CalciMedica (CALC) AI Stock Analysis

• Market Cap: $18.01M
• Dividend Yield: N/A
• Average Volume (3M): 71.94K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.23
• Revenue Growth: N/A
• EPS Growth: -2.46%
• Country: US
• Employees: 14
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.52
• Shares Outstanding: 14,409,431
• 10 Day Avg. Volume: 167,963
• 30 Day Avg. Volume: 71,939
• PEG Ratio: 0.03
• Price to Book (P/B): 2.76
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.88
• Enterprise Value/Market Cap: 0.91
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -1.17K
• Enterprise Value/Ebitda: -0.75
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 40 Underperform
• Price Target: $0.86 ▼(-16.18% Downside)

The score is held down primarily by weak financial performance (no revenue, ongoing losses, heavy cash burn, and a weakened balance sheet with negative equity and added debt) and very bearish technicals (price far below key moving averages with negative MACD). Corporate events add risk due to the halted Phase 2 trial, only partly mitigated by the extended cash runway and financing flexibility.

Positive Factors

Focused CRAC-channel pipeline

A clear scientific focus on calcineurin/CRAC biology gives CalciMedica a platform advantage across inflammatory and immune-mediated diseases. That focused mechanism can enable reuse of assets across indications, improve R&D efficiency, and sustain strategic clarity over multiple development cycles.

Extended cash runway into Q4 2026

Extending runway materially reduces immediate financing pressure and gives management time to analyze unblinded data, redesign programs, and pursue strategic options. A longer runway improves near-term operational optionality and lowers the urgency of dilutive financings over the next several quarters.

Access to equity financing via ATM

An enlarged at-the-market (ATM) program demonstrates market access and provides a standing mechanism to raise cash as needed. This structural financing flexibility can be a durable buffer for a pre-revenue biotech, allowing staged funding for trials without requiring a single large equity raise.

Negative Factors

Pre-revenue with sizable cash burn

Sustained negative operating and free cash flow (~-$21.3M TTM) means the business depends on external capital to continue development. Over multiple quarters this consumption erodes flexibility, increases dilution risk, and forces prioritization of programs, constraining long-term strategic optionality.

Weakened balance sheet; negative equity and new debt

Negative TTM equity plus new debt materially reduce financial resilience for a pre-revenue company. Added leverage creates fixed obligations and tightens covenant/financing terms, diminishing runway durability and raising the cost and difficulty of future fundraising if clinical progress stalls.

Phase 2 KOURAGE trial discontinued after safety review

Halting a Phase 2 study for safety/design concerns is a structural setback: it reduces near-term value of Auxora, increases regulatory and clinical uncertainty, and likely requires additional analyses or redesigned trials, lengthening timelines and raising development costs across the program.

CalciMedica Business Overview & Revenue Model

Company Description

CalciMedica, Inc., a clinical-stage biotechnology company, focuses on developing therapies for life-threatening inflammatory diseases with unmet needs. Its proprietary technology targets the inhibition of calcium release-activated (CRAC) channels designs to modulate the immune response and protect against tissue cell injury in life-threatening inflammatory diseases. Its lead product candidate is Auxora, a proprietary intravenous-formulated CRAC channel inhibitor for the treatment of acute pancreatitis, asparaginase-associated acute pancreatitis, and acute kidney injury. The company is based in La Jolla, California.

How the Company Makes Money

CalciMedica generates revenue primarily through the development and commercialization of its pharmaceutical products. The company may earn money through partnerships, collaborations, and licensing agreements with other pharmaceutical and biotechnology companies. These arrangements often involve upfront payments, milestone payments, and royalties on sales. Additionally, CalciMedica may receive funding from government grants or research institutions to support its clinical trials and drug development programs. The success of its lead product candidate, Auxora, in clinical trials and its eventual approval and commercialization would be a significant source of revenue for the company.

CalciMedica Financial Statement Overview

Summary

Pre-revenue with recurring operating losses and sizable cash burn (TTM operating/free cash flow about -$21.3M). Balance sheet flexibility has deteriorated with slightly negative TTM equity and new debt (~$8.9M), increasing financing risk despite 2024 loss improvement versus 2023.

Income Statement

CALC remains a pre-revenue biotechnology company (revenue is $0 in both annual periods and TTM (Trailing-Twelve-Months)), so results are dominated by operating losses. Losses have narrowed versus 2023 (annual net loss improved from about -$34.4M in 2023 to -$13.7M in 2024), but TTM (Trailing-Twelve-Months) net loss has expanded again to about -$23.1M, indicating elevated spending and a lack of near-term operating leverage. Profitability metrics are weak/volatile due to minimal revenue, and overall earnings quality is constrained by the ongoing loss profile.

Balance Sheet

The balance sheet has weakened materially in the latest period: stockholders’ equity is slightly negative in TTM (Trailing-Twelve-Months) (about -$0.3M) versus positive equity in 2024 (about $14.4M), reflecting accumulated losses and/or capital changes. Debt has increased to about $8.9M in TTM (Trailing-Twelve-Months) (from $0 in 2024), adding financial risk while the company is still loss-making. Total assets are modest (about $14.9M TTM (Trailing-Twelve-Months)), and returns on equity are negative across periods, underscoring limited balance-sheet flexibility until funding improves.

Cash Flow

Cash generation remains a clear pressure point: operating cash flow and free cash flow are consistently negative, with TTM (Trailing-Twelve-Months) operating cash flow around -$21.3M and free cash flow around -$21.3M, implying ongoing cash burn to fund operations. A positive free cash flow growth figure in TTM (Trailing-Twelve-Months) suggests the burn rate improved versus the prior comparable period, but absolute cash outflow remains large. Free cash flow roughly tracks net loss (near 1x), which is typical for R&D-heavy businesses without meaningful non-cash offsets, but it also highlights continued dependence on external financing.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-14.00K	0.00	0.00	0.00	-519.00K	-395.00K
EBITDA	-21.92M	-24.15M	-38.02M	-7.64M	-35.30M	-27.14M
Net Income	-23.06M	-13.70M	-34.36M	-7.82M	-35.82M	-27.53M
Balance Sheet
Total Assets	14.91M	19.79M	12.19M	3.35M	69.09M	101.79M
Cash, Cash Equivalents and Short-Term Investments	14.08M	18.67M	11.24M	1.33M	63.67M	95.03M
Total Debt	8.90M	0.00	0.00	5.36M	0.00	0.00
Total Liabilities	15.18M	5.38M	4.03M	12.58M	4.07M	7.01M
Stockholders Equity	-268.00K	14.41M	8.16M	-9.23M	65.02M	94.79M
Cash Flow
Free Cash Flow	-21.32M	-21.15M	-25.81M	-11.76M	-31.99M	-33.09M
Operating Cash Flow	-21.30M	-21.15M	-25.73M	-11.76M	-31.50M	-32.06M
Investing Cash Flow	-2.76M	-4.42M	8.88M	-4.00K	10.75M	-42.56M
Financing Cash Flow	20.38M	27.97M	20.90M	8.48M	695.00K	92.17M

CalciMedica Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.02
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CALC, the sentiment is Negative. The current price of 1.02 is below the 20-day moving average (MA) of 4.88, below the 50-day MA of 4.82, and below the 200-day MA of 3.10, indicating a bearish trend. The MACD of -0.80 indicates Positive momentum. The RSI at 18.94 is Positive, neither overbought nor oversold. The STOCH value of 4.61 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CALC.

CalciMedica Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
LTRN	50 Neutral	$35.45M	-1.77	-104.58%	―	―	1.18%
SKYE	48 Neutral	$32.38M	―	-94.31%	―	―	-53.18%
SNTI	48 Neutral	$27.08M	-0.31	-394.62%	―	―	78.60%
PDSB	47 Neutral	$49.71M	-1.07	-221.81%	―	―	29.95%
CALC	40 Underperform	$18.01M	-0.64	-526.36%	―	―	-2.46%

CalciMedica Corporate Events

CalciMedica Ends KOURAGE Trial, Extends Cash Runway

On January 28, 2026, CalciMedica announced it had discontinued its Phase 2 KOURAGE clinical trial, acting on a recommendation from the study’s Independent Data Monitoring Committee, marking a setback in the advancement of that particular drug candidate. As a result of terminating the trial and the associated reduction in planned operating expenses, the company updated its financial outlook, now expecting its existing cash, cash equivalents and short-term investments to fund its operating plan into the fourth quarter of 2026, extending its projected cash runway compared with prior guidance for the second half of 2026.

The most recent analyst rating on (CALC) stock is a Hold with a $5.00 price target. To see the full list of analyst forecasts on CalciMedica stock, see the CALC Stock Forecast page.

CalciMedica Halts Phase 2 KOURAGE Trial After Safety Review

On January 28, 2026, CalciMedica announced it had discontinued its Phase 2 KOURAGE clinical trial of Auxora in patients with Stage 2 or 3 acute kidney injury with associated acute hypoxemic respiratory failure, following a recommendation from the trial’s Independent Data Monitoring Committee after an interim review raised a safety concern related to study design and patient enrollment criteria. While no deaths were deemed related to Auxora or placebo and no serious adverse events required expedited reporting to the FDA, the company has halted the study, will conduct a comprehensive analysis of the unblinded data to understand the role of baseline characteristics and disease factors in patient outcomes, and has notified regulators while ensuring enrolled patients complete 90-day follow-up, even as it continues to position Auxora and its broader CRAC inhibitor portfolio for potential future trials and indications in high-need inflammatory conditions.

The most recent analyst rating on (CALC) stock is a Hold with a $5.00 price target. To see the full list of analyst forecasts on CalciMedica stock, see the CALC Stock Forecast page.

CalciMedica Boosts Stock Offering to $9.7 Million

On November 6, 2025, CalciMedica, Inc. announced an increase in the maximum aggregate offering price of its common stock from $4,450,000 to $9,700,000 under its at-the-market offering agreement with H.C. Wainwright & Co. This adjustment reflects the company’s strategic move to bolster its financial resources, potentially enhancing its market position and providing greater flexibility in pursuing its operational goals.

The most recent analyst rating on (CALC) stock is a Buy with a $16.00 price target. To see the full list of analyst forecasts on CalciMedica stock, see the CALC Stock Forecast page.