CalciMedica reported a net loss of $7.8 million for the third quarter of 2025, a widening from the $5.6 million loss recorded in the same quarter of 2024 and from the $6.0 million loss in Q2 2025. The company’s earnings per share fell to $-0.52, missing the consensus estimate of $-0.41 by $0.11. The miss is largely attributable to a $0.1 million increase in other expenses, driven by a non‑cash fair‑value adjustment to financial instruments, and to the absence of any revenue during the quarter.
The company’s research and development spend rose to $3.9 million, up from $3.5 million in Q3 2024, reflecting continued investment in its lead candidate Auxora. General and administrative costs were $1.8 million, unchanged from the prior year, while other expenses totaled $2.2 million, up from $2.1 million. These cost increases, combined with the lack of revenue, explain the broader loss and EPS miss.
Cash on hand stood at $14.1 million as of September 30, 2025, giving CalciMedica a runway that extends into the second half of 2026. The company emphasized that this liquidity cushion allows it to pursue its clinical milestones without immediate financing pressure, though the widening loss signals a need for future capital raises if the company’s pipeline does not generate revenue soon.
In clinical development, enrollment remains active in the Phase 2 KOURAGE trial of Auxora for acute kidney injury with respiratory failure. Management expects key data from this study in the first half of 2026, a milestone that could de‑risk the program and attract additional investment. The company also confirmed positive discussions with the FDA regarding the design of a pivotal trial for acute pancreatitis, with a final protocol anticipated in the first half of 2026. CalciMedica’s collaboration with Telperian, an AI‑driven analytics platform, is intended to optimize trial design and accelerate development timelines.
CEO Rachel Leheny noted that “the KOURAGE trial data we anticipate in 2026 will be a critical step in demonstrating Auxora’s therapeutic potential, and the FDA’s constructive feedback on the acute pancreatitis trial design gives us confidence that we can move forward efficiently.” She added that the company’s focus on strategic partnerships and rigorous clinical science positions it well for future milestones.
The earnings miss and wider loss underscore the company’s status as a clinical‑stage biopharma that has yet to generate product revenue. While the cash runway provides short‑term stability, the company’s financial trajectory will depend on the success of its clinical programs and the ability to secure additional funding if needed. Investors will likely view the Q3 results as a reminder of the high cost of drug development, balanced against the potential upside of a successful pipeline.
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