Calidi Biotherapeutics, Inc. reported its financial results for the first quarter of 2026, revealing a net loss of $4.1 million, a decrease from a net loss of $5.1 million in the same period of 2025. The company’s total operating expenses for the quarter were $4.2 million, down 17% from $5.1 million year-over-year. This reduction was primarily driven by a significant decrease in general and administrative expenses, which fell by 39% to $1.6 million, while research and development expenses increased by 7% to $2.6 million due to higher drug manufacturing and preclinical costs.
As of March 31, 2026, Calidi reported total assets of $9.6 million, an increase from $8.9 million at the end of 2025. The company’s cash and restricted cash balance stood at $6.6 million, up from $5.6 million at the end of the previous fiscal year. The increase in cash was attributed to financing activities, including approximately $5.4 million raised from a confidentially marketed public offering in March 2026. However, the company continues to face substantial doubt about its ability to continue as a going concern, as it expects to incur significant operating losses and negative cash flows in the foreseeable future.
In terms of operational developments, Calidi has been focusing on advancing its proprietary RedTail platform, which is designed for systemic delivery of genetic medicines to treat metastatic cancer. The company is preparing to file an investigational new drug (IND) application for its lead compound, CLD-401, by the end of 2026. The company has also undergone organizational changes, including a reduction in its board size following the decision of a director to allow their term to expire.
Calidi's total equity increased to $4.9 million as of March 31, 2026, compared to $3.8 million at the end of 2025, reflecting the issuance of common stock through various offerings. The company’s outstanding warrants increased significantly to 49.4 million from 5.0 million, indicating a potential dilution of existing shareholders. Looking ahead, Calidi plans to continue raising capital through public or private equity offerings and debt financings to support its ongoing operations and product development efforts. The company acknowledges the challenges it faces in securing additional funding and the potential impact on its business strategy.
About Calidi Biotherapeutics, Inc.
Calidi Biotherapeutics is a clinical-stage immuno-oncology company developing proprietary allogeneic stem cell and enveloped virus platforms to deliver oncolytic viruses for cancer treatment. Its product candidates aim to enhance viral delivery, protect against immune neutralization, and modify tumor microenvironments. Focused on solid tumors and brain cancers, Calidi leverages off-the-shelf cell therapies to improve efficacy and safety in cancer immunotherapy.
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