CalciMedica Reports Financial Update, Advances Lead Product Candidate Auxora

CalciMedica, Inc., a clinical-stage biopharmaceutical company focused on developing therapeutics for inflammatory diseases, reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company, which completed a reverse merger with Graybug Vision, Inc. in March 2023, has not yet generated any product revenue.

As of September 30, 2024, CalciMedica's cash and cash equivalents stood at $9.2 million, an increase from $5.5 million at the end of 2023. Total current assets rose to $15.7 million from $11.6 million, while total assets increased to $16.2 million from $12.2 million. However, total liabilities also grew significantly to $7.2 million from $4.0 million, primarily due to a newly reported warrant liability of $3.4 million.

For the three months ended September 30, 2024, CalciMedica reported total operating expenses of $5.7 million, up from $4.8 million in the same period of 2023. The loss from operations for this quarter was $(5.7 million), compared to $(4.8 million) a year earlier. The net loss for the quarter was $(5.6 million), an increase from $(4.6 million) in the prior year. However, for the nine months ended September 30, 2024, the net loss decreased significantly to $(9.4 million) from $(30.2 million) in the same period of 2023, reflecting a substantial reduction in total operating expenses from $33.8 million to $18.0 million.

Research and development expenses for the nine months ended September 30, 2024, were $10.6 million, down from $13.1 million in 2023. General and administrative expenses also saw a significant decline, dropping to $7.4 million from $20.7 million, largely due to one-time charges related to the merger in the previous year.

CalciMedica's accumulated deficit as of September 30, 2024, was $155.5 million. The company has raised a total of $131.7 million from preferred and common stock sales, with recent financing activities including a private placement that generated $20.4 million in January 2024 and a follow-on offering that raised $10.2 million in November 2024.

The company is advancing its lead product candidate, Auxora, which is currently in multiple Phase 2 clinical trials targeting acute pancreatitis and other conditions. CalciMedica anticipates that its existing cash resources will fund operations through certain clinical milestones into the first half of 2026, but acknowledges the need for substantial additional capital to complete product development and commercialization.