CALC · CalciMedica, Inc.

CalciMedica reported a net income of $5.0 million for Q1 2026, a significant turnaround from a net loss of $5.0 million in the same period last year. The swing was primarily driven by a $10.8 million gain from fair value adjustments on promissory notes and common stock warrants, compared to a $1.7 million gain in Q1 2025. Operating expenses decreased to $5.6 million from $6.5 million, with R&D spending down $0.7 million to $3.5 million due to reduced preclinical and clinical activities, and G&A expenses down $0.2 million to $2.1 million on lower personnel costs. Interest expense was $0.3 million, and interest income was $0.1 million. The company ended the quarter with $8.2 million in cash, sufficient to fund operations into Q4 2026. On the clinical front, CalciMedica expects FDA feedback in Q2 2026 on the pivotal program design for Auxora in acute pancreatitis and on potential future development in acute kidney injury. Preclinical work for CM5480, an oral CRAC channel inhibitor for pulmonary hypertension, continues with an IND submission anticipated in 2027. The positive net income is largely non-operational, stemming from fair value adjustments, while the core business remains in a development stage with no product revenue.