8M-9.4%	-$155.5M-9.6%

Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.

CALC Cash Flow Statement

CALC quarterly cash flow statement

Metric	TTM	FY25DEF 14A	FY24DEF 14A	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
Operating Cash Flow	-$19.1M	-$21.2M-0.2%	-$21.1M+17.8%	-$25.7M-118.8%	-$11.8M+62.7%	-$31.5M+1.8%	-$32.1M-2.7%	-$31.2M
Depreciation & Amortization	N/A	$46K-20.7%	$58K0.0%	$58K+11.5%	$52K-90.0%	$519K+31.4%	$395K+30.4%	$303K
Stock-Based Compensation	N/A	$3.0M+28.4%	$2.3M-80.8%	$12.0M+566.2%	$1.8M-66.4%	$5.4M+200.6%	$1.8M+142.3%	$738K
Capital Expenditures	$14K	$28K+250.0%	$8K-89.7%	$78K+1850.0%	$4K-99.2%	$488K-52.3%	$1.0M+69.1%	$605K
Free Cash Flow	-$19.1M	-$21.2M-0.2%	-$21.2M+18.0%	-$25.8M-119.4%	-$11.8M+63.2%	-$32.0M+3.3%	-$33.1M-4.0%	-$31.8M
Investing Cash Flow	$12.2M	$9.6M+315.9%	-$4.4M-149.8%	$8.9M+222200.0%	-$4K-100.0%	$10.8M+125.3%	-$42.6M-106.4%	-$20.6M
Financing Cash Flow	$19.6M	$15.2M-45.6%	$28.0M+33.8%	$20.9M+146.6%	$8.5M+1119.6%	$695K-99.2%	$92.2M+68.0%	$54.9M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$4.6M+30.7%	-$4.9M+0.5%	-$4.9M+2.4%	-$4.8M-2.4%	-$6.7M+1.8%	-$4.9M-3.5%	-$5.0M-37.7%	-$4.7M-2.1%
Depreciation & Amortization	$7K-50.0%	$7K-53.3%	$5K-64.3%	$12K-20.0%	$14K-6.7%	$15K0.0%	$14K	$15K+25.0%
Stock-Based Compensation	N/A	$561K+2.2%	N/A	N/A	N/A	$549K+32.6%	N/A	N/A
Capital Expenditures	$0-100.0%	$0-100.0%	$6K+200.0%	$8K+33.3%	$5K	$9K	$2K	$6K
Free Cash Flow	-$4.6M+30.8%	-$4.9M+0.6%	-$4.9M+2.3%	-$4.8M-2.4%	-$6.7M+1.7%	-$4.9M-3.6%	-$5.0M-37.7%	-$4.7M-2.2%
Investing Cash Flow	$42K-68.7%	$1.5M+220.7%	$7.1M+238.3%	$3.5M-59.8%	$134K-97.4%	-$1.2M+90.5%	-$5.2M-93.0%	$8.7M+397.4%
Financing Cash Flow	$15.0M+14836.3%	$0-100.0%	$3.8M-57.9%	$818K+5012.5%	-$102K-1357.1%	$10.7M-43.6%	$8.9M+4998.3%	$16K-77.8%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

CALC Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CALC quarterly financial ratios

Metric	FY25DEF 14A	FY24DEF 14A	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K
Return on Equity	N/A	-95.1%+326.1pp	-421.2%	N/A	N/A	-29.0%	N/A
Return on Assets	-217.5%-148.3pp	-69.2%+212.8pp	-282.0%-48.3pp	-233.6%-181.8pp	-51.8%-24.8pp	-27.1%+64.0pp	-91.1%
Current Ratio	3.58-1.8x	5.34+2.5x	2.88+2.5x	0.36-16.2x	16.53+2.4x	14.18+11.2x	2.96
Debt-to-Equity	N/A	0.37-0.1x	0.49	N/A	N/A	0.07	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Return on Equity	-138.8%-41.2pp	N/A	N/A	N/A	-97.6%-69.0pp	-46.3%-47.1pp	N/A	-62.2%-24.2pp
Return on Assets	-39.2%-8.0pp	57.8%+77.7pp	N/A	-52.3%-17.7pp	-31.2%-12.4pp	-19.9%-20.4pp	N/A	-34.6%-5.5pp
Current Ratio	5.58+0.1x	1.61-4.0x	3.58-1.8x	4.04-0.1x	5.45+0.2x	5.66-0.6x	5.34+2.5x	4.150.0x
Debt-to-Equity	2.54+0.4x	N/A	N/A	N/A	2.13+1.6x	1.33+0.8x	0.37-0.1x	0.80+0.5x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.

Note: Shareholder equity is negative (-$6.6M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
CalciMedica, Inc. CALC	FY2025	N/A	-$29.6M	N/A	$8.2M	—
Tempest Therapeutics, Inc. TPST	FY2025	N/A	-$26.3M	N/A	$12.8M	—
Verrica Pharmaceuticals Inc. VRCA	FY2025	$35.6M	-$17.9M	-50.3%	$70.6M	68/100
PLUS THERAPEUTICS, Inc. PSTV	FY2025	$5.2M	-$22.4M	N/A	$26.6M	32/100
Telomir Pharmaceuticals, Inc. TELO	FY2025	N/A	-$10.4M	N/A	$82.5M	—
Acrivon Therapeutics, Inc. ACRV	FY2025	N/A	-$77.9M	N/A	$81.8M	—

Where CalciMedica, Inc. Ranks

Frequently Asked Questions

Is CalciMedica, Inc. profitable?

No, CalciMedica, Inc. (CALC) reported a net income of -$29.6M in fiscal year 2025.

What is CalciMedica, Inc.'s EBITDA?

CalciMedica, Inc. (CALC) had EBITDA of -$23.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is CalciMedica, Inc.'s free cash flow?

CalciMedica, Inc. (CALC) recorded an outflow of $21.2M in free cash flow during fiscal year 2025. This represents a -0.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is CalciMedica, Inc.'s operating cash flow?

CalciMedica, Inc. (CALC) recorded an outflow of $21.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are CalciMedica, Inc.'s total assets?

CalciMedica, Inc. (CALC) had $13.6M in total assets as of fiscal year 2025, including both current and long-term assets.

What are CalciMedica, Inc.'s capital expenditures?

CalciMedica, Inc. (CALC) invested $28K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does CalciMedica, Inc. spend on research and development?

CalciMedica, Inc. (CALC) invested $15.2M in research and development during fiscal year 2025.

How many shares does CalciMedica, Inc. have outstanding?

CalciMedica, Inc. (CALC) had 16M shares outstanding as of fiscal year 2025.

What is CalciMedica, Inc.'s current ratio?

CalciMedica, Inc. (CALC) had a current ratio of 3.58 as of fiscal year 2025, which is generally considered healthy.

What is CalciMedica, Inc.'s return on assets (ROA)?

CalciMedica, Inc. (CALC) had a return on assets of -217.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is CalciMedica, Inc.'s P/E ratio?

CalciMedica, Inc. (CALC) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $8.2M as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is CalciMedica, Inc.'s price-to-sales ratio?

CalciMedica, Inc. (CALC) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $8.2M as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does CalciMedica, Inc.'s liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, CalciMedica, Inc. (CALC) held $13.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $21.2M over that year. Dividing the one by the other, the reported balance equals about 7 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

Why is CalciMedica, Inc.'s debt-to-equity ratio negative or not reported?

CalciMedica, Inc. (CALC) has negative shareholder equity of -$6.6M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is CalciMedica, Inc.'s Piotroski F-Score?

CalciMedica, Inc. (CALC) has a Piotroski F-Score of 1 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are CalciMedica, Inc.'s earnings high quality?

CalciMedica, Inc. (CALC) reported a net loss of $29.6M while operations used $21.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can CalciMedica, Inc. cover its interest payments?

CalciMedica, Inc. (CALC) reported an operating loss of $23.1M against $1.4M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.