CalciMedica, Inc., a clinical-stage biopharmaceutical company, reported a net loss of $29.6 million for the year ended December 31, 2025. This compares to a net loss of $13.7 million for the previous year, representing an increase in net loss of $15.9 million. The company, focused on developing therapeutics for inflammatory and immunologic diseases, has not yet generated any revenue from product sales. As of December 31, 2025, CalciMedica had an accumulated deficit of $189.3 million.
The company's research and development expenses totaled $15.2 million in 2025, a slight increase from $14.5 million in 2024. This rise was primarily due to increased spending on preclinical studies and clinical trial-related activities, which rose by $1.9 million. However, this was partially offset by a decrease of $0.9 million in chemistry, manufacturing, and controls (CMC) activities and a decrease of $0.2 million in personnel costs. General and administrative expenses decreased from $9.7 million in 2024 to $7.9 million in 2025, mainly due to lower consultant and professional service fees.
A significant development in January 2026 was the discontinuation of the KOURAGE Phase 2 clinical trial for Auxora, the company's lead product candidate, following a recommendation from the Independent Data Monitoring Committee (IDMC) due to safety concerns. The company is planning to discuss the KOURAGE data and potential future development in AKI with the FDA in the second quarter of 2026. CalciMedica is continuing development activities for Auxora in acute pancreatitis (AP) and expects to finalize the design for a potential pivotal program in AP in the first half of 2026.
As of December 31, 2025, CalciMedica had $13.0 million in cash, cash equivalents, and short-term investments. The company believes these resources will be sufficient to fund operations into the fourth quarter of 2026. However, the company acknowledges that it will need to raise substantial additional capital to complete the development and potential commercialization of its product candidates. The company's ability to continue as a going concern is dependent on securing additional funding. The company is exploring strategic partnerships and licensing opportunities to support development, commercialization, or geographic expansion of its programs.
About CalciMedica, Inc.
CalciMedica is a clinical-stage biopharmaceutical company developing innovative therapeutics targeting calcium release-activated calcium (CRAC) channels. Its lead product, Auxora, is a selective IV CRAC channel inhibitor aimed at treating acute critical illnesses such as pancreatitis, kidney injury, and respiratory failure. The company's dual anti-inflammatory and tissue-protective approach addresses unmet needs in severe inflammatory and immunologic diseases across acute and chronic markets.
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