1. The Regeneron of long-lasting eye disease treatments.

• 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.

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

1. 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.
2. 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.
3. 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.

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.

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.

Here are 3-5 expected drivers of future revenue growth for CalciMedica (CALC) over the next 2-3 years:

1. 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.
2. 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.
3. 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.
4. 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.

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.