Calidi Biotherapeutics narrows Q3 loss to $3.65M
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Rhea-AI Filing Summary
Calidi Biotherapeutics, Inc. (CLDI) reported a third-quarter 2026 net loss attributable to common stockholders of $3.646 million, compared with $10.822 million a year earlier. The 2025 quarter included a $5.673 million noncash deemed dividend on warrants; there was no such charge in 2026. Research and development expense was $2.703 million versus $2.361 million, while general and administrative expense fell 39% to $1.642 million from $2.687 million. Cash was $3.9 million and restricted cash was $0.2 million as of September 30, 2026.
Calidi received $1.2 million in gross proceeds from an at-the-market registered direct offering that closed September 18, 2026. A restructuring plan executed November 6, predominantly through a reduction in headcount, is expected to save $3 million on an annualized basis. Preclinical CLD-401 data showed complete tumor eradication in 80% of EMT6 breast cancer tumor-bearing mice versus 0% in the control arm. In an MB49 bladder cancer model, it retained antitumor activity with intravenous or intratumoral delivery. Calidi also presented preclinical data on its in situ T-cell engager candidates.
8-K Event Classification
Key Figures
Key Terms
at-the-market registered direct offering financial
deemed dividend on warrants financial
oncolytic viruses medical
syngeneic tumor models medical
in situ T-cell engager medical
IND-enabling studies regulatory
Earnings Snapshot
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On November 13, 2026, Calidi Biotherapeutics, Inc. (the “Company”) issued a press release announcing certain financial results for the third quarter ended September 30, 2026, and certain other corporate developments. A copy of the press release is incorporated herein by reference and is furnished as Exhibit 99.1.
The information under this Item 2.02 is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure.
The information under Item 2.02 above is incorporated herein by reference.
By filing this Current Report on Form 8-K and furnishing the information contained herein, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by reason of Regulation FD. The information in this Item 7.01 disclosure, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section. In addition, the information in this Item 7.01 disclosure, including Exhibits 99.1, shall not be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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Description |
99.1 |
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Press Release dated November 13, 2026. |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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CALIDI BIOTHERAPEUTICS, INC. |
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Dated: November 13, 2026 |
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By: |
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/s/ Andrew Jackson |
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Name: |
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Andrew Jackson |
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Chief Financial Officer |
Exhibit 99.1
Calidi Biotherapeutics Reports Third Quarter 2026 Financial Results and Recent Business Highlights
- 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, November 13, 2026 - 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
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 or view Calidi’s Corporate Presentation here.
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)
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September 30, |
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December 31, |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash |
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$ |
3,947 |
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$ |
5,600 |
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Restricted cash, current |
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219 |
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100 |
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Prepaid expenses and other current assets |
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570 |
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556 |
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Total current assets |
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4,736 |
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6,256 |
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Noncurrent assets: |
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Restricted cash, noncurrent |
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- |
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119 |
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Machinery and equipment, net |
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704 |
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781 |
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Operating lease right-of-use assets, net |
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83 |
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1,682 |
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Other noncurrent assets |
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- |
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19 |
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Total assets |
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$ |
5,523 |
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$ |
8,857 |
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LIABILITIES AND TOTAL EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
1,347 |
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$ |
595 |
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Related party accounts payable |
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- |
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18 |
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Accrued expenses and other current liabilities |
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1,517 |
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1,186 |
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Related party accrued expenses and other current liabilities |
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- |
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530 |
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Promissory note and accrued interest, current |
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668 |
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90 |
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Operating leases, current |
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53 |
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1,405 |
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Finance leases, current |
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141 |
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111 |
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Total current liabilities |
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3,726 |
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3,935 |
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Noncurrent liabilities: |
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Operating leases, noncurrent |
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30 |
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277 |
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Finance leases, noncurrent |
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132 |
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171 |
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Promissory note, noncurrent |
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- |
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600 |
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Warrant liability |
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4 |
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107 |
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Related party warrant liability |
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- |
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8 |
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Total liabilities |
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3,892 |
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5,098 |
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Total equity |
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1,631 |
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3,759 |
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Total liabilities and total equity |
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$ |
5,523 |
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$ |
8,857 |
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CALIDI BIOTHERAPEUTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except par value data)
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Three months ended September 30, |
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2026 |
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2025 |
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Operating expenses: |
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Research and development |
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$ |
2,703 |
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$ |
2,361 |
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General and administrative |
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1,642 |
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2,687 |
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Total operating expenses |
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4,345 |
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5,048 |
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Loss from operations |
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(4,345 |
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(5,048 |
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Other income (expense), net: |
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Interest expense |
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(29 |
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(31 |
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Interest expense - related party |
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(8 |
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(10 |
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Change in fair value of other liabilities and |
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59 |
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(93 |
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Change in fair value of other liabilities and |
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5 |
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(7 |
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Other income, net |
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681 |
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18 |
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Total other income (expense), net |
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708 |
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(123 |
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Loss before income taxes |
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(3,637 |
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(5,171 |
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Provision for income taxes |
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(9 |
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(10 |
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Net loss |
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(3,646 |
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(5,181 |
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Net loss attributable to noncontrolling interest |
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- |
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(32 |
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Net loss attributable to controlling interest |
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(3,646 |
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(5,149 |
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Deemed dividend on warrants |
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- |
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(5,673 |
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Net loss attributable to common stockholders |
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$ |
(3,646 |
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$ |
(10,822 |
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Net loss per share - basic and diluted |
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$ |
(1.47 |
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$ |
(35.25 |
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Weighted average shares outstanding - basic |
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2,476 |
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307 |
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