One Nasdaq compliance clock stopped for CalciMedica, Inc. (Nasdaq: CALC) on August 31. A second, tied to the minimum bid price of its common stock, expires September 14, 2026, and the La Jolla, California company offers no assurance in its filing that it will meet it.
The case for the August 31 outcome is real. Nasdaq's Listing Qualifications Staff shut the March 13 notice that found CalciMedica below the market value of listed securities requirement, which sets a $35,000,000 floor. Incorporated in Delaware and listed on the Nasdaq Capital Market, the company had 180 calendar days under Listing Rule 5810(c)(3)(C) to come back into compliance. It cleared an alternative standard instead: stockholders' equity of $5,513,000, reported in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, satisfied the alternative minimum stockholders' equity threshold under Nasdaq Listing Rule 5550(b)(1). The Staff closed the matter nine days before the September 9 deadline.
What's changed is the sequencing. When Nasdaq flagged the market-value shortfall on March 13 and the bid-price breach three days later on March 16, two deficiency clocks ran almost in parallel. Now one is off. The remaining one, under Nasdaq Listing Rule 5550(a)(2), requires the stock to trade above $1.00 per share. On August 28, at 5:00 p.m. Eastern Time, CalciMedica executed a one-for-five reverse stock split of its outstanding common stock to address that requirement.
The counterargument sits in the filing itself. CalciMedica's 8-K, signed by Chief Executive Officer A. Rachel Leheny, Ph.D. and filed September 2, 2026, states that no assurance exists that the company will regain compliance with the Minimum Bid Price Requirement or maintain compliance with Nasdaq's other listing standards. A reverse split mechanically lifts the per-share price. Whether it holds above $1.00 through Nasdaq's measurement window is a separate question.
On balance, the August 31 letter resolves one count. The line to watch is September 14.