Detailed financial statements for CalciMedica, Inc. (CALC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
CalciMedica, Inc., a clinical-stage biotechnology company headquartered in La Jolla, California, is focused on creating treatments for life-threatening inflammatory diseases that currently lack adequate therapies. The company's proprietary approach involves blocking calcium release-activated (CRAC) channels, a mechanism designed to modulate the immune system and protect against cellular and tissue damage in these severe conditions.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $1.98, CALC has negative trailing earnings (P/E not meaningful) and an ROE of 445.14%. Market capitalisation stands at $6M.
Balance sheet quality for CALC: current ratio of 3.6, net cash position of $3.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $175000 | $303000 | $395000 | $519000 | 0 | 0 | 0 | $46000 |
| Gross Profit | -$175000 | -$303000 | -$395000 | -$519000 | 0 | 0 | 0 | -$46000 |
| Research & Development | $23.0M | $30.6M | $21.0M | $18.9M | $8.3M | $15.9M | $14.5M | $15.2M |
| Selling, General & Admin | $5.6M | $6.6M | $8.9M | $17.0M | $5.8M | $22.2M | $9.7M | $7.9M |
| Operating Expenses | $28.6M | $37.2M | $29.4M | $35.4M | $14.2M | $38.1M | $24.2M | $23.1M |
| Operating Income | -$28.6M | -$37.5M | -$29.8M | -$35.9M | -$14.2M | -$38.1M | -$24.2M | -$23.1M |
| EBITDA | -$28.2M | -$36.7M | -$27.1M | -$35.3M | -$7.6M | -$34.2M | -$13.6M | -$28.1M |
| Interest Expense | 0 | 0 | $143000 | $126000 | $132000 | $110000 | 0 | $1.4M |
| Pre-tax Income | -$28.4M | -$37.0M | -$27.5M | -$35.8M | -$7.8M | -$34.4M | -$13.7M | -$29.6M |
| Income Tax | $13859 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$28.4M | -$37.0M | -$27.5M | -$35.8M | -$7.8M | -$34.4M | -$13.7M | -$29.6M |
| EPS | $-165.50 | $-179.25 | $-367.50 | $-118.30 | $-116.00 | $-38.25 | $-6.10 | $-9.85 |
| EPS (Diluted) | $-165.50 | $-179.25 | $-367.50 | $-118.30 | $-116.00 | $-38.25 | $-6.10 | $-9.85 |
| Shares Outstanding (Diluted) | $171456 | $206619 | $94549 | $302847 | $306990 | $898000 | $2.2M | $3.00B |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $12.8M | $15.9M | $33.4M | $13.4M | $1.3M | $5.5M | $7.9M | $11.5M |
| Short-term Investments | 0 | $20.1M | $61.6M | $50.3M | 0 | $5.7M | $10.7M | $1.5M |
| Receivables | 0 | 0 | 0 | $21000 | $39000 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | -$21000 | 0 | 0 | 0 | 0 |
| Total Current Assets | $13.4M | $36.3M | $99.2M | $67.1M | $1.7M | $11.6M | $19.7M | $13.5M |
| Property, Plant & Equipment | $1.5M | $2.0M | $1.9M | $2.0M | $195000 | $167000 | $119000 | $50000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $17.8M | $40.7M | $101.8M | $69.1M | $3.3M | $12.2M | $19.8M | $13.6M |
| Accounts Payable | $2.5M | $4.6M | $2.5M | $527000 | $2.9M | $1.4M | $2.0M | $1.2M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $1.2M |
| Total Current Liabilities | $5.8M | $12.3M | $7.0M | $4.1M | $4.8M | $4.0M | $3.7M | $3.8M |
| Long-term Debt | 0 | 0 | 0 | 0 | $5.2M | 0 | 0 | $8.4M |
| Total Liabilities | $5.8M | $12.3M | $7.0M | $4.1M | $12.6M | $4.0M | $5.4M | $20.2M |
| Retained Earnings | -$68.8M | -$105.8M | -$133.4M | -$169.2M | -$111.7M | -$146.1M | -$159.8M | -$189.3M |
| Total Equity | $12.0M | $28.4M | $94.8M | $65.0M | -$9.2M | $8.2M | $14.4M | -$6.6M |
| Total Debt | $78.8M | $131.4M | 0 | 0 | $5.4M | 0 | 0 | $9.7M |
| Net Debt | $66.0M | $95.4M | -$95.0M | -$63.7M | $4.0M | -$11.2M | -$18.7M | -$3.3M |
| Working Capital | $7.7M | $24.0M | $92.2M | $63.0M | -$3.0M | $7.6M | $16.0M | $9.7M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -$28.4M | -$37.0M | -$27.5M | -$35.8M | -$7.8M | -$34.4M | -$13.7M | -$29.6M |
| Depreciation & Amortization | $175000 | $303000 | $395000 | $519000 | $52000 | $58000 | $58000 | $46000 |
| Stock-based Compensation | $348000 | $738000 | $1.8M | $5.4M | $1.8M | $12.0M | $2.3M | $3.0M |
| Change in Working Capital | -$379000 | $4.9M | -$4.6M | -$1.6M | $605000 | -$267000 | -$495000 | -$623000 |
| Operating Cash Flow | -$28.2M | -$31.2M | -$32.1M | -$31.5M | -$11.8M | -$25.7M | -$21.1M | -$21.2M |
| Capital Expenditure | -$1.5M | -$605000 | -$1.0M | -$488000 | -$4000 | -$78000 | -$8000 | -$28000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$29.7M | -$31.8M | -$33.1M | -$32.0M | -$11.8M | -$25.8M | -$21.2M | -$21.2M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income Growth (YoY) | -30.5% | +25.7% | -30.1% | +78.2% | -339.1% | +60.1% | -115.8% | |
| EPS Growth (YoY) | -8.3% | -105.0% | +67.8% | +1.9% | +67.0% | +84.1% | -61.5% | |
| Shares Change (YoY) | +20.5% | -54.2% | +220.3% | +1.4% | +192.5% | +150.5% | +133382.4% | |
| FCF Growth (YoY) | -7.2% | -4.0% | +3.3% | +63.2% | -119.4% | +18.0% | -0.2% | |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-173.09 | $-154.00 | $-349.95 | $-105.62 | $-38.31 | $-28.74 | $-9.41 | $-0.01 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $171456 | $206619 | $94549 | $302847 | $306990 | $898000 | $2.2M | $3.00B |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 445.14% |
| Return on Invested Capital | -209.07% |
| Return on Assets | -217.51% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | -1.46 |
| Current Ratio | 3.58 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | -0.18 | -0.16 | -0.08 | -0.25 | -0.25 | -0.37 | -2.90 | -3.35 |
| P/B | 0.42 | 0.21 | 0.03 | 0.14 | -0.97 | 1.57 | 2.76 | -14896.04 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
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