CalciMedica (NASDAQ:CALC) reported its full-year 2025 financial results on Tuesday, outlining a path forward for its lead candidate, Auxora™, despite the recent discontinuation of its primary kidney injury study.
The La Jolla-based biopharmaceutical company reported a net loss of $29.6 million, or $1.97 per share, for 2025.
This represents a significant widening from the $13.7 million loss ($1.22 per share) recorded in 2024, driven largely by elevated clinical and development costs.
As of December 31, 2025, the company held $13 million in cash and equivalents, a reserve management expects will fund operations into the fourth quarter of 2026.
The financial update follows a setback for the company’s Phase 2 KOURAGE trial, which was evaluating Auxora in patients with acute kidney injury (AKI).
The trial was discontinued following a recommendation from the Independent Data Monitoring Committee (IDMC) due to a mortality imbalance.
However, CalciMedica noted that subsequent reviews found no evidence of drug-related toxicity, providing some regulatory breathing room as the firm prepares for formal discussions with the FDA in the second quarter of 2026.