Executive Summary

CalciMedica reported FY 2024 results alongside Q4 2024 updates: net loss improved to $13.7M vs $34.4M in FY 2023, driven by lower G&A and non-cash gains from fair value adjustments; cash and short-term investments were $18.7M at December 31, 2024 .
The company extended its cash runway into mid-2026 via a $32.5M credit facility ($10M funded at close) and expects KOURAGE Phase 2 AKI data around end-2025; AP Phase 3 initiation targeted around end-2025 pending funding .
FY 2024 EPS of -$1.22 modestly beat Wall Street consensus of -$1.26; Q4 EPS was not disclosed separately; CALC remains pre-revenue with consensus revenue at $0.00 for Q4 and FY 2024. Bolded beat below; values from S&P Global* .
Near-term catalysts include: KOURAGE enrollment progress, an end-of-Phase 2 FDA meeting for CARPO (AP) mid-2025, and potential additional credit facility tranches upon milestones—key stock reaction drivers into 2025-2026 .

What Went Well and What Went Wrong

What Went Well

Extended runway into mid-2026 via Avenue Capital credit facility; initial $10M tranche closed, with up to $22.5M available subject to milestones .
Clinical momentum and encouraging readthrough: post-hoc CARDEA AKI subset showed 62.7% relative and 29.3% absolute mortality reduction at day 30 (persisting to day 60) for Auxora vs placebo in patients with AKI and respiratory failure, aligning with KOURAGE’s target population .
Cost discipline: G&A fell to $9.7M in FY 2024 (vs $22.2M in FY 2023) as merger-related one-time charges rolled off, improving operating loss and net loss trajectory .

What Went Wrong

No quarterly Q4 disclosure or earnings call transcript available, limiting quarter-specific visibility; company reported FY-only figures for 2024 .
The improvement in net loss was meaningfully aided by non-cash fair value adjustments ($9.49M), highlighting dependence on financial instruments rather than underlying operating cash generation .
Continued need for additional funding to commence AP Phase 3 by end-2025; timing still contingent on financing despite positive CARPO data .

Financial Results

Annual comparison

Metric	FY 2023	FY 2024
R&D Expense ($USD Millions)	$15.9	$14.5
G&A Expense ($USD Millions)	$22.2	$9.7
Total Operating Expenses ($USD Millions)	$38.1	$24.2
Other Income ($USD Millions)	$3.7	$10.5
Net Loss ($USD Millions)	$34.4	$13.7
Net Loss per Share ($USD)	$(7.66)	$(1.22)
Cash & Short-Term Investments ($USD Millions) at YE	$11.2	$18.7

Quarterly snapshots (trend analysis)

Metric	Q2 2024	Q3 2024
Net Loss ($USD Millions)	$3.954	$5.618
Net Loss per Share ($USD)	$(0.36)	$(0.50)
Total Operating Expenses ($USD Millions)	$6.529	$5.736
Cash & Cash Equivalents ($USD Millions)	$5.056	$9.151
Short-Term Investments ($USD Millions)	$14.081	$5.452

Actual vs consensus

Metric	FY 2023	FY 2024 Actual	FY 2024 Consensus*	Q4 2024 Actual	Q4 2024 Consensus*
EPS ($USD)	$(7.66)	$(1.22)	$(1.2575)*	Not disclosed	$(0.3525)*
Revenue ($USD Millions)	N/A (pre-revenue)	0.0 (implied)	0.0*	0.0 (implied)	0.0*

Values retrieved from S&P Global*

KPIs (clinical and financing)

KPI	Q2 2024	Q3 2024	Q4 2024
KOURAGE target enrollment (patients)	150 target stated	150 target reiterated	150 target reiterated; data expected around end-2025
KOURAGE trial status	First patient dosed	Enrollment ongoing	Enrollment ongoing; timeline specified
CARPO (AP) clinical readouts	Topline positive; dose-response met primary objective	Full data incl. win ratio (1.640; p=0.0372); respiratory failure reductions	Planning EOP2 FDA meeting ~mid-2025
Credit facility runway	N/A	Post-offering funds into H1’26	$32.5M facility; $10M funded; runway into mid-2026
CARDEA AKI post-hoc	N/A	N/A	62.7% relative mortality reduction; 29.3% absolute reduction at day 30/60

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash runway	Through 2026	Into first half of 2026 post offering	Into mid-2026 post credit facility	Raised runway (extended)
KOURAGE data timing	AKI Phase 2	Topline data expected in 2025	Data expected around end-2025	Maintained; timeline specified
AP Phase 3 initiation	CARPO program	In position to initiate Phase 3 in 2025	In position to initiate Phase 3 around end-2025 pending funding	Maintained; timing narrowed to year-end (funding dependent)
CRSPA (AIPT) update	Phase 2	Data expected in 2025	Update/data expected in H2 2025	Maintained; timing specified

Earnings Call Themes & Trends

No Q4 2024 earnings call transcript was available. Themes are synthesized from company press releases.

Topic	Previous Mentions (Q-2, Q-1)	Current Period (Q4 2024)	Trend
R&D execution	CARPO topline positive; KOURAGE first patient dosed	KOURAGE enrollment ongoing; CARDEA AKI post-hoc data shows mortality benefit; AP Phase 3 plans advancing	Strengthening clinical readthrough and program clarity
Regulatory pathway (AP)	Planning end-of-Phase 2 meeting; Phase 3 in 2025	EOP2 targeted mid-2025; Phase 3 around end-2025 pending funding	Timeline firmed; funding dependency explicit
Product performance (Auxora)	Dose-response primary objective met in CARPO	Win ratio and respiratory failure reductions; AKI mortality post-hoc analysis	Broader clinical signal across indications
Financing/runway	H1 2026 runway after public offering	$32.5M credit facility; runway to mid-2026	Improved liquidity profile
Organization	N/A	CFO appointment (Stephen Bardin)	Strengthened leadership bench

Management Commentary

“Enrollment in our Phase 2 KOURAGE trial is on track to deliver data around the end of 2025… we are further encouraged by the promising readthrough… 62.7% relative reduction in mortality in CARDEA patients with both kidney failure and respiratory failure…” — CEO Rachel Leheny, Ph.D. .
“With the proceeds from our recent credit facility… we have ample runway to get through our KOURAGE data readout… and engage with the FDA on the design of a Phase 3 program in acute pancreatitis with SIRS in the next few months.” — CEO Rachel Leheny, Ph.D. .
“Auxora… promising candidate for… AP… and AKI… we continue to make progress in KOURAGE… topline data expected in 2025.” — CEO Rachel Leheny, Ph.D. .

Q&A Highlights

No Q4 2024 earnings call transcript was found for CALC; therefore, Q&A highlights and any guidance clarifications from a call are unavailable [ListDocuments: earnings-call-transcript returned 0].

Estimates Context

FY 2024 EPS came in at -$1.22 vs consensus -$1.2575, a modest beat; Revenue remains at $0.00 as a clinical-stage company. Bolded below; values from S&P Global*.
Q4 2024 EPS was not disclosed separately by the company; consensus for Q4 2024 EPS is -$0.3525; consensus revenue $0.00*.
Target Price Consensus Mean is $16.25; consensus recommendation text was unavailable*.
Values retrieved from S&P Global*

Key Takeaways for Investors

Liquidity improved and runway extended into mid-2026 via a $32.5M credit facility ($10M funded), reducing near-term financing overhang and supporting upcoming data and regulatory milestones .
Clinical narrative strengthened: CARPO full data (win ratio, respiratory failure reductions) and CARDEA AKI post-hoc mortality benefit build cross-indication confidence for Auxora ahead of KOURAGE readout .
AP Phase 3 path is clearer with EOP2 mid-2025 and year-end initiation targeted (funding dependent); monitor financing cadence and any partnership updates .
Operating discipline: sharp G&A reduction post-merger and improved net loss driven by non-cash fair value adjustments; investors should normalize for instrument-driven other income in assessing core cash burn .
Near-term trading catalysts: KOURAGE enrollment updates, EOP2 scheduling/feedback, potential draw of additional credit tranches, and additional AP/AKI data disclosures .
Consensus EPS beat for FY 2024 is modest; with no product revenue, stock reaction remains tied to clinical/regulatory milestones and financing signals rather than quarterly P&L variance .
Leadership upgrade (CFO) supports capital markets execution ahead of pivotal work; watch for structured financing/partnering that could de-risk AP Phase 3 initiation .

CalciMedica, Inc. (CALC)·Q4 2024 Earnings Summary