Calidi Biotherapeutics, Inc. (NYSE American: CLDI) announced its financial results for the fourth quarter and full year ended December 31, 2025, along with significant operational updates. The company reported a net loss attributable to common stockholders of $4.1 million, or $0.57 per share, for Q4 2025, consistent with the previous year's loss of $4.1 million, but a notable improvement in per-share loss from $3.23 in Q4 2024. For the full year, Calidi reported a net loss of $25.6 million, or $5.95 per share, compared to a loss of $23.8 million, or $35.70 per share, in 2024.

Research and development expenses increased to $2.4 million for Q4 2025 from $1.8 million in Q4 2024, reflecting the company's ongoing commitment to advancing its clinical programs. General and administrative expenses slightly decreased to $2.1 million from $2.2 million year-over-year.

In terms of operational highlights, Calidi announced a partnership with Avance Clinical to expedite the initiation of its CLD-401 clinical trial in Australia. The company has received positive feedback from the FDA regarding its manufacturing and analytical approaches for CLD-401, which is expected to lead to an IND filing by the end of 2026. Additionally, Calidi has partnered with Matica Bio for the GMP manufacturing of CLD-401, enhancing its capabilities in oncolytic virus production.

The company also presented new data on in situ T-cell engagers (TCEs) at the 2026 AACR-IO conference, showcasing its innovative approach to cancer treatment. Furthermore, Calidi successfully raised $6.5 million through a public offering and ATM sales, strengthening its financial position and extending its cash runway.

Overall, while the financial results indicate continued losses, the strategic partnerships and advancements in clinical trials position Calidi for potential growth in the coming years.

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