Calidi Biotherapeutics, Inc. reported a net loss of $5.1 million for the three months ended March 31, 2025, a significant improvement compared to a net loss of $7.2 million during the same period in 2024. The company's total operating expenses decreased by 25% to $5.1 million, down from $6.8 million in the prior year. This reduction was primarily driven by lower general and administrative expenses, which fell by 34% to $2.6 million, attributed to decreased salaries, benefits, and legal costs. Research and development expenses also saw a decrease of 12%, totaling $2.4 million, reflecting a reduction in salaries and drug manufacturing costs.
In terms of financial position, Calidi's total assets increased to $15.1 million as of March 31, 2025, compared to $14.2 million at the end of 2024. The company reported cash and restricted cash of $10.8 million, a notable increase from $1.4 million a year earlier. This improvement in liquidity was bolstered by financing activities that generated $8.1 million during the quarter, primarily from various public offerings, including a January Confidentially Marketed Public Offering that raised $4.3 million and a March Registered Direct Offering that brought in approximately $3.9 million.
Strategically, Calidi has been active in expanding its product pipeline and operational capabilities. The company is advancing its clinical programs, including the CLD-101 and CLD-201 candidates, with the latter receiving FDA approval for clinical development in April 2025. Additionally, Calidi has established Nova Cell, Inc., a subsidiary aimed at developing innovative stem cell-based products, which reflects the company's commitment to diversifying its therapeutic offerings. The company also terminated its Standby Equity Purchase Agreement with Yorkville, which had allowed for the potential sale of up to $25 million in shares, indicating a shift in its funding strategy.
Calidi's operational metrics indicate a focus on enhancing its research and development capabilities, with plans to continue clinical trials and seek regulatory approvals for its product candidates. However, the company has expressed substantial doubt about its ability to continue as a going concern without raising additional capital, as it expects to incur significant losses in the foreseeable future. Management is actively exploring various funding options, including public or private equity offerings, to support ongoing operations and development efforts.