Calidi Biotherapeutics (CLDI) AI Stock Analysis

• Market Cap: $6.84M
• Dividend Yield: N/A
• Average Volume (3M): 164.15K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.79
• Revenue Growth: N/A
• EPS Growth: 87.42%
• Country: US
• Employees: 28
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -2.21
• Shares Outstanding: 7,167,721
• 10 Day Avg. Volume: 193,319
• 30 Day Avg. Volume: 164,153
• PEG Ratio: <0.01
• Price to Book (P/B): 5.98
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -0.47
• Enterprise Value/Market Cap: -0.18
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: 0.75
• Enterprise Value/Ebitda: 0.07
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: $1.00 ▼(-10.71% Downside)

The score is held down primarily by persistent losses and significant cash burn with no revenue base, despite improved leverage and positive equity. Technicals also remain broadly bearish (below key moving averages and negative MACD), while corporate events provide a modest offset through financing and encouraging preclinical progress. Valuation contributes little given the negative P/E and no dividend yield.

Positive Factors

RedTail platform preclinical efficacy

Preclinical data showing systemic delivery that avoids immune clearance and produces tumor‑localized IL‑15 superagonist indicates a differentiated delivery platform. That structural capability supports multiple programs and indications, raising the long‑term probability of clinical translation and licensing or partner interest.

Management and SAB strengthening

Adding an experienced CEO, CMO and a high‑profile scientific advisory board materially improves development, regulatory and clinical execution capability. Durable improvement in management bench reduces program execution risk and can improve trial design, partnerships, and fundraising credibility over the next several quarters.

Recent financing improves near-term liquidity

A $6.9M public offering meaningfully extends runway for a preclinical/IND‑facing biotech, enabling additional preclinical studies and IND preparation. While not a long‑term solution, this structural capital injection reduces near‑term funding gaps and supports continued program advancement toward regulatory milestones.

Negative Factors

No revenue base

The company lacks operating revenue and remains structurally unprofitable, making progress dependent on financing and clinical success. Without a revenue stream, sustained program advancement and commercialization hinge on successful trials or partnerships, increasing execution and financing risk over the medium term.

High cash burn and negative FCF

Consistently large negative operating and free cash flow depletes liquidity and forces reliance on capital markets. High absolute burn limits flexibility to run multiple development programs concurrently and raises the probability of dilutive financings or halted programs if fundraising conditions worsen.

Ongoing funding/dilution risk

Even with recent debt reduction and a financing, the firm remains pre‑revenue with material cash burn, implying further capital raises are likely. Recurrent financings can dilute shareholders and constrain long‑term strategic choices, and dependence on external funding is a persistent structural vulnerability.

Calidi Biotherapeutics Business Overview & Revenue Model

Company Description

Calidi Biotherapeutics, Inc., a clinical stage immuno-oncology company, engages in developing immunotherapies for the treatment of cancer. It engages in advancing a potent allogeneic stem cell capable of carrying an anti-tumor payload for use in multiple oncology indications, including high-grade gliomas and solid tumors. The company's cell-based delivery platforms are designed to protect, amplify, and potentiate oncolytic viruses leading to enhanced efficacy and improved patient safety. Its pipeline of products candidates in the clinic includes NeuroNova that are allogeneic neural stem cells loaded with an oncolytic adenovirus for the treatment of high-grade gliomas; and SuperNova, which are allogeneic adipose-derived mesenchymal stem cells loaded with tumor-selective CAL1 oncolytic vaccinia virus for the treatment of advanced metastatic solid tumors. The company was founded in 2014 and is based in San Diego, California.

How the Company Makes Money

Calidi Biotherapeutics generates revenue through the development and commercialization of its proprietary oncolytic virus-based cancer therapies. The company's revenue streams are primarily derived from partnerships with pharmaceutical companies, licensing agreements, and potential sales of its therapeutic products upon regulatory approval. Calidi collaborates with academic institutions and industry partners to advance its research and clinical trials, which may include milestone payments and royalties from successful commercialization efforts. Additionally, the company may seek funding through grants, equity financing, or strategic alliances to support its research and development activities.

Calidi Biotherapeutics Financial Statement Overview

Summary

Financials reflect an early-stage biotech with no reported revenue, large ongoing losses (TTM net loss ~-$19.9M), and heavy cash burn (TTM FCF ~-$21.8M). A key offset is balance sheet improvement with materially lower debt (~$3.1M) and a return to positive equity (~$6.9M), but funding/dilution risk remains elevated while cash outflows persist.

Income Statement

TTM (Trailing-Twelve-Months) results show no reported revenue and continued heavy losses (EBIT about -$19.8M; net loss about -$19.9M). Losses have improved versus 2024 (net loss about -$22.1M) and 2023 (about -$29.2M), indicating some expense control, but the business still lacks a meaningful revenue base and remains structurally unprofitable. Margins are deeply negative and volatile due to near-zero revenue, which heightens execution and financing risk.

Balance Sheet

Leverage has improved materially: total debt fell to about $3.1M in TTM (Trailing-Twelve-Months) from about $7.0M in 2024, and equity is now positive (~$6.9M) after being negative in prior years. Debt relative to equity is currently moderate (about 0.45x), a notable step up in stability versus 2024’s very high leverage. The key weakness is still the ongoing losses, reflected in strongly negative returns on equity, which can pressure the balance sheet again if cash burn persists.

Cash Flow

Cash generation remains weak, with TTM (Trailing-Twelve-Months) operating cash flow around -$21.7M and free cash flow around -$21.8M, reflecting a business still funding operations externally. Free cash flow deteriorated versus 2024 (more negative), and cash burn is high relative to the company’s current scale. A relative positive is that free cash flow roughly tracks net loss (free cash flow to net income ~1.0), suggesting losses are largely cash-based rather than accounting-only—still, the absolute burn rate is the central risk.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	45.00K	449.00K	0.00
Gross Profit	-1.62M	0.00	-1.26M	-229.00K	355.00K	0.00
EBITDA	-18.17M	-19.73M	-24.20M	-25.00M	-9.45M	-6.67M
Net Income	-19.95M	-22.14M	-29.22M	-25.43M	-10.93M	-7.94M
Balance Sheet
Total Assets	14.03M	14.18M	10.02M	2.60M	3.39M	1.85M
Cash, Cash Equivalents and Short-Term Investments	10.38M	9.59M	2.05M	372.00K	2.14M	420.00K
Total Debt	3.11M	7.04M	7.24M	5.99M	5.18M	11.72M
Total Liabilities	6.83M	12.21M	18.25M	53.04M	26.00M	24.33M
Stockholders Equity	6.92M	1.53M	-8.23M	-50.44M	-22.61M	-22.48M
Cash Flow
Free Cash Flow	-21.77M	-19.71M	-27.57M	-13.64M	-7.98M	-5.18M
Operating Cash Flow	-21.67M	-19.69M	-26.98M	-13.21M	-7.77M	-4.83M
Investing Cash Flow	-96.00K	-16.00K	-478.00K	-494.00K	-215.00K	-388.00K
Financing Cash Flow	30.23M	27.36M	29.04M	12.09M	9.81M	4.70M

Calidi Biotherapeutics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.12
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CLDI, the sentiment is Negative. The current price of 1.12 is above the 20-day moving average (MA) of 1.05, below the 50-day MA of 1.23, and below the 200-day MA of 3.08, indicating a bearish trend. The MACD of -0.07 indicates Negative momentum. The RSI at 29.13 is Positive, neither overbought nor oversold. The STOCH value of 16.30 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CLDI.

Calidi Biotherapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CLDI	45 Neutral	$6.84M	-0.11	―	―	―	87.42%
JAGX	45 Neutral	$2.17M	-0.02	-370.95%	―	12.45%	-544.23%
GLMD	44 Neutral	$3.48M	-0.18	-46.34%	―	―	70.71%
ADIL	41 Neutral	$4.36M	-0.17	-155.01%	―	―	78.52%

Calidi Biotherapeutics Corporate Events

Calidi Biotherapeutics Sets 2026 Priorities After 2025 Progress

On January 28, 2026, Calidi Biotherapeutics recapped its 2025 progress and outlined operational priorities for 2026, highlighting preclinical data presented in May and November 2025 that showed its RedTail platform and lead asset CLD-401 can avoid immune clearance after systemic administration, selectively replicate in tumor cells at metastatic sites, and deliver IL-15 superagonist locally at levels comparable to localized dosing. During 2025, the company strengthened its leadership with a new CEO, Eric Poma, and CMO, Guy Travis Clifton, reconstituted its scientific advisory board with high-profile oncology and drug development experts, and improved its balance sheet by cutting term debt and notes payable from $3.8 million to $0.7 million and reducing general and administrative expenses over the first nine months of the year, moves that collectively aim to support the advancement of CLD-401 and broader RedTail platform applications in oncology and potential non-oncology indications.

The most recent analyst rating on (CLDI) stock is a Hold with a $0.97 price target. To see the full list of analyst forecasts on Calidi Biotherapeutics stock, see the CLDI Stock Forecast page.

Calidi Biotherapeutics Raises $6.9 Million in Offering

Calidi Biotherapeutics reported its third quarter 2025 financial results and operational highlights, showcasing advancements in its RedTail platform and CLD-401 compound. The company presented promising preclinical data at the SITC meeting and established a Scientific Advisory Board to support its development efforts. Additionally, Calidi raised $6.9 million through a public offering, strengthening its financial position. Despite a net loss of $5.2 million for the quarter, the company continues to expand its platform capabilities and explore new therapeutic areas, aiming to enhance its industry positioning in virotherapy and genetic medicine delivery.

The most recent analyst rating on (CLDI) stock is a Buy with a $2.50 price target. To see the full list of analyst forecasts on Calidi Biotherapeutics stock, see the CLDI Stock Forecast page.

Calidi Biotherapeutics Unveils New Data on CLD-401

On November 7, 2025, Calidi Biotherapeutics presented new data on its first therapeutic candidate, CLD-401, from the RedTail platform at the Society of Immunotherapy for Cancer Annual Meeting. This presentation, which included a webinar and a poster, highlights the company’s ongoing efforts to advance cancer treatment and potentially strengthen its position in the biotechnology sector.

The most recent analyst rating on (CLDI) stock is a Buy with a $2.50 price target. To see the full list of analyst forecasts on Calidi Biotherapeutics stock, see the CLDI Stock Forecast page.

Calidi Biotherapeutics Sells Majority Stake in Nova Cell

On October 27, 2025, Calidi Biotherapeutics entered into agreements with its former subsidiary, Nova Cell, Inc., to sell 22,500,000 shares of Nova Cell common stock, representing 75% of equity interest, for $6 million. This transaction, which includes a combination of debt cancellation and deferred consideration, results in Nova Cell no longer being a subsidiary of Calidi Biotherapeutics. The company anticipates annual savings of $0.5 million in general and administrative expenses following the sale. Additionally, the Material Purchase Agreement amends previous intellectual property arrangements, allowing Nova Cell to assume certain liabilities while Calidi retains stocks of specific cell lines for its use.

The most recent analyst rating on (CLDI) stock is a Buy with a $2.50 price target. To see the full list of analyst forecasts on Calidi Biotherapeutics stock, see the CLDI Stock Forecast page.