Financial Performance - The company reported a net loss of $5.0 million for the three months ended March 31, 2025, with total operating expenses of $6.5 million and interest expense of $0.4 million[144]. - Net loss for the three months ended March 31, 2025, was $5.0 million, a significant increase of 3978% compared to a net income of $130,000 in the same period of 2024[158]. - Other income decreased by 75% to $1.5 million for the three months ended March 31, 2025, compared to $5.9 million in 2024[161]. - Cash used in operating activities for the three months ended March 31, 2025, was $4.9 million, primarily due to cash outlays for operations[179]. - Cash used in investing activities for the three months ended March 31, 2025, was $1.2 million, primarily from the purchase of short-term investments[181]. - The company has experienced significant operating losses since inception, except for the three-month period ending March 31, 2024[144]. Cash and Investments - As of March 31, 2025, the company had an accumulated deficit of $164.8 million and $24.6 million in cash, cash equivalents, and short-term investments[144]. - Cash, cash equivalents, and short-term investments totaled $24.6 million as of March 31, 2025[162]. - Cash provided by financing activities for the three months ended March 31, 2025, was $10.8 million, comprised of debt financing of $9.8 million and $1.0 million from the ATM[182]. - The Company expects cash requirements for its lease obligation to be approximately $95,000 over the next nine months[183]. Funding and Capital - The company raised gross proceeds of $20.4 million from a private placement transaction in January 2024, with net proceeds of approximately $19.0 million after deducting transaction costs[140]. - An underwritten public offering in November 2024 generated gross proceeds of $10.2 million from the sale of 2,720,000 shares at a price of $3.75 per share[141]. - A loan agreement was established for growth capital loans totaling up to $32.5 million, with $10 million funded on the closing date[143]. - The Company entered into a Loan Agreement for an initial $10.0 million of gross proceeds on February 28, 2025[163]. - The company filed a Shelf Registration Statement in August 2023 for the offering of up to $100.0 million in various securities[170]. Research and Development - The company expects research and development expenses to increase substantially as it continues to invest in clinical trials and regulatory approvals[149]. - Research and development expenses increased by 43% to $4.2 million for the three months ended March 31, 2025, compared to $2.9 million for the same period in 2024[158]. - Research and development expenses included a 271% increase in chemistry, manufacturing, and controls costs related to Phase 2 clinical trials of Auxora[159]. - The company is conducting a Phase 2 trial for Auxora in acute kidney injury with data expected around the end of 2025[136]. - The company has not generated any product revenue and does not expect to do so until successful development and regulatory approval of its product candidates[146]. - The company expects to need substantial additional capital to fund product candidates through regulatory approval and commercialization[164]. Operational Adjustments - The company has paused IND enabling preclinical work on several product candidates to focus resources on clinical programs, pending additional funding[137]. - General and administrative expenses decreased by 19% to $2.3 million for the three months ended March 31, 2025, down from $2.8 million in 2024[160].
CalciMedica(CALC) - 2025 Q1 - Quarterly Report