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CALC on Nasdaq

CalciMedica, Inc.

In its 2026 annual report the company says: “We are a clinical-stage biopharmaceutical company focused on developing therapeutics for serious illnesses driven by inflammatory and immunologic processes and direct cellular damage. Our lead product candidate is Auxora, a potent and selective, intravenously formulated small-molecule CRAC channel inhibitor containing the active compound zegocractin (formerly CM4620).”4 It is headquartered in La Jolla, California.1 Its shares trade on Nasdaq under the symbol CALC.1

$1.09 up 0.02 (2.33%)Price as of Oct 15, 2026 at 17:33 UTC

Last updated Oct 21, 2026.

Overview

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  • TickerCALC on Nasdaq1
  • IndustryPharmaceutical Preparations1
  • HeadquartersLa Jolla, California1
  • Incorporated inDE3
  • Business address505 Coast Boulevard South, Suite 307, La Jolla, Ca 920373
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formCorporation

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We are a clinical-stage biopharmaceutical company focused on developing therapeutics for serious illnesses driven by inflammatory and immunologic processes and direct cellular damage. Our product candidates target calcium release-activated calcium (“CRAC”) channels and, if approved, would represent a new class of therapeutics.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Operating income5678910-$23.1M in 2025−38% since 2019
-$40.0M-$30.0M-$20.0M-$10.0M02019: -$37.5M-$37.5M20192020: -$29.8M-$29.8M2020−20%2021: -$35.9M-$35.9M2021+20%2022: -$14.2M-$14.2M2022−61%2023: -$38.1M-$38.1M2023+168%2024: -$24.2M-$24.2M2024−36%2025: -$23.1M-$23.1M2025−4%
Net income5678910-$29.6M in 2025−20% since 2019
-$40.0M-$30.0M-$20.0M-$10.0M02019: -$37.0M-$37.0M20192020: -$27.5M-$27.5M2020−26%2021: -$35.8M-$35.8M2021+30%2022: -$7.8M-$7.8M2022−78%2023: -$34.4M-$34.4M2023+339%2024: -$13.7M-$13.7M2024−60%2025: -$29.6M-$29.6M2025+116%

Every line of the income statement as filed: the last 2 fiscal years, latest first.10

Period ending2025-12-312024-12-31
Research and development$15.2M$14.5M
General and administrative$7.9M$9.7M
Total operating expenses$23.1M$24.2M
Loss from operations-$23.1M-$24.2M
Change in fair value of financial instruments-$6.0M$9.5M
Interest expense-$1.4M$0
Interest income$713.0K$1.0M
Other income$268.0K$0
Total other income (expense)-$6.4M$10.5M
Net loss-$29.6M-$13.7M
Net loss per share - basic-$1.97-$1.22
Net loss per share - diluted-$1.97-$1.22
Weighted-average number of shares outstanding used in computing net loss per share - basic15.0M shares11.2M shares
Weighted-average number of shares outstanding used in computing net loss per share - diluted15.0M shares11.2M shares

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Corporate structure

CalciMedica, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of CalciMedica, Inc.

  • CalciMedica, Inc. La Jolla, California

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What CalciMedica, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$50.0K10 Dec 31, 2025$119.0K10 Dec 31, 2024−58.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$11.5M10 Dec 31, 2025$7.9M10 Dec 31, 2024+45.2%
Marketable securities, current$1.5M10 Dec 31, 2025$10.7M10 Dec 31, 2024−86.1%

Properties, in its own words

Our corporate headquarters are located in La Jolla, California, where we lease approximately 2,538 square feet of office space. The existing lease is currently month-to-month through March 1, 2026. We exercised the option to extend our lease for another 12 month term through February 28, 2027 and will be relocating to smaller premises of approximately 691 square feet with a new monthly rent amount of $4,375. We believe that our existing facilities are adequate for our current needs.

Item 2 of the 10-K filed Mar 3, 2026.4

Leadership

Who has led CalciMedica, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Frederic Guerard2020–2023
  2. A. Rachel Leheny2023–now

Chief financial officer

  1. Robert S. Breuil2020–2023
  2. Daniel E. Geffken2023–2024
  3. Stephen Bardin2024–now
2025
Board members and other officers (18)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Officer, DirectorEric W. Roberts named Apr 4, 202335
  • Executive OfficerMichael J. Dunn named Apr 4, 202335

Former names

  • CalciMedica, Inc. /DE/Mar 22, 2023 to Mar 22, 20233
  • GRAYBUG VISION, INC.Jul 18, 2017 to Mar 15, 20233
  • GRAYBUG, Inc.Mar 6, 2015 to May 13, 20163
  • GRAYBUG LLCNov 8, 2011 to Oct 7, 20143

Timeline

  1. Sep 30, 20268-K Other events36
  2. Sep 16, 20268-K Other events37
  3. Sep 2, 20268-K Other events38
  4. Aug 27, 20268-K Bylaws or fiscal year changed39
  5. Aug 20, 20268-K Executive or director change; Shareholder vote40
  6. Aug 11, 20268-K Results of operations41
  7. Jul 7, 20268-K Executive or director change42
  8. Jun 24, 20268-K Entered a material agreement; Unregistered sale of shares43
  9. Jun 24, 20268-K Entered a material agreement; Unregistered sale of shares; Regulation FD disclosure44
  10. May 12, 20268-K Results of operations45
  11. Mar 18, 20268-K Listing notice or transfer46
  12. Mar 3, 20268-K Results of operations47
  13. Mar 22, 2023New chief executive A. Rachel Leheny becomes CEO14
  14. Sep 24, 2020New chief executive Frederic Guerard becomes CEO15

Calendar

Coming up

  1. Nov 11, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($1.95) a share, on Nov 12, 2025.48

When it reported results

  1. Aug 11, 2026Reported quarterly or annual results41
  2. May 12, 2026Reported quarterly or annual results45
  3. Mar 3, 2026Reported quarterly or annual results47
  4. Nov 12, 2025Reported quarterly or annual results49
  5. Aug 12, 2025Reported quarterly or annual results50
  6. May 14, 2025Reported quarterly or annual results51
  7. Mar 27, 2025Reported quarterly or annual results52
  8. Nov 13, 2024Reported quarterly or annual results53

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

442 filings to the SEC since October 2021: 8 annual reports, 15 quarterly reports, 69 major events, 227 insider forms, 56 large holders, 1 private raises, 66 other. The latest 20:

  1. Oct 5, 20264 EDGAR
  2. Oct 5, 20264 EDGAR
  3. Oct 5, 20264 EDGAR
  4. Oct 5, 20264 EDGAR
  5. Oct 5, 20264 EDGAR
  6. Sep 30, 20268-K EDGAR
  7. Sep 30, 2026424B5 EDGAR
  8. Sep 28, 20264 EDGAR
  9. Sep 28, 20264 EDGAR
  10. Sep 28, 20264 EDGAR
  11. Sep 28, 20264 EDGAR
  12. Sep 23, 2026S-8 EDGAR
  13. Sep 16, 20268-K EDGAR
  14. Sep 2, 20268-K EDGAR
  15. Aug 27, 20268-K EDGAR
  16. Aug 25, 2026SCHEDULE 13G EDGAR
  17. Aug 24, 20264 EDGAR
  18. Aug 24, 2026SCHEDULE 13D/A EDGAR
  19. Aug 21, 20264 EDGAR
  20. Aug 21, 20264 EDGAR

The 442 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

99 open-market trades by officers, directors and large owners since October 2021: 97 buys and 2 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 25, 2026Middleton Fred ADirectorBuy248,972$0.80$199.2KForm 4
Sep 18, 2025Roberts Eric WCHIEF BUSINESS OFFICERBuy2,500$3.07$7.7KForm 4
Sep 15, 2025Roberts Eric WCHIEF BUSINESS OFFICERBuy3,400$2.68$9.1KForm 4
Sep 12, 2025Roberts Eric WCHIEF BUSINESS OFFICERBuy5,000$3.12$15.6KForm 4
Sep 9, 2025Roberts Eric WCHIEF BUSINESS OFFICERBuy2,343$3.15$7.4KForm 4
Aug 29, 2025Roberts Eric WCHIEF BUSINESS OFFICERBuy800$2.74$2.2KForm 4
Aug 28, 2025Roberts Eric WCHIEF BUSINESS OFFICERBuy9,200$2.86$26.3KForm 4
Aug 21, 2025Roberts Eric WCHIEF BUSINESS OFFICERBuy3,508$2.79$9.8KForm 4
Aug 20, 2025Roberts Eric WCHIEF BUSINESS OFFICERBuy2,000$2.72$5.4KForm 4
Aug 19, 2025Roberts Eric WCHIEF BUSINESS OFFICERBuy1,000$2.79$2.8KForm 4
Aug 19, 2025Hebbar SudarshanChief Medical OfficerBuy9,563$2.82$27.0KForm 4
Aug 15, 2025Roberts Eric WCHIEF BUSINESS OFFICERBuy5,076$2.90$14.7KForm 4
Aug 15, 2025Hebbar SudarshanChief Medical OfficerBuy4,392$2.79$12.3KForm 4
Aug 14, 2025Hebbar SudarshanChief Medical OfficerBuy1,584$2.59$4.1KForm 4
Jul 28, 2025Stauderman Kenneth A.Chief Scientific OfficerBuy1,000$3.96$4.0KForm 4
Jul 25, 2025Stauderman Kenneth A.Chief Scientific OfficerSale1,000$3.65$3.6KForm 4
Jul 22, 2025Roberts Eric WCHIEF BUSINESS OFFICERBuy1,500$3.78$5.7KForm 4
Jul 21, 2025Roberts Eric WCHIEF BUSINESS OFFICERBuy1,500$3.37$5.1KForm 4
Jul 21, 2025Leheny A. RachelCHIEF EXECUTIVE OFFICERBuy1,000$3.40$3.4KForm 4
Jul 18, 2025WILSON ROBERT NDirectorBuy4,500$2.87$12.9KForm 4

All 99 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025A. Rachel LehenyPh.D.$427.4K$895.4K77
2025Sudarshan HebbarM.D.62$427.4K$763.3K77
2025Eric W. Roberts62$400.5K$703.6K77
2024Chief Executive Officer$411.4K$1.7M77
2024Chief Medical Officer$411.4K$1.3M77
2024Vice Chairman and Chief Business Officer$384.6K$1.3M77

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$9.1M 2023–2023
Money received by yearMoney received by year, 2023–2023: $9.1M in all. Private raises (Form D) $9.1M.$0$2.5M$5M$7.5M$10M2023 · Private raises (Form D): $9.1M2023
Figures by year
YearPrivate raises (Form D)Total
2023$9.1M$9.1M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Mar 20, 2023Raised $9.1 million in a private offering of equity35 Form D: 55 investors so far Form D

SEC filer profile

How CalciMedica, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCalciMedica, Inc.1
  • CIK0001534133
  • Employer ID (EIN)45-21200794
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address505 Coast Boulevard South, Suite 307, La Jolla, CA 920371
  • Phone858-952-55001
  • Shares outstanding34,141,460 as of Aug 5, 202613
  • Public float$15.7M as of Jun 30, 20254
  • AuditorBaker Tilly US, LLP, San Diego, California PCAOB ID 23; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceNov 8, 20111
  • Filings529 in all: 4 (231), 8-K (71), 3 (29), 10-Q (18), SC 13G/A (14), SC 13G (13), CORRESP (11), SC 13D/A (11)1
    All 41 form types

    SCHEDULE 13G/A (11), DEFA14A (10), S-8 (9), SCHEDULE 13G (9), UPLOAD (9), D (8), 10-K (6), 424B5 (6), DEF 14A (6), EFFECT (6), S-3 (5), 4/A (4), ARS (4), SC 13D (4), 10-K/A (3), 8-K/A (3), D/A (3), PRER14A (3), SCHEDULE 13D/A (3), 8-A12B (2), CERT (2), S-8 POS (2), SCHEDULE 13D (2), SEC STAFF LETTER (2), 3/A (1), 424B4 (1), DEFM14A (1), DRS (1), PRE 14A (1), PREM14A (1), S-1 (1), S-1/A (1), S-1MEF (1)

  • Latest filingsAnnual report (10-K) Mar 3, 2026
    Quarterly report (10-Q) Aug 11, 2026
    Proxy statement (DEF 14A) Jul 23, 2026
    Latest 8-K (8-K) Sep 30, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.0001 per shareCALCNASDAQ

From the cover page of the 10-K filed Mar 3, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks CalciMedica, Inc. names in Item 1A of its 10-K filed Mar 3, 2026: 76 risks under these headings, as written.4

  • Risks Related to Our Limited Operating History, Financial Position and Capital Requirements
  • We are a clinical-stage biopharmaceutical company with a limited operating history. We have a history of net losses and anticipate that we will incur significant losses in the future. We have never generated any revenue from product sales and may never be profitable.
  • Our need for additional capital raises substantial doubt about our ability to continue as a going concern. We will need to obtain substantial additional funding to complete the development and any commercialization of our product candidates. If we are unable
  • to raise this capital when needed, on acceptable terms, or at all, we may be forced to delay, reduce or eliminate the development of our product candidates or other operations.
  • The terms of the Loan Agreement place restrictions on our operating and financial flexibility. If we raise additional capital through debt financing, the terms of any new debt could further restrict our operating and financial flexibility.
  • Raising additional capital may cause dilution to our stockholders, restrict our operations or require us to relinquish rights to our proprietary platform or product candidates.
  • Any acquisitions or strategic collaborations may increase our capital requirements, dilute our stockholders, cause us to incur debt or assume contingent liabilities or subject us to other risks.
  • Risks Related to the Discovery, Development and Regulatory Approval of Our Product Candidates
  • Our proprietary CRAC channel inhibition science is based on novel technologies that are unproven and may not result in approvable or marketable products, which exposes us to unforeseen risks and makes it difficult for us to predict the time and cost of product development and potential for regulatory approval and we may not be successful in our efforts to use and expand our science to build a pipeline of product candidates.
  • Our business is highly dependent on the success of our product candidates, in particular Auxora, and we may fail to develop Auxora successfully or be unable to obtain regulatory approval.
  • Clinical development is a lengthy, expensive and uncertain process. The results of preclinical studies and early clinical trials are not always predictive of future results. Any product candidate that we advance into clinical trials may not achieve favorable results in later clinical trials, if any, or receive marketing approval.
  • We conducted a significant portion of our CARPO trial in India, and regulatory authorities may not accept data from such trial or any future clinical trials we conduct outside the United States or the applicable foreign jurisdiction.
The other 64 risks
  • We depend on enrollment of patients in our clinical trials for our product candidates. If we experience delays or difficulties enrolling patients in our clinical trials, our research and development efforts and business, financial condition, results of operations and prospects could be adversely affected.
  • Preliminary, interim and topline data from our clinical trials may change as more participant data becomes available, and are subject to audit and verification procedures that could result in material changes in the final data.
  • SAEs, undesirable side effects or other unexpected properties of our product candidates could lead to the discontinuation of our clinical development programs, refusal by regulatory authorities to approve our product candidates or, if discovered following marketing approval, revocation of marketing authorizations or limitations on the use of our product candidates thereby limiting the commercial potential of such product candidate.
  • We may seek special designations by the regulatory authorities to expedite regulatory approvals, but may not be successful in receiving such designations, and even if received, they may not benefit the development and regulatory approval process.
  • We may seek orphan drug designation for our product candidates, and we may be unsuccessful or may be unable to maintain the benefits associated with orphan drug designation, including the potential for market exclusivity.
  • Our product candidates must meet extensive regulatory requirements before they can be commercialized and any regulatory approval may contain limitations or conditions that require substantial additional development expenses or limit our ability to successfully commercialize our product candidates.
  • We will need to obtain FDA approval of any proposed product names, including Auxora, and any failure or delay associated with such approval may adversely affect our business.
  • Even if we receive regulatory approval for any of our product candidates, we will be subject to ongoing obligations and continued regulatory review, which may result in significant additional expense. Additionally, our product candidates, if approved, could be subject to labeling and other restrictions and market withdrawal and we may be subject to penalties if we fail to comply with regulatory requirements or experience unanticipated problems with our product candidates.
  • The FDA and other regulatory agencies actively enforce the laws and regulations prohibiting the promotion of off-label uses.
  • Disruptions at the FDA and other government agencies caused by funding shortages, statutory, regulatory and policy changes, or global health concerns could hinder their ability to hire, retain or deploy key leadership and other personnel, or otherwise prevent new or modified products from being developed, or approved or commercialized in a timely manner or at all, which could negatively impact our business.
  • We may not identify or discover other product candidates and may fail to capitalize on our proprietary platform or product candidates that may present a greater commercial opportunity or for which there is a greater likelihood of success.
  • Product liability lawsuits against us could cause us to incur substantial liabilities and could limit commercialization of any product candidate that we may develop.
  • Risks Related to Manufacturing, Commercialization and Reliance on Third Parties
  • We rely on third parties to conduct and perform most of our research, preclinical studies and clinical trials. If these third parties do not satisfactorily carry out their contractual duties, fail to comply with applicable regulatory requirements, fail to meet projected
  • clinical trial enrollment schedules or fail to meet expected deadlines, our development programs may be delayed or subject to increased costs, each of which may have an adverse effect on our business and prospects.
  • We contract with third parties for the manufacturing and supply of certain goods and services for our product candidates for use in preclinical studies and clinical trials, which supply may become limited or interrupted or may not be of satisfactory quality and quantity.
  • Any approved product candidates may fail to achieve the degree of market acceptance by physicians, patients, hospitals, healthcare payors and others in the medical community necessary for commercial success.
  • We may not be able to successfully commercialize our product candidates due to unfavorable pricing regulations or third-party coverage and reimbursement policies, which could make it difficult for us to sell our product candidates profitably.
  • If any of our product candidates are approved for marketing and commercialization and we are unable to establish sales and marketing capabilities or enter into agreements with third parties to sell and market our product candidates, we will be unable to successfully commercialize our product candidates if and when they are approved.
  • Even if we obtain FDA approval of any of our product candidates, we may never obtain approval or commercialize such product candidates outside of the United States, which would limit our ability to realize their full market potential.
  • Risks Related to Our Industry and Business Operations
  • We are highly dependent on our key personnel, and if we are not successful in attracting and retaining highly qualified personnel, we may not be able to continue to successfully develop or commercialize our product candidates or otherwise implement our business plan.
  • Dr. Rachel Leheny, our Chief Executive Officer and a member of our Board of Directors, and Eric W. Roberts, our Chief Business Officer and a member of our Board of Directors, also provide services for Valence, an investment fund that is one of our significant stockholders.
  • We expect to expand our development, regulatory and operational capabilities and, as a result, we may encounter difficulties in managing our growth, which could disrupt our operations.
  • We face substantial competition, which may result in others discovering, developing or commercializing product candidates more quickly or marketing them more successfully than us.
  • We may wish to form collaborations in the future with respect to our product candidates, but may not be able to do so or realize the potential benefits of such transactions, which may cause us to alter or delay our development and commercialization plans.
  • Any collaboration arrangements that we may enter into in the future may not be successful, which could adversely affect our ability to develop and commercialize our products.
  • Our (or the third parties with whom we work) actual or perceived failure to comply with applicable data protection laws, regulations, and other obligations could lead to government enforcement actions (which could include civil or criminal penalties), private litigation and mass arbitration demands, and/or adverse publicity and could negatively affect our operating results and business.
  • Our information technology systems, or those of our CROs, contractors, consultants, or other third parties with whom we work, may fail or suffer security breaches, loss or leakage of data, and other disruptions, which could result in a material disruption of our product candidates’ development programs, compromise sensitive information related to our business or prevent us from accessing critical information, potentially exposing us to liability or otherwise adversely affecting our business.
  • We or the third parties upon whom we depend may be adversely affected by earthquakes, fires or other natural disasters, terrorism or similar unforeseen events and our business continuity and disaster recovery plans may not adequately protect us from a serious disaster.
  • Our ability to utilize our net operating loss carryforwards and certain other tax attributes may be limited.
  • Changes in tax laws or regulations that are applied adversely to us or our customers may have a material adverse effect on our business, cash flow, financial condition or results of operations.
  • Changes in healthcare law and implementing regulations, as well as changes in healthcare policy, may impact our business in ways that we cannot currently predict, and may have a significant adverse effect on our business and results of operations.
  • We are subject to applicable fraud and abuse, transparency, government price reporting, and other healthcare laws and regulations. If we are unable to comply, or have not fully complied, with such laws, we could face substantial penalties.
  • Our current or future employees, principal investigators, consultants and commercial partners may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements and insider trading.
  • Risks Related to Our Intellectual Property
  • If we are unable to obtain and maintain sufficient intellectual property protection for Auxora, any future product candidates, and other proprietary technologies we develop, or if the scope of the intellectual property protection obtained is not sufficiently broad, our competitors could develop and commercialize products similar or identical to ours, and our ability to successfully commercialize Auxora, any future product candidates, and other proprietary technologies if approved, may be adversely affected.
  • Patent terms may be inadequate to protect our competitive position on our product candidates for an adequate amount of time.
  • If we do not obtain patent term extension for Auxora, our business may be materially harmed.
  • Obtaining and maintaining our patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
  • Changes in U.S. patent law could diminish the value of patents in general, thereby impairing our ability to protect Auxora.
  • We may not be able to protect our intellectual property rights throughout the world.
  • We may become subject to claims challenging the inventorship or ownership of our patents and other intellectual property.
  • We may not be successful in obtaining or maintaining necessary rights to product components and processes for our development pipeline through acquisitions and in-licenses.
  • Third-party claims alleging intellectual property infringement may prevent or delay our drug discovery and development efforts.
  • We may be subject to claims that we have wrongfully hired an employee from a competitor or that we or our employees have wrongfully used or disclosed alleged confidential information or trade secrets of their former employers.
  • We may be involved in lawsuits to protect or enforce our patents which could be expensive, time-consuming, and unsuccessful. Further, our issued patents could be found invalid or unenforceable if challenged in court, and we may incur substantial costs as a result of litigation or other proceedings relating to patent and other intellectual property rights.
  • Because of the expense and uncertainty of litigation, we may not be in a position to enforce our intellectual property rights against third parties.
  • If we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed. Our reliance on third parties requires us to share our trade secrets, which increases the possibility that a competitor will discover them or that our trade secrets will be misappropriated or disclosed.
  • If our trademarks and trade names are not adequately protected, then we may not be able to build name recognition in our markets of interest and our business may be adversely affected.
  • General Risk Factors
  • Our business operations subject us to disputes, claims and lawsuits, which may be costly and time-consuming and could materially and adversely impact our financial position and results of operations.
  • If we are unable to maintain our listing on Nasdaq, it could become more difficult to sell our common stock in the public market.
  • If we fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or incur costs that could have a material adverse effect on the success of our business.
  • Future changes in financial accounting standards or practices may cause adverse and unexpected revenue fluctuations and adversely affect our reported results of operations.
  • We are subject to certain U.S. and foreign anti-corruption, anti-money laundering, export control, sanctions, and other trade laws and regulations. We can face serious consequences for violations.
  • The market price of our stock has been and may continue to be volatile, and you could lose all or part of your investment.
  • International trade policies, including tariffs, sanctions and trade barriers may adversely affect our business, financial condition, results of operations and prospects.
  • Financial reporting obligations of being a public company in the United States are expensive and time-consuming, and our management needs to devote substantial time to compliance matters.
  • The relative lack of public company experience of our management team may put us at a competitive disadvantage.
  • Substantial future sales of shares of our common stock could adversely affect the market price of such shares.
  • Our principal stockholders and management own a significant percentage of our stock and will be able to exert significant control over matters subject to stockholder approval.
  • We are a smaller reporting company. We cannot be certain whether the reduced disclosure requirements applicable to smaller reporting companies will make our common stock less attractive to investors or otherwise limit our ability to raise additional funds.
  • Because we do not anticipate paying any cash dividends on our capital stock in the foreseeable future, capital appreciation, if any, will be your sole source of gain.
  • If equity research analysts do not publish research or reports, or publish unfavorable research or reports, about us, our business or our market, our stock price and trading volume could decline.
  • Anti-takeover provisions in our charter documents and under Delaware law could make an acquisition of us more difficult and may prevent attempts by our stockholders to replace or remove our management.
  • Our bylaws provide that the Court of Chancery of the State of Delaware is the exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or other employees.
  • Unfavorable global economic conditions could adversely affect our business, financial condition or results of operations.

Legal proceedings

For a discussion of legal matters as of December 31, 2025, please refer to Note 8, Commitments and Contingencies, which is incorporated into this item by reference.

From time to time, we may be involved in legal proceedings arising in the ordinary course of our business. There are currently no other claims or actions pending against us, the ultimate disposition of which we believe could have a material adverse effect on our results of operations. Regardless of outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

The opening of Item 3, Legal Proceedings.4

Sources

The numbers on this page point here. Each one links to the record it came from.

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  29. 29
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  31. 31
  32. 32
  33. 33
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  36. 36
    SEC EDGAROther events
  37. 37
    SEC EDGAROther events
  38. 38
    SEC EDGAROther events
  39. 39
  40. 40
  41. 41
  42. 42
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  46. 46
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  48. 48
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  77. 77