CalciMedica, Inc. files 10-K

CalciMedica, a clinical-stage biopharmaceutical company, faces substantial doubt about its ability to continue as a going concern, with current cash expected to fund operations only into Q4 2026. The company reported a net loss of $29.6 million in 2025, an increase from $13.7 million in 2024, primarily due to fair value adjustments of financial instruments and increased interest expense. Its lead product candidate, Auxora, recently had a Phase 2 trial discontinued due to a mortality imbalance, further impacting its development pathway. (2) Key Points for Investors: