Calidi Biotherapeutics Financials
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).
Calidi’s numbers show a development-stage model still funded by external capital, even as overhead shrinks and liquidity improves.
Balance-sheet repair since FY2023 did not come from the business funding itself: liabilities fell from$18.3M to$5.1M and equity turned positive. But across FY2024-FY2025, financing inflows of$44.8M slightly exceeded cumulative operating cash use of$41.0M , so the cleaner capital structure reflects recapitalization more than internally generated cash.
Overhead is being cut more aggressively than the core development engine: SG&A fell from
Near-term liquidity looks less strained than two years ago, with the current ratio improving from 0.4x in FY2023 to 1.6x in FY2025 and debt staying low at
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Calidi Biotherapeutics's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Calidi Biotherapeutics carries a low D/E ratio of 0.16, meaning only $0.16 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.
Calidi Biotherapeutics's current ratio of 1.59 is below the typical benchmark, resulting in a score of 27/100. However, the company holds substantial cash reserves (148% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
Calidi Biotherapeutics generates a -529.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -1443.5% the prior year.
Calidi Biotherapeutics passes 1 of 9 financial strength tests. No profitability signals pass, 1 of 3 leverage/liquidity signals pass.
For every $1 of reported earnings, Calidi Biotherapeutics generates $1.07 in operating cash flow (-$21.3M OCF vs -$19.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Calidi Biotherapeutics earns $-202.4 in operating income for every $1 of interest expense (-$20.2M vs $100K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Calidi Biotherapeutics'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 reported -$19.9M in net income in fiscal year 2025. This represents an increase of 10.1% from the prior year.
Calidi Biotherapeutics earned $-5.95 per diluted share (EPS) in fiscal year 2025. This represents an increase of 83.3% from the prior year.
Cash & Balance Sheet
Calidi Biotherapeutics held $5.8M in cash against $600K in long-term debt as of fiscal year 2025.
Calidi Biotherapeutics had 7M shares outstanding in fiscal year 2025. This represents an increase of 317.2% from the prior year.
Margins & Returns
Calidi Biotherapeutics'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.
Capital Allocation
Calidi Biotherapeutics invested $9.7M in research and development in fiscal year 2025. This represents an increase of 9.7% from the prior year.
CLDWW Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $2.6M | N/A | $2.4M-8.9% | $2.6M+6.9% | $2.4M | N/A | $2.2M-0.6% | $2.2M |
| SG&A Expenses | $1.6M | N/A | $2.7M-12.5% | $3.1M+16.5% | $2.6M | N/A | $3.1M-14.8% | $3.6M |
| Operating Income | -$4.2M | N/A | -$5.0M+10.9% | -$5.7M-11.9% | -$5.1M | N/A | -$5.2M+9.5% | -$5.8M |
| Interest Expense | $23K | N/A | $27K-32.5% | $40K-60.0% | $100K | N/A | $200K0.0% | $200K |
| Income Tax | $4K | N/A | $10K+150.0% | $4K+33.3% | $3K | N/A | -$1K-112.5% | $8K |
| Net Income | -$4.1M | N/A | -$5.1M+9.9% | -$5.7M-14.6% | -$5.0M | N/A | -$5.1M+12.4% | -$5.8M |
| EPS (Diluted) | $-0.43 | N/A | $-2.21-11.1% | $-1.99 | $-2.21 | N/A | $-7.75+53.7% | $-16.75 |
CLDWW Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $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+3.5% | $6.4M |
| Current Assets | $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+36.7% | $1.6M |
| Cash & Equivalents | $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+137.5% | $800K |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $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-9.5% | $18.2M |
| Current Liabilities | $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-11.3% | $13.1M |
| Long-Term Debt | $600K0.0% | $600K0.0% | $600K0.0% | $600K0.0% | $600K0.0% | $600K-74.7% | $2.4M+23.3% | $1.9M |
| Total Equity | $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+16.6% | -$11.8M |
| Retained Earnings | -$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-4.5% | -$112.6M |
CLDWW Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$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+10.0% | -$5.5M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$5K+93.7% | -$79K-192.6% | -$27K+52.6% | -$57K-714.3% | -$7K-40.0% | -$5K+16.7% | -$6K | $0 |
| Financing Cash Flow | $5.2M+1417.4% | $340K-96.4% | $9.5M+2121.3% | -$469K-105.8% | $8.1M-38.1% | $13.1M+116.8% | $6.0M+16.3% | $5.2M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
CLDWW Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | -83.2% | N/A | -74.4%+249.5pp | -324.0%-252.1pp | -71.8% | N/A | N/A | N/A |
| Return on Assets | -42.8% | N/A | -36.7%+24.4pp | -61.1%-28.0pp | -33.1% | N/A | -75.9%+13.8pp | -89.7% |
| Current Ratio | 1.92+0.3 | 1.59-0.5 | 2.12+1.0 | 1.13-1.0 | 2.12+1.0 | 1.08+0.9 | 0.19+0.1 | 0.12 |
| Debt-to-Equity | 0.12-0.0 | 0.16+0.1 | 0.09-0.3 | 0.34+0.3 | 0.09-0.3 | 0.39+0.6 | -0.24-0.1 | -0.16 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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) generated -$21.3M in operating cash flow during fiscal year 2025, representing cash generated from 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 cash runway?
Based on fiscal year 2025 data, Calidi Biotherapeutics (CLDWW) had $5.8M in cash against an annual operating cash burn of $21.3M. This gives an estimated cash runway of approximately 3 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Calidi Biotherapeutics's Piotroski F-Score?
Calidi Biotherapeutics (CLDWW) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. 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) has an earnings quality ratio of 1.07x, considered low quality (accrual-driven). 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) has an interest coverage ratio of -202.4x, meaning it can struggle to cover its interest obligations. 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.
How financially healthy is Calidi Biotherapeutics?
Calidi Biotherapeutics (CLDWW) scores 21 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.