Calidi Biotherapeutics reported a net loss of $5.2 million for the quarter ended September 30, 2025, a slight increase from the $5.1 million loss in the same period last year. Net loss attributable to shareholders rose to $10.8 million, driven by a $5.0 million non‑cash deemed‑dividend charge on warrants. Earnings per share were $2.21, and the company’s cash balance stood at $10.4 million, up from $9.6 million at the end of 2024.
Research and development expenses increased to $2.4 million from $2.2 million in Q3 2024, reflecting continued investment in the RedTail platform and the first‑in‑class oncolytic virus candidate, CLD‑401. General and administrative costs fell to $2.7 million from $3.1 million, a result of cost‑control measures and the impact of the reverse stock split, which reduced the number of shares outstanding by a factor of twelve effective August 4, 2025.
The company raised $6.9 million in a public offering during the quarter, bringing its 2025 capital raise to $23.0 million. Management reiterated that the company faces ‘substantial doubt’ about its ability to continue as a going concern without additional financing, underscoring the urgency of future capital raises to fund clinical development.
Operational highlights include the advancement of CLD‑401 into clinical trials and the presentation of preclinical data at the Society for Immunotherapy of Cancer (SITC) meeting on November 7, 2025. Calidi also announced the formation of a world‑class scientific advisory board, featuring leaders such as former Pfizer CMO Mace L. Rothenberg and virotherapy expert Dmitriy Zamarin, to guide the program’s development.
CEO Eric Poma said, ‘We are extremely excited about the continued progress at Calidi. In our preclinical models, the RedTail platform continues to demonstrate its ability to potently and specifically deliver genetic payloads to metastatic tumor sites. CLD‑401, the first lead from our RedTail platform, is advancing to clinical trials, and Calidi has built a world‑class scientific advisory board to aid those efforts.’ The statement signals confidence in the pipeline while acknowledging the need for additional funding.
Analysts had expected earnings per share of –$1.68 for the quarter. The reported $2.21 loss represents a miss of $0.53 per share, reflecting the impact of the non‑cash warrant charge and the modest increase in R&D spending. The company’s focus remains on securing capital to support the pipeline, with the recent fundraising and advisory board as key steps toward that goal.
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