California-based CalciMedica, Inc. (Nasdaq: CALC) announced a private placement of up to approximately USD 49 million as the company pivots its clinical strategy toward pulmonary hypertension. The financing reflects a strategic repositioning following CalciMedica's January 2026 pause of the Phase II KOURAGE trial in acute kidney injury, with proceeds now directed toward generating the first human proof-of-concept data for CRAC channel inhibition in PAH.
The private placement is structured in three tranches. An upfront closing delivers approximately USD 15 million through the sale of 18,673,429 units at USD 0.8033 per unit, each comprising one share of common stock or pre-funded warrant. Two warrant series provide contingent proceeds: Series A warrants at an exercise price of USD 0.8033 per share carry potential additional gross proceeds of up to USD 15 million, and Series B warrants at USD 1.00 per share carry up to approximately USD 19 million in additional proceeds. Both warrant series are issuable subject to stockholder approval under Nasdaq listing rules. Upfront proceeds are expected to fund operations into the second half of 2027. Guggenheim Securities acted as sole placement agent. The financing includes participation from new and existing investors, including members of CalciMedica's board and management team.
Company overview and pipeline
CalciMedica is a clinical-stage biopharma developing calcium release-activated calcium (CRAC) channel inhibitors for inflammatory, immunologic, and cardiopulmonary diseases. The company's platform targets Orai1, the pore-forming subunit of the CRAC channel, which is upregulated in diseased pulmonary vasculature and cardiac tissue. Persistent CRAC channel signaling has been linked to pulmonary vascular proliferation, vasoconstriction, fibrosis, and right ventricular remodeling — mechanisms that current approved PAH therapies do not directly address.
The lead clinical asset is Auxora (zegocractin; CM4620), an intravenous CRAC channel inhibitor evaluated in more than 350 patients across completed and ongoing trials in acute pancreatitis, severe COVID-19 pneumonia, and acute kidney injury (AKI).
The upfront proceeds from this financing will fund a Phase Ib proof-of-concept study evaluating zegocractin in patients with PAH, with the goal of generating the first human data supporting CRAC channel inhibition in the indication, with top-line data anticipated in mid-2027. The study is intended to de-risk the development of CM5480, CalciMedica's proprietary oral CRAC channel inhibitor candidate for chronic PAH treatment, for which IND clearance is also anticipated in mid-2027.