Calidi Biotherapeutics Reports $5.2 Million Net Loss in Q3 2025, Seeks Additional Funding

Calidi Biotherapeutics, Inc. reported a net loss of $5.2 million for the third quarter of 2025, a slight increase from the $5.1 million loss recorded in the same period of 2024. For the nine months ending September 30, 2025, the company’s net loss totaled $16.0 million, down from $18.1 million in the prior year. The decrease in losses for the nine-month period was attributed to a reduction in general and administrative expenses, which fell by 21% to $8.4 million, while research and development expenses increased by 4% to $7.4 million. The company’s total operating expenses for the third quarter were $5.0 million, a 3% decrease compared to $5.2 million in the previous year.

Calidi's financial position showed a cash balance of $10.4 million and restricted cash of $0.2 million as of September 30, 2025. The company’s total liabilities decreased significantly from $12.2 million at the end of 2024 to $6.8 million, primarily due to a reduction in accounts payable and accrued expenses. The company’s equity increased to $7.2 million from $2.0 million, reflecting the impact of recent capital raises, including $12.7 million from public offerings and $4.1 million from a warrant inducement offer.

Strategically, Calidi has undergone significant organizational changes, including a reverse stock split effective August 4, 2025, which reduced the number of outstanding shares from approximately 42.9 million to about 3.6 million. This move was aimed at increasing the per-share trading price and improving the company's market position. Additionally, the company has been actively pursuing its clinical development programs, with plans to file an Investigational New Drug (IND) application for its lead candidate, CLD-401, by the end of 2026.

Looking ahead, Calidi faces substantial challenges, including the need for additional funding to support ongoing operations and clinical trials. The company has expressed substantial doubt about its ability to continue as a going concern for at least the next 12 months without raising further capital. Management plans to seek additional funding through public or private equity offerings, debt financing, or potential collaboration agreements. The company’s future financial health will depend on its ability to secure this funding and successfully advance its product candidates through clinical development.