Overview

• Biopharmaceutical firm's Q1 net income rose to $5.0 mln, reversing a year-ago loss

• Operating expenses fell due to lower R&D and personnel costs

• Net income increase driven by fair value adjustments to financial instruments

Outlook

• Company expects FDA feedback on Auxora pivotal program in AP in 2Q 2026

Result Drivers

• LOWER R&D AND CLINICAL COSTS - Co said research and development expenses fell due to decreased preclinical and clinical trial activities and lower chemistry, manufacturing, and controls costs

• LOWER PERSONNEL COSTS - General and administrative expenses declined, mainly due to reduced personnel costs

• FAIR VALUE ADJUSTMENTS - Net income increase was mainly driven by fair value adjustments to promissory note and common stock warrants

Company press release: ID:nPn881t9Pa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Net Income		$4.98 mln
Q1 Income From Operations		-$5.61 mln
Q1 Operating Expenses		$5.61 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for CalciMedica Inc is $10.00, about 1,592% above its May 11 closing price of $0.59

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