CalciMedica Reports Second Quarter 2026 Financial Results and Provides Clinical & Corporate Updates
Rhea-AI Summary
CalciMedica (Nasdaq: CALC) reported second quarter 2026 results and outlined progress across its Auxora and CM5480 programs. On June 24, 2026, the company completed a private placement of up to approximately $49 million, including about $15 million upfront, to fund its pulmonary hypertension strategy, including a planned Auxora Phase 1b proof-of-concept trial in PAH and continued development of oral CRAC inhibitor CM5480, with data readout and an IND submission, respectively, anticipated in mid-2027.
FDA aligned with the Phase 2b acute pancreatitis trial design, selecting reduction of new-onset severe respiratory failure as the primary endpoint. Cash and cash equivalents were $18.6 million at June 30, 2026, expected to fund operations into the second half of 2027. Q2 2026 R&D and G&A expenses declined year over year to $2.1 million and $1.9 million, while net loss widened to $7.7 million due to a $3.6 million other expense driven by fair value changes in financial instruments. For the first half of 2026, net loss narrowed to $2.7 million.
Positive
- Private placement up to ~$49M, including ~$15M upfront, to fund PH strategy
- Cash $18.6M at June 30, 2026, funding expected into 2H 2027
- R&D expenses down to $2.1M in Q2 2026 from $4.1M in Q2 2025
- G&A expenses down to $1.9M in Q2 2026 from $2.6M in Q2 2025
- H1 2026 net loss $2.7M versus $11.0M in H1 2025
- FDA alignment on Phase 2b Auxora trial design in acute pancreatitis
Negative
- Q2 2026 net loss $7.7M versus $6.0M in Q2 2025
- Q2 2026 other expense $3.6M versus $0.7M other income in Q2 2025
- Trial initiation in acute pancreatitis remains subject to additional financing
- Phase 1b PAH data and CM5480 IND not expected until mid-2027, extending timelines
News Explained
The financing is completed, but only $15 million is identified upfront; warrant exercises could add cash while increasing the potential common-share count.
The June 24 private placement is completed; its related securities include
As a private placement, this was a sale to selected investors outside a public offering; the effective July 24 S-3 provides the later resale registration described for these securities. Although the release calls the financing completed, its approximately
Using first-quarter 2026 operating cash use as the comparison basis, the stated gross maximum equals
The effective S-3 states that CalciMedica is not selling shares and would receive no proceeds from stockholder resales, but would receive cash upon warrant exercises; those exercises are therefore the specific line item that can both add cash and increase potential common ownership.
Sources and calculations
- CalciMedica second-quarter 2026 results release (2026-08-11)
- Effective resale registration statement (2026-07-24)
- Private placement / PIPE definition (undated)
- Offering gross vs quarterly operating cash outflow, in days of cash use $49,000,000 / ($4,856,000 / 90) = [object Object]
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 12 | 1Q26 earnings | Positive | +6.6% | Cash runway and clinical updates accompanied quarterly profitability and FDA timing. |
| Mar 03 | 2025 earnings | Negative | +14.4% | KOURAGE discontinuation and larger annual loss contrasted with pancreatitis and CM5480 plans. |
| Nov 12 | 3Q25 earnings | Positive | +4.0% | Pipeline progress and FDA discussions accompanied quarterly loss and a positive reaction. |
| Aug 12 | 2Q25 earnings | Negative | -10.1% | Quarterly loss and cash runway concerns accompanied ongoing KOURAGE enrollment. |
| May 14 | 1Q25 earnings | Positive | -0.9% | Clinical progress and financing support accompanied a quarterly loss and negative reaction. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings history was mixed, with 3 aligned and 2 divergent reactions and an average move of 2.82%.
Key Terms
crac channel medical
pharmacokinetics medical
ind submission regulatory
lactate dehydrogenase medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Completed private placement financing of up to approximately
Auxora Phase 1b proof-of-concept data in pulmonary arterial hypertension (PAH) and CM5480 IND submission both anticipated in mid-2027
FDA aligned that the primary endpoint for the Phase 2b trial in acute pancreatitis will measure whether Auxora can reduce new-onset severe respiratory failure
LA JOLLA, Calif., Aug. 11, 2026 (GLOBE NEWSWIRE) -- CalciMedica, Inc. (“CalciMedica” or the “Company”) (Nasdaq: CALC), a clinical-stage biopharmaceutical company developing novel calcium release-activated calcium (CRAC) channel inhibition therapies for serious inflammatory, immunologic, and cardiopulmonary diseases, today reported financial results for the second quarter ended June 30, 2026 and provided clinical and corporate updates.
“The recent financing supports a pulmonary hypertension strategy, including a Phase 1b proof-of-concept trial using Auxora and the continued development of CM5480 as an oral therapy for chronic use,” said Rachel Leheny, Ph.D., Chief Executive Officer of CalciMedica. “Preclinical models suggest CRAC channel inhibitors may provide a differentiated approach in pulmonary hypertension by targeting multiple disease drivers, including right ventricular dysfunction, which is the principal driver of mortality and not directly targeted by existing therapies. In acute pancreatitis, FDA alignment on the Phase 2b trial endpoints and patient enrichment strategy provides a clear framework for the next stage of development in a disease with no approved therapies. With Auxora PAH data and the CM5480 IND submission both anticipated in mid-2027, we expect multiple meaningful catalysts over the next 12 months.”
Recent Program Highlights:
Pulmonary Hypertension (PH) Program Update
- Private placement financing to advance PH strategy: On June 24, 2026, CalciMedica announced a private placement of up to approximately
$49 million in gross proceeds, including approximately$15 million in upfront gross proceeds. The proceeds are expected to support the advancement of Auxora and CM5480 as part of the Company’s pulmonary hypertension strategy. - Auxora Phase 1b proof-of-concept trial in PAH planned: CalciMedica plans to evaluate Auxora in a Phase 1b trial in patients with pulmonary arterial hypertension to generate initial clinical evidence regarding the effects of CRAC channel inhibition on pulmonary vascular and right ventricular function. Data are anticipated in mid-2027.
- CM5480 preclinical and IND-enabling studies advancing: Studies are ongoing to further characterize the pharmacology, pharmacokinetics, and safety profile of CM5480, CalciMedica’s oral CRAC channel inhibitor candidate for chronic use in PH. Preclinical data suggest CM5480 may be differentiated by directly protecting right ventricular function, a key driver of outcomes in PH that is not directly targeted by existing therapies. An IND submission is anticipated in mid-2027.
Acute Pancreatitis (AP) Program Update
- FDA alignment on Phase 2b trial design: On July 29, 2026, following a Type C Focused Meeting, CalciMedica announced that FDA aligned with the Company’s Phase 2b trial design for Auxora in AP. The primary endpoint will measure whether Auxora can reduce the development of new-onset severe respiratory failure. Key secondary endpoints will include multi-organ failure and the time until patients are medically ready for discharge. The trial will also evaluate whether elevated lactate dehydrogenase (LDH) can identify patients at higher risk of developing severe disease. AP is a serious inflammatory disease with no FDA-approved therapies and approximately 300,000 hospitalizations annually in the U.S.1
Mechanistic Data from the Phase 2 CARDEA Trial
- Publication in the Journal of Clinical Investigation: On July 28, 2026, the Journal of Clinical Investigation published a study titled "The CRAC Channel Inhibitor Auxora Reprograms Pathogenic Alveolar Macrophage-T Cell Circuits in Viral Pneumonia". The publication combines findings from an exploratory mechanistic study conducted alongside the Phase 2 CARDEA trial in severe COVID-19 pneumonia with laboratory studies of human immune cells. Together the results provide additional evidence that Auxora modulates key inflammatory pathways involved in lung injury, strengthening the scientific rationale for CRAC channel inhibition in inflammatory lung diseases.
Financial Results for the Second Quarter Ended June 30, 2026:
Cash Position: Cash and cash equivalents were
R&D Expenses: Research and development expenses were
G&A Expenses: General and administrative expenses were
Other Income/Expense: Total other expense was
Net Income/Loss: Net loss was
About Pulmonary Hypertension
Pulmonary hypertension (PH) encompasses a diverse group of diseases, including pulmonary arterial hypertension (PAH). Across PH groups, progressive right ventricular dysfunction is a shared consequence and a key determinant of survival. Approved therapies act primarily on the pulmonary vasculature and do not directly target the failing right ventricle.
Orai1, the pore-forming subunit of the CRAC channel, is upregulated in diseased pulmonary vasculature and cardiac tissue, where persistent CRAC channel signaling has been linked to proliferation, inflammation, vasoconstriction, fibrosis, and remodeling. In preclinical PH models, CRAC channel inhibition has been observed to improve the structure and function of the pulmonary vasculature and both ventricles.2, 3
CalciMedica's planned Phase 1b proof-of-concept trial will evaluate Auxora in patients with PAH and is intended to generate initial clinical evidence supporting CRAC channel inhibition in PH. Findings from the trial are also expected to inform the continued development of CM5480, the Company’s oral CRAC channel inhibitor for chronic dosing.
About Acute Pancreatitis
Acute pancreatitis is a serious inflammatory disease with no FDA-approved therapies and approximately 300,000 hospitalizations annually in the U.S.4 Respiratory failure is a major driver of mortality and intensive care utilization among patients with severe disease.
CalciMedica’s planned Phase 2b trial will evaluate new-onset severe respiratory failure as the primary endpoint, with multi-organ failure and time to medically indicated discharge as key secondary endpoints. The trial will also assess elevated lactate dehydrogenase as a potential enrichment marker to identify patients at increased risk of severe disease. Initiation of the trial is subject to additional financing.
About Auxora
Auxora™ (zegocractin) is CalciMedica’s proprietary intravenous CRAC channel inhibitor and most advanced pipeline candidate. It is designed to reduce inflammation by inhibiting CRAC channel-driven cytokine release in immune cells and to limit excessive calcium entry that may contribute to organ injury.
Auxora has been studied in more than 350 patients across conditions involving endothelial injury and respiratory failure:
- Acute pancreatitis: In the Phase 2b CARPO trial, Auxora produced a dose-dependent reduction in median time to solid food tolerance among hyper-inflamed patients. The medium and high dose groups also experienced a
100% reduction in new-onset severe respiratory failure compared with placebo. - Pulmonary arterial hypertension: CalciMedica plans to conduct a Phase 1b proof-of-concept trial, with data anticipated in mid-2027.
- COVID-19 pneumonia: In the Phase 2 CARDEA trial, Auxora reduced 30-day all-cause mortality by
56% compared with placebo. - Acute kidney injury with respiratory failure: Auxora was evaluated in the Phase 2 KOURAGE trial, in which enrollment was paused in January 2026 following a mortality imbalance. No drug-related toxicity was identified. FDA subsequently reviewed a protocol amendment and interim safety data without comments or questions, allowing clinical development of Auxora to proceed. CalciMedica does not plan to restart KOURAGE at this time.
About CM5480
CM5480 is CalciMedica’s proprietary oral CRAC channel inhibitor designed for chronic dosing. By inhibiting Orai1-containing CRAC channels, it is intended to regulate abnormal calcium entry linked to vasoconstriction, pulmonary vascular remodeling, and right ventricular dysfunction.
In preclinical pulmonary hypertension models, CM5480 and other CRAC channel inhibitors have improved hemodynamics and reduced pulmonary vascular and right ventricular remodeling, both as monotherapy and in combination with vasodilators. In a rodent pulmonary artery banding model, which isolates cardiac effects from changes in the pulmonary vasculature, CM5480 also demonstrated evidence of direct protective activity in the right ventricle.
These findings support the potential of CM5480 as a differentiated therapy targeting key drivers of disease progression. CalciMedica is advancing CM5480 for pulmonary hypertension, including PAH and PH-HFpEF, and anticipates submitting an IND in mid-2027.
About CalciMedica
CalciMedica is a clinical-stage biopharmaceutical company developing novel calcium release-activated calcium (CRAC) channel inhibition therapies for serious inflammatory, immunologic, and cardiopulmonary diseases. The Company's pipeline includes two distinct CRAC channel inhibitor compounds: zegocractin, which is formulated for intravenous administration as Auxora™, and CM5480, which is designed for chronic oral dosing. Auxora has been evaluated in more than 350 patients and is being developed for pulmonary arterial hypertension and acute pancreatitis, including a planned Phase 1b proof-of-concept trial in PAH and a planned Phase 2b trial in acute pancreatitis. CM5480 is being developed for pulmonary hypertension, with an IND submission anticipated in mid-2027. For more information, please visit www.calcimedica.com.
Forward-Looking Statements
This communication contains forward-looking statements which include, but are not limited to, statements regarding CalciMedica’s business strategy and clinical development plans for Auxora™ and CM5480; the planned design, initiation, conduct, timing, and completion of a Phase 2b trial of Auxora in AP, including that initiation of the trial is subject to additional financing; CalciMedica's interpretation of its discussions with FDA, including the potential use of LDH as an enrichment marker; the potential safety, efficacy, clinical utility, and regulatory development path for Auxora in AP; CalciMedica’s plans to evaluate Auxora in a Phase 1b proof-of-concept trial in PAH, including the anticipated timing of data from that trial; CalciMedica’s plans regarding the KOURAGE trial, including its current intention not to restart the trial; the development of CM5480 as a potential oral therapy for pulmonary hypertension, including the anticipated timing of an IND submission; the potential benefits and differentiated therapeutic profile of Auxora, CM5480, and CRAC channel inhibition, including their potential effects on pulmonary vascular remodeling, right ventricular dysfunction, inflammation, endothelial injury, and other disease-related pathways; CalciMedica’s interpretations of clinical, preclinical, mechanistic, and biomarker data; the expected use of proceeds from CalciMedica’s private placement; CalciMedica’s expected cash runway into the second half of 2027; and the potential of CalciMedica's proprietary technology to provide therapeutic benefit in inflammatory, immunologic, and cardiopulmonary 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; CalciMedica’s ability to obtain and maintain regulatory approval for Auxora and CM5480; 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 and CM5480; 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, 2026, being filed with the 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.
Investor Relations Contact
Joyce Allaire
LifeSci Advisors, LLC
jallaire@lifesciadvisors.com
| CALCIMEDICA, INC. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (in thousands, except par value and share amounts) | ||||||||
| (Unaudited) | ||||||||
| June 30, 2026 | December 31, 2025 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 18,617 | $ | 11,520 | ||||
| Short-term investments | — | 1,496 | ||||||
| Prepaid clinical trial expenses | 228 | 201 | ||||||
| Other prepaid expenses and current assets | 575 | 259 | ||||||
| Assets held for sale | 43 | 54 | ||||||
| Total current assets | 19,463 | 13,530 | ||||||
| Property and equipment, net | 36 | 50 | ||||||
| Other assets | 4 | 11 | ||||||
| Total assets | $ | 19,503 | $ | 13,591 | ||||
| Liabilities and Stockholders’ Equity (Deficit) | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 2,073 | $ | 1,161 | ||||
| Accrued clinical trial costs | 193 | 1,081 | ||||||
| Accrued expenses | 1,224 | 290 | ||||||
| Current portion, promissory note | — | 1,250 | ||||||
| Total current liabilities | 3,490 | 3,782 | ||||||
| Long-term liabilities | ||||||||
| Promissory note | 9,200 | 8,450 | ||||||
| Warrant liability | 1,300 | 8,000 | ||||||
| Total liabilities | 13,990 | 20,232 | ||||||
| Commitments and contingencies (Note 8) | ||||||||
| Stockholders’ equity (deficit) | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 6 | 4 | ||||||
| Additional paid-in capital | 197,510 | 182,681 | ||||||
| Accumulated deficit | (192,002) | (189,326) | ||||||
| Accumulated other comprehensive loss | (1) | — | ||||||
| Total stockholders’ equity (deficit) | 5,513 | (6,641) | ||||||
| Total liabilities and stockholders’ equity (deficit) | $ | 19,503 | $ | 13,591 | ||||
| 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, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 2,102 | $ | 4,052 | $ | 5,587 | $ | 8,276 | ||||||||
| General and administrative | 1,910 | 2,569 | 4,036 | 4,842 | ||||||||||||
| Total operating expenses | 4,012 | 6,621 | 9,623 | 13,118 | ||||||||||||
| Loss from operations | (4,012) | (6,621) | (9,623) | (13,118) | ||||||||||||
| Other income (expense): | ||||||||||||||||
| Change in fair value of financial instruments | (3,600) | 500 | 7,200 | 2,200 | ||||||||||||
| Interest expense | (325) | (324) | (644) | (771) | ||||||||||||
| Interest income | 54 | 220 | 160 | 422 | ||||||||||||
| Other income | 231 | 269 | 231 | 269 | ||||||||||||
| Total other (expense) income | (3,640) | 665 | 6,947 | 2,120 | ||||||||||||
| Net loss | $ | (7,652) | $ | (5,956) | $ | (2,676) | $ | (10,998) | ||||||||
| Net loss per share - basic and diluted | $ | (0.45) | $ | (0.40) | $ | (0.16) | $ | (0.76) | ||||||||
| Weighted-average number of shares outstanding used in computing net loss per share—basic and diluted | 17,100,457 | 14,995,404 | 16,464,841 | 14,560,900 | ||||||||||||
__________________________________
1 Peery AF, et al. Burden and cost of gastrointestinal, liver, and pancreatic diseases in the United States. Gastroenterology. 2022;162(2):621-644.
2 Saint-Martin Willer A, Ruffenach G, Masson B, et al. Combination of Orai1 inhibitor CM5480 with specific therapy mitigates pulmonary hypertension and its cardiac dysfunction. JCI Insight. 2025. doi:10.1172/jci.insight.191780.
3 Bartoli F, Bailey MA, Rode B, et al. Orai1 channel inhibition preserves left ventricular systolic function and normal Ca2+ handling after pressure overload. Circulation. 2020;141(3):199-216.
4 Peery AF, et al. Burden and cost of gastrointestinal, liver, and pancreatic diseases in the United States. Gastroenterology. 2022;162(2):621-644.
