CalciMedica Reports Second Quarter 2025 Financial Results and Provides Clinical & Corporate Updates
CalciMedica (NASDAQ:CALC) reported Q2 2025 financial results and provided updates on its clinical programs. The company reported a net loss of $6.0 million ($0.40 per share), compared to $4.0 million in Q2 2024. Cash position stands at $18.0 million, expected to fund operations into mid-2026.
Key clinical developments include ongoing enrollment in the Phase 2 KOURAGE trial of Auxora™ for acute kidney injury (AKI) with respiratory failure, with data expected in early 2026. The company also held a productive initial FDA meeting regarding Auxora in acute pancreatitis (AP), with pivotal trial alignment anticipated by end of 2025.
R&D expenses decreased slightly to $4.1 million from $4.2 million year-over-year, while G&A expenses increased to $2.6 million from $2.4 million.
CalciMedica (NASDAQ:CALC) ha comunicato i risultati finanziari del secondo trimestre 2025 e fornito aggiornamenti sui programmi clinici. La società ha registrato una perdita netta di 6,0 milioni di dollari (0,40 $ per azione), rispetto a 4,0 milioni nel 2T 2024. La posizione di cassa è pari a 18,0 milioni di dollari, sufficienti a finanziare le attività operative fino a metà 2026.
Tra gli sviluppi clinici principali, prosegue il reclutamento nello studio KOURAGE di fase 2 su Auxora™ per la lesione renale acuta (AKI) con insufficienza respiratoria, con dati attesi all'inizio del 2026. La società ha inoltre avuto un incontro iniziale produttivo con la FDA riguardo a Auxora nella pancreatite acuta (AP), e l'allineamento sullo studio pivotale è previsto entro la fine del 2025.
Le spese di R&S sono diminuite leggermente a 4,1 milioni di dollari rispetto a 4,2 milioni su base annua, mentre le spese generali e amministrative sono aumentate a 2,6 milioni di dollari da 2,4 milioni.
CalciMedica (NASDAQ:CALC) informó los resultados financieros del segundo trimestre de 2025 y proporcionó actualizaciones sobre sus programas clínicos. La compañía registró una pérdida neta de 6,0 millones de dólares (0,40 $ por acción), frente a 4,0 millones en el 2T de 2024. La posición de efectivo es de 18,0 millones de dólares, que se espera financien las operaciones hasta mediados de 2026.
Entre los hitos clínicos, continúa la incorporación de pacientes en el ensayo KOURAGE de fase 2 de Auxora™ para lesión renal aguda (AKI) con fallo respiratorio, con datos previstos a principios de 2026. La compañía también mantuvo una reunión inicial productiva con la FDA sobre Auxora en pancreatitis aguda (AP), y se espera un alineamiento sobre el ensayo pivotal para finales de 2025.
Los gastos de I+D se redujeron ligeramente a 4,1 millones de dólares desde 4,2 millones interanuales, mientras que los gastos generales y administrativos aumentaron a 2,6 millones de dólares desde 2,4 millones.
CalciMedica (NASDAQ:CALC)는 2025년 2분기 실적과 임상 프로그램 업데이트를 발표했습니다. 회사는 순손실 600만 달러(주당 0.40달러)를 기록했으며, 이는 2024년 2분기의 400만 달러보다 큰 규모입니다. 현금은 1,800만 달러로 2026년 중반까지 운영 자금을 충당할 것으로 예상됩니다.
주요 임상 진전으로는 호흡부전 동반 급성 신손상(AKI)을 대상으로 한 Auxora™의 2상 KOURAGE 시험에서 환자 등록이 계속되고 있으며, 관련 데이터는 2026년 초에 발표될 전망입니다. 또한 급성 췌장염(AP)에서의 Auxora 관련 FDA와의 초기 회의가 생산적으로 진행되었고, 피보탈(중요) 임상시험에 대한 합의는 2025년 말까지 기대됩니다.
연구개발(R&D) 비용은 전년 동기 대비 소폭 감소해 410만 달러였고(전년 420만 달러), 일반관리비(G&A)는 260만 달러로 240만 달러에서 증가했습니다.
CalciMedica (NASDAQ:CALC) a publié ses résultats financiers du deuxième trimestre 2025 et des mises à jour de ses programmes cliniques. La société a enregistré une perte nette de 6,0 millions de dollars (0,40 $ par action), contre 4,0 millions au 2T 2024. La trésorerie s'élève à 18,0 millions de dollars, suffisante pour financer les opérations jusqu'au milieu de 2026.
Parmi les avancées cliniques clés, le recrutement se poursuit dans l'essai de phase 2 KOURAGE d'Auxora™ pour la lésion rénale aiguë (AKI) associée à une insuffisance respiratoire, les données étant attendues début 2026. La société a également tenu une réunion initiale productive avec la FDA concernant Auxora dans la pancréatite aiguë (AP), et un alignement sur l'essai pivot est attendu d'ici la fin 2025.
Les dépenses de R&D ont légèrement diminué à 4,1 millions de dollars contre 4,2 millions en glissement annuel, tandis que les frais généraux et administratifs ont augmenté à 2,6 millions de dollars contre 2,4 millions.
CalciMedica (NASDAQ:CALC) meldete die Finanzergebnisse für das zweite Quartal 2025 und gab Updates zu seinen klinischen Programmen. Das Unternehmen verzeichnete einen Nettoverlust von 6,0 Mio. US-Dollar (0,40 $ je Aktie), gegenüber 4,0 Mio. im 2Q 2024. Die Liquiditätsposition beträgt 18,0 Mio. US-Dollar und soll die Geschäftstätigkeit bis Mitte 2026 finanzieren.
Zu den wichtigsten klinischen Entwicklungen gehört die fortlaufende Rekrutierung in der Phase-2-Studie KOURAGE mit Auxora™ bei akutem Nierenversagen (AKI) mit Atemversagen; Daten werden Anfang 2026 erwartet. Das Unternehmen führte zudem ein konstruktives erstes Treffen mit der FDA zu Auxora bei akuter Pankreatitis (AP); ein Abgleich für eine Schlüsselsstudie wird bis Ende 2025 erwartet.
Die F&E-Aufwendungen sanken leicht auf 4,1 Mio. US-Dollar gegenüber 4,2 Mio. im Vorjahr, während die Verwaltungs- und allgemeinen Kosten auf 2,6 Mio. US-Dollar von 2,4 Mio. anstiegen.
- Cash runway extends into mid-2026
- Productive FDA meeting for acute pancreatitis program with pivotal trial alignment expected by end-2025
- Multiple scientific publications and presentations supporting Auxora's development
- Phase 2 KOURAGE trial progressing with data expected in early 2026
- Net loss increased to $6.0 million from $4.0 million year-over-year
- Other income decreased significantly to $0.7 million from $2.6 million year-over-year
- G&A expenses increased by $0.2 million compared to previous year
Insights
CalciMedica reports steady progress in AKI trial with approaching readout, FDA discussions for pancreatitis program, with sufficient cash into mid-2026.
CalciMedica's Q2 results demonstrate continued clinical advancement of their lead candidate Auxora, a CRAC channel inhibitor, with a clear path forward for their two primary indications. The ongoing Phase 2 KOURAGE trial in acute kidney injury (AKI) with respiratory failure has been gaining scientific validation through publications in the American Journal of Nephrology and Thrombosis Update, reinforcing the mechanistic rationale. With data expected in early 2026, this represents the nearest catalyst for the company.
Their acute pancreatitis (AP) program is progressing through regulatory discussions, with a productive initial FDA meeting and alignment on a pivotal trial design expected by year-end. Notably, this would be the first pivotal trial in the U.S. for an AP therapeutic, potentially giving CalciMedica first-mover advantage in an indication with significant unmet need.
Financially, the $18.0 million cash position provides runway into mid-2026, sufficient to reach their next major milestone with the KOURAGE data readout. Quarterly R&D expenses remained stable at $4.1 million versus $4.2 million year-over-year, indicating disciplined spending despite advancing clinical programs. The increased net loss of $6.0 million compared to $4.0 million in Q2 2024 was primarily due to decreased fair value adjustments to financial instruments, not operational spending.
The emphasis on scientific validation through peer-reviewed publications and conference presentations demonstrates a systematic approach to building credibility for Auxora's mechanism of action. The biomarker analysis showing anti-inflammatory effects and endothelial stabilization provides a rational foundation for the drug's potential efficacy across multiple inflammatory conditions.
CalciMedica reports wider net loss but maintains stable R&D spending with runway into mid-2026, supporting key upcoming clinical catalysts.
CalciMedica's financial position requires careful analysis given its pre-revenue development stage. The $18.0 million cash position provides runway into mid-2026, strategically timed to cover the critical Phase 2 KOURAGE readout in early 2026. This represents prudent financial management, aligning cash resources with their nearest potential value-inflection point.
The company's quarterly net loss widened to $6.0 million ($0.40 per share) from $4.0 million ($0.36 per share) year-over-year, but this deterioration stems primarily from non-operational factors. Specifically, other income decreased by $1.9 million due to reduced fair value adjustments to financial instruments, not from increased operational burn.
Core operational expenses remain well-controlled, with R&D expenses decreasing slightly to $4.1 million (vs. $4.2 million in Q2 2024) despite advancing clinical programs. This indicates efficient capital allocation toward value-creating activities. G&A expenses saw a modest increase of $0.2 million to $2.6 million, primarily from personnel costs, maintaining a healthy ratio of R&D to administrative spending.
For a clinical-stage biotech with multiple programs, the steady R&D burn rate is noteworthy, suggesting the company is effectively managing clinical trial costs while continuing to advance programs toward value-creating milestones. The operational strategy appears focused on maximizing runway for key data readouts that could potentially lead to partnership opportunities or support future financing at improved valuations.
Without additional financing, CalciMedica will need to secure capital around mid-2026, likely contingent on positive KOURAGE trial results. This creates a defined evaluation period for investors to assess clinical progress against cash burn over the next 18-20 months.
Enrollment ongoing in Phase 2 KOURAGE trial of Auxora™ in acute kidney injury (AKI) with respiratory failure; data expected in early 2026
Productive initial meeting with the FDA on Auxora in acute pancreatitis (AP); conversations continue, with alignment on a pivotal trial anticipated around the end of 2025
Cash position expected to fund operations into mid-2026
"We have continued to spotlight the growing body of evidence supporting the development of Auxora for the treatment of AKI with respiratory failure, including publications in two peer-reviewed journals, multiple presentations at medical meetings, and a symposium at the 43rd Vicenza Course AKI-CRRT-EBPT and Critical Care Nephrology meeting. We look forward to the readout of our Phase 2 KOURAGE trial expected in early 2026," said Rachel Leheny, Ph.D., Chief Executive Officer of CalciMedica. "Additionally, we are encouraged by our initial meeting with the FDA regarding our program in AP. The meeting was constructive, and we are eager to continue our discussions with the agency, with the objective of reaching alignment on a pivotal trial around the end of 2025."
Recent Clinical & Corporate Highlights:
Clinical Updates & Anticipated Milestones
Acute Kidney Injury (AKI) with Respiratory Failure Program Update
- Enrollment ongoing in Phase 2 KOURAGE trial: Enrollment is ongoing in KOURAGE, the Company's randomized, double-blind, placebo-controlled Phase 2 trial of Auxora™ in patients with Stage 2 or Stage 3 AKI with associated respiratory failure. CalciMedica plans to enroll 150 patients in KOURAGE, with data expected in early 2026.
- Publication in the American Journal of Nephrology (AJN): In June 2025, CalciMedica announced a publication in AJN, titled, "Inhibition of Calcium Release-Activated Calcium (CRAC) Channels to Treat Acute Kidney Injury: Design and Rationale of the KOURAGE Study." The manuscript describes the preclinical and clinical evidence supporting Auxora as a potential treatment for AKI with respiratory failure, as well as the rationale for the patient selection and endpoint selection for the Company's Phase 2 KOURAGE trial.
- "Auxora for the Treatment of AKI" Symposium: In June 2025, the Company presented a symposium titled "Auxora for the Treatment of AKI" at the 43rd Vicenza Course AKI-CRRT-EBPT and Critical Care Nephrology meeting. The symposium featured oral presentations delivered by Sudarshan Hebbar, M.D., CMO of CalciMedica; Javier Neyra, M.D., Associate Professor of Medicine and Associate Director of the Nephrology Research & Training Center at University of
Alabama atBirmingham ; and Lakhmir Chawla, M.D., Clinical Professor of Medicine at University of California San Diego, CMO at ExThera Medical, and Chair of the KOURAGE Steering Committee. Webcasts of the presentations are available on the "Medical Events and Presentations" section of CalciMedica's IR website. - Publication in the Thrombosis Update: In July 2025, a manuscript authored by CalciMedica and collaborators, titled, "Reduction in D-dimer Levels After Treatment with Auxora in Patients with Severe Covid-19 Pneumonia," was published in the Thrombosis Update. The manuscript highlights a biomarker analysis from patients treated with Auxora in the Company's previously completed Phase 2 CARDEA trial in severe COVID-19 pneumonia. In the analysis, Auxora was found to significantly decrease D-dimer levels and other biomarkers of systemic inflammation, with these decreases correlating with positive outcomes in patients. These findings showing Auxora's anti-inflammatory effects and endothelial stabilization support its continued development for the treatment of acute illnesses with a strong inflammatory component, such as AKI and AP.
- Oral presentation and panel discussion at the American Society of Nephrology (ASN) 3rd Acute Kidney Injury: From Bench to Bedside Conference: In May 2025, Dr. Hebbar delivered an oral presentation titled "Experiences with AKI Clinical Trial Design" and participated in a panel discussion at the ASN 3rd Acute Kidney Injury: From Bench to Bedside Conference.
Acute Pancreatitis (AP) Program Update
- Conducted initial meeting with the
U.S. Food and Drug Administration (FDA) on next steps in AP program: The Company conducted a productive initial meeting with the FDA to present the findings from the Phase 2b CARPO trial and discuss the design of a pivotal trial in AP. Additional meetings with the FDA are anticipated in the second half of 2025, with alignment on trial design anticipated around the end of the year. This will be the first pivotal trial in theU.S. for a therapeutic in AP. - Poster presentation at Digestive Disease Week (DDW) 2025: In May 2025, Kenneth A. Stauderman, Ph.D., co-Founder and CSO of CalciMedica, presented a poster titled "Patients with Acute Pancreatitis (AP) and Accompanying Systemic Inflammatory Response Syndrome (SIRS) Have a Larger Volume of Distribution Compared to Healthy Volunteers" at DDW 2025.
Financial Results for the Second Quarter Ended June 30, 2025:
Cash Position: Cash, cash equivalents, and short-term investments were
R&D Expenses: Research and development expenses were
G&A Expenses: General and administrative expenses were
Other Income: Other income was
Net Loss: Net loss was
About CalciMedica
CalciMedica is a clinical-stage biopharmaceutical company focused on developing novel CRAC channel inhibition therapies for inflammatory and immunologic diseases. CalciMedica's proprietary technology targets the inhibition of CRAC channels to modulate the immune response and protect against tissue cell injury, with the potential to provide therapeutic benefits in life-threatening inflammatory and immunologic diseases for which there are currently no approved therapies. CalciMedica's lead product candidate Auxora™ has demonstrated positive and consistent clinical results in multiple completed efficacy clinical trials and been well-tolerated in over 350 critically ill patients dosed. CalciMedica has announced data for a Phase 2b trial (called CARPO – NCT04681066) in patients with acute pancreatitis (AP) and accompanying systemic inflammatory response syndrome (SIRS) and for a Phase 2 trial (called CARDEA – NCT04345614) in patients with COVID pneumonia. The Company is currently conducting a Phase 2 trial (called KOURAGE – NCT06374797) in patients with acute kidney injury (AKI) with associated respiratory failure, with data expected in early 2026. For more information, please visit www.calcimedica.com.
Forward-Looking Statements
This communication contains forward-looking statements which include, but are not limited to CalciMedica's expected cash runway; CalciMedica's planned and ongoing clinical trials and the timing, design, expected patient enrollment thereof and the expected timing for updates and the release of data from its Phase 2 KOURAGE trial of Auxora in AKI with associated respiratory failure in early 2026; the productive nature of discussions with the FDA concerning design of a pivotal trial in AP and the alignment with the FDA on a pivotal trial around the end of 2025; and the potential of CalciMedica's proprietary technology to provide therapeutic benefits in acute and chronic inflammatory and immunologic diseases. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. CalciMedica's expectations and beliefs regarding these matters may not materialize. Actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of uncertainties, risks, and changes in circumstances, including but not limited to risks and uncertainties related to: the impact of fluctuations in global financial markets on CalciMedica's business and the actions it may take in response thereto; CalciMedica's ability to execute its plans and strategies; the ability to obtain and maintain regulatory approval for Auxora; results from clinical trials or preclinical studies may not be indicative of results that may be observed in the future; potential safety and other complications from Auxora; the scope, progress and expansion of developing and commercializing Auxora; the size and growth of the market therefor and the rate and degree of market acceptance thereof; economic, business, competitive, and/or regulatory factors affecting the business of CalciMedica generally; CalciMedica's ability to protect its intellectual property position; the impact of government laws and regulations; and CalciMedica's financial position and need for additional capital. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption "Risk Factors" in CalciMedica's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, being filed with the Securities and Exchange Commission (SEC) later today, and elsewhere in CalciMedica's subsequent reports on Form 10-K, Form 10-Q or Form 8-K filed with the SEC from time to time and available at www.sec.gov. These documents can be accessed on CalciMedica's web page at ir.calcimedica.com/financials-filings/sec-filings. The forward-looking statements contained herein are made as of the date hereof, and CalciMedica undertakes no obligation to update them after this date, except as required by law.
Contact Information
Kevin Murphy
calcimedica@argotpartners.com
(212) 600-1902
CALCIMEDICA, INC. Condensed Consolidated Balance Sheets (in thousands, except par value and share amounts) (Unaudited) | ||||
June 30, | December 31, | |||
Assets | ||||
Current assets | ||||
Cash and cash equivalents | $ 5,918 | $ 7,935 | ||
Short-term investments | 12,039 | 10,734 | ||
Prepaid clinical trial expenses | 352 | 748 | ||
Other prepaid expenses and current assets | 655 | 248 | ||
Total current assets | 18,964 | 19,665 | ||
Property and equipment, net | 105 | 119 | ||
Other assets | 11 | 10 | ||
Total assets | $ 19,080 | $ 19,794 | ||
Liabilities and Stockholders' Equity | ||||
Current liabilities | ||||
Accounts payable | $ 1,912 | $ 1,998 | ||
Accrued clinical trial costs | 670 | 820 | ||
Accrued expenses | 895 | 866 | ||
Total current liabilities | 3,477 | 3,684 | ||
Long-term liabilities | ||||
Promissory note | 8,500 | — | ||
Warrant liability | 1,000 | 1,700 | ||
Total liabilities | 12,977 | 5,384 | ||
Commitments and contingencies (Note 8) | ||||
Stockholders' equity | ||||
Preferred stock, respectively; no shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively | — | — | ||
Common stock, respectively; 13,971,990 and 13,481,917, issued and outstanding at June 30, 2025 and December 31, 2024, | 4 | 4 | ||
Additional paid-in capital | 176,865 | 174,166 | ||
Accumulated deficit | (170,762) | (159,764) | ||
Accumulated other comprehensive (loss) income | (4) | 4 | ||
Total stockholders' equity | 6,103 | 14,410 | ||
Total liabilities and stockholders' equity | $ 19,080 | $ 19,794 | ||
CALCIMEDICA, INC. Condensed Consolidated Statements of Operations (in thousands, except share and per share amounts) (Unaudited) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Operating expenses: | ||||||||
Research and development | $ 4,052 | $ 4,157 | $ 8,276 | $ 7,101 | ||||
General and administrative | 2,569 | 2,372 | 4,842 | 5,195 | ||||
Total operating expenses | 6,621 | 6,529 | 13,118 | 12,296 | ||||
Loss from operations | (6,621) | (6,529) | (13,118) | (12,296) | ||||
Other income (expense): | ||||||||
Change in fair value of financial instruments | 500 | 2,300 | 2,200 | 7,890 | ||||
Interest expense | (324) | — | (771) | — | ||||
Interest income | 220 | 275 | 422 | 582 | ||||
Other income | 269 | — | 269 | — | ||||
Total other income | 665 | 2,575 | 2,120 | 8,472 | ||||
Net loss | $ (5,956) | $ (3,954) | $ (10,998) | $ (3,824) | ||||
Net loss per share - basic and diluted | $ (0.40) | $ (0.36) | $ (0.76) | $ (0.37) | ||||
Weighted-average number of shares outstanding used in | 14,995,404 | 11,129,053 | 14,560,900 | 10,441,785 | ||||
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SOURCE CalciMedica, Inc.
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