CALCHIGH SIGNALRISK10-K

CalciMedica added explicit going concern language stating that their need for additional capital raises substantial doubt about their ability to continue as a going concern.

The addition of going concern language represents a material deterioration in the company's financial outlook and survival prospects. While cash increased modestly to $11.5M, management's explicit acknowledgment of substantial doubt about business continuity signals severe funding pressures that could lead to dilutive equity raises, unfavorable debt terms, or potential bankruptcy if additional capital cannot be secured.

Comparing 2026-03-03 vs 2025-03-27View on EDGAR →
FINANCIAL ANALYSIS

CalciMedica's balance sheet shows mixed signals with cash and equivalents increasing to $11.5M from $7.9M, suggesting recent fundraising activity, but total assets declined meaningfully to $13.6M from $19.8M. The overall financial picture reflects a cash-constrained biotech burning through resources, where despite the recent cash infusion, the company's asset base has contracted significantly and management has acknowledged substantial going concern risks.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+45.2%
$7.9M→$11.5M

Cash position surged 45.2% — strong cash generation or capital raise providing significant financial cushion.

Total Assets
Balance Sheet
-31.3%
$19.8M→$13.6M

Total assets contracted 31.3% — asset sales, write-downs, or balance sheet optimization underway.

Current Assets
Balance Sheet
-31.2%
$19.7M→$13.5M

Current assets declined 31.2% — monitor working capital adequacy and short-term liquidity.

LANGUAGE CHANGES
NEW — 2026-03-03
PRIOR — 2025-03-27
ADDED
The terms of our February 28, 2025 Loan Agreement with Avenue Venture Opportunities Fund place restrictions on our operating and financial flexibility.
If we raise additional capital through debt financing, the terms of any new debt could further restrict our operating and financial flexibility.
Our need for additional capital raises substantial doubt about our ability to continue as a going concern.
International trade policies, including tariffs, sanctions and trade barriers may adversely affect our business, financial condition, results of operations and prospects.
Our product candidates target calcium release-activated calcium ( CRAC ) channels and, if approved, would represent a new class of therapeutics.
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REMOVED
The addressable market of our product candidates have not been established with precision and may be smaller than we estimate.
The 2025 Loan and Security Agreement with Avenue Venture Opportunities Fund includes customary affirmative and negative covenants, as well as standard events of default, that could restrict our operating and financial flexibility.
iii EXPLANATORY NOTE On March 20, 2023, the Delaware corporation formerly known as Graybug Vision, Inc.
completed its merger transaction in accordance with the terms and conditions of the Agreement and Plan of Merger and Reorganization, dated as of November 21, 2022, as amended on February 10, 2023 (the Merger Agreement ), by and among Graybug Vision, Inc.
( Graybug ), Camaro Merger Sub, Inc., a wholly owned subsidiary of Graybug ( Merger Sub ), and CalciMedica, Inc.
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