Financial Performance - The company reported a net loss of $11.0 million for the six months ended June 30, 2025, with total operating expenses of $13.1 million[153]. - Net loss for Q2 2025 was $5.96 million, representing a 51% increase compared to a net loss of $3.95 million in Q2 2024[169]. - Total operating expenses for the first half of 2025 were $13.12 million, an increase of 7% from $12.30 million in the same period of 2024[173]. - Research and development expenses for the first half of 2025 rose by 17% to $8.28 million, up from $7.10 million in the first half of 2024, largely due to a $1.02 million increase in preclinical and clinical trial-related activities[173]. - Other income for Q2 2025 was $0.67 million, a significant decrease of 74% from $2.58 million in Q2 2024, primarily due to a decrease in fair value adjustments[172]. - Cash used in operating activities was $11.5 million for the six months ended June 30, 2025, primarily due to the net loss and changes in operating assets and liabilities[194]. Cash and Funding - As of June 30, 2025, the company had an accumulated deficit of $170.8 million and $18.0 million in cash, cash equivalents, and short-term investments[153]. - 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 transaction costs[149]. - An underwritten public offering in November 2024 generated gross proceeds of $10.2 million from the sale of 2,720,000 shares at $3.75 per share[150]. - The company expects to finance future cash requirements through existing cash, equity offerings, and debt financing, with a total principal amount of up to $32.5 million available under a Loan Agreement[189]. - Cash provided by financing activities for the six months ended June 30, 2025, was $10.6 million, primarily from debt financing[197]. - The company has entered into a Loan Agreement for growth capital loans of up to $32.5 million, with $10 million funded on the closing date[152]. Research and Development - The company has conducted multiple Phase 2 clinical trials for its lead product candidate, Auxora, demonstrating a reduction in organ damage and recovery time in treated patients[145]. - A Phase 2 trial for Auxora in acute kidney injury with associated acute hypoxemic respiratory failure is currently ongoing, with data expected in early 2026[145]. - The company anticipates research and development expenses to continue increasing as product candidates advance into later stages of clinical development[164]. - The company has paused IND enabling preclinical work on certain compounds to focus resources on clinical programs, pending additional funding[146]. - The company incurs substantial expenses related to clinical trials, with costs estimated based on the number of services provided but not yet invoiced, included in accrued liabilities and R&D expenses[203]. - The company has not experienced material differences between accrued costs and actual costs incurred since inception, indicating effective cost estimation practices[204]. Administrative Expenses - General and administrative expenses for Q2 2025 increased by 8% to $2.6 million from $2.4 million in Q2 2024, mainly driven by a $0.6 million increase in personnel costs[171]. - Personnel costs in general and administrative expenses for the first half of 2025 increased by 57% to $2.68 million from $1.71 million in the same period of 2024[174]. Regulatory and Compliance - The company has filed a shelf registration statement allowing for the offering of up to $100.0 million in various securities, including common stock and warrants[147]. - The company is classified as an emerging growth company under the JOBS Act, allowing it to delay adopting new accounting standards until December 31, 2025[209]. - The company qualifies as a smaller reporting company, with a market value of stock held by non-affiliates below $700 million and annual revenue under $100 million[210]. - As a smaller reporting company, the company may present only the two most recent fiscal years of audited financial statements in its Annual Report[210]. - The company is not required to provide quantitative and qualitative disclosures about market risk due to its smaller reporting company status[213]. - No recently adopted accounting pronouncements were reported, indicating stability in accounting practices[211].
CalciMedica(CALC) - 2025 Q2 - Quarterly Report