Name: CalciMedica, Inc. Q1 2025 Earnings Call
Start: 2025-05-14T00:00:00.000Z

Executive Summary

Q1 2025 was a steady execution quarter: operating loss widened due to higher R&D and sharply lower non-cash other income, resulting in net loss of $5.0M and diluted EPS of ($0.36) vs prior-year net income of $0.1M on fair value gains .
EPS missed S&P Global consensus by $0.06 (Actual: ($0.36) vs Consensus: ($0.30)) while revenue remained at $0, in line with consensus $0 .
Liquidity improved: cash, cash equivalents, and short-term investments rose to $24.6M with runway into mid-2026, aided by a new $32.5M credit facility ($10M funded; 3.5-year term) .
Clinical catalysts remain the primary stock drivers: KOURAGE (Phase 2 AKI + respiratory failure) data expected around end-2025; AP Phase 3 initiation targeted around end-2025 pending funding; management highlighted supportive CARDEA post-hoc AKI mortality data (62.7% relative reduction) .

Values marked with * retrieved from S&P Global.

What Went Well and What Went Wrong

What Went Well
- Extended runway into mid-2026 post-credit facility; reported quarter-end liquidity of $24.6M, supporting execution through expected KOURAGE readout .
- Continued clinical momentum: KOURAGE enrollment ongoing; end-2025 data timing reiterated; CARDEA AKI subset showed 62.7% relative mortality reduction, bolstering AKI rationale .
- CEO reiterated strategic clarity: “cash runway extends into mid-2026... deliver the readout of our Phase 2 KOURAGE trial… and discuss our Phase 3 program in acute pancreatitis” .
What Went Wrong
- EPS missed consensus; net loss moved to ($5.0M) vs prior-year $0.1M net income driven by a $4.1M YoY decline in non-cash fair value gains (other income $1.5M vs $5.9M LY) .
- R&D rose to $4.2M (+$1.3M YoY) primarily due to KOURAGE trial activities, pressuring operating loss .
- No product revenue to offset spend; model remains fully dependent on financing and data milestones for valuation inflections .

Income statement highlights (USD millions, except per-share). Periods are chronologically ordered.

Metric	Q3 2024	Q4 2024	Q1 2025
Net Loss ($M)	$(5.618)	$(4.258)*	$(5.042)
Diluted EPS ($)	$(0.50)	$(0.33)*	$(0.36)
R&D Expense ($M)	$3.546	N/A	$4.224
G&A Expense ($M)	$2.190	N/A	$2.273
Total Operating Expenses ($M)	$5.736	N/A	$6.497
Other Income ($M)	$0.118	N/A	$1.455

Metric	Q3 2024	Q4 2024	Q1 2025
Cash, Cash Equivalents & ST Investments ($M)	~$14.6	$18.7	$24.6
Cash Runway Commentary	Into 1H 2026	Into mid-2026 (incl. debt)	Into mid-2026

Metric	Actual	Consensus	Surprise
Revenue ($M)	$0.0 (no revenue reported)	$0.0*	In line
Diluted EPS ($)	$(0.36)	$(0.30)*	-$0.06 (Miss)

Values marked with * retrieved from S&P Global.

Notes:

Q4 2024 quarterly Net Loss/EPS marked with * from S&P Global due to absence of quarterly detail in the year-end press release . Values retrieved from S&P Global.

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	Corporate	Into 1H 2026 (Q3’24)	Into mid-2026 (Q1’25)	Maintained/clarified timing
KOURAGE (Auxora in AKI+AHRF) Data Timing	Program Milestone	“Topline in 2025” (Q3’24)	“Around end of 2025” (Q4’24 & Q1’25)	Narrowed window
AP (Auxora in AP+SIRS) Phase 3 Start	Program Milestone	“In 2025” (Q3’24)	“Around end of 2025, pending funding” (Q4’24 & Q1’25)	Timing refined; funding caveat
CRSPA (AIPT) Update	Program Milestone	“Data in 2025” (Q3’24)	“Update in 2H 2025” (Q4’24)	Window specified

Topic	Previous Mentions (Q3 2024, Q4 2024)	Current Period (Q1 2025)	Trend
R&D execution (KOURAGE)	Enrollment ongoing; topline 2025	Enrollment ongoing; data around end-2025	On track; timing clarified
AP program path	Planning for Phase 3 in 2025	End-of-Phase 2 mid-2025; Phase 3 around end-2025 pending funding	Progressing to EOP2; funding gating start
AKI scientific rationale	—	CARDEA AKI subset: 62.7% mortality reduction; multiple preclinical/biomarker signals highlighted	Strengthened
Funding/liquidity	Post-offering runway into 1H 2026	$32.5M facility ($10M funded); runway into mid-2026	Extended/derisked
Leadership/Board	CFO named Nov’24	Added Dr. Alan Glicklich to Board (Jan’25)	Governance strengthened

Note: No earnings call transcript located in our document set for Q1 2025.

CEO (Q1 2025): “We continue to execute across our pipeline… Our cash runway extends into mid-2026… deliver the readout of our Phase 2 KOURAGE trial… and discuss our Phase 3 program in acute pancreatitis with SIRS…” .
CMO on AKI (Mar 4, 2025): “The post-hoc analysis from CARDEA is especially relevant given that the 62.7% relative reduction in mortality was observed in patients with both kidney failure and respiratory failure, which mirrors the intended patient population for our ongoing Phase 2 KOURAGE study.” .

Not available: A Q1 2025 earnings call transcript was not found in our document set.

Q1 2025: EPS ($0.36) vs S&P Global consensus ($0.30)* → miss of $0.06; Revenue $0.0 vs $0.0* → in line .
Forward look: Street models continue to assume no revenue near-term; consensus target price averages $16.25*; EPS trajectory remains negative while the company invests in clinical programs*.
Values marked with * retrieved from S&P Global.

Liquidity and runway (mid-2026) are adequate to reach key data (KOURAGE end-2025) and regulatory milestones (AP EOP2 mid-2025), reducing near-term financing overhang .
The CARDEA AKI subset analysis strengthens the biologic rationale for Auxora in KOURAGE’s population and is a potential sentiment tailwind ahead of data .
EPS miss was driven by higher R&D and normalization of non-cash other income vs last year; no change to the core clinical thesis from the quarter’s P&L .
Phase 3 AP start remains funding-dependent; expect financing or partnerships if the company proceeds on the current timeline .
Primary stock catalysts: (1) AP EOP2 meeting outcome (mid-2025), (2) KOURAGE topline (end-2025), (3) any strategic/financing updates to enable AP Phase 3 .
Risk/reward remains binary around clinical outcomes; absence of commercial revenue increases sensitivity to trial readouts and capital markets .

Sources:

Values marked with * retrieved from S&P Global.