Calidi Biotherapeutics, Inc.
CLDIHealthcare|Biotechnology|US
$0.70
+0.02 (+3.11%)
DCF Value
$9.22
Tangible Book / Share
$2.21
Cash / Share
$2.88
Financials
Financial Snapshot
Market Cap
$1.8M
Enterprise Value
-$319.8K
Revenue (TTM)
$0.00
Net Income (TTM)
-$17.5M
Cash & Investments
$4.1M
Net Cash
$2.1M
Free Cash Flow (TTM)
-$17.8M
Operating CF (TTM)
-$17.8M
Debt/Equity
0.62
Cash Runway & Burn Rate
Cash on Hand
$4.1M
Quarterly Burn
$4.4M
Monthly Burn
$1.5M
Est. Runway
~0.9 quarters
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $420.0K | $2.1M | $372.0K | $2.0M | $9.6M | $5.6M | $4.1M | |
| Operating Cash Flow | -$4.8M | -$7.8M | -$13.2M | -$27.0M | -$19.7M | -$21.3M | -$17.8M | |
| Free Cash Flow | -$5.2M | -$8.0M | -$13.6M | -$27.6M | -$19.7M | -$21.4M | -$17.8M | |
| Capital Expenditure | -$351.0K | -$206.0K | -$428.0K | -$585.0K | -$16.0K | -$120.0K | -$56.0K | |
| Financing Cash Flow | $4.7M | $9.8M | $12.1M | $29.0M | $27.4M | $17.5M | $16.8M |
R&D Spending
R&D (TTM)
$9.9M
R&D Intensity
—
R&D Growth vs Prior
+1.3%
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $449.0K | $45.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $3.2M | $4.7M | $7.3M | $13.0M | $8.9M | $9.7M | $9.9M | |
| R&D % of Revenue | — | 1041.0% | 16126.7% | — | — | — | — | |
| SG&A | $3.6M | $6.2M | $15.6M | $16.0M | $12.9M | $10.5M | $8.0M |
Income Statement
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $449.0K | $45.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $0.00 | $94.0K | $274.0K | $1.3M | $0.00 | $1.7M | $426.0K | |
| Gross Profit | $0.00 | $355.0K | -$229.0K | -$1.3M | $0.00 | -$1.7M | -$426.0K | |
| R&D | $3.2M | $4.7M | $7.3M | $13.0M | $8.9M | $9.7M | $9.9M | |
| SG&A | $3.6M | $6.2M | $15.6M | $16.0M | $12.9M | $10.5M | $8.0M | |
| Operating Income | -$6.8M | -$10.5M | -$23.1M | -$29.0M | -$21.8M | -$20.2M | -$17.9M | |
| Interest Expense | $163.0K | $614.0K | $158.0K | $3.7M | $933.0K | $207.0K | $156.0K | |
| Pretax Income | -$7.9M | $3.4M | -$25.4M | -$29.2M | -$22.2M | -$20.0M | -$17.5M | |
| Net Income | -$7.9M | -$10.9M | -$25.4M | -$29.2M | -$22.1M | -$19.9M | -$17.5M | |
| EPS (Diluted) | -42.24 | 226.56 | -5740.80 | -3321.76 | -571.20 | -95.20 | -54.14 | |
| EBITDA | -$6.7M | -$9.5M | -$25.0M | -$24.2M | -$19.7M | -$18.2M | -$15.6M | |
| Shares Out. (M) | 0.19 | 0.01 | 0.00 | 0.01 | 0.04 | 0.27 | 1.42 |
Balance Sheet
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $420.0K | $2.1M | $372.0K | $2.0M | $9.6M | $5.6M | $4.1M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $513.0K | $2.7M | $786.0K | $4.3M | $10.2M | $6.3M | $5.4M | |
| Total Assets | $1.9M | $3.4M | $2.6M | $10.0M | $14.2M | $8.9M | $7.2M | |
| Total Current Liabilities | $8.9M | $26.0M | $43.0M | $10.2M | $9.5M | $3.9M | $3.2M | |
| Long-Term Debt | $6.4M | $0.00 | $0.00 | $2.1M | $600.0K | $600.0K | $600.0K | |
| Total Liabilities | $24.3M | $26.0M | $53.0M | $18.3M | $12.2M | $5.1M | $4.1M | |
| Stockholders' Equity | -$22.5M | -$22.6M | -$50.4M | -$8.2M | $1.5M | $3.8M | $3.1M | |
| Retained Earnings | -$34.4M | -$44.9M | -$70.4M | -$99.6M | -$121.7M | -$141.6M | -$149.9M |
Cash Flow Statement
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.8M | -$7.8M | -$13.2M | -$27.0M | -$19.7M | -$21.3M | -$17.8M | |
| Capital Expenditure | -$351.0K | -$206.0K | -$428.0K | -$585.0K | -$16.0K | -$120.0K | -$56.0K | |
| Free Cash Flow | -$5.2M | -$8.0M | -$13.6M | -$27.6M | -$19.7M | -$21.4M | -$17.8M | |
| Investing Cash Flow | -$388.0K | -$215.0K | -$494.0K | -$478.0K | -$16.0K | -$170.0K | -$144.0K | |
| Financing Cash Flow | $4.7M | $9.8M | $12.1M | $29.0M | $27.4M | $17.5M | $16.8M | |
| Issuance of Stock | $3.0M | $35.0K | $114.0K | $2.8M | $25.0M | $20.8M | $18.1M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $1.9M | $1.8M | $1.4M | $899.0K | $1.9M | -$2.5M | -$720.0K | |
| Stock Based Comp. | $968.0K | $1.3M | $6.1M | $4.8M | $3.0M | $2.1M | $1.4M | |
| Net Change in Cash | -$514.0K | $1.8M | -$1.6M | $1.6M | $7.6M | -$4.0M | -$1.1M |
Dilution Tracker
Shares outstanding grew 44.4% over 5 years — significant dilution
Shares Outstanding
3M
5-Year Share Growth
+44.4%
Stock Issuance (TTM)
$18.1M
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.19 | 0.01 | 0.00 | 0.01 | 0.04 | 0.27 | 1.42 | |
| Change vs Prior % | — | -92.0% | -70.4% | 98.5% | 374.0% | 547.5% | 426.6% | |
| Stock Issuance | $3.0M | $35.0K | $114.0K | $2.8M | $25.0M | $20.8M | $18.1M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $968.0K | $1.3M | $6.1M | $4.8M | $3.0M | $2.1M | $1.4M |
Margins & Profitability
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | 79.1% | -508.9% | — | — | — | — | |
| Operating Margin % | — | -2334.5% | -51395.6% | — | — | — | — | |
| Net Margin % | — | -2435.0% | -56504.4% | — | — | — | — | |
| EBITDA Margin % | — | -2105.3% | -55566.7% | — | — | — | — | |
| FCF Margin % | — | -1777.3% | -30315.6% | — | — | — | — | |
| ROE % | 35.3% | 48.4% | 50.4% | 354.8% | -1443.5% | -529.6% | -372.9% | |
| ROA % | -428.6% | -322.4% | -979.1% | -291.6% | -156.1% | -224.7% | -242.5% | |
| ROIC % | 385.3% | 59.9% | 66.4% | -1695.4% | -238.5% | -314.4% | -347.1% | |
| R&D / Revenue % | — | 1041.0% | 16126.7% | — | — | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | -90.0% | -100.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | 0.0% | -164.5% | -448.5% | 100.0% | 0.0% | |
| Operating Income | 0.0% | -54.8% | -120.6% | -25.4% | 24.9% | 7.1% | |
| Net Income | 0.0% | -37.7% | -132.6% | -14.9% | 24.2% | 10.1% | |
| EPS (Diluted) | 0.0% | 636.4% | -2633.9% | 42.1% | 82.8% | 83.3% | |
| Operating Cash Flow | 0.0% | -61.1% | -70.0% | -104.2% | 27.0% | -8.1% | |
| Free Cash Flow | 0.0% | -54.1% | -71.0% | -102.1% | 28.5% | -8.6% | |
| R&D Expense | 0.0% | 46.9% | 55.3% | 79.2% | -31.7% | 9.7% | |
| SG&A Expense | 0.0% | 71.6% | 153.8% | 2.2% | -19.3% | -18.6% | |
| Total Assets | 0.0% | 83.1% | -23.4% | 285.8% | 41.6% | -37.5% | |
| Book Value / Share | 0.0% | -1156.2% | -654.1% | 91.8% | 105.0% | -70.5% | |
| Debt | 0.0% | -55.8% | 15.6% | 20.8% | -2.8% | -63.6% | |
| Diluted Shares | 0.0% | -92.0% | -70.4% | 98.5% | 374.0% | 547.5% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B0.32
EV/EBITDA0.02
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$9.22
Tangible Book / Share
$2.21
Net Current Assets / Share
$0.53
Graham Net-Net
$0.14
Cash / Share
$2.88
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -444.55 | 83.14 | -3.40 | -0.87 | -0.39 | -0.20 | -0.01 | |
| P/S Ratio | 0.00 | 625.63 | 1914.46 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | -155.59 | -12.42 | -1.71 | -3.08 | 5.98 | 1.34 | 0.32 | |
| EV/EBITDA | -527.18 | -30.04 | -3.67 | -1.26 | -0.34 | -0.11 | 0.02 | |
| EV/Revenue | 0.00 | 632.41 | 2039.26 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-36.44
Distress
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $0.00 | $0.00 | $7.3M |
| Net Income | -$23.7M | -$20.6M | -$20.1M |
| EPS | $-88.32 | $-76.80 | $-74.88 |
| # Analysts (EPS) | 1 | 1 | 1 |