CalciMedica, Inc 10-Q for FY2021 Q2

CalciMedica, Inc. (CALC)

10-Q 2021-08-12 For: 2021-06-30

Added on April 11, 2026

About this 10-Q

CalciMedica, Inc filed this 10-Q on August 12, 2021, covering the quarter ended June 30, 2021 (FY2021 Q2).

Headline figures

Quarter ended June 30, 2021, as reported in this filing, compared with the same period a year earlier where the filing states it.

Net loss: $7.71M; compared with a net loss of $5.87M a year earlier

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Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.0001 per share		GRAY		The Nasdaq Global Market

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

		Page
	PART I—FINANCIAL INFORMATION	4
Item 1.	Financial Statements	4
	Condensed Balance Sheets as of June 30, 2021 (unaudited) and December 31, 2020 (See Note 2)	4
	Condensed Statements of Operations for the Three and Six Months Ended June 30, 2021 and 2020 (unaudited)	5
	Condensed Statements of Comprehensive Loss for the Three and Six Months Ended June 30, 2021 and 2020 (unaudited)	6
	Condensed Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) for the Three and Six Months Ended June 30, 2021 and 2020 (unaudited)	7
	Condensed Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020 (unaudited)	8
	Notes to the Condensed Financial Statements (unaudited)	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	24
Item 4.	Controls and Procedures	24

	PART II—OTHER INFORMATION	25
Item 1.	Legal Proceedings	25
Item 1A.	Risk Factors	25
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	68
Item 3.	Defaults Upon Senior Securities	68
Item 4.	Mine Safety Disclosures	68
Item 5.	Other Information	68
Item 6.	Exhibits	69
SIGNATURES		70

	June 30, 2021			December 31, 2020
	(unaudited)			(See Note 2)
Assets
Current assets:
Cash and cash equivalents	$	7,864		$	33,418
Short-term investments		65,722			61,615
Prepaid expenses and other current assets		2,465			4,207
Total current assets		76,051			99,240
Property and equipment, net		2,006			1,946
Prepaid expenses and other non-current assets		136			608
Long-term investments		4,628			—
Total assets	$	82,821		$	101,794
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	2,101		$	2,513
Accrued research and development		396			1,356
Other current liabilities		1,644			3,128
Total current liabilities		4,141			6,997
Deferred rent, long term portion		13			11
Total liabilities		4,154			7,008
Commitments and contingencies (Note 5)
Stockholders’ equity:
Preferred stock		—			—
Common stock		2			2
Additional paid-in capital		231,183			228,155
Accumulated deficit		(152,524	)		(133,367	)
Accumulated other comprehensive loss		6			(4	)
Total stockholders’ equity		78,667			94,786
Total liabilities and stockholders’ equity	$	82,821		$	101,794

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Operating expenses:
Research and development	$	4,166		$	4,632		$	10,614		$	10,717
General and administrative		3,575			1,408			8,615			3,119
Total operating expenses		7,741			6,040			19,229			13,836
Loss from operations		(7,741	)		(6,040	)		(19,229	)		(13,836	)
Interest income		33			9			72			117
Change in fair value of preferred stock tranche obligation		—			162			—			56
Net loss		(7,708	)		(5,869	)		(19,157	)		(13,663	)
Cumulative dividends on convertible preferred stock		—			(3,494	)		—			(4,793	)
Net loss attributable to common stockholders	$	(7,708	)	$	(9,363	)	$	(19,157	)	$	(18,456	)
Net loss per common share—basic and diluted	$	(0.36	)	$	(6.79	)	$	(0.91	)	$	(13.40	)
Weighted-average number of shares outstanding used in computing net loss per common share—basic and diluted		21,148,743			1,379,644			21,084,915			1,377,431

	Convertible Preferred Stock				Common Stock				Additional Paid-In		Accumulated			Accumulated Other Comprehensive			Total Stockholders’
	Shares		Amount		Shares		Amount		Capital		Deficit			Income (Loss)			Equity
Balance—December 31, 2020		—	$	—		20,979,265	$	2	$	228,155	$	(133,367	)	$	(4	)	$	94,786
Stock issued on exercise of stock options		—		—		76,679		—		92		—			—			92
Stock-based compensation expense		—		—		—		—		1,129		—			—			1,129
Net loss		—		—		—		—		—		(11,449	)		—			(11,449	)
Unrealized gain on available-for-sale securities, net of tax		—		—		—		—		—		—			4			4
Balance—March 31, 2021		—	$	—		21,055,944	$	2	$	229,376	$	(144,816	)	$	—		$	84,562
Stock issued on exercise of stock options		—		—		228,732		—		495		—			—			495
Stock-based compensation expense		—		—		—		—		1,312		—			—			1,312
Net loss		—		—		—		—		—		(7,708	)		—			(7,708	)
Unrealized gain on available-for-sale securities, net of tax		—		—		—		—		—		—			6			6
Balance—June 30, 2021		—	$	—		21,284,676	$	2	$	231,183	$	(152,524	)	$	6		$	78,667

	Convertible Preferred Stock				Common Stock				Additional Paid-In		Accumulated			Accumulated Other Comprehensive			Total Stockholders’
	Shares		Amount		Shares		Amount		Capital		Deficit			Income (Loss)			Deficit
Balance—December 31, 2019		117,809,883	$	131,363		1,371,467	$	—	$	2,879	$	(105,836	)	$	3		$	(102,954	)
Stock issued on exercise of stock options		—		—		5,446		—		11		—			—			11
Stock-based compensation expense		—		—		—		—		226		—			—			226
Net loss		—		—		—		—		—		(7,794	)		—			(7,794	)
Unrealized loss on available-for-sale securities, net of tax		—		—		—		—		—		—			(3	)		(3	)
Balance—March 31, 2020		117,809,883	$	131,363		1,376,913	$	—	$	3,116	$	(113,630	)	$	—		$	(110,514	)
Stock issued on exercise of stock options		—		—		5,287		—		12		—			—			12
Stock-based compensation expense		—		—		—		—		214		—			—			214
Net loss		—		—		—		—		—		(5,869	)		—			(5,869	)
Balance—June 30, 2020		117,809,883	$	131,363		1,382,200	$	—	$	3,342	$	(119,499	)	$	—		$	(116,157	)

	June 30, 2021
	Level 1		Level 2		Level 3		Total
Current assets:
Cash equivalents:
Money market funds	$	3,077		—		—	$	3,077
Commercial paper		—		4,000		—		4,000
Total cash equivalents		3,077		4,000		—		7,077
Short-term investments:
Corporate debt securities		—		4,740		—		4,740
Commercial paper		—		58,972		—		58,972
U.S. Treasury notes		—		2,010		—		2,010
Total short-term investments		—		65,722		—		65,722
Non-Current assets:
Long-term investments:
Corporate debt securities				1,128				1,128
U.S. Treasury notes				3,500				3,500
Total long-term investments		—		4,628		—		4,628
Total assets measured at fair value	$	3,077	$	74,350	$	—	$	77,427

	December 31, 2020
	Level 1		Level 2		Level 3		Total
Current assets:
Cash equivalents:
Money market funds	$	15,677	$	—	$	—	$	15,677
Corporate debt securities		—		2,500		—		2,500
Commercial paper		—		13,499		—		13,499
Total cash equivalents		15,677		15,999		—		31,676
Short-term investments:
Corporate debt securities		—		11,588		—		11,588
Commercial paper		—		50,027		—		50,027
Total short-term investments		—		61,615		—		61,615
Total assets measured at fair value	$	15,677	$	77,614	$	—	$	93,291

	June 30, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
Current assets:
Cash equivalents:
Money market funds	$	3,077	$	—	$	—		$	3,077
Commercial paper		4,000		—		—			4,000
Total cash equivalents		7,077		—		—			7,077
Short-term investments:
Corporate debt securities		4,740		—		—			4,740
Commercial paper		58,964		8		—			58,972
U.S. Treasury notes		2,010		—		—			2,010
Total short-term investments		65,714		8		—			65,722
Non-Current assets:
Long-term investments:
Corporate debt securities		1,129		—		(1	)		1,128
U.S. Treasury notes		3,501		—		(1	)		3,500
Total long-term investments		4,630		—		(2	)		4,628
Total assets measured at fair value	$	77,421	$	8	$	(2	)	$	77,427

	June 30, 2021		December 31, 2020
Salaries and benefits	$	1,147	$	2,302
Professional services		341		425
Deferred rent		11		27
Other		145		374
Total other current liabilities	$	1,644	$	3,128

Year ended December 31:
2021 (remaining six months)	$	266
2022		403
2023		205
Total future minimum lease payments	$	874

	As of June 30,
	2021		2020
Convertible preferred stock		—		117,809,883
Stock options to purchase common stock		3,919,090		2,066,015
Restricted stock units		1,068,700		—
Warrants to purchase common stock		27,759		27,759

	Three Months Ended June 30,						Change
	2021			2020			Amount			%
Operating expenses:
Research and development	$	4,166		$	4,632		$	(466	)		(10	%)
General and administrative		3,575			1,408			2,167		*
Total operating expenses		7,741			6,040			1,701			28	%
Loss from operations		(7,741	)		(6,040	)		(1,701	)		28	%
Interest income		33			9			24		*
Change in fair value of preferred stock tranche obligation		—			162			(162	)		(100	%)
Net loss	$	(7,708	)	$	(5,869	)	$	(1,839	)		31	%

	Six Months Ended June 30,						Change
	2021			2020			Amount			%
Operating expenses:
Research and development	$	10,614		$	10,717		$	(103	)		(1	%)
General and administrative		8,615			3,119			5,496		*
Total operating expenses		19,229			13,836			5,393			39	%
Loss from operations		(19,229	)		(13,836	)		(5,393	)		39	%
Interest income		72			117			(45	)		(38	%)
Change in fair value of preferred stock tranche obligation		—			56			(56	)		(100	%)
Net loss	$	(19,157	)	$	(13,663	)	$	(5,494	)		40	%

	GRAYBUG VISION, INC.

Date: August 12, 2021	By:	/s/ Frederic Guerard
		Frederic Guerard, Pharm.D.
		Chief Executive Officer (Principal Executive Officer)

Date: August 12, 2021	By:	/s/ Robert S. Breuil
		Robert S. Breuil
		Chief Financial Officer (Principal Accounting and Financial Officer)