CalciMedica Reports $7.8 Million Net Loss in Q3 2025, Seeks Funding for Clinical Programs

CalciMedica, Inc. reported a net loss of $7.8 million for the third quarter of 2025, compared to a net loss of $5.6 million for the same period in 2024, reflecting a 39% increase in losses year-over-year. For the nine months ended September 30, 2025, the company recorded a net loss of $18.8 million, nearly doubling from $9.4 million in the prior year. The increase in losses was primarily attributed to higher research and development expenses, which rose to $12.1 million from $10.6 million, driven by increased clinical trial activities. General and administrative expenses decreased to $6.6 million from $7.4 million, largely due to reduced consulting costs.

CalciMedica's total operating expenses for the third quarter were $5.6 million, slightly down from $5.7 million in the previous year. The company reported a total operating expense of $18.7 million for the nine months ended September 30, 2025, compared to $18.0 million for the same period in 2024. The company’s accumulated deficit reached $178.6 million as of September 30, 2025, with cash, cash equivalents, and short-term investments totaling approximately $14.1 million.

In terms of strategic developments, CalciMedica has been actively pursuing funding to support its clinical programs. The company entered into a Loan Agreement in February 2025, securing $10 million in initial funding, with potential additional funding contingent on achieving specific clinical milestones. Additionally, CalciMedica has utilized its at-the-market (ATM) facility, raising approximately $1.8 million from the sale of common stock during the nine months ended September 30, 2025. The company has approximately $2.6 million remaining available under the ATM facility as of the end of the reporting period.

Operationally, CalciMedica is focused on advancing its lead product candidate, Auxora, through various clinical trials. The company has conducted multiple Phase 2 trials, with ongoing studies aimed at treating acute kidney injury and other inflammatory conditions. The company has also indicated plans to finalize the pivotal trial design for Auxora in the first half of 2026, following positive engagement with the FDA. However, the company has expressed substantial doubt about its ability to continue as a going concern, emphasizing the need for additional capital to fund its operations and clinical development efforts.

Looking ahead, CalciMedica anticipates continued net losses as it invests in research and development and seeks regulatory approvals for its product candidates. The company expects its cash reserves will support operations into the second half of 2026, but it will need to secure additional funding to sustain its clinical programs and operational activities. The company’s future financial performance will heavily depend on the successful development and commercialization of its product candidates, as well as its ability to raise necessary capital.