Calidi Biotherapeutics, Inc. reported a net loss of $5.8 million for the three months ended June 30, 2025, a slight decrease from a net loss of $5.8 million in the same period of the previous year. For the six months ended June 30, 2025, the company recorded a net loss of $10.8 million, down from $13.0 million in the prior year. Total operating expenses for the second quarter of 2025 were $5.7 million, a marginal decrease from $5.8 million in the same quarter of 2024. The company’s accumulated deficit reached $132.4 million as of June 30, 2025, reflecting ongoing challenges in achieving profitability.
In terms of financial position, Calidi's total assets decreased to $9.4 million as of June 30, 2025, down from $14.2 million at the end of 2024. Current assets also fell to $6.0 million, primarily due to a reduction in cash reserves, which decreased from $9.6 million to $5.3 million over the same period. The company’s current liabilities were reported at $5.4 million, down from $9.5 million at the end of 2024, indicating a reduction in short-term obligations. The company’s total equity increased to $2.1 million, up from $2.0 million at the end of the previous fiscal year.
Strategically, Calidi has made significant organizational changes, including the appointment of Eric Poma, Ph.D., as CEO following the resignation of Allan Camaisa. The company also executed a reverse stock split on a 1-for-12 basis, effective August 4, 2025, which reduced the number of outstanding shares from approximately 42.9 million to about 3.6 million. This move is intended to enhance the stock's marketability and attract institutional investors. Additionally, Calidi has been actively raising capital, securing approximately $6.6 million from public offerings and $3.5 million from a registered direct offering during the first half of 2025.
Operationally, Calidi is focused on advancing its clinical-stage product candidates, including the RedTail platform, which is expected to enter Phase I trials by the end of 2026. The company has also received Fast Track Designation from the FDA for its CLD-201 candidate, aimed at treating soft tissue sarcoma. However, the company continues to face liquidity challenges, with management indicating substantial doubt about its ability to continue as a going concern without additional funding. As of June 30, 2025, Calidi had cash reserves of $5.3 million, which management believes will not be sufficient to support operations for the next 12 months.
Looking ahead, Calidi Biotherapeutics anticipates continued operating losses as it progresses through clinical trials and seeks regulatory approvals for its product candidates. The company plans to finance its operations through a combination of public or private equity offerings and debt financing. However, the ability to raise additional capital remains uncertain, and any failure to secure funding could significantly impact its business operations and growth strategy.
About Calidi Biotherapeutics, Inc.
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