CalciMedica shares rise 6% despite Q2 loss on trial data

Shares of CalciMedica Inc. (CCM) advanced 6% in after-hours trading on Tuesday after the biotech company reported a second-quarter loss that exceeded analyst estimates, despite a miss in its pulmonary trial data.

The San Diego-based firm, which develops treatments for inflammatory and immunologic diseases, posted a net loss of $18.7 million, or 36 cents per share, for the quarter ended June 30. Analysts had projected a loss of 29 cents per share, according to Refinitiv data. Revenue for the period totaled $1.2 million, below the $1.5 million consensus estimate.

CalciMedica attributed the shortfall to delays in its lead drug candidate, CM-128, a monoclonal antibody targeting pulmonary conditions. The company disclosed that the Phase 2 trial for CM-128 did not meet its primary efficacy endpoints, though it noted no safety concerns were identified. Investors appeared to focus on the firm’s cash position and operational updates rather than the trial outcome, with shares rising despite the negative headline.

As of June 30, CalciMedica held $158.3 million in cash and equivalents, providing a runway into 2026. The company reiterated its guidance for a full-year net loss of $60 million to $70 million, with revenue projected between $4 million and $6 million.

Analysts at William Blair maintained a Market Perform rating on CalciMedica, citing the trial setback but acknowledging the firm’s financial stability. The stock’s after-hours gain contrasted with broader biotech sector weakness, where the SPDR S&P Biotech ETF (XBI) fell 1.2%.

CalciMedica plans to present further trial data at an upcoming medical conference and will continue developing CM-128 alongside other pipeline candidates.