The firm's financial stability has deteriorated significantly, with equity falling from $17.2 million in 2024Q1 to a negative $1.1 million in 2026Q1, compounded by the emergence of $9.7 million in total debt.
| Total Current Assets | 8.55M | 13.53M | 19.66M | 11.61M | 1.73M | 67.08M | 99.24M | 36.27M | 13.45M |
| Cash & Short-Term Investments | 8.16M | 13.02M | 18.67M | 11.24M | 1.33M | 63.67M | 95.03M | 35.96M | 12.83M |
| Cash Only | 8.16M | 11.52M | 7.93M | 5.53M | 1.33M | 13.36M | 33.42M | 15.87M | 12.83M |
| Short-Term Investments | 0 | 1.5M | 10.73M | 5.71M | 0 | 50.31M | 61.62M | 20.09M | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 39K | 21K | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | -21K | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 391K | 514K | 248K | 296K | -139K | 1.37M | 0 | 0 | 0 |
| Total Non-Current Assets | 54K | 61K | 129K | 580K | 1.62M | 2.01M | 2.55M | 4.39M | 4.37M |
| Property, Plant & Equipment | 43K | 50K | 119K | 167K | 195K | 1.98M | 1.95M | 1.98M | 1.51M |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 28K | 28K |
| Other Non-Current Assets | 11K | 11K | 10K | 413K | 1.42M | 29K | 608K | 2.39M | 2.83M |
| Total Assets | 8.61M | 13.59M | 19.79M | 12.19M | 3.35M | 69.09M | 101.79M | 40.66M | 17.81M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - | - |
| Asset Growth % | -114.75% | -31.34% | 62.45% | 263.84% | -95.15% | -32.13% | 150.35% | 128.26% | - |
| Total Current Liabilities | 5.31M | 3.78M | 3.68M | 4.03M | 4.78M | 4.06M | 7M | 12.25M | 5.79M |
| Accounts Payable | 1.68M | 1.16M | 2M | 1.42M | 2.87M | 527K | 2.51M | 4.64M | 2.52M |
| Days Payables Outstanding | 76.66K | 9.21K | - | - | - | 370.63 | 2.32K | 5.58K | 5.26K |
| Short-Term Debt | 0 | 1.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 8K | 0 | 0 | 0 |
| Other Current Liabilities | 3.64M | 1.37M | 1.16M | 89K | -4K | 1.24M | 826K | 5.57M | 2.04M |
| Current Ratio | 1.61x | 3.58x | 5.34x | 2.88x | 0.36x | 16.53x | 14.18x | 2.96x | 2.32x |
| Quick Ratio | 1.61x | 3.58x | 5.34x | 2.88x | 0.36x | 16.54x | 14.18x | 2.96x | 2.32x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 4.4M | 16.45M | 1.7M | 0 | 7.8M | 8K | 11K | 131.36M | 78.81M |
| Long-Term Debt | 0 | 8.45M | 0 | 0 | 5.16M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 4.4M | 8M | 1.7M | 0 | 2.65M | 0 | 11K | 0 | 0 |
| Total Liabilities | 9.71M | 20.23M | 5.38M | 4.03M | 12.58M | 4.07M | 7.01M | 12.25M | 5.79M |
| Total Debt | 0 | 9.7M | 0 | 0 | 5.36M | 0 | 0 | 131.36M | 78.81M |
| Net Debt | -8.16M | -1.82M | -7.93M | -5.53M | 4.03M | -13.36M | -33.42M | 115.49M | 65.98M |
| Debt / Equity | -0.00x | - | - | - | - | - | - | 4.62x | 6.56x |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.37x | - | - | - | - | - | - | - | - |
| Interest Coverage | -22.53x | -19.79x | - | -346.14x | -58.27x | -284.29x | -192.52x | - | - |
| Total Equity | -1.1M | -6.64M | 14.41M | 8.16M | -9.23M | 65.02M | 94.79M | 28.41M | 12.02M |
| Equity Growth % | -415.09% | -146.09% | 76.66% | 188.35% | -114.2% | -31.4% | 233.65% | 136.37% | - |
| Book Value per Share | -0.07 | -0.00 | 1.28 | 1.82 | -6.02 | 42.94 | 200.50 | 27.50 | 14.02 |
| Total Shareholders' Equity | -1.1M | -6.64M | 14.41M | 8.16M | -9.23M | 65.02M | 94.79M | 28.41M | 12.02M |
| Common Stock | 4K | 4K | 4K | 1K | 1K | 2K | 2K | 1K | 1K |
| Retained Earnings | -184.35M | -189.33M | -159.76M | -146.06M | -111.71M | -169.19M | -133.37M | -105.84M | -68.8M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 4K | 2K | -37K | -16K | -4K | 3K | -1K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary Clinical Trial Failure
As reported in financial statements, CALC's equity position has deteriorated into negative territory, falling to -$1.1 million in 2026Q1 from a peak of $17.2 million in 2024Q1, signaling a trajectory defined by persistent capital consumption and the absence of internal value creation mechanisms.
The shift from positive equity to a deficit suggests that the company is rapidly consuming its capital base to fund clinical development. Investors should monitor this trend, as the persistent erosion of net assets may limit future financing flexibility and increase reliance on dilutive equity issuance.
Based on the company's reported figures, the emergence of $9.7 million in total debt by 2025Q4, following periods of zero leverage, indicates a shift toward debt-based financing to bridge the gap between clinical trial costs and the lack of commercial revenue streams.
The introduction of debt into a pre-revenue capital structure warrants further investigation, as it introduces fixed repayment obligations that may exacerbate liquidity pressure. This reliance on debt appears to be a necessity-driven response to the depletion of cash reserves rather than a strategic capital allocation decision.
According to recent SEC filings, the company's cash position has fluctuated significantly, with the most recent balance of $8.2 million in 2026Q1 representing a substantial decline from the $12.6 million reported in 2025Q1, highlighting a narrowing buffer against ongoing operational burn.
The current ratio of 1.61 in 2026Q1 suggests a tightening liquidity profile compared to historical levels, which often exceeded 5.0. This contraction in short-term liquidity may indicate that the company is approaching a critical juncture where additional capital will be required to sustain its clinical trial roadmap.
Based on the provided balance sheet data, the company's asset base is almost entirely devoid of tangible value, with net PPE of only $43,000 as of 2026Q1, which implies that the firm's valuation is tied exclusively to intangible clinical potential rather than physical infrastructure.
The lack of meaningful tangible assets suggests that the balance sheet provides no downside protection in the event of clinical trial failure. Investors should be aware that the reported asset values may not reflect any realizable liquidation value, as the company's primary assets are likely restricted to proprietary intellectual property.
Quick answers to the most common questions about buying CALC stock.
As of 2025, CalciMedica, Inc. (CALC) had total assets of $13.6M including $13.5M in current assets.
CalciMedica, Inc. (CALC) carries total debt of $9.7M, offset by $13.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
CalciMedica, Inc. (CALC) has total shareholders' equity (book value) of $-6.6M ($-0.00 book value per share). Book value represents the net worth of the company belonging to common stock holders.
CalciMedica, Inc. (CALC) reported a current ratio of 3.58x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.