Calidi Biotherapeutics (CLDWW) Financials
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CLDWW SEC filings page.
This page shows Calidi Biotherapeutics (CLDWW) 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).
Losses are narrowing, but financing dependence persists because development spending still outruns operating cash generation
Despite a narrower FY2025 net loss than FY2024, operating cash flow worsened to-$21.3M ; earnings improvement did not convert into cash, so the accounting improvement has not yet changed the operating funding requirement.
The only reported revenue is FY2022's
The balance sheet repaired from FY2023 to FY2025: current ratio rose from 0.4x to 1.6x while debt-to-equity moved from -0.3x to 0.2x as equity became positive. Even so, positive financing cash flow alongside recurring operating outflows shows external capital remains part of the operating model, not merely a balance-sheet event.
Financial Health Signals
Calidi Biotherapeutics 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 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 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 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's EBITDA was -$3.7M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 29.4% from the same quarter a year earlier. Against the prior quarter it is up 1.3%.
Calidi Biotherapeutics reported -$4.2M in net income in Q2 2026. This represents an increase of 27.2% from the same quarter a year earlier. Against the prior quarter it is down 1.3%.
Not reported for Q2 2026.
Cash & Balance Sheet
Calidi Biotherapeutics held $4.3M in cash against $600K in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Calidi Biotherapeutics's ROE was -132.8% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 191.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 49.5 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Calidi Biotherapeutics invested $2.6M in research and development in Q2 2026. This represents a decrease of 1.3% from the same quarter a year earlier. Against the prior quarter it is down 1.1%.
Not reported for Q2 2026.
Not reported for Q2 2026.
CLDWW Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| R&D Expenses | $2.6M-1.3% | $2.6M+6.7% | N/A | $2.4M+9.7% | $2.6M+19.7% | $2.4M-11.6% | N/A | $2.2M-33.8% |
| SG&A Expenses | $1.6M-48.2% | $1.6M-39.3% | N/A | $2.7M-12.6% | $3.1M-14.8% | $2.6M-34.2% | N/A | $3.1M-22.6% |
| Operating Income | -$4.2M+26.7% | -$4.2M+17.3% | N/A | -$5.0M+3.4% | -$5.7M+1.9% | -$5.1M+25.0% | N/A | -$5.2M+27.6% |
| EBITDA | -$3.7M+29.4% | -$3.8M+19.4% | N/A | -$4.6M+9.9% | -$5.3M+7.3% | -$4.7M+29.8% | N/A | -$5.1M+28.0% |
| Interest Expense | $23K-43.8% | $23K-77.5% | N/A | $27K-86.5% | $40K-80.0% | $100K-66.7% | N/A | $200K-33.3% |
| Income Tax | $5K+25.0% | $4K+33.3% | N/A | $10K+1100.0% | $4K-50.0% | $3K-25.0% | N/A | -$1K-109.1% |
| Net Income | -$4.2M+27.2% | -$4.1M+17.6% | N/A | -$5.1M-1.9% | -$5.7M+0.9% | -$5.0M+31.0% | N/A | -$5.1M-149.7% |
| EPS (Basic) | -$2.94+90.7% | -$0.43+80.5% | $0.45-93.3% | -$2.21+71.5% | -$31.75-89.6% | -$2.21-8.9% | $6.70+80.6% | -$7.75-449.6% |
| EPS (Diluted) | -$2.94 | -$0.43 | $0.45 | -$2.21 | -$31.75 | -$2.21 | $6.70+80.6% | -$7.75 |
| Diluted Shares (Avg) | 1M | 10M | N/A | 4,907 | 180,000 | 2M | N/A | 652 |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit.
CLDWW Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $7.2M-23.0% | $9.6M-36.3% | $8.9M-37.5% | $14.0M+110.7% | $9.4M+45.4% | $15.1M+103.4% | $14.2M+41.6% | $6.7M-64.2% |
| Current Assets | $5.4M-10.3% | $7.4M-36.0% | $6.3M-38.8% | $11.0M+396.5% | $6.0M+272.2% | $11.5M+493.4% | $10.2M+137.7% | $2.2M-81.0% |
| Cash & Equivalents | $4.3M-20.2% | $6.8M-36.5% | $5.8M-39.4% | $10.6M+457.6% | $5.4M+572.4% | $10.8M+798.3% | $9.6M+343.0% | $1.9M-81.7% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $4.1M-44.0% | $4.7M-40.0% | $5.1M-58.3% | $6.8M-58.5% | $7.3M-60.0% | $7.8M-64.7% | $12.2M-33.1% | $16.5M-16.4% |
| Current Liabilities | $3.2M-39.5% | $3.8M-29.3% | $3.9M-58.6% | $5.2M-55.2% | $5.4M-59.0% | $5.4M-63.7% | $9.5M-7.2% | $11.6M+6.5% |
| Non-Current Liabilities | $834K-56.6% | $820K-64.9% | $1.2M-57.2% | $1.6M-66.4% | $1.9M-62.5% | $2.3M-66.7% | $2.7M-66.1% | $4.9M-44.6% |
| Long-Term Debt | $600K0.0% | $600K0.0% | $600K0.0% | $600K-74.7% | $600K-68.8% | $600K-82.2% | $600K-70.9% | $2.4M+21.4% |
| Total Equity | $3.1M+77.6% | $4.9M-28.9% | $3.8M+145.0% | $6.9M+170.6% | $1.8M+115.0% | $6.9M+147.6% | $1.5M+118.6% | -$9.8M-795.6% |
| Retained Earnings | -$149.9M-13.2% | -$145.7M-15.0% | -$141.6M-16.4% | -$137.6M-17.0% | -$132.4M-17.6% | -$126.7M-18.6% | -$121.7M-22.2% | -$117.6M-28.8% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.
CLDWW Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.4M+10.8% | -$4.1M+42.3% | -$5.0M+7.0% | -$4.2M+14.3% | -$4.9M+11.2% | -$7.1M-86.1% | -$5.4M-4.6% | -$4.9M+63.4% |
| Depreciation & Amortization | $438K+7.6% | $426K+8.1% | $423K+7.6% | $427K+327.0% | $407K+307.0% | $394K+286.3% | $393K+297.0% | $100K0.0% |
| Stock-Based Compensation | $157K-69.9% | $231K-61.9% | N/A | $529K-23.4% | $522K-30.5% | $607K-31.6% | N/A | $691K-37.7% |
| Investing Cash Flow | -$33K+42.1% | -$5K+28.6% | -$79K-1480.0% | -$27K-350.0% | -$57K | -$7K-40.0% | -$5K+85.7% | -$6K+90.5% |
| Financing Cash Flow | $1.8M+490.0% | $5.2M-36.4% | $340K-97.4% | $9.5M+56.8% | -$469K-109.0% | $8.1M+169.1% | $13.1M+543.1% | $6.0M-72.1% |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.
CLDWW Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | -132.8%+191.2pp | -83.2%-11.4pp | N/A | -74.4% | -324.0% | -71.8% | N/A | N/A |
| Return on Assets | -57.8%+3.4pp | -42.8%-9.7pp | N/A | -36.7%+39.2pp | -61.1%+28.6pp | -33.1%+64.5pp | N/A | -75.9%-65.0pp |
| Current Ratio | 1.68+0.5x | 1.92-0.2x | 1.59+0.5x | 2.12+1.9x | 1.13+1.0x | 2.12+2.0x | 1.08+0.7x | 0.19-0.9x |
| Debt-to-Equity | 0.19-0.1x | 0.120.0x | 0.16-0.2x | 0.09 | 0.34 | 0.09 | 0.39 | N/A |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.
Where Calidi Biotherapeutics Ranks
Frequently Asked Questions
Is Calidi Biotherapeutics profitable?
No, Calidi Biotherapeutics (CLDWW) reported a net income of -$19.9M in fiscal year 2025.
What is Calidi Biotherapeutics's EBITDA?
Calidi Biotherapeutics (CLDWW) had EBITDA of -$18.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Calidi Biotherapeutics have?
As of fiscal year 2025, Calidi Biotherapeutics (CLDWW) had $5.8M in cash and equivalents against $600K in long-term debt.
What is Calidi Biotherapeutics's return on equity (ROE)?
Calidi Biotherapeutics (CLDWW) 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's operating cash flow?
Calidi Biotherapeutics (CLDWW) 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's total assets?
Calidi Biotherapeutics (CLDWW) had $8.9M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Calidi Biotherapeutics spend on research and development?
Calidi Biotherapeutics (CLDWW) invested $9.7M in research and development during fiscal year 2025.
What is Calidi Biotherapeutics's current ratio?
Calidi Biotherapeutics (CLDWW) had a current ratio of 1.59 as of fiscal year 2025, which is generally considered healthy.
What is Calidi Biotherapeutics's debt-to-equity ratio?
Calidi Biotherapeutics (CLDWW) 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's return on assets (ROA)?
Calidi Biotherapeutics (CLDWW) had a return on assets of -224.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Calidi Biotherapeutics's Piotroski F-Score?
Calidi Biotherapeutics (CLDWW) 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's earnings high quality?
Calidi Biotherapeutics (CLDWW) 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 cover its interest payments?
Calidi Biotherapeutics (CLDWW) 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.