CALC 8-K SEC Filing Analysis

Latest settled — T+5d

CALC ▼ -1.59% at T+5d

NEUTRAL call ✗ call lost -1.59% · α vs SPY -1.66% · entry $0.6300 → $0.6200

Next anchor: T+20d in 7h

Last close $0.9580 (close Jun 8) · +52.06% from $0.6300 entry

Entry anchored
May 11, 03:59 PM ET
via Databento tick

T+1d

+9.52%

call +9.52% · α +8.95%

$0.6900

settled 28d ago

T+5d

-1.59%

call -1.59% · α -1.66%

$0.6200

settled 22d ago

T+20d

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T+60d

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Executive Summary

CalciMedica reported Q1 2026 GAAP net income of $5.0M ($0.31 basic EPS), a swing from a $5.0M net loss in Q1 2025, driven entirely by a $10.8M non-cash fair value gain on financial instruments. Operating loss improved to -$5.6M from -$6.5M, but cash burn continues with cash dropping to $8.2M from $13.0M at year-end. The stock is a pre-revenue clinical-stage biotech with no approved products; the reported 'net income' is non-operational and does not reflect underlying business progress.

Actionable Insight

The Q1 results are non-actionable for a pre-revenue biotech — the net income is a non-cash accounting artifact. The only catalysts are FDA feedback on the Auxora AP pivotal program and AKI development path, both expected in Q2 2026. Monitor for those regulatory updates; the stock will move on clinical/regulatory news, not financial results.

Key Facts

Net income of $5.0M in Q1 2026 vs net loss of $5.0M in Q1 2025, driven by $10.8M non-cash fair value gain on financial instruments
Operating loss improved to -$5.6M from -$6.5M, a 14% improvement
Cash and cash equivalents fell to $8.2M from $13.0M at Dec 31, 2025; cash runway expected into Q4 2026
R&D expenses decreased 17% to $3.5M from $4.2M, reflecting lower clinical trial activity
FDA feedback on Auxora pivotal program in acute pancreatitis and potential AKI development expected in Q2 2026
No revenue reported; company is pre-commercial with no approved products

Financial Impact

No revenue; net income of $5.0M is entirely non-cash fair value adjustments. Cash burn of ~$4.8M in Q1 2026.

cashoperating lossnet income

Risk Factors

Cash runway only into Q4 2026 — likely needs to raise capital before year-end
No approved products; Auxora pivotal program design not yet finalized
KOURAGE trial in AKI was paused in Jan 2026 due to IDMC safety concern; FDA feedback pending
Pre-revenue biotech with $9M market cap — high binary risk on regulatory outcomes

Market Snapshot

Exchange

Nasdaq

Sector

Pharmaceutical Preparations

Analyst Consensus

80% bullish (10 analysts)

Documents Analyzed

This report is based on 6 SEC documents filed with EDGAR.

Document	Accession Number
8-K Filing (Primary)	0001193125-26-218134
Document: ck0001534133-20260512.htm	0001193125-26-218134
Document: 0001193125-26-218134-index-headers.html	0001193125-26-218134
Document: 0001193125-26-218134-index.html	0001193125-26-218134
Document: 0001193125-26-218134.txt	0001193125-26-218134
8-K Data (Synthetic)	0001193125-26-218134

3 reports for CALC

T+1T+5T+20T+60

Track record builds as more directional reports settle.

Filters

Reports for CALC — sortable, filterable
	Type				Now
May 12, 2026 28d ago	8-K NEUTRAL ★ 4/10	$0.6300 $0.6200	▼ −1.59%	▼ −1.66%	$0.9580 (+52.06%)
Mar 12, 2026 12w ago	EFFECT NEUTRAL ★ 4/10	$0.7260 $0.7380	▲ +1.65%	▲ +2.63%	$0.9580 (+31.96%)
Mar 3, 2026 14w ago	S-3 BEARISH ★ 6/10	$0.6240 $0.6920	▼ −10.90%	▼ −12.23%	$0.9580 (−53.53%)

US Market Status

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