CalciMedica is focused on R&D of calcium release-activated calcium (CRAC) channel inhibitors in acute/critical and chronic inflammatory diseases (eg, AKI, acute pancreatitis, AIPT, ARDS). Lead compound will read out data from P2 study in AKI with respiratory failure in 1H 2026, and CalciMedica is working with FDA on pivotal trial design for severe acute pancreatitis. Second compound for chronic indications, preclinical, just reported exciting data in an animal model of PAH, with novel effects on right ventricular function and cardiac output not seen with other treatments.