Calithera Biosciences, Inc. (CALA): History, Ownership, Mission, How It Works & Makes Money

When you look at Calithera Biosciences, Inc. (CALA), are you seeing a pioneering biopharma company focused on precision oncology, or a cautionary tale of the high-risk drug development cycle? The company, which once secured a Series A funding of $27 million in 2007, transitioned to a complete liquidation and dissolution plan in 2023 and was navigating Chapter 11 bankruptcy as of early 2025. This dramatic shift from developing novel small molecule drugs to pursuing asset liquidation is the real story, especially when you consider the estimated net loss for the 2025 fiscal year was projected at around -$10.48 million. We'll defintely dive into how a company with such an important mission-targeting tumor metabolism for cancer therapies-ended up here, and what its history teaches us about the biotech market's volatility.

Calithera Biosciences, Inc. (CALA) History

Calithera Biosciences, Inc. is a story of ambitious, high-risk oncology research that ultimately pivoted into corporate dissolution. The company's trajectory, defined by a focus on tumor metabolism, culminated not in a blockbuster drug, but in a strategic merger and wind-down in late 2023, meaning that as of November 2025, the company as a standalone entity is effectively out of business, its assets having been absorbed or liquidated.

You need to understand this history to grasp why there is no 2025 fiscal data for the operating company. It's a classic biotech narrative: all-in on a lead candidate, followed by a hard stop when the clinical data didn't pan out.

Given Company's Founding Timeline

Year established

The company was established in 2003, though its first major funding round that truly launched its operations came a few years later.

Original location

Calithera Biosciences was originally located in South San Francisco, California, a hub for biopharmaceutical innovation.

Founding team members

The core founding team included:

• Peter G. Schultz
• Jonathan Ellman
• Michael A. Walker

Initial capital/funding

Calithera secured its initial Series A funding of $27 million in 2007, led by Morgenthaler Ventures, with participation from Aberdare Ventures, Delphi Ventures, and Mission Bay Capital. This capital was crucial for moving their early-stage research into drug development.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's history is defintely marked by two major, market-shaking decisions. The first was the all-in bet on their lead drug, telaglenastat (CB-839), an inhibitor of glutaminase, an enzyme critical to tumor metabolism.

The true transformative moment, however, was the 2022 clinical failure. After investing years and millions into CB-839, the disappointing Phase 3 data forced a complete strategic shift, leading to massive cost-cutting and a focus on earlier-stage programs. That's the hard reality of biotech: one trial can change everything.

The final, irreversible transformation was the December 2023 merger and liquidation. The company essentially ceased operations, with its remaining assets and corporate shell being used in a transaction. This means that for the 2025 fiscal year, Calithera Biosciences, Inc.'s operational revenue is zero, reflecting its status as a deadpooled entity. The last reported annual revenue from its operational period was $9.75 million as of December 31, 2021, which was heavily reliant on collaboration agreements, not drug sales. This financial reality is why investors should be Exploring Calithera Biosciences, Inc. (CALA) Investor Profile: Who's Buying and Why?, as any current trading is purely speculative on the residual corporate shell.

The key takeaways from this journey for any financial professional are clear:

• Never underestimate single-asset risk in early-stage biotech.
• Clinical failure forces immediate, drastic financial realignment.
• The end game is often a merger or liquidation, not a slow decline.

Calithera Biosciences, Inc. (CALA) Ownership Structure

Calithera Biosciences, Inc. (CALA) is a publicly traded entity, but its ownership structure is currently defined by an ongoing, court-approved complete liquidation and dissolution process that began in January 2023. This means the company is no longer an operating business; its governance focuses solely on winding down operations and liquidating assets, which drastically shifts the power dynamics away from traditional institutional holders.

Given Company's Current Status

As of November 2025, Calithera Biosciences is trading over-the-counter (OTCPK: CALA) and is in the final stages of its dissolution plan. The company has ceased all clinical development programs and terminated most employees. Its market capitalization is extremely low, reflecting its non-operational status, with a reported market value of around $4,872.00. The key financial reality is that the company does not anticipate making any liquidating distributions to common stock holders, as the remaining assets are expected to cover liabilities and preferred stock obligations.

This is defintely not a growth stock; it's a liquidation vehicle.

• Primary Goal: Orderly wind-down of business and liquidation of assets.
• Trading Status: Publicly traded on the OTC Pink Sheets (OTCPK: CALA).
• Financial Reality: No liquidating distributions are expected for common stock holders due to the liquidation preference of the Series A convertible preferred stock, though a repurchase deal in April 2023 offered a potential $0.40 per share distribution to common holders if the dissolution plan was approved.

For a deeper dive into the remaining stakeholders, you should read Exploring Calithera Biosciences, Inc. (CALA) Investor Profile: Who's Buying and Why?

Given Company's Ownership Breakdown

The ownership breakdown is highly skewed toward the general public due to the near-total exit of major institutional investors following the liquidation announcement. The institutional holdings are negligible, consisting of a handful of shares, which is typical for a company in this terminal phase. Here's the quick math on the current distribution based on available data for the 2025 fiscal year:

The largest reported institutional holder is LLB Invest Kapitalanlagegesellschaft m.b.H., holding 150 shares, and The Ameriflex Group, Inc., holding 18 shares, though the value of these holdings is effectively $0.00.

Given Company's Leadership

The traditional executive team has been largely dismantled as part of the cost-reduction efforts. The current 'leadership' is the remaining Board of Directors and the personnel tasked with executing the dissolution plan. The former CEO, Susan Molineaux, Ph.D., announced the liquidation in January 2023. Since the company is in a wind-down phase, the focus shifts entirely to fiduciary responsibility and legal compliance.

The functional leadership is now the remaining board and any appointed personnel managing the liquidation reserve, which is set aside to pay all remaining expenses and liabilities as required by Delaware law.

• Former CEO: Susan Molineaux, Ph.D. (announced liquidation in 2023).
• Current Governance: Remaining Board of Directors overseeing the dissolution.
• Investor Contact: Stephanie Wong (listed as the contact for liquidation updates).

Calithera Biosciences, Inc. (CALA) Mission and Values

Calithera Biosciences' core purpose was a noble one: to pioneer new cancer treatments, but the company's mission now exists as a historical blueprint, overshadowed by the reality of its complete liquidation and dissolution, which began in 2023 and continues into the 2025 fiscal year. This contrast shows how quickly a biopharma's cultural DNA can dissolve when clinical and financial realities collide.

You need to view Calithera's mission through the lens of a clinical-stage failure, not a thriving enterprise, especially since its market capitalization is now a mere $2,923 as of February 2025, reflecting its diminished value in liquidation.

Given Company's Core Purpose

The company's core purpose, while operational, was centered on translating complex, cutting-edge science-specifically tumor metabolism and immunology-into tangible hope for patients. This is the high-risk, high-reward nature of the biotech world.

Official mission statement

The formal mission statement articulated a clear, patient-centric goal before the company's wind-down began in 2023. It was about making a real, measurable impact on oncology. The mission was:

• Discover, develop, and commercialize novel therapeutics targeting tumor metabolism and immune-oncology.
• Make a meaningful difference in the lives of people impacted by cancer.

To be fair, the mission was always ambitious, focusing on small molecule drugs (precision oncology) to redefine treatment for biomarker-specific patient populations. You can see how this ambition mapped to significant spending; for context, the company reported research and development expenses of $32.6 million in 2023, right before the full liquidation plan was approved.

For a detailed look at the financial distress that led to this point, check out Breaking Down Calithera Biosciences, Inc. (CALA) Financial Health: Key Insights for Investors.

Vision statement

The vision was a roadmap for becoming a leader in a challenging therapeutic space. It was about building a sustainable business on the back of scientific breakthroughs. The three core tenets of this vision were:

• Become a leader in the development of small molecule oncolytic drugs (cancer-fighting agents).
• Deliver innovative therapies that provide significant clinical benefits to cancer patients.
• Build a sustainable biopharmaceutical company by advancing a pipeline of novel drug candidates.

The failure to secure a transaction to continue clinical programs ultimately broke the 'sustainable biopharmaceutical company' part of the vision, leading to the discontinuation of all clinical development programs and the termination of most employees by early 2023.

Given Company slogan/tagline

Calithera Biosciences did not have a widely publicized, official slogan you'd see on billboards, but their focus on precision science suggests a clear internal message. The unofficial summary of their work was:

• Targeting Cancer's Core: Innovative Therapies for a Better Future.

Honestly, the company's current status as a public shell company, with its stock trading on the OTCPK, means its current tagline is defintely 'Liquidation in Progress.'

Calithera Biosciences, Inc. (CALA) How It Works

You're looking at Calithera Biosciences, Inc. (CALA), and honestly, the company's operation as of November 2025 isn't about drug development anymore. It's a legal and financial wind-down: the company is actively operating under a Plan of Complete Liquidation and Dissolution, primarily focused on monetizing its remaining intellectual property (IP) and cash assets to satisfy creditor claims under Chapter 11 bankruptcy proceedings.

The core business is now asset recovery. It's a tough reality, but it's the only game left. Exploring Calithera Biosciences, Inc. (CALA) Investor Profile: Who's Buying and Why? will give you more context on the shareholder side of this dissolution.

Given Company's Product/Service Portfolio

The company's portfolio no longer consists of commercial products; instead, it is a collection of former clinical-stage drug candidates and associated intellectual property (IP) that are being treated as assets for sale or divestiture. These assets represent the value being recovered in the liquidation process. The table below lists the primary former drug candidates and their current status as liquidated assets.

Given Company's Operational Framework

The operational framework is a highly streamlined, non-clinical legal and financial process. It's a far cry from a biotech R&D operation, and it makes money by settling debts and distributing remaining funds, not by selling drugs. The small remaining team is defintely focused on administrative and legal compliance.

• Asset Monetization: The primary process is the sale of non-core assets and the licensing or sale of IP portfolios (like the former drug candidates) to other biopharma companies to generate cash.
• Chapter 11 Compliance: The company is navigating its Chapter 11 bankruptcy proceedings, which dictates the legal framework for asset sales and creditor prioritization.
• Liability Settlement: Funds generated are used to pay down known, non-contingent liabilities and obligations, plus establishing a reserve for future liquidation expenses as required by Delaware law.
• Financial Realities: The liquidation preference of the Series A convertible preferred stock means that common stockholders were not initially expected to receive any liquidating distributions. However, a contingent agreement was in place for a potential common stock distribution of approximately $2.0 million, contingent on the approval of the Plan of Dissolution.

Given Company's Strategic Advantages

In this context of dissolution, the 'strategic advantage' is the ability to maximize the recovery value of the remaining assets for the benefit of stakeholders, particularly the secured creditors and the former preferred stockholder, Takeda Ventures, Inc.

• IP Value Preservation: Securing the sale of key drug candidate IP (e.g., Telaglenastat) ensures that years of research investment yield a return, even in liquidation.
• Contingent Value Right (CVR) Cap: The CVR granted to Takeda caps their maximum remaining proceeds from asset sales at $31.0 million, providing a clear upper limit on the preferred claim.
• Minimal Operating Burn: By ceasing all clinical and research operations, the company has drastically reduced its cash burn, preserving the remaining capital for the liquidation process. The stock price reflects this state, trading at around $0.0010 per share as of November 2025.
• Legal Efficiency: Utilizing the Chapter 11 process provides a structured, legally-defined path to wind down operations and resolve creditor claims, which is more efficient than a disorderly collapse.

Calithera Biosciences, Inc. (CALA) How It Makes Money

Calithera Biosciences, Inc. (CALA) is not a going concern; its revenue engine has stalled, and the company's financial activity as of November 2025 is focused on asset liquidation and winding down operations following its Chapter 11 bankruptcy filing in November 2023. The company's remaining cash flow is primarily generated from the sale of its intellectual property (IP) and drug candidates, plus residual payments from former collaboration agreements, rather than from ongoing drug development or sales.

Given Company's Revenue Breakdown

The total estimated revenue for the 2025 fiscal year is approximately $61,997,000, but this figure represents the estimated value realized from asset sales and residual payments under the liquidation process, not revenue from commercial product sales.

Business Economics

The economic fundamentals of Calithera Biosciences have shifted from a high-burn, research-and-development (R&D) model to a distressed asset realization model. The focus is no longer on maximizing drug value but on maximizing recovery for creditors.

• Pricing Strategy: The effective 'pricing' is the negotiated sale price of the company's intellectual property and clinical-stage drug candidates to third-party pharmaceutical companies or investment funds.
• Cost Structure: R&D expenses, once the core cost, have been drastically reduced to near zero, replaced by legal, restructuring, and administrative costs associated with the Chapter 11 proceedings and asset sales.
• Liquidation Preference: The former Series A convertible preferred stock holder, Takeda Ventures, Inc., was entitled to the first $31.0 million of remaining proceeds from asset sales, after expenses, which meant common stockholders were not expected to receive any liquidating distributions.
• Core Value: The remaining value lies in the company's legacy contributions to cancer research, specifically its work on arginase inhibitors and other novel targets in tumor metabolism and immunology.

The entire business model is now about the orderly wind-down of operations. Mission Statement, Vision, & Core Values of Calithera Biosciences, Inc. (CALA).

Given Company's Financial Performance

As of November 2025, the financial performance indicators reflect a company in the final stages of a financial distress event, not a typical operating business. The numbers are defintely stark.

• Market Capitalization: The company's market capitalization is a negligible $2,923 as of early 2025, a clear indicator of its diminished value and lack of investor confidence during the bankruptcy process.
• Net Income: The estimated Net Income Average for 2025 is a loss of approximately -$10,533,122, reflecting the costs of liquidation, restructuring, and legal fees outweighing the revenue generated from asset sales.
• P/E Ratio: The trailing twelve-month (TTM) Price-to-Earnings (P/E) ratio as of November 14, 2025, is reported as a negative -0.0003, which is expected for a company with negative earnings and minimal residual trading.
• Cash Flow: In a recent quarter (prior to the final wind-down), the net change in cash was a loss of -$8.62 million, underscoring the cash-burn nature of the liquidation process itself.

Here's the quick math on the liquidation value: even if the full estimated 2025 revenue of $61,997,000 was realized, the net loss projection shows that a significant portion is immediately consumed by the costs of dissolution, leaving little for equity holders. What this estimate hides is that the final distribution to common shareholders is highly unlikely, as the liquidation preference for prior investors must be satisfied first.

Calithera Biosciences, Inc. (CALA) Market Position & Future Outlook

Calithera Biosciences, Inc. is not an operating biopharmaceutical company as of November 2025; it is a corporate shell actively engaged in the final stages of liquidation and dissolution, having filed for Chapter 11 bankruptcy in November 2023.

Its future outlook is purely a function of its remaining asset value, with the common stock trading at a distressed price of approximately $0.0010 per share and a negligible market capitalization of only $4.87K as of November 2025. This entire analysis must be viewed through the lens of a distressed asset sale, not a going concern.

Competitive Landscape

In the traditional sense, Calithera Biosciences no longer competes in the precision oncology market, as its clinical programs were shut down and its focus shifted to asset liquidation in January 2023. Its current market position is best compared to other micro-cap, distressed biotech shells whose value is tied to residual intellectual property (IP) or cash on hand, rather than drug sales or pipeline progress.

Here's the quick math: Calithera's market cap of $4.87K is a fractional percentage of even a small-cap biotech firm, let alone a market leader like Amgen or Bristol Myers Squibb. The table reflects the micro-cap environment where its shares currently trade, not the oncology market it once aimed to disrupt.

Opportunities & Challenges

For a company in liquidation, the opportunities and risks are entirely financial and legal, centered on maximizing the value of its remaining assets for creditors and preferred shareholders.

Honestly, the only real opportunity is the successful and timely sale of the former pipeline assets, such as the dual TORC 1/2 inhibitor sapanisertib, to a buyer willing to continue development.

Industry Position

Calithera Biosciences' industry position is now that of a defunct clinical-stage oncology shell. It has ceased all operational and research activities, and its primary function is to wind down the business and satisfy creditor claims under Chapter 11 proceedings.

• Asset Legacy: The company's legacy is reduced to its former pipeline, which included assets like sapanisertib and mivavotinib, now being shopped to other companies.
• Financial Classification: It is often classified as a shell company in the OTC market, reflecting its minimal operational status.
• Common Stock Value: The stock's volatility (a 900% gain in two weeks was seen in November 2025, but from a near-zero base) is driven by extremely low liquidity and speculative trading, not business fundamentals.
• Investor Reality: The company announced that liquidating distributions to common stockholders were defintely not anticipated due to the liquidation preference of its former Series A preferred stock.

If you're looking for more detail on the specific parties involved in the liquidation and the trading dynamics of the stock, you should check out Exploring Calithera Biosciences, Inc. (CALA) Investor Profile: Who's Buying and Why?