CalciMedica Reports $13.7 Million Net Loss for 2024, Improved from $34.36 Million in 2023

CalciMedica, Inc., a clinical-stage biopharmaceutical company, reported a net loss of $13.7 million for the year ended December 31, 2024, compared to a net loss of $34.36 million in 2023. This improvement is largely attributed to a $6.79 million increase in other income, primarily due to a $9.5 million gain from fair value adjustments to warrant liability, partially offset by a decrease in operating income. Total operating expenses decreased by $13.87 million (36%) year-over-year, with research and development expenses falling by $1.38 million (9%) and general and administrative expenses decreasing by $12.49 million (56%). The decreases in expenses were primarily due to one-time charges related to the Merger with Graybug completed in March 2023.

The company's lead product candidate, Auxora, is currently in Phase 2 clinical trials for acute kidney injury (AKI) with acute hypoxemic respiratory failure (AHRF) and asparaginase-induced pancreatic toxicity (AIPT). Data from the AKI trial is expected by the end of 2025. A Phase 2b trial in acute pancreatitis (AP) with systemic inflammatory response syndrome (SIRS) was completed, showing statistically significant results in time to solid food tolerance and a reduction in severe respiratory failure. A Phase 2 trial in severe COVID-19 pneumonia also concluded, demonstrating a statistically significant 56% relative reduction in 30-day mortality versus placebo. CalciMedica also reported that the first cohort of nine patients in the AIPT trial was completed, showing positive results. As of December 31, 2024, CalciMedica had 14 full-time employees.

Significant financial developments during the year included a $20.4 million private placement of common stock and warrants in January 2024, a $10.2 million underwritten public offering in November 2024, and a loan and security agreement with Avenue Venture Opportunities Fund II, L.P. in February 2025 for up to $32.5 million. The company also utilized an at-the-market offering facility, selling 101,522 shares for net proceeds of $319,000 during the year. As of December 31, 2024, CalciMedica held $18.7 million in cash, cash equivalents, and short-term investments. The company anticipates that its current resources will fund operations through certain clinical milestones into mid-2026, but additional funding will be required to complete development and commercialization of its product candidates.

CalciMedica holds worldwide rights to the active ingredient in Auxora, zegocractin, and possesses a substantial patent portfolio covering compositions of matter, methods of use, formulations, and synthetic processes. The company's strategy focuses on leveraging its CRAC channel inhibitor platform to develop therapeutics for both acute critical illnesses and chronic inflammatory and immunologic diseases. The company is exploring licensing and partnership opportunities to enhance its commercial capabilities.

The company's 10-K filing also details numerous risk factors, including those related to its limited operating history, dependence on funding, the inherent uncertainties of drug development and regulatory approval, reliance on third-party partners, competition, intellectual property protection, and compliance with extensive regulations. The filing includes a comprehensive discussion of these risks and their potential impact on the company's business and financial performance.