CalciMedica, Inc. Earnings Per Share Disclosure
11. Net Loss Per Share
The following table sets forth the computation of basic and diluted net loss per share (in thousands, except per share amounts):
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Year Ended December 31, |
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2025 |
|
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2024 |
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Numerator: |
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|
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Net loss |
$ |
|
(29,562 |
) |
|
$ |
|
(13,700 |
) |
Denominator |
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|
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Basic and diluted |
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Weighted-average common shares outstanding, basic and diluted |
|
|
14,089,791 |
|
|
|
|
10,886,920 |
|
Weighted-average pre-funded warrants outstanding, basic and diluted |
|
|
306,506 |
|
|
|
|
288,082 |
|
Weighted-average placement agent warrants outstanding, basic and diluted |
|
|
75,745 |
|
|
|
|
70,914 |
|
Weighted-average lender warrants outstanding, basic and diluted |
|
|
539,280 |
|
|
|
|
— |
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Weighted-average number of shares used to calculate basic and diluted net loss per share |
|
|
15,011,322 |
|
|
|
|
11,245,916 |
|
|
|
|
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Net loss per share - basic and diluted |
$ |
|
(1.97 |
) |
|
$ |
|
(1.22 |
) |
The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:
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|
As of December 31, |
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|
2025 |
|
|
2024 |
|
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Stock options to purchase common stock |
|
|
4,853,408 |
|
|
|
2,824,443 |
|
Restricted stock units |
|
|
30,000 |
|
|
|
— |
|
Warrants to purchase common stock |
|
|
3,611,531 |
|
|
|
2,970,368 |
|
Total |
|
|
8,494,939 |
|
|
|
5,794,811 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 3, 2026 | Showing above |
| 2024 | Mar 27, 2025 | |
| 2023 | Mar 28, 2024 | |
| 2022 | Mar 9, 2023 | |
| 2021 | Mar 11, 2022 | |
| 2020 | Mar 5, 2021 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.