The improved EPS and new funding provide temporary relief, but the company remains in a high-burn phase with clinical milestones still years away (IND by 2026). Monitor progress toward IND submission and additional financing needs, as current cash may not be sufficient through 2026 without further raises.
Price Chart
Executive Summary
Calidi Biotherapeutics reported Q4 and full-year 2025 financial results, showing a narrowed net loss per share despite a slight increase in total net loss. The company highlighted progress in advancing its CLD-401 clinical program, including FDA feedback alignment, partnerships with Avance Clinical and Matica Bio, and presentation of new in situ T-cell engager data. It raised $6.5 million in capital, extending cash runway, though cash balance declined from $9.6M to $5.6M year-over-year.
Key Financial Metrics
Key Facts
- Net loss attributable to common stockholders was $25.6M in 2025 vs $23.8M in 2024, but net loss per share improved to $5.95 from $35.70 due to higher share count.
- R&D expenses increased to $9.7M in 2025 from $8.9M in 2024; G&A expenses decreased to $10.5M from $12.9M.
- Cash balance declined from $9.6M (Dec 2024) to $5.6M (Dec 2025), despite $6.5M raised in Q1 2026 and Q4 2025.
- Company partnered with Avance Clinical to accelerate first-in-human trial of CLD-401 in Australia and with Matica Bio for GMP manufacturing.
- FDA feedback via Type D meeting supports manufacturing approach; IND filing expected by end of 2026.
Financial Impact
Net loss increased by $1.8M YoY but loss per share decreased by 83% due to share count increase. $6.5M in new funding extends runway but does not fully offset cash burn of $4.0M in 2025.
Risk Factors
- Cash runway may be insufficient to reach IND filing in 2026 without additional financing.
- Clinical development delays or failure to secure FDA approval could materially impact viability.
- High share count increase (from 667K to 4.3M shares) indicates significant dilution for existing shareholders.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3264097 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 25, 2026 4w ago | 8-K | $1.07 | awaiting T+20 | — | $0.6450 (+39.72%) |
Sep 22, 2026 4w ago | 8-K | $1.09 $0.7680 | ▲ +29.54% | ▲ +30.23% | $0.6450 (+40.83%) |
Sep 17, 2026 5w ago | 424B5 | $1.10 $0.8370 | ▲ +23.91% | ▲ +24.11% | $0.6450 (+41.36%) |
Aug 13, 2026 10w ago | 8-K | $1.59 $1.22 | ▼ −23.27% | ▼ −21.28% | $0.6450 (−59.43%) |
Aug 13, 2026 10w ago | Press Release | $1.59 $1.22 | ▼ −23.27% | ▼ −21.28% | $0.6450 (−59.43%) |
Jun 29, 2026 16w ago | 3 | $0.1700 $0.0933 | ▼ −45.12% | ▼ −42.80% | $0.6450 (+279.41%) |
May 26, 2026 21w ago | Press Release | $2.83 $2.51 | ▼ −11.30% | ▼ −9.24% | $0.6450 (−77.22%) |
May 22, 2026 22w ago | Press Release | $2.83 $2.51 | ▲ +11.30% | ▲ +9.24% | $0.6450 (+77.22%) |
Apr 20, 2026 27w ago | Press Release | $0.2500 $0.1830 | ▼ −26.80% | ▼ −31.00% | $0.6450 (+158.00%) |
Mar 27, 2026 30w ago | Press Release | $0.2390 $0.2240 | ▼ −6.28% | ▼ −18.87% | $0.6450 (+169.87%) |
US Market Status
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