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Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Transations

The following table summarizes the stock option transactions for the 2023 Plan:

		Total Options					Weighted Average Exercise Price				Weighted Average Remaining Contractual Term (years)					Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2024			2,824,443			$		5.51				8.15			$		316
Granted			2,029,152					1.57				9.62					3,046
Exercised			(15,187	)				1.55				—					—
Forfeited/Cancelled			(55,000	)				3.36				—					—
Outstanding at September 30, 2025			4,783,408			$		3.88				8.33			$		3,096
Vested and exercisable at September 30, 2025			2,406,584			$		4.83				7.60			$		1,147

Schedule of Assumptions Using Black-Scholes to Estimate Fair Value of the Stock Option Grants

The following are the underlying assumptions in Black-Scholes to determine the fair value of the stock option grants for the nine months ended September 30, 2025 and 2024:

		Nine Months Ended September 30,
		2025		2024
Risk free interest rate		3.50%		3.11%
Expected volatility		101%		96%
Expected term (years)		5.86		6.01
Expected dividend yield		0%		0%

Summary of Restricted Stock Units (RSU) Activity

The following table summarizes restricted stock unit activity for the CalciMedica Plans:

		Number of Restricted Stock Units					Weighted Average Grant Date Fair Value
Outstanding at December 31, 2024			40,000			$		3.50
Outstanding at September 30, 2025			40,000			$		3.50
Vested and exercisable at September 30, 2025			—			$		—

Summary of Stock-Based Compensation Expense Recognized for Options and RSUs and Common Stock Warrants Granted

Stock-based compensation expense recognized for options, RSU’s and Common Stock Warrants granted was as follows (in thousands):

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Research and development		$	219			$	273			$	777			$	634
General and administrative			407				508				1,572				1,047
Total stock-based compensation expense		$	626			$	781			$	2,349			$	1,681

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consists of the following at September 30, 2025:

		September 30,
		2025
Common stock warrants			3,993,784
Stock options issued and outstanding			4,783,408
Restricted stock units outstanding			40,000
Shares available for issuance under the 2023 Plan			105,022
Shares available under the 2023 ESPP			257,364
Total			9,179,578

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