Calidi Biotherapeutics, Inc.

Listed Company

CLDWWCIK 0001855485OTCEmerging GrowthBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-19.91M

Total Assets

$8.86M

Equity

$3.76M

Shares Out

10.90M

Op. Cash Flow

$-21.30M

Business

Calidi Biotherapeutics, Inc. is a clinical-stage immuno-oncology company developing proprietary allogeneic stem cell–based and enveloped virus platforms to potentiate and deliver oncolytic viruses to cancer patients. Its main products and services include cell-loaded oncolytic virotherapies such as NeuroNova™ (neural stem cells with oncolytic adenovirus), SuperNova™ (adipose-derived mesenchymal stem cells with vaccinia/CAL1 virus), and RTNova™ (enveloped oncolytic vaccinia virus) product candidates. Key business segments include proprietary platform R&D, StemVac subsidiary process development, and subsidiary Nova Cell technology services. Calidi distributes and advances products through clinical trials, collaborations with academic and contract manufacturing organizations, and intends regulatory pathways in the U.S. and other major oncology markets.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Research and development	−10	−9	−13	−7
General and administrative	−11	−13	−16	−16
Total operating expense	−20	−22	−29	−23
Loss from operations	−20	−22	−29	−23
Change in fair value of other liabilities and derivatives	1,000	285,000	—	—
Change in fair value of other liabilities and derivatives related party	1,000	39,000	—	—
Grant income	50,000	181,000	3	—
Gain on sale of investment in Nova Cell	244,000	—	—	—
Other income, net	103,000	9,000	−51,000	−5,000
Total other income (expenses), net	192,000	−419,000	−208,000	−2
LOSS BEFORE INCOME TAXES	−20	−22	−29	−25
Income tax provision	−15,000	−14,000	−16,000	−11,000
NET LOSS	−20	−22	−29	—
Net loss attributable to noncontrolling interest	−157,000	−66,000	—	—
NET LOSS ATTRIBUTABLE TO CONTROLLING INTEREST	−20	−22	−29	−25
Deemed dividend on warrants	−6	−2	—	—
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	−26	−24	−29	—
Net loss per share, basic	−5.95	−35.7	−17.33	2.99
Net loss per share, diluted	−5.95	−35.7	−17.33	2.99
Weighted average common shares outstanding, basic	4,302	667	2	9
Weighted average common shares outstanding, diluted	4,302	667	2	9

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash	6	10	2	372,000	1
Prepaid expenses and other current assets	656,000	636,000	2	414,000	—
Total current assets	6	10	4	786,000	1
Machinery and equipment, net	781,000	869,000	—	—	—
Operating lease right-of-use assets, net	2	3	4	199,000	—
Other noncurrent assets	138,000	152,000	373,000	725,000	—
TOTAL ASSETS	9	14	10	3	232
Finance lease liability, current	111,000	66,000	81,000	72,000	—
Operating lease right-of-use liability, current	1	1	1	44,000	—
Total current liabilities	4	9	10	43	410,985
Operating lease right-of-use liability, noncurrent	277,000	2	3	305,000	—
Finance lease liability, noncurrent	171,000	145,000	216,000	142,000	—
Promissory note	600,000	600,000	—	—	—
Warrant liability	107,000	119,000	623,000	—	—
Related party warrant liability	8,000	9,000	48,000	—	—
TOTAL LIABILITIES	5	12	18	43	16
Commitments and contingencies (Note 11)	—	—	—	—	—
Common stock, $0.0001 par value, 330,000 shares authorized; 7,217 and 1,730 shares issued and outstanding as of December 31, 2025 and 2024, respectively	1,000	—	1,000	2,000	—
Additional paid-in capital	145	123	91	20	0
Accumulated other comprehensive loss, net of tax	−13,000	−28,000	−47,000	−14,000	—
Accumulated deficit	−142	−122	−100	−70	−15
Total stockholders equity	4	2	−8	−50	−32
Noncontrolling interest	—	434,000	—	—	—
Total equity	4	2	−8	−50	—
TOTAL LIABILITIES AND TOTAL EQUITY	9	14	10	3	232

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Depreciation and amortization expense	2	2	—	—
Amortization of debt discount and financing costs	—	45,000	432,000	123,000
Stock-based compensation	2	3	5	5
Change in fair value of other liabilities and derivatives	−2,000	−324,000	—	—
Prepaid expenses and other current assets	−42,000	2	−2	170,000
Accounts payable	−1	−628,000	−6	2
Accrued expenses and other current liabilities	−2	−2	1	2
Operating lease right of use liability	−1	−1	−628,000	—
Net cash used in operating activities	−21	−20	−27	−13
Purchases of machinery and equipment	−120,000	−16,000	−585,000	−428,000
Cash disposed in sale of investment in Nova Cell	−50,000	—	—	—
Net cash used in investing activities	−170,000	−16,000	−478,000	−494,000
Proceeds from public offerings	10	14	—	—
Proceeds from warrant inducement financing	4	2	—	—
Proceeds from registered direct offering	4	—	—	—
Proceeds from at the market offering	3	3	—	—
Proceeds from exercise of pre-funded warrants	5,000	2,000	—	—
Repayment of financing lease obligations	−90,000	−82,000	−101,000	−81,000
Repayment of principal on term notes payable	−200,000	−300,000	−1	−38,000
Repayment of principal on related party bridge loan payable	−200,000	—	—	—
Payment of financing costs	−846,000	−2	−2	−58,000
Repayment of principal on related party term notes payable	−2	—	—	—
Proceeds from issuance of noncontrolling interest in Nova Cell	—	2	—	—
Proceeds from issuance of convertible notes payable	—	3	—	—
Related party proceeds from issuance of loan payable	—	200,000	—	3
Proceeds from issuance of promissory note	—	600,000	—	—
Proceeds from issuance of common stock and warrants per subscription agreement	—	1	—	—
Proceeds from exercise of common stock warrants	—	5	—	—
Repayment of convertible note payable	—	−2	—	—
Payment of debt issuance costs	—	−9,000	—	—
Net cash provided by financing activities	17	27	29	12
Effect of exchange rate changes on cash	14,000	−13,000	−6,000	—
NET (DECREASE) INCREASE IN CASH AND RESTRICTED CASH	−4	8	2	−968,761
Cash paid for interest	1	140,000	404,000	35,000
Cash paid for income taxes	17,000	14,000	—	—
Machinery and equipment acquired through financing leases	152,000	—	180,000	198,000
Financing fees included in accounts payable and accrued liabilities	27,000	−91,000	—	—
Issuance of common stock per conversion of convertible note	—	3	—	—
Issuance of convertible note for legal settlement	—	2	—	—
Issuance of common stock in lieu of cash for services	—	289,000	—	205,000
Related party issuance of common stock in lieu of cash for services	—	80,000	—	—
Issuance of common stock and warrants for legal settlement	—	308,000	—	—
Debt discount on Convertible Notes	—	109,000	—	—
Issuance of common stock in lieu of cash for SEPA commitment fee	—	81,000	—	—
Issuance of restricted stock units for liability settlement	—	133,000	—	—

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