CalciMedica, Inc.
CALC evidence brief
What we can confirm
- BioSniper Score:
- 6.4 / 10
- Market Cap:
- $13.5M
What it means
What to watch
Prepared research question
What matters most for CALC—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · CALC
CalciMedica, Inc. is a biopharmaceutical company developing CRAC channel inhibitors for acute and chronic inflammatory, vascular, and fibrotic diseases, with lead candidate Auxora in Phase 2 trials and oral candidate CM5480 in preclinical development.
Key risk: Cash runway limited
BioSniper Score
Based on 2 of 6 signals
Limited data coverage
Market Cap
$13.5M
Cash Runway
—
Lead Asset
—
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 5 clinical trials for CalciMedica, Inc..
CalciMedica, Inc. is a biopharmaceutical company developing CRAC channel inhibitors for acute and chronic inflammatory, vascular, and fibrotic diseases, with lead candidate Auxora in Phase 2 trials and oral candidate CM5480 in preclinical development.
- Cash and cash equivalents of $18.6M as of 2026-06-30 [sec].
- Net loss of $7.7M for the six months ended 2026-06-30 [sec].
- Shareholders' equity of $5.5M as of 2026-06-30 [sec].
- Completed private placement financing of up to approximately $49 million to advance the pulmonary hypertension program [news · 2026-08-11].
- Expects FDA feedback on a potential pivotal program for Auxora in acute pancreatitis in Q3 2026 [sec · filed 2026-06-24].
What works
- Auxora has been evaluated in multiple Phase 2 clinical trials across acute and critical-care settings, including acute pancreatitis, severe COVID-19 pneumonia, and acute kidney injury [sec_mda · as of 2026-08-11].
- The company has secured up to ~$49 million in private placement financing to support pipeline advancement, including the pulmonary hypertension program [news · 2026-08-11].
- FDA has aligned that the primary endpoint for the Phase 2b trial in acute pancreatitis will measure reduction in new-onset severe respiratory failure [news · 2026-08-11].
What to weigh
- The company states there is 'substantial doubt about the Company's ability to continue as a going concern' and expects cash may only fund operations into the second half of 2027 [sec_mda · as of 2026-08-11].
- Net loss of $7.7M on $18.6M cash as of 2026-06-30 indicates a high cash burn rate relative to available resources [sec].
- All product candidates are in preclinical or Phase 2 stages, with no approved products or revenue from product sales [sec_mda · as of 2026-08-11].
From the filings
Quoted directly from source documents.
Cash runway concern
“Based on our current operating plans, we believe our cash and cash equivalents may not be sufficient to fund our operations for a period of one year following the issuance of the accompanying financial statements. Specifically, we expect that our cash and cash equivalents will allow us to fund our current operating plan into the second half of 2027. As a result, there is substantial doubt about the Company's ability to continue as a going concern.”
SEC MD&A · August 11, 2026
FDA feedback expected in Q3 2026 for Auxora pivotal program
“The Company expects feedback from the FDA on the design of a potential pivotal program evaluating Auxora in acute pancreatitis in the third quarter of 2026.”
SEC filings · June 24, 2026
Private placement of up to ~$49 million
“Completed private placement financing of up to approximately $49 million to advance pulmonary hypertension program”
News · August 11, 2026
Auxora Phase 2 trials in multiple acute settings
“Auxora has been evaluated in multiple Phase 2 clinical trials in acute and critical-care settings, including acute pancreatitis ("AP"), severe COVID-19 pneumonia, pediatric asparaginase-induced pancreatic toxicity, and acute kidney injury”
SEC MD&A · August 11, 2026
Catalyst timeline
- 2018-03-12 · Phase2_Start: An Open-Label, Dose-Response Study of CM4620 Injectable Emulsion (CM4620-IE) in Patients With Acute Pancreatitis and Accompanying Systemic Inflammatory Response Syndrome (SIRS) — Historical start of a Phase 2 trial for Auxora in acute pancreatitis.
- 2020-04-08 · Phase2_Start: Part 1: A Randomized Controlled Open-Label Study of CM4620 Injectable Emulsion (CM4620-IE) in Patients With Severe COVID-19 Pneumonia Part 2: A Randomized Double Blind, Placebo-Controlled Study of Auxora for the Treatment of Severe COVID-19 Pneumonia (CARDEA) — Historical start of Phase 2 trials for Auxora in severe COVID-19 pneumonia.
- 2021-03-24 · Phase2_Start: A Randomized, Double-Blind, Placebo Controlled Dose-Ranging Study of Auxora in Patients With Acute Pancreatitis and Accompanying Systemic Inflammatory Response Syndrome — Historical start of a dose-ranging Phase 2 study for Auxora in acute pancreatitis.
- 2022-04-08 · Trial_Readout: Auxora vs — Historical readout date for a trial comparing Auxora to a comparator.
Risks & what to watch (3)›
Key risks
- Cash runway limited — Cash may only fund operations into H2 2027; substantial doubt about going concern [sec_mda · as of 2026-08-11].
- No approved products — All candidates are preclinical or Phase 2; no revenue from product sales [sec_mda · as of 2026-08-11].
- Dependence on FDA feedback — Pivotal program design for Auxora depends on FDA feedback expected Q3 2026 [sec · filed 2026-06-24].
What to watch
- FDA feedback on the design of a potential pivotal program for Auxora in acute pancreatitis, expected in Q3 2026 [sec · filed 2026-06-24].
- Auxora Phase 1b proof-of-concept data in pulmonary arterial hypertension, anticipated in mid-2027 [news · 2026-08-11].
- IND submission for CM5480, anticipated in mid-2027 [news · 2026-08-11].
- Cash burn rate and whether additional financing is needed before H2 2027 [sec_mda · as of 2026-08-11].
Sources: Catalysts · News · SEC filings · SEC MD&A · Generated October 6, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 2 of 6 signals · derived from public data
Pipeline inputs are unavailable for this score. It uses only the available signals shown below.
Cash runway data unavailable
D/E 2.54 · 0% dilution
No tracked pipeline phase
No tracked pipeline candidates
No upcoming catalysts tracked
1 buy · 0 sells (180d)
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
27
Total value held
$517K
| Holder | Shares | Value |
|---|---|---|
| jane street group, llc | 178,515 | $96K |
| vanguard capital management llc | 169,110 | $91K |
| renaissance technologies llc | 128,075 | $69K |
| 180 wealth advisors, llc | 126,500 | $68K |
| geode capital management, llc | 123,382 | $67K |
| stonehage fleming financial services holdings ltd | 53,703 | $29K |
| vanguard fiduciary trust co | 45,829 | $25K |
| susquehanna international group, llp | 30,716 | $17K |
| state street corp | 17,073 | $9K |
| tritonpoint partners, llc | 15,119 | $8K |
Showing top 10 of 27 institutional holders of CalciMedica, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 3.5%
- Days to cover
- 0.9
- Shares short
- 167,953
- Daily short volume (May 21, 2026)
- 22.8%
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
CALC short interestGovernance
Frequently asked questions
What is the AI investment thesis for CalciMedica, Inc.?
CalciMedica, Inc. is a biopharmaceutical company developing CRAC channel inhibitors for acute and chronic inflammatory, vascular, and fibrotic diseases, with lead candidate Auxora in Phase 2 trials and oral candidate CM5480 in preclinical development.
Who is the CEO of CalciMedica, Inc.?
Dr. A. Rachel Leheny Ph.D. is the chief executive officer of CalciMedica, Inc. (CALC).
Where is CalciMedica, Inc. headquartered?
CalciMedica, Inc. (CALC) is headquartered in La Jolla, CA, United States.
What therapeutic areas does CalciMedica, Inc. focus on?
CalciMedica, Inc. develops therapies across Cardiovascular, Infectious Disease, Respiratory, Nephrology, Gastroenterology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.