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A much smaller, early-stage version of Moderna, but focused on developing drugs for acute inflammatory diseases rather than vaccines.

A specialized drug developer, similar to an early Vertex Pharmaceuticals focusing on its niche, but targeting acute inflammatory diseases instead of cystic fibrosis.

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• Auxora (CM4620-IE): Auxora is a small molecule drug designed to inhibit calcium release-activated calcium (CRAC) channels, primarily in development for the treatment of acute pancreatitis.

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CalciMedica (symbol: CALC) was a clinical-stage biopharmaceutical company focused on developing novel therapies for inflammatory diseases. It ceased to be an independent publicly traded company in December 2023 when it completed a merger with ImmunoGenics, Inc. The combined company, ImmunoGen, Inc., was subsequently acquired by AbbVie (NYSE: ABBV).

As a clinical-stage company primarily engaged in research and development, CalciMedica did not have major customers in the traditional sense of selling commercial products or services to other companies or to individuals. Its activities involved developing drug candidates through various stages of clinical trials.

For companies in this stage of development, major sources of revenue typically come from investor funding (e.g., public offerings) and potentially from strategic partnerships. Had CalciMedica's drug candidates progressed to market, its primary "customers" for product commercialization would have been:

• Strategic Licensing or Commercialization Partners: Larger pharmaceutical or biotechnology companies that would license CalciMedica's drug candidates for further development, manufacturing, and global commercialization upon regulatory approval. These partners would typically handle the distribution and sales of the approved product to hospitals, pharmacies, or directly to healthcare providers. However, CalciMedica had not announced such commercialization partnerships for its drug candidates prior to its merger.

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A. Rachel Leheny, Ph.D. Chief Executive Officer

Dr. Leheny has over 30 years of experience in the life sciences industry, serving as a scientist, venture capital investor, and investment banking research analyst. She is a Founding Managing Director for Valence Advantage Life Sciences, a venture firm based in New York. Prior to Valence, she co-founded Caxton Advantage Venture Partners, from which Valence Life Sciences emerged. Her investment banking career included leading biotechnology research teams at Lehman Brothers and UBS Warburg.

Stephen Bardin, MBA Chief Financial Officer

Mr. Bardin brings extensive expertise in capital raising, corporate development, and strategic finance. He most recently served as CFO of atai Life Sciences, where he was instrumental in investor relations, business development, capital allocation, and financial operations. Before atai, he spent nearly three years at BridgeBio Pharma, Inc., overseeing finance initiatives and helping to raise over $2 billion through various financing transactions. His background also includes finance, operations, and corporate development roles at Myovant Sciences, previously a subsidiary of Roivant.

Michael J. Dunn, MBA President & Chief Operating Officer

Mr. Dunn has 30 years of experience in the pharmaceutical and biotechnology industries. Before joining CalciMedica, he was Senior Vice President, Corporate Development at Biocept, Inc. He previously served as Vice President and Chief Business Officer of Monogram Biosciences, which was acquired by LabCorp in 2009. Mr. Dunn also held roles at ACLARA Biosciences (which merged with ViroLogic, Inc. to become Monogram Biosciences), ActivX Biosciences, Aurora Biosciences (acquired by Vertex Pharmaceuticals), and SIBIA Neurosciences (acquired by Merck).

Eric W. Roberts Chief Business Officer and Vice Chairman of the Board

Mr. Roberts has 30 years of experience in the finance, investment, and life sciences industry, having completed numerous financings and merger transactions. He is currently Vice Chairman of the Board of CalciMedica Inc. Mr. Roberts co-founded the investment firm Valence Life Sciences in 2012 and prior to that, managed the Caxton Advantage Life Sciences Fund, which he co-founded in 2005. He also held positions as Managing Director and Co-Head of the Global Healthcare Investment Banking Group at Lehman Brothers and was a Managing Director, Partner, and founder of the Life Sciences Department at Dillon, Read & Co. Inc. He has served on the boards of a number of public and private life science companies.

Kenneth A. Stauderman, Ph.D. Chief Scientific Officer

Dr. Stauderman is a co-founder of CalciMedica and a leading expert in CRAC channels, with over 30 years of experience in drug discovery and development. He led the discovery of foundational work in this field. Prior to co-founding CalciMedica in 2007, Dr. Stauderman was Executive Director of Biology and Lead Discovery at TorreyPines Therapeutics (which began as Neurogenetics, Inc.), where he directed successful drug discovery programs. His previous experience also includes Director of Molecular and Cell Biology at SIBIA Neurosciences, Inc. (which later became Merck Research Laboratories), and Senior Scientist at Marion Merrell Dow Pharmaceuticals (now Sanofi-Aventis).

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The key risks to CalciMedica (CALC) are primarily associated with its status as a clinical-stage biopharmaceutical company with no approved products.

1. Clinical Trial Failure: CalciMedica's valuation and future prospects are highly dependent on the successful outcomes of its clinical trials for Auxora, its lead drug candidate. Failure or significant delays in studies such as the CARPO Phase IIb trial for acute pancreatitis or the KOURAGE Phase II trial in acute kidney injury could severely impair the company's valuation and ability to secure further funding or partnerships. As a clinical-stage biotech, the company's value hinges on these binary clinical outcomes.
2. Ongoing Cash Burn and Need for Additional Funding/Potential Dilution: As a pre-revenue company, CalciMedica experiences an ongoing operating cash burn, with reported R&D and G&A expenses leading to over $21 million in operating cash burn annually in 2024. While current cash and debt financing are expected to support operations into mid-2026, additional capital raises will likely be necessary before any drug approval. Such fundraising efforts could dilute existing shareholders and negatively impact the share price.
3. Nasdaq Delisting Risk: CalciMedica has faced a Form 25 delisting notification process, which introduces uncertainty regarding its continued listing on Nasdaq. A delisting could reduce the liquidity of its shares and limit access for institutional investors, further impacting its financial stability and investor confidence.

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CalciMedica (CALC) is a clinical-stage biopharmaceutical company focused on developing Auxora™, its lead product candidate, a proprietary, intravenous-formulated CRAC channel inhibitor. Auxora is currently in clinical trials for several life-threatening inflammatory and immunologic diseases for which there are currently no approved therapies.

The addressable markets for the main diseases Auxora aims to treat are:

Acute Pancreatitis (AP) with Systemic Inflammatory Response Syndrome (SIRS)

• Global Market Size: The global acute pancreatitis market size was estimated at approximately USD 3.07 billion in 2024 and is projected to reach USD 5.77 billion by 2035, exhibiting a Compound Annual Growth Rate (CAGR) of 5.9% from 2025 to 2035. Another estimate indicates the global market could reach USD 5.6 billion by 2033 with a CAGR of 5.6%.
• North America Market Size: North America held the largest revenue share of 41.3% of the global acute pancreatitis market in 2024. This translates to approximately USD 1.26 billion in North America in 2024. The North America acute pancreatitis market was valued at US$ 3,209.63 million in 2022 and is expected to reach US$ 5,000.71 million by 2030, growing at a CAGR of 5.7% from 2022 to 2030.
• U.S. Patient Population: There are an estimated 300,000 U.S. patients hospitalized for acute pancreatitis annually, with approximately 100,000 having accompanying SIRS.

Acute Kidney Injury (AKI) with Respiratory Failure

• Global Market Size: The global acute kidney injury treatment market was valued at approximately USD 3.6 billion in 2024 and is projected to reach US$ 8.2 billion by 2035, registering a CAGR of 7.8% from 2025 to 2035. Another source indicates the global acute kidney injury market size was USD 5,766.5 million in 2023 and is expected to reach USD 9,904.0 million by 2034, with a CAGR of 5.04% during 2024-2034.
• U.S. Market/Patient Population: The United States has the largest patient pool for acute kidney injury and also represents the largest market for its treatment. Inpatient AKI affects an estimated 498,000 patients in the United States, with an annual cost ranging from US$ 4.7 billion to US$ 24.0 billion. Approximately 3.7 million patients are hospitalized with AKI in the United States each year. Of these, about 1.1 million advance to Stage 2 and Stage 3 AKI, with over half having associated acute hypoxemic respiratory failure (AHRF).

CalciMedica also has programs for Asparaginase-Induced Pancreatic Toxicity (AIPT) in pediatric patients and previously completed a Phase 2 trial for severe COVID-19 pneumonia. However, specific monetary market sizes for these indications directly attributable to CalciMedica's potential products were not identified in the provided information.

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1. Advancement and Potential Commercialization of Auxora for Acute Pancreatitis (AP) with Systemic Inflammatory Response Syndrome (SIRS): CalciMedica plans to engage with the FDA in an end-of-Phase 2 meeting around mid-2025 and aims to initiate a pivotal (Phase 3) trial for Auxora in AP with SIRS by approximately the end of 2025, subject to additional funding. Successful progression through clinical trials, regulatory approval, and subsequent market launch would represent a significant new revenue stream.
2. Advancement and Potential Commercialization of Auxora for Acute Kidney Injury (AKI) with Acute Hypoxemic Respiratory Failure (AHRF): The company is currently enrolling patients in its Phase 2 KOURAGE trial for Auxora in AKI with respiratory failure, with data expected in early 2026. Positive results from this trial could lead to further clinical development and eventual commercialization, opening another substantial market for Auxora.
3. Advancement and Potential Commercialization of Auxora for Asparaginase-Induced Pancreatic Toxicity (AIPT) in Pediatric Patients: CalciMedica is conducting an ongoing Phase 1/2 trial for Auxora in pediatric patients with AIPT. Successful development and regulatory approval in this specific pediatric indication would broaden the addressable patient population for Auxora and contribute to future revenue.
4. Strategic Partnerships and Collaborations: CalciMedica is actively exploring potential partnerships and collaborations to support the development and commercialization of its product candidates. Such agreements could generate upfront payments, milestone payments, and/or royalty revenues, providing non-dilutive funding and potentially accelerating market access for Auxora.

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Share Issuance

• On November 6, 2025, CalciMedica increased the maximum aggregate offering price of shares of common stock issuable under its at-the-market offering agreement from $4.45 million to $9.7 million.
• In October 2024, CalciMedica announced a public offering of 2,720,000 shares of common stock at $3.75 per share, with expected gross proceeds of $10.2 million.
• In January 2024, the company completed a private placement for up to approximately $54 million in gross proceeds, including an initial upfront funding of $20.4 million.

Inbound Investments

• On March 5, 2025, CalciMedica entered into a credit facility with Avenue Venture Opportunities Fund II, L.P., providing up to $32.5 million. The initial tranche of $10 million was fully funded at close.
• A private placement in January 2024 provided an upfront investment of $20.4 million, with a potential for an additional $33.1 million upon the exercise of accompanying warrants.

Capital Expenditures

• In the last 12 months, capital expenditures were reported at -$22,000.
• Research and development expenses, focused on clinical trial activities such as the Phase 2 KOURAGE trial, were $4.2 million for the first quarter of 2025.
• Research and development expenses were $4.1 million for the second quarter of 2025.