CalciMedica Reports Third Quarter 2026 Financial Results and Provides Clinical & Corporate Updates
The planned acute pancreatitis trial requires additional financing, despite an expected cash runway into the second half of 2027.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
CalciMedica (Nasdaq: CALC) reported a third-quarter 2026 net loss of $1.674 million and outlined planned clinical milestones for pulmonary hypertension. Loss per share was $0.24, versus $2.59 a year earlier; net loss narrowed from $7.804 million. Other income totaled $3.077 million, including a $3.3 million financial-instrument fair-value gain.
Cash, cash equivalents and short-term investments totaled $13.8 million at September 30. The company expects funding to last into the second half of 2027, with Auxora Phase 1b pulmonary hypertension data and a CM5480 investigational new drug application anticipated in mid-2027. FDA aligned with the planned Auxora Phase 2b acute pancreatitis trial design; initiation requires additional financing. A 1-for-5 reverse split, with split-adjusted trading beginning August 31, 2026, restored minimum-bid-price compliance.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointThird-quarter net loss narrowed to $1.674 million, or $0.24 per share, from $7.804 million, or $2.59.
- Moderate pointThird-quarter R&D expense fell to $2.319 million from $3.851 million a year earlier.
- Moderate point. Forward-looking: it has not happened yet and may not happen.$13.8 million in cash and investments is expected to fund the current operating plan into second-half 2027.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Auxora Phase 1b pulmonary hypertension trial planned, with data anticipated in mid-2027 and details expected by year-end.
- Moderate pointFDA aligned with Auxora’s Phase 2b acute pancreatitis trial design following a Type C Focused Meeting.
- Moderate pointTotal liabilities fell to $10.067 million at September 30, 2026, from $20.232 million at December 31, 2025.
- Moderate pointStockholders’ equity reached $4.227 million, versus a $6.641 million deficit at December 31, 2025.
7 minor points
- Minor pointNine-month net loss narrowed to $4.350 million, or $0.96 per share, from $18.802 million, or $6.61.
- Minor pointNine-month R&D expense fell to $7.906 million from $12.127 million a year earlier.
- Minor pointNine-month administrative expense fell to $6.468 million from $6.609 million a year earlier.
- Minor pointThird-quarter other income reached $3.077 million, versus $2.186 million in other expense a year earlier.
- Minor pointNine-month other income reached $10.024 million, versus $0.066 million in other expense a year earlier.
- Minor point. Forward-looking: it has not happened yet and may not happen.CM5480 preclinical studies are ongoing; an investigational new drug application is anticipated in mid-2027.
- Minor pointMinimum-bid-price compliance restored following the reverse split.
Negative
- Moderate point. Forward-looking: it has not happened yet and may not happen.Acute pancreatitis Phase 2b trial initiation is subject to additional financing.
- Minor pointThird-quarter administrative expense rose to $2.432 million from $1.767 million a year earlier.
- Minor pointThird-quarter interest expense increased to $0.357 million from $0.326 million a year earlier.
- Minor pointThird-quarter interest income declined to $0.134 million from $0.140 million a year earlier.
- Minor pointNine-month interest income declined to $0.294 million from $0.562 million a year earlier.
2 minor points
- Minor pointNine-month other income declined to $0.231 million from $0.269 million, excluding interest and fair-value changes.
- Minor point1-for-5 reverse split addressed the listing requirement, reducing outstanding shares from approximately 34.5 million to approximately 6.9 million.
Key Figures
- Cash and investments
- $13.8 million
- As of September 30, 2026
- Cash runway
- Into the second half of 2027
- Current operating plan
- Auxora PH trial data
- Anticipated in mid-2027
- Phase 1b proof-of-concept trial
- CM5480 IND submission
- Anticipated in mid-2027
- Pulmonary hypertension program
- Noncash gain
- $3.1 million
- Included in Q3 2026 other income/expense
- Net loss
- $1.7 million
- Three months ended September 30, 2026
- Net loss per share
- $0.24 per basic and diluted share
- Three months ended September 30, 2026
- Net loss
- $4.4 million
- Nine months ended September 30, 2026
Previous Earnings Reports
-
Reported $18.6 million in cash and runway into the second half of 2027.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
pharmacokinetics medical
lactate dehydrogenase medical
primary endpoint medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Auxora Phase 1b proof-of-concept data in pulmonary hypertension (PH) and CM5480 IND submission both anticipated in mid-2027
Cash, cash equivalents and short-term investments of
LA JOLLA, Calif., Nov. 10, 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 third quarter ended September 30, 2026, and provided clinical and corporate updates.
“We continue to advance our pulmonary hypertension strategy, with data from the Auxora Phase 1b proof-of-concept trial in PH and the CM5480 IND submission both anticipated in mid-2027,” 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 cause of mortality and not directly targeted by existing therapies. In acute pancreatitis, FDA alignment on a trial with a patient enrichment strategy and endpoints provides a clear framework for the next stage of development in a disease with no approved therapies. We expect multiple meaningful catalysts over the next 12 months.”
Recent Program Highlights:
Pulmonary Hypertension (PH) Program Update
- Auxora Phase 1b proof-of-concept trial in PH planned: CalciMedica plans to evaluate Auxora in a Phase 1b trial in patients with pulmonary hypertension to generate initial clinical evidence regarding the effects of CRAC channel inhibition on cardiac and pulmonary function. Details on this trial and the target patient population are expected by year-end with data 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 continue to 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 next steps in the registration path for Auxora in AP: In July, following a Type C Focused Meeting, CalciMedica announced that FDA aligned with the Company's Phase 2b trial design for Auxora in AP. The Phase 2b trial will test if enrollment based on elevated lactate dehydrogenase (LDH) levels successfully selects for more severe patient outcomes assessed using severe respiratory failure as the primary endpoint. AP is a serious inflammatory disease with no FDA-approved therapies and approximately 300,000 hospitalizations annually in the U.S.1
Corporate Update
- One-for-five reverse stock split: In August, CalciMedica announced a 1-for-5 reverse stock split, with split-adjusted trading on the Nasdaq Capital Market beginning August 31, 2026, under the symbol “CALC.” The split reduced issued and outstanding shares from approximately 34.5 million to approximately 6.9 million and has brought CalciMedica into compliance with the minimum bid price requirement for continued listing.
Financial Results for the Third Quarter Ended September 30, 2026:
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/Expense: Total other income 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 PH and is intended to generate initial clinical evidence supporting CRAC channel inhibition in this indication. 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 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 combined pre- and post-capillary pulmonary hypertension associated with heart failure with preserved ejection fraction, 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 hypertension and acute pancreatitis, including a planned Phase 1b proof-of-concept trial in PH 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 other product candidates including 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 PH, including the anticipated timing of data from that trial, the anticipated timing of disclosure of trial details and the target patient population, and the expected use of findings from that trial to inform the continued development of CM5480; 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; CalciMedica’s expected cash runway into the second half of 2027; the anticipated effects of the reverse stock split and CalciMedica’s ability to maintain compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market; 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 the 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; there can be no assurance that CalciMedica will maintain compliance with Nasdaq listing requirements; 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 September 30, 2026, to be filed with the SEC on November 10, 2026, 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) | ||||||||
| September 30, 2026 | December 31, 2025 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 4,574 | $ | 11,520 | ||||
| Short-term investments | 9,194 | 1,496 | ||||||
| Prepaid clinical trial expenses | 18 | 201 | ||||||
| Other prepaid expenses and current assets | 432 | 259 | ||||||
| Assets held for sale | — | 54 | ||||||
| Total current assets | 14,218 | 13,530 | ||||||
| Property and equipment, net | 72 | 50 | ||||||
| Other assets | 4 | 11 | ||||||
| Total assets | $ | 14,294 | $ | 13,591 | ||||
| Liabilities and Stockholders’ Equity (Deficit) | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 1,020 | $ | 1,161 | ||||
| Accrued clinical trial costs | 226 | 1,081 | ||||||
| Accrued expenses | 1,621 | 290 | ||||||
| Current portion, promissory note | — | 1,250 | ||||||
| Total current liabilities | 2,867 | 3,782 | ||||||
| Long-term liabilities | ||||||||
| Promissory note | 6,900 | 8,450 | ||||||
| Warrant liability | 300 | 8,000 | ||||||
| Total liabilities | 10,067 | 20,232 | ||||||
| Commitments and contingencies (Note 8) | ||||||||
| Stockholders’ equity (deficit) | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 1 | — | ||||||
| Additional paid-in capital | 197,909 | 182,685 | ||||||
| Accumulated deficit | (193,676 | ) | (189,326 | ) | ||||
| Accumulated other comprehensive loss | (7 | ) | — | |||||
| Total stockholders’ equity (deficit) | 4,227 | (6,641 | ) | |||||
| Total liabilities and stockholders’ equity (deficit) | $ | 14,294 | $ | 13,591 | ||||
| CALCIMEDICA, INC. Condensed Consolidated Statements of Operations (in thousands, except share and per share amounts) (Unaudited) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 2,319 | $ | 3,851 | $ | 7,906 | $ | 12,127 | ||||||||
| General and administrative | 2,432 | 1,767 | 6,468 | 6,609 | ||||||||||||
| Total operating expenses | 4,751 | 5,618 | 14,374 | 18,736 | ||||||||||||
| Loss from operations | (4,751 | ) | (5,618 | ) | (14,374 | ) | (18,736 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Change in fair value of financial instruments | 3,300 | (2,000 | ) | 10,500 | 200 | |||||||||||
| Interest expense | (357 | ) | (326 | ) | (1,001 | ) | (1,097 | ) | ||||||||
| Interest income | 134 | 140 | 294 | 562 | ||||||||||||
| Other income | — | — | 231 | 269 | ||||||||||||
| Total other income (expense) | 3,077 | (2,186 | ) | 10,024 | (66 | ) | ||||||||||
| Net loss | $ | (1,674 | ) | $ | (7,804 | ) | $ | (4,350 | ) | $ | (18,802 | ) | ||||
| Net loss per share - basic and diluted | $ | (0.24 | ) | $ | (2.59 | ) | $ | (0.96 | ) | $ | (6.61 | ) | ||||
| Weighted-average number of shares outstanding used in computing net loss per share—basic and diluted | 6,909,889 | 3,015,286 | 4,511,862 | 2,845,932 | ||||||||||||
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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.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were CalciMedica’s third-quarter 2026 financial results?
CalciMedica reported a $1.674 million net loss, or $0.24 per basic and diluted share, compared with $7.804 million, or $2.59 per share, a year earlier. Third-quarter research and development expense was $2.319 million, while general and administrative expense was $2.432 million.
When does CalciMedica expect its next pulmonary hypertension milestones?
CalciMedica anticipates Auxora Phase 1b pulmonary hypertension data and a CM5480 investigational new drug application in mid-2027. Details of the planned Auxora trial and its target patient population are expected by year-end.
What will CalciMedica’s planned Auxora acute pancreatitis trial measure?
The planned Phase 2b trial will evaluate new-onset severe respiratory failure as its primary endpoint. Secondary endpoints include multi-organ failure and time to medically indicated discharge. The trial will assess whether elevated lactate dehydrogenase, a blood marker, can identify patients at increased risk of severe disease.