Detailed financial statements for Calidi Biotherapeutics, Inc. (CLDI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Calidi Biotherapeutics, Inc. is a clinical-stage biotechnology company focused on immuno-oncology, dedicated to developing advanced immunotherapies for various cancers. The company's innovative approach centers on utilizing powerful, allogeneic (donor-derived) stem cells as specialized carriers for anti-tumor agents.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $1.17, CLDI has negative trailing earnings (P/E not meaningful) and an ROE of -372.86%. Market capitalisation stands at $1M.
Balance sheet quality for CLDI: current ratio of 1.6, net cash position of $3.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | $449000 | $45000 | 0 | 0 | 0 |
| Cost of Revenue | 0 | $94000 | $274000 | $1.3M | 0 | $1.7M |
| Gross Profit | 0 | $355000 | -$229000 | -$1.3M | 0 | -$1.7M |
| Research & Development | $3.2M | $4.7M | $7.3M | $13.0M | $8.9M | $9.7M |
| Selling, General & Admin | $3.6M | $6.2M | $15.6M | $16.0M | $12.9M | $10.5M |
| Operating Expenses | $6.8M | $10.8M | $22.9M | $27.7M | $21.8M | $18.6M |
| Operating Income | -$6.8M | -$10.5M | -$23.1M | -$29.0M | -$21.8M | -$20.2M |
| EBITDA | -$6.7M | -$9.4M | -$25.0M | -$24.2M | -$19.7M | -$18.2M |
| Interest Expense | $163000 | $614000 | $158000 | $3.7M | $933000 | $207000 |
| Pre-tax Income | -$7.9M | $3.4M | -$25.4M | -$29.2M | -$22.2M | -$20.0M |
| Income Tax | $4000 | $11000 | $11000 | $16000 | $14000 | $15000 |
| Net Income | -$7.9M | -$10.9M | -$25.4M | -$29.2M | -$22.1M | -$19.9M |
| EPS | $-42.24 | $226.56 | $-5740.80 | $-3321.76 | $-571.20 | $-95.20 |
| EPS (Diluted) | $-42.24 | $226.56 | $-5740.80 | $-3321.76 | $-571.20 | $-95.20 |
| Shares Outstanding (Diluted) | $186265 | $14914 | $4412 | $8760 | $41526 | $268875 |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | -$426000 | 0 |
| Operating Income | -$5.0M | -$4.5M | -$4.2M | -$4.2M |
| EBITDA | -$4.7M | -$3.6M | -$3.6M | -$4.1M |
| Net Income | -$5.1M | -$4.1M | -$4.1M | -$4.2M |
| EPS | $-35.36 | $-8.96 | $-6.88 | $-2.94 |
| EPS (Diluted) | $-35.36 | $-8.96 | $-6.88 | $-2.94 |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $420000 | $2.1M | $372000 | $2.0M | $9.6M | $5.6M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | $1.4M | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $513000 | $2.7M | $786000 | $4.3M | $10.2M | $6.3M |
| Property, Plant & Equipment | $723000 | $585000 | $1.1M | $5.3M | $2.9M | $1.7M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $1.9M | $3.4M | $2.6M | $10.0M | $14.2M | $8.9M |
| Accounts Payable | $822000 | $624000 | $2.1M | $2.9M | $2.1M | $595000 |
| Short-term Debt | $4.9M | $5.0M | $5.4M | $807000 | $3.2M | 0 |
| Total Current Liabilities | $8.9M | $26.0M | $43.0M | $10.2M | $9.5M | $3.9M |
| Long-term Debt | $6.4M | 0 | 0 | $2.1M | $600000 | $600000 |
| Total Liabilities | $24.3M | $26.0M | $53.0M | $18.3M | $12.2M | $5.1M |
| Retained Earnings | -$34.4M | -$44.9M | -$70.4M | -$99.6M | -$121.7M | -$141.6M |
| Total Equity | -$22.5M | -$22.6M | -$50.4M | -$8.2M | $1.5M | $3.8M |
| Total Debt | $11.7M | $5.2M | $6.0M | $7.2M | $7.0M | $2.6M |
| Net Debt | $11.3M | $3.0M | $5.6M | $5.2M | -$2.6M | -$3.0M |
| Working Capital | -$8.4M | -$23.2M | -$42.2M | -$5.9M | $731000 | $2.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $10.4M | $5.6M | $6.6M | $4.1M |
| Total Assets | $14.0M | $8.9M | $9.6M | $7.2M |
| Total Liabilities | $6.8M | $5.1M | $4.7M | $4.1M |
| Total Equity | $6.9M | $3.8M | $4.9M | $3.1M |
| Total Debt | $3.1M | $2.6M | $2.3M | $1.9M |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$7.9M | -$10.9M | -$25.4M | -$29.2M | -$22.2M | -$20.1M |
| Depreciation & Amortization | $184000 | $153000 | $253000 | $1.3M | $1.5M | $1.7M |
| Stock-based Compensation | $968000 | $1.3M | $6.1M | $4.8M | $3.0M | $2.1M |
| Change in Working Capital | $945000 | $1.1M | $3.6M | -$6.2M | -$1.7M | -$4.7M |
| Operating Cash Flow | -$4.8M | -$7.8M | -$13.2M | -$27.0M | -$19.7M | -$21.3M |
| Capital Expenditure | -$351000 | -$206000 | -$428000 | -$585000 | -$16000 | -$120000 |
| Acquisitions | 0 | 0 | 0 | $9000 | 0 | -$50000 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$5.2M | -$8.0M | -$13.6M | -$27.6M | -$19.7M | -$21.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$4.2M | -$5.0M | -$4.1M | -$4.4M |
| Capital Expenditure | -$27000 | -$29000 | -$5000 | $5000 |
| Free Cash Flow | -$4.3M | -$5.1M | -$4.1M | -$4.3M |
| Dividends Paid | 0 | 0 | 0 | -$309000 |
| Stock-based Compensation | $529000 | $450000 | $231000 | $157000 |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | -90.0% | -100.0% | | |
| Net Income Growth (YoY) | | -37.7% | -132.6% | -14.9% | +24.2% | +10.1% |
| EPS Growth (YoY) | | +636.4% | -2633.9% | +42.1% | +82.8% | +83.3% |
| Shares Change (YoY) | | -92.0% | -70.4% | +98.5% | +374.0% | +547.5% |
| FCF Growth (YoY) | | -54.1% | -71.0% | -102.1% | +28.5% | -8.6% |
| Gross Margin | | 79.1% | -508.9% | | | |
| Operating Margin | | -2334.5% | -51395.6% | | | |
| EBITDA Margin | | -2104.7% | -55551.1% | | | |
| Net Margin | | -2435.0% | -56504.4% | | | |
| FCF Margin | | -1777.3% | -30315.6% | | | |
| Effective Tax Rate | -0.1% | 0.3% | -0.0% | -0.1% | -0.1% | -0.1% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-27.79 | $-535.07 | $-3092.02 | $-3147.03 | $-474.64 | $-79.64 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $186265 | $14914 | $4412 | $8760 | $41526 | $268875 |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -372.86% |
| Return on Invested Capital | -347.09% |
| Return on Assets | -242.55% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.62 |
| Current Ratio | 1.68 |
| Piotroski F-Score | 1 |
| Altman Z-Score | -29.02 |
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -444.55 | 83.14 | -3.40 | -0.87 | -0.39 | -0.20 |
| P/B | -155.59 | -12.42 | -1.71 | -3.08 | 5.98 | 1.34 |
| P/S | 0.00 | 625.63 | 1914.46 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 79.1% | -508.9% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | -2334.5% | -51395.6% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | -2435.0% | -56504.4% | 0.0% | 0.0% | 0.0% |