Full Press Release Details
SAN DIEGO, March 27, 2026(GLOBE NEWSWIRE)-- Calidi Biotherapeutics Inc. (NYSE American: CLDI) (“Calidi” or the “Company”), a biotechnology company pioneering the development of targeted genetic medicines, today reported its fourth quarter and full-year 2025 operating and financial results and reviewed recent business highlights.
“We are extremely excited about the continued progress at Calidi,” said Eric Poma, PhD, CEO of Calidi Biotherapeutics. “We continue to advance CLD-401, the first lead from our RedTail platform, towards the clinic and have built a world-class scientific advisory board to aid those efforts. We have also expanded what the RedTail platform can do with our new approach of in situ T-cell engagers.”
Fourth Quarter 2025 and Recent Corporate Developments
Fourth Quarter 2025 Financial Results
The company reported a net loss attributable to common stockholders of $4.1 million, or $0.57 per share, for the three months ended December 31, 2025, compared to a net loss attributable to common stockholders of $4.1 million, or $3.23 per share, for the same period in 2024.
Research and development expenses were $2.4 million for the three months ended December 31, 2025, compared to $1.8 million for the comparable period in 2024, respectively.
General and administrative expenses were $2.1 million for the three months ended December 31, 2025, compared to $2.2 million for the comparable period in 2024, respectively.
Full Year 2025 Financial Results
The company reported a net loss attributable to common stockholders of $25.6 million, or $5.95 per share, for the year ended December 31, 2025, compared to a net loss attributable to common stockholders of $23.8 million, or $35.70 per share, for the year ended December 31, 2024.
Research and development expenses were $9.7 million for the year ended December 31, 2025, compared to $8.9 million for the year ended December 31, 2024, respectively.
General and administrative expenses were $10.5 million for the year ended December 31, 2025, compared to $12.9 million for the year ended December 31, 2024, respectively.
The company had approximately $5.6 million in cash and $0.2 million in restricted cash as of December 31, 2025, compared to $9.6 million in cash and $0.2 million in restricted cash as of December 31, 2024.
About Calidi Biotherapeutics
Calidi Biotherapeutics (NYSE American: CLDI) is a biotechnology company pioneering the development of targeted therapies with the potential to deliver genetic medicines to distal sites of disease. The company’s proprietary Redtail platform features an engineered enveloped oncolytic virus designed for systemic delivery and targeting of metastatic sites. This advanced enveloped technology is intended to shield the virus from immune clearance, allowing virotherapy to effectively reach tumor sites, induce tumor lysis, and deliver potent genetic medicine(s) to metastatic locations.
CLD-401, the lead candidate from the Redtail platform, currently in IND-enabling studies, targets non-small cell lung cancer, head and neck cancer, and other tumor types with high unmet medical need. Calidi continues to advance its pipeline utilizing the Redtail platform including its novel approach to incorporate in situ T-cell engagers in solid tumors.
Calidi Biotherapeutics is headquartered in San Diego, California. For more information, please visit www.calidibio.com or view Calidi’s Corporate Presentationhere.
Forward-Looking Statements
This press release may contain forward-looking statements for purposes of the “safe harbor” provisions under the United States Private Securities Litigation Reform Act of 1995. Terms such as “anticipates,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predicts,” “project,” “should,” “towards,” “would” as well as similar terms, are forward-looking in nature, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, the Company’s plans strategies, priorities and key operational initiatives for fiscal year 2026, including the Company’s plan to submit an Investigational New Drug (“IND”) application by the end of 2026, statements concerning key milestones, including certain pre-clinical data, planned clinical trials, and statements relating to the safety and efficacy of Calidi’s therapeutic candidates in development. Any forward-looking statements contained in this discussion are based on Calidi’s current expectations and beliefs concerning future developments and their potential effects and are subject to multiple risks and uncertainties that could cause actual results to differ materially and adversely from those set forth or implied in such forward-looking statements. These risks and uncertainties include, but are not limited to, the risk that Calidi is not able to raise sufficient capital to support its current and anticipated clinical trials, the risk that early results of clinical trials do not necessarily predict final results and that one or more of the clinical outcomes may materially change following more comprehensive review of the data, and as more patient data becomes available, the risk that Calidi may not receive FDA approval for some or all of its therapeutic candidates; and, with respect to the Company’s fiscal year 2026 initiatives, including the timing and ability to submit an IND application by the end of 2026, the risk that actual results may differ materially due to, among other things, the timing, cost and results of research and development activities and preclinical studies; interactions with, and the timing and substance of feedback from, regulatory authorities (including that any preliminary interactions with the FDA may not be indicative of future outcomes or regulatory success); changes in applicable laws or regulations; manufacturing and supply chain matters; the availability of capital and other resources; and changes in business, market, economic or competitive conditions. Other risks and uncertainties are set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s annual report filed with the SEC on Form 10-K on March 27, 2026, as may be amended or supplemented by other reports we file with the SEC from time to time. We disclaim any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
For Investors and Media:Dave Gentry, CEORedChip Companies, Inc.1-407-644-4256CLDI@redchip.com
| CALIDI BIOTHERAPEUTICS, INC.CONSOLIDATED BALANCE SHEETS(In thousands, except for par value data) | ||||||||
| December 31, | ||||||||
| 2025 | 2024 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash | $ | 5,600 | $ | 9,591 | ||||
| Prepaid expenses and other current assets | 656 | 636 | ||||||
| Total current assets | 6,256 | 10,227 | ||||||
| NONCURRENT ASSETS | ||||||||
| Machinery and equipment, net | 781 | 869 | ||||||
| Operating lease right-of-use assets, net | 1,682 | 2,934 | ||||||
| Other noncurrent assets | 138 | 152 | ||||||
| TOTAL ASSETS | $ | 8,857 | $ | 14,182 | ||||
| LIABILITIES AND TOTAL EQUITY | ||||||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable | $ | 595 | $ | 2,072 | ||||
| Related party accounts payable | 18 | 2 | ||||||
| Accrued expenses and other current liabilities | 1,276 | 1,858 | ||||||
| Related party accrued expenses and other current liabilities | 530 | 480 | ||||||
| Term notes payable, net of discount, including accrued interest | — | 251 | ||||||
| Related party term notes payable, net of discount, including accrued interest | — | 2,702 | ||||||
| Related party bridge loan payable, including accrued interest | — | 223 | ||||||
| Related party other current liability | — | 638 | ||||||
| Finance lease liability, current | 111 | 66 | ||||||
| Operating lease right-of-use liability, current | 1,405 | 1,204 | ||||||
| Total current liabilities | 3,935 | 9,496 | ||||||
| NONCURRENT LIABILITIES | ||||||||
| Operating lease right-of-use liability, noncurrent | 277 | 1,845 | ||||||
| Finance lease liability, noncurrent | 171 | 145 | ||||||
| Promissory note | 600 | 600 | ||||||
| Warrant liability | 107 | 119 | ||||||
| Related party warrant liability | 8 | 9 | ||||||
| TOTAL LIABILITIES | 5,098 | 12,214 | ||||||
| TOTAL EQUITY | 3,759 | 1,968 | ||||||
| TOTAL LIABILITIES AND TOTAL EQUITY | $ | 8,857 | $ | 14,182 |
| CALIDI BIOTHERAPEUTICS, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share data) | ||||||||
| Year Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| OPERATING EXPENSES | ||||||||
| Research and development | $ | (9,737 | ) | $ | (8,878 | ) | ||
| General and administrative | (10,503 | ) | (12,898 | ) | ||||
| Total operating expense | (20,240 | ) | (21,776 | ) | ||||
| Loss from operations | (20,240 | ) | (21,776 | ) | ||||
| OTHER INCOME (EXPENSES), NET | ||||||||
| Interest expense | (131 | ) | (372 | ) | ||||
| Interest expense – related party | (76 | ) | (561 | ) | ||||
| Change in fair value of other liabilities and derivatives | 1 | 285 | ||||||
| Change in fair value of other liabilities and derivatives – related party | 1 | 39 | ||||||
| Grant income | 50 | 181 | ||||||
| Gain on sale of investment in Nova Cell | 244 | — | ||||||
| Other income, net | 103 | 9 | ||||||
| Total other income (expenses), net | 192 | (419 | ) | |||||
| LOSS BEFORE INCOME TAXES | (20,048 | ) | (22,195 | ) | ||||
| Income tax provision | (15 | ) | (14 | ) | ||||
| NET LOSS | $ | (20,063 | ) | $ | (22,209 | ) | ||
| Net loss attributable to noncontrolling interest | (157 | ) | (66 | ) | ||||
| NET LOSS ATTRIBUTABLE TO CONTROLLING INTEREST | (19,906 | ) | (22,143 | ) | ||||
| Deemed dividend on warrants | (5,673 | ) | (1,671 | ) | ||||
| NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | (25,579 | ) | (23,814 | ) | ||||
| Net loss per share; basic and diluted | $ | (5.95 | ) | $ | (35.70 | ) | ||
| Weighted average common stock shares outstanding; basic and diluted | 4,302 | 667 |