Investment Thesis
CalciMedica exhibits critical financial distress with negative stockholders equity (-$1.1M), minimal revenue ($106K, declining -29.7% YoY), and unsustainable operating losses (-$5.6M) representing a cash burn of 5,293% of revenue. The company's apparent profitability ($5.0M net income) is illusory, driven entirely by non-operating gains while core operations hemorrhage cash at -$4.9M annually, providing only ~1.7 years of runway from the current $8.2M cash position.
Strengths
- Cash position of $8.2M provides near-term operational runway
- Minimal capital expenditure requirements preserve liquidity for R&D deployment
- Active insider engagement evidenced by 6 Form 4 filings in 90 days
Risks
- Negative stockholders equity (-$1.1M) indicates technical insolvency and balance sheet deterioration
- Unsustainable operating cash burn of $4.9M annually with only $106K revenue generation
- Revenue declining YoY in pharmaceutical sector suggests inability to commercialize products or market traction failure
- Operating losses of 5,293% of revenue indicate fundamental business model failure at current scale
- Cash runway exhaustion within 1.7 years without external funding or operational inflection
Key Metrics to Watch
- Operating cash burn trend and path to cash flow breakeven
- Revenue growth from product commercialization or partnerships
- Cash position and dilutive financing events required to extend runway
- Operating margin improvement trajectory toward profitability
Financial Metrics
Revenue
106.0K
Net Income
5.0M
EPS (Diluted)
$0.30
Free Cash Flow
-4.9M
Total Assets
8.6M
Cash
8.2M
Profitability Ratios
Gross Margin
N/A
Operating Margin
-5,293.4%
Net Margin
4,694.3%
ROE
N/A
ROA
57.8%
FCF Margin
-4,581.1%
Balance Sheet & Liquidity
Current Ratio
1.61x
Quick Ratio
1.61x
Debt/Equity
N/A
Debt/Assets
112.8%
Interest Coverage
N/A
Long-term Debt
N/A
Disclaimer: This analysis is generated by AI based on publicly available SEC EDGAR filings.
It does not include stock price data and should not be considered financial advice.
All fundamental data is sourced from SEC public domain filings.
Always conduct your own research before making investment decisions.
Data Source: SEC EDGAR |
Analysis Date: 2026-05-15T08:54:14.850620 |
Data as of: 2026-03-31 |
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