CalciMedica is a clinical-stage biopharmaceutical company focused on developing CRAC channel inhibitors — drugs that block calcium flow into cells to reduce inflammation and tissue injury. The company has no approved products and no revenue; its value lies entirely in its pipeline. CalciMedica's lead asset is Auxora (zegocractin), an intravenous small-molecule CRAC channel inhibitor targeting serious acute inflammatory conditions. The most advanced program is acute pancreatitis (AP), where Auxora completed a Phase 2b trial in 216 patients and met its primary endpoint, showing a reduction in time to solid food tolerance and a meaningful reduction in severe respiratory failure versus placebo. No disease-modifying therapies currently exist for AP, making this a high-unmet-need indication. CalciMedica expects to finalize a pivotal trial design in the first half of 2026, and Auxora holds FDA Fast Track and EU orphan drug designations for AP. A second Auxora program in acute kidney injury was discontinued in early 2026 following a mortality imbalance flagged by an independent monitoring committee. CalciMedica also has a second pipeline asset, CM5480, an oral or IV CRAC channel inhibitor in preclinical development for pulmonary arterial hypertension, with an IND submission targeted for 2027. If approved, Auxora would be sold as an inpatient IV therapy to hospitals. CalciMedica relies on contract manufacturers for all drug production and funds operations through equity financing, with plans to pursue partnerships for development and international commercialization.