Free cash flow remains structurally negative with quarterly outflows often exceeding $4.5 million, forcing the company to rely on non-cash stock-based compensation, which reached $1.2 million in 2025Q2, to manage its liquidity.
| Cash from Operations | -21.16M | -21.18M | -21.15M | -25.73M | -11.76M | -31.5M | -32.06M | -31.21M | -28.22M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 2.28% | -0.15% | 17.82% | -118.85% | 62.68% | 1.76% | -2.72% | -10.63% | - |
| Net Income | -19.54M | -29.56M | -13.7M | -34.36M | -7.82M | -35.82M | -27.53M | -37.04M | -28.38M |
| Depreciation & Amortization | 31K | 46K | 58K | 58K | 52K | 519K | 395K | 303K | 175K |
| Stock-Based Compensation | 2.42M | 2.97M | 2.31M | 12.04M | 1.81M | 5.38M | 1.79M | 738K | 348K |
| Deferred Taxes | 0 | 0 | 0 | -3.31M | 0 | 0 | 1K | 0 | 0 |
| Other Non-Cash Items | -2.77M | 5.99M | -9.32M | 110K | -6.4M | 58K | -2.16M | -140K | 18K |
| Working Capital Changes | -1.29M | -623K | -495K | -267K | 605K | -1.63M | -4.56M | 4.92M | -379K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -239K | -840K | 601K | -1.43M | 933K | -2.05M | -1.46M | 1.4M | 1.37M |
| Cash from Investing | 12.29M | 9.55M | -4.42M | 8.88M | -4K | 10.75M | -42.56M | -20.62M | -1.46M |
| Capital Expenditures | -19K | -28K | -8K | -78K | -4K | -488K | -1.02M | -605K | -1.46M |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 4.47M | 15.21M | 27.97M | 20.9M | 8.48M | 695K | 92.17M | 54.87M | 42.02M |
| Debt Issued (Net) | -102K | 9.66M | 0 | 0 | 8.46M | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 4.55M | 5.55M | 27.95M | 25.45M | 18K | 695K | 96.25M | 54.78M | 41.9M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 25K | 0 | 20K | -4.54M | 0 | 0 | -4.08M | 89K | 124K |
| Net Change in Cash | -4.39M | 3.58M | 2.4M | 4.05M | -3.29M | -20.05M | 17.55M | 3.04M | 12.34M |
| Free Cash Flow | -21.18M | -21.21M | -21.15M | -25.81M | -11.76M | -31.99M | -33.09M | -31.82M | -29.68M |
| FCF Margin % | - | - | - | - | - | - | - | - | - |
| FCF Growth % | 0.71% | -0.25% | 18.03% | -119.44% | 63.23% | 3.32% | -3.98% | -7.22% | - |
| FCF per Share | -1.41 | -0.00 | -1.88 | -5.75 | -7.66 | -21.12 | -69.99 | -30.80 | -34.62 |
| FCF Conversion (FCF/Net Income) | 1.08x | 0.72x | 1.54x | 0.75x | 1.50x | 0.88x | 1.16x | 0.84x | 0.99x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary Clinical Trial Failure
As reported in financial statements, the company's operating cash flow consistently trails net income, with the OCF/NI ratio exhibiting extreme volatility, including a -36.27 reading in 2024Q1, which suggests that accounting net income is a poor proxy for the firm's actual liquidity and ongoing cash requirements.
The persistent gap between net income and operating cash flow highlights the reliance on non-cash adjustments and the lack of meaningful revenue to anchor earnings quality. Investors should monitor this divergence, as it indicates that reported profitability metrics are largely decoupled from the actual cash-based operational reality of the business.
Based on the company's reported figures, free cash flow has remained consistently negative over the last ten quarters, with quarterly outflows frequently exceeding $4.5 million, underscoring a structural inability to self-fund operations while the firm continues to advance its clinical pipeline toward potential commercialization.
The lack of positive free cash flow is an expected characteristic of a pre-revenue biotech, yet the consistency of these outflows suggests a high-pressure environment for capital preservation. The absence of any trend toward break-even implies that the company remains entirely dependent on external financing to sustain its current research trajectory.
According to recent SEC filings, working capital changes have fluctuated significantly, ranging from a $1.3 million outflow in 2025Q2 to a $631,000 inflow in 2023Q4, which suggests that the timing of clinical trial payments and vendor obligations creates unpredictable swings in the company's short-term cash position.
These fluctuations in working capital appear to be driven by the lumpy nature of R&D-related expenditures rather than operational efficiency. The volatility warrants further investigation, as it complicates the predictability of the company's cash runway and may mask underlying shifts in the timing of critical trial-related liabilities.
As evidenced by the provided financial data, stock-based compensation has been a recurring non-cash expense, reaching as high as $1.2 million in 2025Q2, which effectively masks the true economic cost of talent acquisition and retention in the absence of traditional cash-based performance incentives.
While stock-based compensation preserves cash in the short term, it represents a significant dilution risk for shareholders that is not captured in the operating cash flow statement. Analysts should interpret these figures as a hidden cost of operations that will eventually impact the equity structure of the firm.
Quick answers to the most common questions about buying CALC stock.
CalciMedica, Inc. (CALC) generated $-21.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CalciMedica, Inc. (CALC) reported negative free cash flow of $21.2M in 2025, indicating capital requirements exceeded cash from operations.
CalciMedica, Inc. (CALC) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.