CalciMedica (CALC)
Market Price (10/22/2026): $1.3 | Market Cap: $4.4 MilSector: Health Care | Industry: Biotechnology
CalciMedica (CALC)
Market Price (10/22/2026): $1.3Market Cap: $4.4 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -239% Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies. | Weak multi-year price returns2Y Excs Rtn is -103%, 3Y Excs Rtn is -123% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -20 Mil Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -545% High stock price volatilityVol 12M is 228% Key risksCALC key risks include [1] the potential failure of pivotal clinical trials for its lead candidate, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -239% |
| Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies. |
| Weak multi-year price returns2Y Excs Rtn is -103%, 3Y Excs Rtn is -123% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -20 Mil |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -545% |
| High stock price volatilityVol 12M is 228% |
| Key risksCALC key risks include [1] the potential failure of pivotal clinical trials for its lead candidate, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 10/16/2026
CalciMedica (CALC) stock has gained about 10% since 6/30/2026 because of the following key factors:
1. Balancing Clinical Updates Provided a "Wait and See" Stance Among Investors.
In July 2026, the U.S. Food and Drug Administration (FDA) aligned with CalciMedica on the Phase 2b trial design for Auxora in acute pancreatitis, specifying new-onset severe respiratory failure as the primary endpoint, which provided a clear path forward for a key program. This positive clinical development was, however, balanced by the earlier pause and re-evaluation of the Phase 2 KOURAGE trial for acute kidney injury (AKI) in January 2026 due to a mortality imbalance, even though no drug-related toxicity was identified, and the FDA allowed development to proceed in June 2026. The mixed nature of these clinical updates likely contributed to a neutral investor sentiment.
2. Necessary but Dilutive Capital Actions Limited Upward Stock Movement.
To strengthen its financial position, CalciMedica announced a private placement financing in June 2026, securing up to approximately $49 million with $15 million in upfront gross proceeds, which was projected to extend its cash runway into the second half of fiscal year 2027. However, in August 2026, the company executed a one-for-five reverse stock split to regain compliance with Nasdaq's minimum bid price requirement. Additionally, in September 2026, CalciMedica established a $25 million At-The-Market (ATM) stock program. These actions, while crucial for the company's financial stability and listing status, collectively introduced significant dilution potential, curbing any substantial appreciation in the stock price.
Show more
CalciMedica (CALC) stock has gained about 10% since 6/30/2026 because of the following key factors:
1. Balancing Clinical Updates Provided a "Wait and See" Stance Among Investors.
In July 2026, the U.S. Food and Drug Administration (FDA) aligned with CalciMedica on the Phase 2b trial design for Auxora in acute pancreatitis, specifying new-onset severe respiratory failure as the primary endpoint, which provided a clear path forward for a key program. This positive clinical development was, however, balanced by the earlier pause and re-evaluation of the Phase 2 KOURAGE trial for acute kidney injury (AKI) in January 2026 due to a mortality imbalance, even though no drug-related toxicity was identified, and the FDA allowed development to proceed in June 2026. The mixed nature of these clinical updates likely contributed to a neutral investor sentiment.
2. Necessary but Dilutive Capital Actions Limited Upward Stock Movement.
To strengthen its financial position, CalciMedica announced a private placement financing in June 2026, securing up to approximately $49 million with $15 million in upfront gross proceeds, which was projected to extend its cash runway into the second half of fiscal year 2027. However, in August 2026, the company executed a one-for-five reverse stock split to regain compliance with Nasdaq's minimum bid price requirement. Additionally, in September 2026, CalciMedica established a $25 million At-The-Market (ATM) stock program. These actions, while crucial for the company's financial stability and listing status, collectively introduced significant dilution potential, curbing any substantial appreciation in the stock price.
Show more
Updated on 10/16/2026
CalciMedica (CALC) stock has gained about 10% since 6/30/2026 because of the following key factors:
1. Balancing Clinical Updates Provided a "Wait and See" Stance Among Investors.
In July 2026, the U.S. Food and Drug Administration (FDA) aligned with CalciMedica on the Phase 2b trial design for Auxora in acute pancreatitis, specifying new-onset severe respiratory failure as the primary endpoint, which provided a clear path forward for a key program. This positive clinical development was, however, balanced by the earlier pause and re-evaluation of the Phase 2 KOURAGE trial for acute kidney injury (AKI) in January 2026 due to a mortality imbalance, even though no drug-related toxicity was identified, and the FDA allowed development to proceed in June 2026. The mixed nature of these clinical updates likely contributed to a neutral investor sentiment.
2. Necessary but Dilutive Capital Actions Limited Upward Stock Movement.
To strengthen its financial position, CalciMedica announced a private placement financing in June 2026, securing up to approximately $49 million with $15 million in upfront gross proceeds, which was projected to extend its cash runway into the second half of fiscal year 2027. However, in August 2026, the company executed a one-for-five reverse stock split to regain compliance with Nasdaq's minimum bid price requirement. Additionally, in September 2026, CalciMedica established a $25 million At-The-Market (ATM) stock program. These actions, while crucial for the company's financial stability and listing status, collectively introduced significant dilution potential, curbing any substantial appreciation in the stock price.
3. Persistent Operating Losses and Distant Pipeline Catalysts Underscored Risk.
For the second fiscal quarter of 2026, which concluded on June 30, 2026, CalciMedica reported a net loss of $7.7 million, or $0.45 per basic and diluted share. As a clinical-stage biopharmaceutical company, CalciMedica continues to operate without generating revenue and relies on external financing to fund its research and development. Key future clinical catalysts, such as the Auxora Phase 1b proof-of-concept data in pulmonary arterial hypertension and the CM5480 Investigational New Drug (IND) submission, are not anticipated until mid-2027. This prolonged development timeline and continued operational losses likely reinforced a cautious investment outlook, leading to the stock remaining largely at the same level.
Show less
CalciMedica (CALC) stock has gained about 10% since 6/30/2026 because of the following key factors:
1. Balancing Clinical Updates Provided a "Wait and See" Stance Among Investors.
In July 2026, the U.S. Food and Drug Administration (FDA) aligned with CalciMedica on the Phase 2b trial design for Auxora in acute pancreatitis, specifying new-onset severe respiratory failure as the primary endpoint, which provided a clear path forward for a key program. This positive clinical development was, however, balanced by the earlier pause and re-evaluation of the Phase 2 KOURAGE trial for acute kidney injury (AKI) in January 2026 due to a mortality imbalance, even though no drug-related toxicity was identified, and the FDA allowed development to proceed in June 2026. The mixed nature of these clinical updates likely contributed to a neutral investor sentiment.
2. Necessary but Dilutive Capital Actions Limited Upward Stock Movement.
To strengthen its financial position, CalciMedica announced a private placement financing in June 2026, securing up to approximately $49 million with $15 million in upfront gross proceeds, which was projected to extend its cash runway into the second half of fiscal year 2027. However, in August 2026, the company executed a one-for-five reverse stock split to regain compliance with Nasdaq's minimum bid price requirement. Additionally, in September 2026, CalciMedica established a $25 million At-The-Market (ATM) stock program. These actions, while crucial for the company's financial stability and listing status, collectively introduced significant dilution potential, curbing any substantial appreciation in the stock price.
3. Persistent Operating Losses and Distant Pipeline Catalysts Underscored Risk.
For the second fiscal quarter of 2026, which concluded on June 30, 2026, CalciMedica reported a net loss of $7.7 million, or $0.45 per basic and diluted share. As a clinical-stage biopharmaceutical company, CalciMedica continues to operate without generating revenue and relies on external financing to fund its research and development. Key future clinical catalysts, such as the Auxora Phase 1b proof-of-concept data in pulmonary arterial hypertension and the CM5480 Investigational New Drug (IND) submission, are not anticipated until mid-2027. This prolonged development timeline and continued operational losses likely reinforced a cautious investment outlook, leading to the stock remaining largely at the same level.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 11.7% change in CALC stock from 6/30/2026 to 10/21/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302026 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.03 | 1.15 | 11.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 3 | 3 | -7.5% |
| Cumulative Contribution | 0.0% |
Market Drivers
6/30/2026 to 10/21/2026| Return | Correlation | |
|---|---|---|
| CALC | 11.7% | |
| Market (SPY) | 3.5% | -2.1% |
| Sector (XLV) | 12.8% | -6.1% |
Fundamental Drivers
The 113.0% change in CALC stock from 3/31/2026 to 10/21/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.54 | 1.15 | 113.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 3 | 3 | -7.4% |
| Cumulative Contribution | 0.0% |
Market Drivers
3/31/2026 to 10/21/2026| Return | Correlation | |
|---|---|---|
| CALC | 113.0% | |
| Market (SPY) | 19.2% | -3.6% |
| Sector (XLV) | 22.6% | 2.5% |
Fundamental Drivers
The -62.6% change in CALC stock from 9/30/2025 to 10/21/2026 was primarily driven by a -12.3% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 9302025 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.08 | 1.15 | -62.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 3 | 3 | -12.3% |
| Cumulative Contribution | 0.0% |
Market Drivers
9/30/2025 to 10/21/2026| Return | Correlation | |
|---|---|---|
| CALC | -62.6% | |
| Market (SPY) | 17.0% | 1.1% |
| Sector (XLV) | 30.2% | 3.6% |
Fundamental Drivers
The -56.8% change in CALC stock from 9/30/2023 to 10/21/2026 was primarily driven by a -66.9% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 9302023 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.66 | 1.15 | -56.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 1 | 3 | -66.9% |
| Cumulative Contribution | 0.0% |
Market Drivers
9/30/2023 to 10/21/2026| Return | Correlation | |
|---|---|---|
| CALC | -56.8% | |
| Market (SPY) | 87.1% | 1.0% |
| Sector (XLV) | 45.6% | 5.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CALC Return | - | - | -51% | 24% | 86% | -84% | -82% |
| Peers Return | -10% | -45% | -6% | 128% | 118% | 7% | 149% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| CALC Win Rate | - | - | 14% | 42% | 42% | 50% | |
| Peers Win Rate | 44% | 38% | 52% | 50% | 50% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CALC Max Drawdown | - | - | - | -64% | -60% | -92% | |
| Peers Max Drawdown | -69% | -68% | -67% | -44% | -58% | -44% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PRAX, EQ, KNSA, OMER, VERA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/21/2026 (YTD)
How Low Can It Go
| Event | CALC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -38.8% | -18.8% |
| % Gain to Breakeven | 63.5% | 23.1% |
| Time to Breakeven | 98 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -15.3% | -7.8% |
| % Gain to Breakeven | 18.0% | 8.5% |
| Time to Breakeven | 5 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -47.9% | -9.5% |
| % Gain to Breakeven | 92.0% | 10.5% |
| Time to Breakeven | 15 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -43.3% | -6.7% |
| % Gain to Breakeven | 76.4% | 7.1% |
| Time to Breakeven | 220 days | 31 days |
In The Past
CalciMedica's stock fell -38.8% during the 2025 US Tariff Shock. Such a loss loss requires a 63.5% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | CALC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -38.8% | -18.8% |
| % Gain to Breakeven | 63.5% | 23.1% |
| Time to Breakeven | 98 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -47.9% | -9.5% |
| % Gain to Breakeven | 92.0% | 10.5% |
| Time to Breakeven | 15 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -43.3% | -6.7% |
| % Gain to Breakeven | 76.4% | 7.1% |
| Time to Breakeven | 220 days | 31 days |
In The Past
CalciMedica's stock fell -38.8% during the 2025 US Tariff Shock. Such a loss loss requires a 63.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About CalciMedica (CALC)
CalciMedica, Inc. (CALC) is a clinical-stage biopharmaceutical company dedicated to developing novel medicines for serious eye diseases affecting the retina and optic nerve. Their core strategy revolves around creating long-acting drug formulations that can significantly reduce the treatment burden for patients, addressing conditions that currently require frequent injections.
The company's lead product candidate is GB-102, an intravitreal injection that delivers a microparticle depot of sunitinib. GB-102 is currently undergoing multiple clinical trials for major retinal conditions, including wet age-related macular degeneration (wet AMD) and diabetic macular edema (DME). CalciMedica is also developing GB-102 for diabetic retinopathy, aiming to provide a less frequent dosing option for these chronic and progressive diseases.
Beyond GB-102, CalciMedica is advancing GB-401, an intravitreally injected implant designed to treat primary open-angle glaucoma using a beta-adrenergic receptor inhibitor. Through these innovative product candidates, CalciMedica targets significant unmet needs in ophthalmology, striving to improve outcomes and quality of life for patients suffering from debilitating vision disorders.
AI Analysis | Feedback
1. The Regeneron of long-lasting eye disease treatments.
AI Analysis | Feedback
- GB-102: An intravitreal injection formulation of sunitinib being developed for wet age-related macular degeneration, diabetic macular edema, and diabetic retinopathy.
- GB-401: An intravitreally injected implant formulation of a beta-adrenergic receptor inhibitor designed to treat primary open-angle glaucoma.
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A. Rachel Leheny, Ph.D. Chief Executive Officer
Dr. Leheny has served as Chief Executive Officer since September 2019 (or since 2020) and brings over 30 years of experience in the life sciences industry. Her background includes roles as a scientist, venture capital investor, and investment banking research analyst.
Stephen Bardin, MBA Chief Financial Officer
Mr. Bardin was appointed Chief Financial Officer on November 7, 2024. He possesses extensive expertise in capital raising, corporate development, and strategic finance. Prior to joining CalciMedica, he served as CFO of atai Life Sciences, where he was integral to investor relations, business development, capital allocation, and financial operations. Before atai, Mr. Bardin spent nearly three years at BridgeBio Pharma, Inc., where he oversaw diverse finance activities and helped raise over $2 billion through various financing transactions. He also held roles in finance, operations, and corporate development at Myovant Sciences and began his career consulting for life sciences companies at the Boston Consulting Group.
Michael J. Dunn, MBA President and Chief Operating Officer
Eric W. Roberts Chief Business Officer
Mr. Roberts has 30 years of experience in the finance, investment, and life sciences industries, having completed numerous financings and merger transactions. He co-founded the investment firm Valence Life Sciences in 2012 and previously co-founded and managed the Caxton Advantage Life Sciences Fund starting in 2005. He has also served on the boards of several public and private life science companies.
Kenneth A. Stauderman, Ph.D. Chief Scientific Officer
AI Analysis | Feedback
The key risks to CalciMedica's business are:
- Clinical Trial and Regulatory Approval Risk: CalciMedica is a clinical-stage biopharmaceutical company, and its success is entirely dependent on the successful outcome of its ongoing and future clinical trials for product candidates like GB-102 and GB-401. There is significant risk that these candidates may fail to demonstrate efficacy, safety, or achieve desired endpoints in their respective clinical phases (Phase I/IIa, IIb), or may not receive regulatory approval from health authorities, even if clinical data is positive. Failure at any stage of development would significantly impair the company's ability to generate revenue and sustain operations.
- Product Development and Commercialization Risk (Limited Pipeline): The company's future hinges heavily on the successful development, regulatory approval, and subsequent commercialization of a very limited number of product candidates, primarily GB-102. If GB-102 fails in clinical trials, or if it encounters significant challenges in securing market adoption, pricing, or competition upon potential approval, CalciMedica has limited other late-stage candidates to rely upon, with GB-401 being in an earlier stage of development. This concentration of risk on a few assets makes the company vulnerable to setbacks with any of its lead programs.
- Funding and Financing Risk: As a clinical-stage company without revenue from commercialized products, CalciMedica relies on external funding to finance its extensive and costly research and development activities, particularly clinical trials. There is a risk that the company may not be able to raise sufficient additional capital on favorable terms, or at all, in the future. A lack of adequate funding could force delays, reductions, or even termination of its development programs, ultimately impacting its ability to bring products to market.
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The emergence and advancement of gene therapies for retinal and optic nerve diseases pose a clear emerging threat. These therapies aim to provide single-administration, durable treatments by introducing genetic material to produce therapeutic proteins or correct genetic defects. If successful in common indications such as wet age-related macular degeneration, diabetic macular edema, or glaucoma, these one-time treatments could significantly disrupt the market for CalciMedica's lead product candidates like GB-102 and GB-401, which are long-acting formulations that still require repeated injections, by offering a superior convenience profile that potentially eliminates the need for recurrent administrations entirely.
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The addressable markets for CalciMedica's main products are as follows:
- Wet Age-Related Macular Degeneration (Wet AMD): The market size for Wet AMD in the top 7 markets (US, EU4, UK, and Japan) was valued at USD 9,528.8 million in 2024 and is projected to reach USD 18,317.5 million by 2035. In the United States alone, the Wet AMD market was approximately USD 2,599 million in 2023. Globally, the wet AMD market size was USD 9.4 billion in 2024. Another source indicates the global wet age-related macular degeneration market size was USD 10.6 billion in 2025 and is projected to reach USD 16.7 billion by 2032.
- Diabetic Macular Edema (DME): The global diabetic macular edema market size was estimated at USD 5.4 billion in 2023 and is expected to reach USD 7.5 billion by 2034. Another report valued the global DME market at USD 3.33 billion in 2024, projected to reach USD 4.34 billion by 2032. Across the top 7 markets (US, EU4, UK, and Japan), the DME market reached USD 5.6 billion in 2024 and is expected to reach USD 7.8 billion by 2035. The United States accounts for approximately 60% of the Diabetic Macular Edema market size in the 7MM in 2023.
- Diabetic Retinopathy (DR): The global diabetic retinopathy market size was estimated at USD 9.48 billion in 2024 and is expected to grow to approximately USD 18.93 billion by 2035. North America held the largest revenue share of 37.8% in the global diabetic retinopathy market in 2024. The U.S. diabetic retinopathy market was valued at USD 3.02 billion in 2024 and is expected to reach USD 4.92 billion by 2032.
- Primary Open-Angle Glaucoma (POAG): The open-angle glaucoma market across the top 7 markets (US, EU4, UK, and Japan) reached USD 6.0 billion in 2024 and is projected to reach USD 8.7 billion by 2035. The global glaucoma market size, which includes open-angle glaucoma as the dominant segment, was estimated at USD 8.03 billion in 2022 and is projected to reach USD 11.52 billion by 2030. The global glaucoma treatment market size was valued at USD 6.6 billion in 2024 and is expected to grow to USD 10.5 billion by 2034. The open-angle glaucoma segment of the global glaucoma treatment market was valued at USD 5.4 billion in 2024. North America accounted for the largest revenue share of 38.60% in the global glaucoma market in 2022. The U.S. glaucoma market size was approximately USD 2.45 billion in 2024 and is projected to reach around USD 3.96 billion by 2034.
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Here are 3-5 expected drivers of future revenue growth for CalciMedica (CALC) over the next 2-3 years:
- Advancement and Potential Commercialization of Auxora for Acute Pancreatitis (AP): CalciMedica is actively progressing Auxora, its lead CRAC channel inhibitor, toward a pivotal program for acute pancreatitis (AP). The company anticipates finalizing the design of this pivotal program in the first half of 2026. Acute pancreatitis represents a significant unmet medical need, with approximately 300,000 hospitalizations annually in the U.S.. Successful completion of pivotal trials, regulatory approval, and subsequent commercialization would be a primary driver of future revenue.
- Potential Future Development of Auxora for Acute Kidney Injury (AKI): Although CalciMedica discontinued the Phase 2 KOURAGE trial for acute kidney injury (AKI) in January 2026 due to a mortality imbalance, internal and external reviews did not identify evidence of drug-related toxicity with Auxora. The company plans to engage in discussions with the FDA in the second quarter of 2026 regarding the KOURAGE data and potential future development pathways for Auxora in AKI. Refined trial designs and successful re-entry into clinical development for this indication could also contribute to future revenue.
- Advancement of CM5480 for Pulmonary Arterial Hypertension (PAH): CalciMedica is also developing CM5480, a second CRAC channel inhibitor, as a potential therapy for pulmonary arterial hypertension (PAH). Preclinical data supporting its potential has been published, and an Investigational New Drug (IND) submission for CM5480 is anticipated in 2027. Successful clinical development and eventual commercialization of CM5480 would establish a new revenue stream for the company.
- Strategic Partnerships and Licensing Agreements: As a clinical-stage biopharmaceutical company, CalciMedica may pursue strategic partnerships or licensing agreements for its pipeline candidates, Auxora and CM5480. Such collaborations could provide upfront payments, milestone payments, and royalties, contributing to revenue growth and supporting the continued development and commercialization of its therapies.
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Share Issuance
- Issued and outstanding common stock increased from 13,481,917 shares at December 31, 2024, to 15,437,410 shares at December 31, 2025.
- In late 2022, a private placement involved investors agreeing to purchase an aggregate of $10.3 million of CalciMedica common stock.
- On March 3, 2026, CalciMedica filed a shelf registration to offer up to $125 million in various securities, including common stock, for general corporate purposes.
Inbound Investments
- CalciMedica held cash, cash equivalents, and short-term investments of $13.0 million as of December 31, 2025.
- The company's cash position, including cash, cash equivalents, and short-term investments, was $24.6 million as of March 31, 2025.
- As of June 30, 2025, cash, cash equivalents, and short-term investments totaled $18.0 million.
Capital Expenditures
- CalciMedica invested $6K in capital expenditures in Q4 2025.
Peer Outperformance in Biotechnology
nullShare of Biotechnology constituents that CALC has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
25%
of 452 industry peers · -63.3% return
3Y
45%
of 398 industry peers · -38.5% return
5Y
—
insufficient peer history
null
Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is CALC's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 16.9% | 54.7% | 100.0% | CAH 481% · MCK 402% · COR 192% |
| Health Care Services | 20 | 15.9% | 40.3% | 9.3% | HIMS 245% · RDNT 125% · DGX 81% |
| Health Care Facilities | 24 | 7.1% | 15.7% | 4.4% | THC 282% · NHC 281% · ENSG 138% |
| Managed Health Care | 8 | 36.1% | -0.9% | 2.5% | OSCR 99% · HQY 49% · ELV 9% |
| Health Care Equipment | 50 | -5.8% | 3.4% | -12.7% | UFPT 364% · GKOS 286% · TMDX 157% |
| Pharmaceuticals | 61 | -11.9% | 1.9% | -34.2% | LQDA 945% · KNSA 627% · CORT 518% |
| Health Care Supplies | 11 | 15.5% | -6.5% | -40.2% | LNTH 334% · HAE 63% · MMSI 29% |
| Life Sciences Tools & Services | 109 | -11.9% | -9.2% | -66.5% | NTRA 268% · MEDP 256% · IRTC 61% |
| Biotechnology ← | 364 | -24.5% | -24.7% | -80.9% | DNTH 1113% · ELVN 1062% · ADMA 810% |
| Health Care Technology | 22 | -28.0% | -64.5% | -82.8% | VEEV -1% · DOCS -51% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 23.68 |
| Mkt Cap | 1.7 |
| Rev LTM | 0 |
| Op Inc LTM | -46 |
| FCF LTM | -44 |
| FCF 3Y Avg | -67 |
| CFO LTM | -44 |
| CFO 3Y Avg | -67 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -100.0% |
| Rev Chg 3Y Avg | 45.2% |
| Rev Chg Q | 55.4% |
| QoQ Delta Rev Chg LTM | 149.9% |
| Op Inc Chg LTM | 13.7% |
| Op Inc Chg 3Y Avg | -2.0% |
| Op Mgn LTM | -88.8% |
| Op Mgn 3Y Avg | 1.6% |
| QoQ Delta Op Mgn LTM | 436.9% |
| CFO/Rev LTM | -78.4% |
| CFO/Rev 3Y Avg | 14.5% |
| FCF/Rev LTM | -78.5% |
| FCF/Rev 3Y Avg | 14.4% |
Price Behavior
Price Behavior
| Market Price | $1.15 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 09/25/2020 | |
| Distance from 52W High | -82.9% | |
| 50 Days | 200 Days | |
| DMA Price | $1.43 | $1.25 |
| DMA Trend | up | down |
| Distance from DMA | -19.8% | -8.1% |
| 3M | 1YR | |
| Volatility | 370.8% | 227.6% |
| Downside Capture | -308.93 | 196.95 |
| Upside Capture | -71.18 | 32.01 |
| Correlation (S&P 500) | -5.0% | 0.6% |
CALC Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -4.05 | -2.89 | -1.11 | -0.96 | 0.09 | 0.08 |
| Up Beta | -4.36 | -0.90 | -0.03 | 0.92 | 2.49 | -0.09 |
| Down Beta | 28.19 | 13.73 | 6.28 | -2.91 | -2.10 | 0.22 |
| Up Capture | -7% | -3% | 3% | 136% | 48% | 10% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 8 | 8 | 13 | 44 | 104 | 337 |
| Down Capture | -1842% | -1221% | -375% | -250% | 134% | 86% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 13 | 13 | 20 | 51 | 117 | 366 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CALC | |
|---|---|---|---|---|
| CALC | -87.3% | 145.3% | -0.64 | - |
| Sector ETF (XLV) | 25.3% | 16.2% | 1.19 | 10.0% |
| Equity (SPY) | 16.2% | 12.7% | 0.90 | 5.2% |
| Gold (GLD) | -6.0% | 29.0% | -0.22 | 2.9% |
| Commodities (DBC) | 50.2% | 20.7% | 1.85 | -8.7% |
| Real Estate (VNQ) | 3.1% | 13.8% | -0.03 | 9.4% |
| Bitcoin (BTCUSD) | -25.3% | 43.4% | -0.55 | 9.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CALC | |
|---|---|---|---|---|
| CALC | -41.3% | 114.0% | -0.10 | - |
| Sector ETF (XLV) | 9.0% | 15.3% | 0.39 | 8.4% |
| Equity (SPY) | 13.6% | 17.1% | 0.61 | 3.5% |
| Gold (GLD) | 17.7% | 18.9% | 0.76 | 3.0% |
| Commodities (DBC) | 9.5% | 19.5% | 0.37 | -4.5% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 10.0% |
| Bitcoin (BTCUSD) | 7.6% | 51.7% | 0.33 | 1.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CALC | |
|---|---|---|---|---|
| CALC | -23.4% | 114.0% | -0.10 | - |
| Sector ETF (XLV) | 11.6% | 16.7% | 0.57 | 8.4% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 3.5% |
| Gold (GLD) | 12.2% | 16.4% | 0.61 | 3.0% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | -4.5% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 10.0% |
| Bitcoin (BTCUSD) | 62.6% | 66.2% | 1.02 | 1.0% |
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Earnings Returns History
Updated 10/16/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/11/2026 | 0.0% | 0.0% | 202.6% |
| 5/12/2026 | 6.6% | 4.9% | 57.6% |
| 3/3/2026 | 14.4% | 44.2% | 6.5% |
| 11/12/2025 | 4.0% | -4.4% | 34.9% |
| 8/12/2025 | -10.1% | 6.6% | 26.4% |
| 5/14/2025 | -0.9% | -3.6% | -9.3% |
| 3/27/2025 | 4.0% | -7.0% | -24.6% |
| 11/13/2024 | -2.6% | -4.0% | -20.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 7 | 7 |
| # Negative | 7 | 7 | 7 |
| Median Positive | 6.6% | 4.9% | 30.1% |
| Median Negative | -2.6% | -4.0% | -8.8% |
| Max Positive | 14.4% | 44.2% | 202.6% |
| Max Negative | -12.7% | -10.3% | -24.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/11/2026 | 0.0% | 0.0% | 202.6% |
| 5/12/2026 | 6.6% | 4.9% | 57.6% |
| 3/3/2026 | 14.4% | 44.2% | 6.5% |
| 11/12/2025 | 4.0% | -4.4% | 34.9% |
| 8/12/2025 | -10.1% | 6.6% | 26.4% |
| 5/14/2025 | -0.9% | -3.6% | -9.3% |
| 3/27/2025 | 4.0% | -7.0% | -24.6% |
| 11/13/2024 | -2.6% | -4.0% | -20.1% |
| 8/12/2024 | -3.6% | -10.3% | -5.8% |
| 5/13/2024 | 6.7% | 3.8% | -2.7% |
| 3/28/2024 | -0.7% | 3.8% | 30.1% |
| 1/22/2024 | 7.1% | 16.5% | -8.8% |
| 11/9/2023 | -12.7% | -2.9% | 7.8% |
| 8/10/2023 | -0.4% | -0.6% | -2.0% |
| SUMMARY STATS | |||
| # Positive | 7 | 7 | 7 |
| # Negative | 7 | 7 | 7 |
| Median Positive | 6.6% | 4.9% | 30.1% |
| Median Negative | -2.6% | -4.0% | -8.8% |
| Max Positive | 14.4% | 44.2% | 202.6% |
| Max Negative | -12.7% | -10.3% | -24.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/11/2026 | 10-Q |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 03/03/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/27/2025 | 10-K |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 08/12/2024 | 10-Q |
| 03/31/2024 | 05/13/2024 | 10-Q |
| 12/31/2023 | 03/28/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-Q |
| 03/31/2023 | 05/12/2023 | 10-Q |
| 12/31/2022 | 03/09/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/11/2026 | 10-Q |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 03/03/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/27/2025 | 10-K |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 08/12/2024 | 10-Q |
| 03/31/2024 | 05/13/2024 | 10-Q |
| 12/31/2023 | 03/28/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-Q |
| 03/31/2023 | 05/12/2023 | 10-Q |
| 12/31/2022 | 03/09/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/12/2022 | 10-Q |
| 03/31/2022 | 05/12/2022 | 10-Q |
| 12/31/2021 | 03/11/2022 | 10-K |
| 09/30/2021 | 11/12/2021 | 10-Q |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 03/31/2021 | 05/14/2021 | 10-Q |
| 12/31/2020 | 03/05/2021 | 10-K |
| 09/30/2020 | 11/12/2020 | 10-Q |
| 06/30/2020 | 09/25/2020 | 424B4 |
Recent Forward Guidance
Updated 10/4/2026Latest: Q2 2026 Earnings Reported 8/11/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Cash Runway | Reported | |||||||
Prior: Q1 2026 Earnings Reported 5/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Cash Runway | Reported | Affirmed | Guidance: 2026 for Q4 2026 | |||||
Q4 2025 Earnings Reported 3/3/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Cash Runway | Reported | 2026 | ||||||
| 2027 IND Submission | Reported | 2027 | ||||||
Q3 2025 Earnings Reported 11/12/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 KOURAGE Trial Data Release | Reported | |||||||
| Q1 2026 Pivotal Trial Design Finalization | Reported | |||||||
| 2026 Cash Runway | Reported | |||||||
Insider Activity
Updated 10/5/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Middleton, Fred A | Sanderling Venture Partners VI Co-Investment Fund, L.P. | Buy | 6292026 | 0.80 | 248,972 | 199,999 | 854,126 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Middleton, Fred A | Sanderling Venture Partners VI Co-Investment Fund, L.P. | Buy | 6292026 | 0.80 | 248,972 | 199,999 | 854,126 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 10/21/2026