CalciMedica, Inc.
CALC evidence brief
What we can confirm
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 clinical-stage biopharmaceutical company developing Auxora, a drug candidate for acute kidney injury (AKI) and acute pancreatitis (AP), with a lead Phase 2 trial (KOURAGE) discontinued in January 2026 and a cash runway into the second half of 2027.
Key risk: Going concern uncertainty
BioSniper Score
Based on 5 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates · 5 clinical trials for CalciMedica, Inc..
CalciMedica, Inc. is a clinical-stage biopharmaceutical company developing Auxora, a drug candidate for acute kidney injury (AKI) and acute pancreatitis (AP), with a lead Phase 2 trial (KOURAGE) discontinued in January 2026 and a cash runway into the second half of 2027.
- Lead product candidate is Auxora, being developed for acute kidney injury (AKI) and acute pancreatitis (AP) [sec_mda · as of 2026-03-03].
- The Phase 2 KOURAGE trial in Stage 2/3 AKI with associated acute hypoxic respiratory failure was discontinued in January 2026 following an Independent Data Monitoring Committee recommendation [sec_mda · as of 2026-03-03].
- Cash and equivalents were $18.6M as of 2026-06-30 [sec].
- Net loss was $7.7M for the quarter ended 2026-06-30 [sec].
- Management expects cash to fund operations into the second half of 2027, but has expressed substantial doubt about the company's ability to continue as a going concern [sec_mda · as of 2026-08-11].
What works
- Auxora targets acute inflammatory conditions (AKI, AP) with a novel mechanism, potentially addressing high unmet medical need [sec_mda · as of 2026-03-03].
- The company has secured non-dilutive funding through a $10M loan from Avenue Venture Opportunities Fund in March 2025 [sec_mda · as of 2026-03-03].
- Cash runway into H2 2027 provides time to advance pipeline or secure partnerships [sec_mda · as of 2026-08-11].
What to weigh
- The Phase 2 KOURAGE trial in AKI was discontinued in January 2026, a significant clinical setback [sec_mda · as of 2026-03-03].
- The company has a going concern qualification due to recurring losses and negative cash flows [sec_mda · as of 2026-08-11].
- Shareholders' equity is negative ($-6.6M as of 2026-06-30), indicating accumulated deficits [sec].
- Substantial additional funding will be needed to complete development and commercialization of any product candidate [sec_mda · as of 2026-03-03].
From the filings
Quoted directly from source documents.
KOURAGE trial discontinued in January 2026
“We are conducting KOURAGE, a Phase 2 randomized, double-blind, placebo-controlled clinical trial in patients with Stage 2 or Stage 3 AKI and associated AHRF, which was discontinued in January 2026 following a recommendation from the Independent Da”
SEC MD&A · March 3, 2026
Cash runway into second half of 2027
“We expect that our cash and cash equivalents will enable us to fund our current operating plan into the second half of 2027.”
SEC MD&A · August 11, 2026
Going concern doubt
“As a result, there is substantial doubt about our ability to continue as a going concern.”
SEC MD&A · August 11, 2026
$10M loan from Avenue Venture Opportunities Fund
“On February 28, 2025, we entered into the Loan Agreement with Avenue Venture Opportunities Fund (the "Lender"), for an initial growth capital loan in the principal amount of $10,000,000 funded on March 3, 2025”
SEC MD&A · March 3, 2026
Risks & what to watch (4)›
Key risks
- Going concern uncertainty — Management has expressed substantial doubt about ability to continue as a going concern due to recurring losses and negative cash flows [sec_mda · as of 2026-08-11].
- Clinical trial setback — Phase 2 KOURAGE trial in AKI discontinued in January 2026, a major pipeline blow [sec_mda · as of 2026-03-03].
- Need for additional capital — Company will need substantial additional funding to complete development and commercialization of any product candidate [sec_mda · as of 2026-03-03].
- Negative shareholders' equity — Shareholders' equity was -$6.6M as of 2026-06-30, indicating accumulated deficits [sec].
What to watch
- Next steps for Auxora after KOURAGE discontinuation; any new clinical plans or partnerships [sec_mda · as of 2026-03-03].
- Ability to raise additional capital or secure non-dilutive funding to extend runway beyond H2 2027 [sec_mda · as of 2026-08-11].
- Progress in other pipeline programs (acute pancreatitis) and any regulatory interactions [sec_mda · as of 2026-03-03].
- Financial performance and cash burn rate in upcoming quarterly reports [sec_mda · as of 2026-08-11].
Sources: SEC filings · SEC MD&A · Generated August 28, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
12.3 months
D/E 2.54 · 0% dilution
Lead: Phase 2
2 candidates
No upcoming catalysts tracked
1 buy · 0 sells (180d)
Runway
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
28
Total value held
$618K
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 338,220 | $183K |
| jane street group, llc | 178,515 | $96K |
| 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 |
| citadel advisors llc | 18,200 | $10K |
| state street corp | 17,073 | $9K |
Showing top 10 of 28 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 clinical-stage biopharmaceutical company developing Auxora, a drug candidate for acute kidney injury (AKI) and acute pancreatitis (AP), with a lead Phase 2 trial (KOURAGE) discontinued in January 2026 and a cash runway into the second half of 2027.
What is CalciMedica, Inc.'s lead drug candidate?
CalciMedica, Inc.'s most advanced tracked candidate is Auxora (Phase 2) for Acute Kidney Injury; Pneumonia.
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.