Home / Going-concern warnings / CalciMedica, Inc.

4/5CalciMedica, Inc. (CALC): Going-concern doubt

Filed 2025-08-12 路 Form 10-Q 路 Accession 0000950170-25-107334 nano

Market data

Price before filing: $13.8 (2025-08-11 close, split/dividend-adjusted)
Market cap at flag: $37.2M (2025-08-12) 路 Latest: $3.6M (2026-10-16)

What happened next

WindowCALCSPYvs SPY
30 days+24.3%+3.4%+20.9%2025-09-11
90 days+10.9%+7.5%+3.4%2025-11-10
180 days-76.4%+9.7%-86.1%2026-02-09

Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.

Insider trading around this filing

90 days before the flag: 1 insider sold $4K (1 sale); 5 insiders bought $107K (16 purchases)
30 days after: 2 insiders bought $112K (10 purchases)

DateInsiderTypeSharesPriceValue10b5-1 planSource
2025-05-30Bardin Stephen
Chief Financial Officer
Purchase1,000$1.69$2KnoForm 4
2025-06-05Roberts Eric W
CHIEF BUSINESS OFFICER, Director, 10% owner
Purchase5,100$1.70$9KnoForm 4
2025-06-06Roberts Eric W
CHIEF BUSINESS OFFICER, Director, 10% owner
Purchase5,000$1.77$9KnoForm 4
2025-06-11Roberts Eric W
CHIEF BUSINESS OFFICER, Director, 10% owner
Purchase5,000$1.85$9KnoForm 4
2025-06-26Bardin Stephen
Chief Financial Officer
Purchase2,000$1.50$3KnoForm 4
2025-06-26Roberts Eric W
CHIEF BUSINESS OFFICER, Director, 10% owner
Purchase4,500$1.44$6KnoForm 4
2025-07-01Stauderman Kenneth A.
Chief Scientific Officer
Purchase1,000$1.85$2KnoForm 4
2025-07-09Roberts Eric W
CHIEF BUSINESS OFFICER, Director, 10% owner
Purchase5,000$1.60$8KnoForm 4
2025-07-14Leheny A. Rachel
CHIEF EXECUTIVE OFFICER, Director, 10% owner
Purchase2,500$2.47$6KnoForm 4
2025-07-14Roberts Eric W
CHIEF BUSINESS OFFICER, Director, 10% owner
Purchase6,500$2.43$16KnoForm 4
2025-07-18Roberts Eric W
CHIEF BUSINESS OFFICER, Director, 10% owner
Purchase2,000$2.88$6KnoForm 4
2025-07-18WILSON ROBERT N
Director
Purchase4,500$2.87$13KnoForm 4
2025-07-21Leheny A. Rachel
CHIEF EXECUTIVE OFFICER, Director, 10% owner
Purchase1,000$3.40$3KnoForm 4
2025-07-21Roberts Eric W
CHIEF BUSINESS OFFICER, Director, 10% owner
Purchase1,500$3.37$5KnoForm 4
2025-07-22Roberts Eric W
CHIEF BUSINESS OFFICER, Director, 10% owner
Purchase1,500$3.77$6KnoForm 4
2025-07-25Stauderman Kenneth A.
Chief Scientific Officer
Sale1,000$3.65$4KnoForm 4
2025-07-28Stauderman Kenneth A.
Chief Scientific Officer
Purchase1,000$3.96$4KnoForm 4
2025-08-12: red flag filed
2025-08-14Hebbar Sudarshan
Chief Medical Officer
Purchase1,584$2.58$4KnoForm 4
2025-08-15Hebbar Sudarshan
Chief Medical Officer
Purchase4,392$2.79$12KnoForm 4
2025-08-15Roberts Eric W
CHIEF BUSINESS OFFICER, Director, 10% owner
Purchase5,076$2.90$15KnoForm 4
2025-08-19Hebbar Sudarshan
Chief Medical Officer
Purchase9,563$2.82$27KnoForm 4
2025-08-19Roberts Eric W
CHIEF BUSINESS OFFICER, Director, 10% owner
Purchase1,000$2.79$3KnoForm 4
2025-08-20Roberts Eric W
CHIEF BUSINESS OFFICER, Director, 10% owner
Purchase2,000$2.72$5KnoForm 4
2025-08-21Roberts Eric W
CHIEF BUSINESS OFFICER, Director, 10% owner
Purchase3,508$2.79$10KnoForm 4
2025-08-28Roberts Eric W
CHIEF BUSINESS OFFICER, Director, 10% owner
Purchase9,200$2.86$26KnoForm 4

Showing 25 of 27 transactions.

Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-05-14 to 2025-09-11. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.

Verified excerpt

"As a result, there is substantial doubt about the Company's ability to continue as a going concern."

Quoted from the filing. Source

What this means

The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.

Source: management disclosure in Form 10-Q (period 2025-06-30)

Why this score: quarterly (unaudited) disclosure; also within 90 days: Auditor change

Read the original filing on SEC.gov →

Not investment advice. Automated summary; verify against the filing.

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