Calidi Biotherapeutics Inc Financials
This page shows Calidi Biotherapeutics Inc (CLDI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Recurring external financing is supporting a development-stage operation whose accounting losses remain closely tied to cash outflows.
The modest improvement in net loss did not translate into cash: net loss narrowed from-$22.1M to-$19.9M , while operating cash flow became more negative. Positive financing cash flow in both years—$27.4M in FY2024 and$17.5M in FY2025—points to outside funding supporting operations rather than internally generated cash.
In FY2025, R&D and SG&A consumed nearly the entire operating-cost base, at
Equity moved from negative
Financial Health Signals
Calidi Biotherapeutics Inc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Calidi Biotherapeutics Inc passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). No profitability signals pass, 2 of 3 leverage/liquidity signals pass.
Calidi Biotherapeutics Inc reported a net loss of $19.9M while operations used $21.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Calidi Biotherapeutics Inc reported an operating loss of $20.2M against $100K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Calidi Biotherapeutics Inc's EBITDA was -$18.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 8.2% from the prior year.
Calidi Biotherapeutics Inc reported -$19.9M in net income in fiscal year 2025. This represents an increase of 10.1% from the prior year.
Calidi Biotherapeutics Inc earned -$5.95 per diluted share (EPS) in fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Calidi Biotherapeutics Inc held $5.8M in cash against $600K in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Calidi Biotherapeutics Inc's ROE was -529.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 913.9 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Calidi Biotherapeutics Inc invested $9.7M in research and development in fiscal year 2025. This represents an increase of 9.7% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
CLDI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| R&D Expenses | $2.6M-1.1% | $2.6M | N/A | $2.4M-8.9% | $2.6M+6.9% | $2.4M | N/A | $2.2M |
| SG&A Expenses | $1.6M-0.5% | $1.6M | N/A | $2.7M-12.5% | $3.1M+16.5% | $2.6M | N/A | $3.1M |
| Operating Income | -$4.2M+0.9% | -$4.2M | N/A | -$5.0M+10.9% | -$5.7M-11.9% | -$5.1M | N/A | -$5.2M |
| Interest Expense | $23K0.0% | $23K | N/A | $27K-32.5% | $40K-60.0% | $100K | N/A | $200K |
| Income Tax | $5K+25.0% | $4K | N/A | $10K+150.0% | $4K+33.3% | $3K | N/A | -$1K |
| Net Income | -$4.2M-1.3% | -$4.1M | N/A | -$5.1M+9.9% | -$5.7M-14.6% | -$5.0M | N/A | -$5.1M |
| EPS (Diluted) | -$2.94 | -$0.43-195.6% | $0.45+120.4% | -$2.21 | -$31.75 | -$2.21-133.0% | $6.70 | -$7.75 |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit.
CLDI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $7.2M-24.9% | $9.6M+8.3% | $8.9M-36.9% | $14.0M+50.0% | $9.4M-37.9% | $15.1M+6.2% | $14.2M+113.0% | $6.7M |
| Current Assets | $5.4M-26.2% | $7.4M+17.5% | $6.3M-43.3% | $11.0M+82.3% | $6.0M-47.3% | $11.5M+12.3% | $10.2M+360.5% | $2.2M |
| Cash & Equivalents | $4.3M-37.4% | $6.8M+17.7% | $5.8M-45.1% | $10.6M+97.0% | $5.4M-50.1% | $10.8M+12.3% | $9.6M+405.3% | $1.9M |
| Total Liabilities | $4.1M-12.6% | $4.7M-8.7% | $5.1M-25.4% | $6.8M-6.1% | $7.3M-6.3% | $7.8M-36.4% | $12.2M-25.8% | $16.5M |
| Current Liabilities | $3.2M-15.6% | $3.8M-2.5% | $3.9M-24.2% | $5.2M-3.0% | $5.4M-1.3% | $5.4M-42.9% | $9.5M-18.0% | $11.6M |
| Long-Term Debt | $600K0.0% | $600K0.0% | $600K0.0% | $600K0.0% | $600K0.0% | $600K0.0% | $600K-74.7% | $2.4M |
| Total Equity | $3.1M-36.5% | $4.9M+31.3% | $3.8M-45.7% | $6.9M+292.2% | $1.8M-74.6% | $6.9M+352.5% | $1.5M+115.7% | -$9.8M |
| Retained Earnings | -$149.9M-2.9% | -$145.7M-2.9% | -$141.6M-2.9% | -$137.6M-3.9% | -$132.4M-4.5% | -$126.7M-4.1% | -$121.7M-3.5% | -$117.6M |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.
CLDI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.4M-5.8% | -$4.1M+18.4% | -$5.0M-19.0% | -$4.2M+13.2% | -$4.9M+31.6% | -$7.1M-31.5% | -$5.4M-9.6% | -$4.9M |
| Investing Cash Flow | -$33K-560.0% | -$5K+93.7% | -$79K-192.6% | -$27K+52.6% | -$57K-714.3% | -$7K-40.0% | -$5K+16.7% | -$6K |
| Financing Cash Flow | $1.8M-64.5% | $5.2M+1417.4% | $340K-96.4% | $9.5M+2121.3% | -$469K-105.8% | $8.1M-38.1% | $13.1M+116.8% | $6.0M |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.
CLDI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | -132.8%-49.5pp | -83.2% | N/A | -74.4%+249.5pp | -324.0%-252.1pp | -71.8% | N/A | N/A |
| Return on Assets | -57.8%-14.9pp | -42.8% | N/A | -36.7%+24.4pp | -61.1%-28.0pp | -33.1% | N/A | -75.9% |
| Current Ratio | 1.68-0.2x | 1.92+0.3x | 1.59-0.5x | 2.12+1.0x | 1.13-1.0x | 2.12+1.0x | 1.08+0.9x | 0.19 |
| Debt-to-Equity | 0.19+0.1x | 0.120.0x | 0.16+0.1x | 0.09-0.3x | 0.34+0.3x | 0.09-0.3x | 0.39 | N/A |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, FCF Margin.
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Where Calidi Biotherapeutics Inc Ranks
Frequently Asked Questions
Is Calidi Biotherapeutics Inc profitable?
No, Calidi Biotherapeutics Inc (CLDI) reported a net income of -$19.9M in fiscal year 2025.
What is Calidi Biotherapeutics Inc's EBITDA?
Calidi Biotherapeutics Inc (CLDI) had EBITDA of -$18.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Calidi Biotherapeutics Inc have?
As of fiscal year 2025, Calidi Biotherapeutics Inc (CLDI) had $5.8M in cash and equivalents against $600K in long-term debt.
What is Calidi Biotherapeutics Inc's return on equity (ROE)?
Calidi Biotherapeutics Inc (CLDI) has a return on equity of -529.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Calidi Biotherapeutics Inc's operating cash flow?
Calidi Biotherapeutics Inc (CLDI) recorded an outflow of $21.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Calidi Biotherapeutics Inc's total assets?
Calidi Biotherapeutics Inc (CLDI) had $8.9M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Calidi Biotherapeutics Inc spend on research and development?
Calidi Biotherapeutics Inc (CLDI) invested $9.7M in research and development during fiscal year 2025.
What is Calidi Biotherapeutics Inc's current ratio?
Calidi Biotherapeutics Inc (CLDI) had a current ratio of 1.59 as of fiscal year 2025, which is generally considered healthy.
What is Calidi Biotherapeutics Inc's debt-to-equity ratio?
Calidi Biotherapeutics Inc (CLDI) had a debt-to-equity ratio of 0.16 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Calidi Biotherapeutics Inc's return on assets (ROA)?
Calidi Biotherapeutics Inc (CLDI) had a return on assets of -224.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Calidi Biotherapeutics Inc's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Calidi Biotherapeutics Inc (CLDI) held $5.8M in cash, cash equivalents and investments, and reported an operating cash outflow of $21.3M over that year. Dividing the one by the other, the reported balance equals about 3 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Calidi Biotherapeutics Inc's Piotroski F-Score?
Calidi Biotherapeutics Inc (CLDI) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Calidi Biotherapeutics Inc's earnings high quality?
Calidi Biotherapeutics Inc (CLDI) reported a net loss of $19.9M while operations used $21.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Calidi Biotherapeutics Inc cover its interest payments?
Calidi Biotherapeutics Inc (CLDI) reported an operating loss of $20.2M against $100K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.