Calidi Biotherapeutics Reports Third Quarter 2026 Financial Results and Recent Business Highlights

Rhea-AI Summary

Calidi Biotherapeutics (NYSE American: CLDI) reported a third-quarter 2026 net loss attributable to common stockholders of $3.646 million, narrowing year over year. The comparable loss was $10.822 million, including a $5.673 million deemed dividend on warrants absent in 2026. General and administrative expenses fell to $1.642 million from $2.687 million, while research and development expenses rose to $2.703 million from $2.361 million.

Cash was $3.947 million at September 30, versus $5.600 million at year-end. A September offering raised $1.2 million gross. A November 6 restructuring, predominantly headcount reductions, is expected to save $3 million annually. Preclinical CLD-401 data showed complete tumor eradication in 80% of EMT6 breast cancer tumor-bearing mice versus 0% of controls. CLD-401 remains in studies supporting an application to begin human trials.

11 points · 2 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 4 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point$1.2 million gross proceeds received from an at-the-market registered direct offering closed September 18, 2026. 52% of market cap
• Major point. Forward-looking: it has not happened yet and may not happen.November 6 restructuring is expected to save $3 million annually while Calidi pursues additional financing.
• Moderate pointCommon-stockholder loss narrowed to $3.646 million from $10.822 million; 2025 included a $5.673 million warrant dividend.
• Moderate pointNine-month general and administrative expenses decreased $3.6 million, or 42%, versus the same period in 2025.
• Minor pointLoss per share narrowed to $1.47 from $35.25 in the third quarter of 2025.

6 minor points

• Minor pointGeneral and administrative expenses fell to $1.642 million from $2.687 million in the prior-year quarter.
• Minor pointCLD-401 eradicated tumors in 80% of EMT6 breast cancer tumor-bearing mice versus 0% of controls.
• Minor pointCLD-401 retained antitumor activity with intravenous or intratumoral administration in a preclinical MB49 bladder cancer model.
• Minor pointEpCAM-targeted T-cell engager levels reached approximately 10 ng/mL within tumors following intravenous platform delivery in preclinical testing.
• Minor pointBoth TROP-2- and EpCAM-targeted candidates demonstrated antigen-dependent, dose-responsive T-cell-mediated killing in preclinical testing.
• Minor pointOther income, net, increased to $681,000 from $18,000 in the prior-year quarter.

Negative

• Moderate pointCash declined to $3.947 million at September 30, 2026, from $5.600 million at December 31, 2025.
• Moderate pointResearch and development expenses rose to $2.703 million from $2.361 million in the prior-year quarter.
• Moderate pointTotal equity declined to $1.631 million at September 30, 2026, from $3.759 million at year-end.
• Minor pointNovember 6 restructuring predominantly reduced headcount to preserve capital and extend operating runway.

News Explained

At the third-quarter operating cash outflow rate, Calidi’s $4.166 million in cash and equivalents equals 163.9 days of the last reported operating cash use—a backward-looking sizing, not a runway estimate.

Sources and calculations

• Calidi Q3 2026 fundamentals (2026-09-30)

• Available liquidity against the last reported quarterly operating outflow, in days at that rate $4,166,000 / ($2,338,000 / 92) = 163.9 days

Key Figures

Complete tumor eradication: 80% vs. 0% Intratumoral TCE concentration: approximately 10 ng/mL Offering proceeds: $1.2 million gross proceeds +5 more

Complete tumor eradication

80% vs. 0%

CLD-401 in EMT6 breast cancer tumor-bearing mice vs. control arm

Intratumoral TCE concentration

approximately 10 ng/mL

EpCAM-targeted TCE after intravenous delivery

Offering proceeds

$1.2 million gross proceeds

At-the-market registered direct offering

Quarterly G&A reduction

$1.0 million; 39%

Third quarter 2026 vs. the same period in 2025

Nine-month G&A reduction

$3.6 million; 42%

Nine months ended September 30, 2026 vs. the same period in 2025

Expected annualized savings

$3 million

Expected savings from the restructuring plan

Net loss attributable to common stockholders

$3.6 million vs. $10.8 million

Third quarter 2026 vs. third quarter 2025; 2025 included a $5.7 million non-cash warrant charge

Cash and restricted cash

$3.9 million cash; $0.2 million restricted cash

As of September 30, 2026

Previous Earnings Reports

2 past events · Latest: Aug 13

Same Type 2 events

1. Aug 13

   Q2 2026 earnings

   24h Move

   +3.3%

   Q2 G&A fell 48%, net loss narrowed, and cash stood at $4.1 million.

2. Nov 13

   Q3 2025 earnings

   24h Move

   -1.3%

   Reported $10.8 million attributable loss, including a $5.7 million warrant dividend charge.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

at-the-market registered direct offering, syngeneic tumor models, intratumoral, t-cell engager, +1 more

5 terms

at-the-market registered direct offering financial

"Received $1.2 million gross proceeds from an at-the-market registered direct offering"

A securities offering in which a company sells newly registered shares directly into the open market at prevailing market prices through a broker-dealer acting as sales agent, using an existing registration statement or shelf registration. It combines the mechanics of an “at-the-market” (continuous sales into the trading market at current prices) with the regulatory status of a registered direct offering (securities sold under a registration that permits direct placement without a firm underwriting syndicate). The result is a flexible, incremental way to raise capital: sales occur opportunistically into regular trading rather than as a single priced deal, and transactions are executed through an agent rather than through a traditional underwritten offering; because shares are sold at market prices over time, the amount raised and timing are variable and each sale is typically immediately tradable.

syngeneic tumor models medical

"demonstrated remarkable anti-tumor activity with systemic administration in syngeneic tumor models"

Syngeneic tumor models are laboratory tests in which cancer cells are implanted into animals that are genetically identical to the donor, so the recipient’s immune system is intact and reacts naturally to the tumor. For investors, these models matter because they give early, realistic signals about how immune-based therapies and cancer drugs might work in a living immune system—think of them as dress rehearsals that reveal whether a treatment can engage the body’s defenses before moving to costly human trials.

intratumoral medical

"with either systemic intravenous or localized intratumoral administration"

"Intratumoral" describes something that occurs or exists within a tumor, which is an abnormal growth of tissue. For investors, understanding intratumoral is important because it relates to medical treatments or research aimed at targeting the tumor directly, potentially leading to more effective therapies. Think of it as focusing treatment straight into the problem area, much like fixing a leak by working directly on the pipe itself.

t-cell engager medical

"Calidi’s in situ T-cell engager (“TCE”) platform"

A T-cell engager is a type of medicine designed to help the body's immune system attack cancer cells more effectively. It works by acting like a bridge that brings immune cells (T-cells) close to cancer cells, prompting a targeted attack. For investors, T-cell engagers are significant because they represent innovative treatments that could lead to new growth opportunities in the healthcare and biotech sectors.

oncolytic viruses medical

"redefine the potential of oncolytic viruses and genetic medicine"

Engineered or naturally occurring viruses that are used to treat cancer by selectively infecting and killing tumor cells and by triggering an anti-cancer immune response; they are designed or chosen to replicate preferentially in cancerous tissue while sparing normal cells. Delivery can be local (injected into tumors) or systemic, and their use is regulated as a form of biological therapy because they are live, replicating agents with safety and containment considerations.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

 -     Continued to advance the development of CLD-401 towards the clinic

-      Presented new CLD-401 data and in situ TCE platform advances at the ESMO Congress 2026

-      Received $1.2 million gross proceeds from at-the-market registered direct offering

-      Reduced general and administrative expenses by $1.0 million, or 39%, in the third quarter of 2026 versus the same period in the prior year

SAN DIEGO, Nov. 13, 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 financial and operating results for the three months ended September 30, 2026, and reviewed recent business highlights.

“Throughout the third quarter, Calidi continued to advance its RedTail platform for systemic and local delivery and redefine the potential of oncolytic viruses and genetic medicine,” said Eric Poma, Ph.D., Calidi Biotherapeutics CEO. “In particular, CLD-401 demonstrated remarkable anti-tumor activity with systemic administration in syngeneic tumor models and continues to progress towards the clinic.”

Third Quarter 2026 and Recent Business Developments

• Presented two posters at the European Society for Medical Oncology (ESMO) Congress 2026 on October 24, 2026. The presentations showcased new data from the Company’s RedTail platform, a systemically delivered virotherapy platform engineered to selectively target tumors, remodel the tumor microenvironment, and enable high-level expression of therapeutic genetic payloads directly within tumors.
  • Preclinical data on Calidi’s lead program, CLD-401, showed complete tumor eradication in 80% of EMT6 breast cancer tumor-bearing mice versus 0% in the control arm. CLD-401 was engineered for systemic delivery, and new data from an MB49 bladder cancer model show it retains antitumor activity with either systemic intravenous or localized intratumoral administration, supporting flexible delivery approaches across tumor accessibility and disease settings. 
  • Presented preclinical data from Calidi’s in situ T-cell engager (“TCE”) platform, including CLD-501, its TROP-2-targeted candidate, and CLD-502, its EpCAM-targeted candidate.   Following intravenous delivery, the platform generated approximately 10 ng/mL of EpCAM-targeted TCE directly within tumors, and both targeted TCEs demonstrated antigen-dependent, does-responsive T-cell mediated cytotoxicity.
• Received $1.2 million gross proceeds from an at-the-market registered direct offering that closed on September 18, 2026.
• Reduced general and administrative expenses by $1.0 million, or 39%, in the third quarter of 2026 versus the same period in the prior year. Reduced general and administrative expenses by $3.6 million, or 42%, in the nine months ended September 30, 2026, versus the same period in the prior year. On November 6, 2026, Calidi executed a restructuring plan, predominantly through a reduction in headcount, that is expected to save $3 million on an annualized basis to extend the Company’s cash runway to reduce costs, extend the Company's operating runway, and preserve capital while pursuing additional financing. 

Third Quarter 2026 Financial Results

Calidi reported a $3.6 million net loss attributable to common stockholders for the third quarter of 2026, compared to a net loss attributable to common stockholders of $10.8 million for the third quarter of 2025, which included a $5.7 million non-cash charge for a deemed dividend on warrants.  There was no such charge during the third quarter of 2026.

Research and development expenses were $2.7 million for the third quarter of 2026, compared to $2.4 million for the same quarter in 2025.

General and administrative expenses were $1.6 million for the third quarter of 2026, compared to $2.7 million for the same quarter in 2025.

The Company had $3.9 million in cash and $0.2 million in restricted cash as of September 30, 2026, compared with $5.6 million in cash and $0.2 million in restricted cash as of December 31. 2025.

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 metastatic 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.

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 and 2027, including the Company’s plan to dose the first patient in the second half of 2027, 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 and 2027 initiatives, including the timing and ability to open a phase 1 clinical study in the second half of 2027, 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.

Investors Contact:
IR@calidibio.com 

Media Contact:
PR@calidibio.com 

CALIDI BIOTHERAPEUTICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par value data)
	September 30, 2026				December 31, 2025
	(unaudited)
ASSETS
Current assets:
Cash	$	3,947			$	5,600
Restricted cash, current		219				100
Prepaid expenses and other current assets		570				556
Total current assets		4,736				6,256
Noncurrent assets:
Restricted cash, noncurrent		-				119
Machinery and equipment, net		704				781
Operating lease right-of-use assets, net		83				1,682
Other noncurrent assets		-				19
Total assets	$	5,523			$	8,857
LIABILITIES AND TOTAL EQUITY
Current liabilities:
Accounts payable	$	1,347			$	595
Related party accounts payable		-				18
Accrued expenses and other current liabilities		1,517				1,186
Related party accrued expenses and other current liabilities		-				530
Promissory note and accrued interest, current		668				90
Operating leases, current		53				1,405
Finance leases, current		141				111
Total current liabilities		3,726				3,935
Noncurrent liabilities:
Operating leases, noncurrent		30				277
Finance leases, noncurrent		132				171
Promissory note, noncurrent		-				600
Warrant liability		4				107
Related party warrant liability		-				8
Total liabilities		3,892				5,098
Total equity		1,631				3,759
Total liabilities and total equity	$	5,523			$	8,857

CALIDI BIOTHERAPEUTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except par value data)
	Three months ended September 30,
	2026				2025
Operating expenses:
Research and development	$	2,703			$	2,361
General and administrative		1,642				2,687
Total operating expenses		4,345				5,048
Loss from operations		(4,345	)			(5,048	)
Other income (expense), net:
Interest expense		(29	)			(31	)
Interest expense - related party		(8	)			(10	)
Change in fair value of other liabilities and derivatives		59				(93	)
Change in fair value of other liabilities and derivatives - related party		5				(7	)
Other income, net		681				18
Total other income (expense), net		708				(123	)
Loss before income taxes		(3,637	)			(5,171	)
Provision for income taxes		(9	)			(10	)
Net loss		(3,646	)			(5,181	)
Net loss attributable to noncontrolling interest		-				(32	)
Net loss attributable to controlling interest		(3,646	)			(5,149	)
Deemed dividend on warrants		-				(5,673	)
Net loss attributable to common stockholders	$	(3,646	)		$	(10,822	)
Net loss per share - basic and diluted	$	(1.47	)		$	(35.25	)
Weighted average shares outstanding - basic and diluted		2,476				307

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Calidi Biotherapeutics' third-quarter 2026 financial results?

Calidi reported a $3.646 million net loss attributable to common stockholders, compared with $10.822 million in the prior-year quarter. Loss per share was $1.47 versus $35.25. The 2025 common-stockholder loss included a $5.673 million deemed dividend on warrants; there was no such charge in the third quarter of 2026.

What did Calidi's CLD-401 preclinical breast cancer study show?

CLD-401 produced complete tumor eradication in 80% of EMT6 breast cancer tumor-bearing mice, compared with 0% in the control arm. These were preclinical results, not results from human trials.