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CalciMedica, Inc. (NASDAQ:CALC), a pharmaceutical company based in La Jolla, California with a market capitalization of $23.5 million, announced a change in its independent registered public accounting firm following a merger. According to InvestingPro data, the company maintains a WEAK financial health score, though it holds more cash than debt on its balance sheet. On Tuesday, the company was informed that its previous accounting firm, Moss Adams LLP, merged with Baker Tilly US, LLP. As a result, Moss Adams resigned, and Baker Tilly has been appointed as CalciMedica’s new auditor, effective immediately.
The decision to appoint Baker Tilly was approved by CalciMedica’s Board of Directors’ Audit Committee. The audit report from Moss Adams for the year ending December 31, 2024, was issued without any adverse opinions or modifications. The company stated that there were no disagreements with Moss Adams regarding accounting practices or financial disclosures during the years 2023 and 2024, nor in the interim period leading up to the merger. The company maintains strong liquidity with a current ratio of 5.66, indicating sufficient assets to cover short-term obligations.
CalciMedica confirmed that neither the company nor its representatives consulted with Baker Tilly on accounting principles or auditing matters before the merger. The company has provided Moss Adams with a copy of the SEC filing and requested a letter confirming agreement with the statements made in the filing. This letter from Moss Adams, dated June 3, 2025, is included as an exhibit in the filing.
This information is based on a press release statement and is part of the company’s SEC Form 8-K filing, which outlines changes in its certifying accountant and related disclosures.
In other recent news, CalciMedica announced its financial results for the fourth quarter and full-year 2024. The company reported earnings per share of ($0.33) for the fourth quarter and ($1.22) for the full year, which were below H.C. Wainwright’s estimates but above consensus estimates. CalciMedica’s pro-forma cash balance stands at approximately $28.4 million, supported by a recent debt financing. This funding is expected to sustain operations into mid-2026.
CalciMedica is making progress with its lead clinical candidate, Auxora, particularly in the treatment of acute pancreatitis and acute kidney injury. The company is preparing for an End of Phase 2 meeting with the FDA in mid-2025 and plans to start a Phase 3 study by the end of 2025, pending additional funding. The Phase 2 KOURAGE trial for acute kidney injury is currently enrolling patients, with results anticipated by the end of 2025. Additionally, a post-hoc analysis of the CARDEA trial showed a significant reduction in mortality for severe COVID-19 pneumonia patients treated with Auxora. H.C. Wainwright reaffirmed its Buy rating and $16 price target for CalciMedica, citing these developments.
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