Calidi Biotherapeutics Reports Q2 2026 Financial Results with Reduced Net Loss

Calidi Biotherapeutics, Inc. reported its financial results for the second quarter of 2026, revealing a net loss of $4.16 million, a decrease from a net loss of $5.76 million in the same period of 2025. For the six months ended June 30, 2026, the company recorded a net loss of $8.27 million, compared to $10.82 million for the first half of 2025. Total operating expenses for the second quarter were $4.15 million, down 27% from $5.66 million year-over-year, primarily due to a significant reduction in general and administrative expenses, which fell by 48% to $1.59 million.

The company’s total assets decreased to $7.20 million as of June 30, 2026, down from $8.86 million at the end of 2025. Current assets also declined, with cash and cash equivalents at $4.07 million, compared to $5.60 million at the end of the previous fiscal year. The decrease in cash was attributed to ongoing operational expenses, with the company reporting cash used in operating activities of $8.47 million for the first half of 2026, a notable improvement from $12.01 million in the same period of 2025.

In terms of strategic developments, Calidi executed a reverse stock split on July 30, 2026, consolidating every sixteen shares of common stock into one share, which reduced the number of shares outstanding from approximately 33.5 million to about 2.1 million. This move was aimed at increasing the per-share trading price and enhancing the company's appeal to institutional investors. Additionally, the company entered into a new lease agreement for office and laboratory space in San Diego, effective October 1, 2026, while terminating its previous lease, which is expected to reduce its rental expenses.

Calidi's research and development expenses remained relatively stable, totaling $2.56 million for the second quarter of 2026, compared to $2.59 million in the prior year. The company is focused on advancing its proprietary RedTail platform, which is designed for systemic delivery of genetic medicines to treat metastatic cancer. The company anticipates entering clinical trials for its lead candidate, CLD-401, in early 2027. However, Calidi continues to face significant financial challenges, with an accumulated deficit of $149.89 million as of June 30, 2026, and substantial doubt about its ability to continue as a going concern without raising additional capital.

Looking ahead, Calidi plans to seek additional funding through public or private equity offerings to support its ongoing operations and product development efforts. The company has expressed concerns about its ability to secure necessary financing, which could impact its research and development activities and overall business strategy.