The company continues to operate without commercial revenue, reporting a $5.6 million operating loss in 2026Q1 while maintaining R&D expenditures that fluctuate between $2.8 million and $4.2 million per quarter.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 7K | 46K | 0 | 0 | 0 | 519K | 395K | 303K | 175K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - |
| Gross Profit | -7K | -46K | 0 | 0 | 0 | -519K | -395K | -303K | -175K |
| Gross Margin % | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | 100% | -31.39% | -30.36% | -73.14% | - |
| Operating Expenses | 22.23M | 23.12M | 24.2M | 38.08M | 14.19M | 35.43M | 29.44M | 37.2M | 28.57M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 7.74M | 7.89M | 9.73M | 22.22M | 5.84M | 17.04M | 8.87M | 6.62M | 5.6M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - |
| Research & Development | 14.49M | 15.23M | 14.48M | 15.86M | 8.35M | 18.9M | 20.96M | 30.58M | 22.97M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | -519K | -395K | 0 | 0 |
| Operating Income | -22.23M | -23.12M | -24.2M | -38.08M | -14.19M | -35.95M | -29.83M | -37.5M | -28.57M |
| Operating Margin % | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 4.47% | 36.43% | -168.27% | 60.52% | -20.5% | 20.45% | -31.26% | - |
| EBITDA | -22.2M | -23.07M | -24.15M | -38.02M | -14.14M | -35.43M | -29.44M | -37.2M | -28.39M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 10.77% | 4.44% | 36.49% | -168.84% | 60.09% | -20.35% | 20.87% | -31.01% | - |
| D&A (Non-Cash Add-back) | 38K | 46K | 58K | 58K | 52K | 519K | 395K | 303K | 175K |
| EBIT | -29.16M | -28.14M | -24.2M | -38.08M | -7.69M | -35.82M | -27.53M | -37.04M | -28.38M |
| Net Interest Income | -677K | -709K | 0 | -110K | -132K | 0 | 0 | 393K | 0 |
| Interest Income | 617K | 713K | 0 | 0 | 0 | 126K | 143K | 393K | 192K |
| Interest Expense | 1.29M | 1.42M | 0 | 110K | 132K | 126K | 143K | 0 | 0 |
| Other Income/Expense | 2.69M | -6.44M | 10.5M | 3.72M | 6.37M | 126K | 2.3M | 465K | 192K |
| Pretax Income | -19.54M | -29.56M | -13.7M | -34.36M | -7.82M | -35.82M | -27.53M | -37.04M | -28.38M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.86K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.05% |
| Net Income | -19.54M | -29.56M | -13.7M | -34.36M | -7.82M | -35.82M | -27.53M | -37.04M | -28.38M |
| Net Margin % | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -3.56% | -115.78% | 60.12% | -339.12% | 78.16% | -30.11% | 25.67% | -30.51% | - |
| Net Income (Continuing) | -19.54M | -29.56M | -13.7M | -34.36M | -7.82M | -35.82M | -27.53M | -37.04M | -28.38M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.30 | -1.97 | -1.22 | -7.65 | -23.20 | -23.66 | -73.50 | -35.85 | -33.10 |
| EPS Growth % | 14.84% | -61.48% | 84.05% | 67.03% | 1.94% | 67.81% | -105.02% | -8.31% | - |
| EPS (Basic) | - | -1.97 | -1.22 | -7.65 | -23.20 | -23.66 | -73.50 | -35.85 | -33.10 |
| Diluted Shares Outstanding | 15.01M | 15.01B | 11.25M | 4.49M | 1.53M | 1.51M | 472.75K | 1.03M | 857.28K |
| Basic Shares Outstanding | 15.01M | 15.01B | 11.25M | 4.49M | 1.53M | 1.51M | 472.75K | 1.03M | 857.28K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Binary Clinical Trial Failure
As indicated by the company's historical income statements, R&D expenditures remain the primary driver of the cost structure, fluctuating between $2.8 million and $4.2 million per quarter as the firm advances its CARPO and CRSPA clinical trials without any offsetting commercial revenue streams.
The lack of revenue means that every dollar spent on R&D directly impacts the company's liquidity position. Investors should monitor the efficiency of these expenditures, as the variability in quarterly R&D costs suggests a reliance on third-party CRO milestones that may not always align with the company's available cash runway.
Based on the provided financial data, the company's net income figures are frequently skewed by non-operating items, as evidenced by the anomalous $5.0 million net income reported in 2026Q1 despite the absence of revenue and a $5.6 million operating loss during the same period.
These fluctuations suggest that bottom-line profitability is currently a poor indicator of operational health. Analysts should focus on the operating loss and cash burn metrics, as the reported net income appears to be influenced by accounting adjustments or non-recurring items that do not reflect the underlying clinical-stage business model.
According to the reported income statement figures, the company exhibits no operating leverage, as SG&A expenses have remained consistently elevated between $1.3 million and $2.8 million per quarter while the firm continues to operate without any commercial revenue to scale against its fixed overhead.
The inability to generate revenue means that SG&A costs represent a pure drain on capital rather than a support function for growth. This structure implies that the company will likely remain highly sensitive to equity market conditions until a successful clinical readout can potentially trigger a licensing or partnership event.
With reported cash and equivalents of $11,520,000, the company's financial position appears increasingly precarious, as the current quarterly burn rate suggests that the existing capital may be insufficient to support the completion of late-stage clinical trials without further dilutive financing or strategic intervention.
The reliance on external capital markets to fund ongoing R&D creates a significant risk of shareholder dilution. If the company fails to secure non-dilutive funding or a partnership, the current cash-to-burn ratio warrants further investigation into the potential for a liquidity shortfall before the next major data readout.
Quick answers to the most common questions about buying CALC stock.
For fiscal year 2025, CalciMedica, Inc. (CALC) reported total revenue of $0.0M.
CalciMedica, Inc. (CALC) reported a net loss of $29.6M for the fiscal year ending 2025.