The firm maintains a debt-to-equity ratio of 0.46, though the erosion of shareholder value is evidenced by a negative $145.7 million in retained earnings.
| Total Current Assets | 7.35M | 6.26M | 10.23M | 4.3M | 786K | 2.74M | 513K |
| Cash & Short-Term Investments | 6.63M | 5.6M | 9.59M | 2.05M | 372K | 2.14M | 420K |
| Cash Only | 6.63M | 5.6M | 9.59M | 2.05M | 372K | 2.14M | 420K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 1.36M | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 238K | 234K | 249K | 125K | 303K | 100K | 93K |
| Total Non-Current Assets | 2.24M | 2.6M | 3.96M | 5.72M | 1.81M | 651K | 1.34M |
| Property, Plant & Equipment | 1.34M | 1.68M | 2.93M | 5.34M | 1.09M | 585K | 723K |
| Fixed Asset Turnover | 0.00x | - | - | - | 0.04x | 0.77x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 340K | 119K | 129K | 230K | 0 | 0 | 0 |
| Other Non-Current Assets | 777K | 800K | 892K | 143K | 725K | 66K | 616K |
| Total Assets | 9.59M | 8.86M | 14.18M | 10.02M | 2.6M | 3.39M | 1.85M |
| Asset Turnover | 0.00x | - | - | - | 0.02x | 0.13x | - |
| Asset Growth % | 82.27% | -37.55% | 41.55% | 285.79% | -23.41% | 83.1% | - |
| Total Current Liabilities | 3.84M | 3.94M | 9.5M | 10.23M | 42.99M | 25.96M | 8.89M |
| Accounts Payable | 900K | 595K | 2.07M | 2.88M | 2.12M | 624K | 822K |
| Days Payables Outstanding | 831.75 | 131.54 | - | 836.07 | 2.83K | 2.42K | - |
| Short-Term Debt | 1.5M | 0 | 3.18M | 807K | 5.42M | 5M | 4.94M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 1.43M | 0 | 2K | 0 | 29.83M | 16.69M | 1.1M |
| Current Ratio | 1.92x | 1.59x | 1.08x | 0.42x | 0.02x | 0.11x | 0.06x |
| Quick Ratio | 1.92x | 1.59x | 1.08x | 0.42x | 0.02x | 0.11x | 0.06x |
| Cash Conversion Cycle | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 820K | 1.16M | 2.72M | 8.02M | 10.05M | 43K | 15.44M |
| Long-Term Debt | 600K | 600K | 600K | 2.06M | 0 | 0 | 6.37M |
| Capital Lease Obligations | 1.82M | 448K | 1.99M | 3.25M | 447K | 43K | 72K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 67K | 115K | 128K | 2.71M | 9.6M | 0 | 9M |
| Total Liabilities | 4.66M | 5.1M | 12.21M | 18.25M | 53.04M | 26M | 24.33M |
| Total Debt | 2.26M | 2.56M | 7.04M | 7.24M | 5.99M | 5.18M | 11.72M |
| Net Debt | -4.37M | -3.04M | -2.56M | 5.19M | 5.62M | 3.04M | 11.3M |
| Debt / Equity | 0.46x | 0.68x | 3.58x | - | - | - | - |
| Debt / EBITDA | -0.13x | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.25x | - | - | - | - | - | - |
| Interest Coverage | -109.36x | -95.85x | -22.79x | -6.79x | -159.86x | -15.64x | -41.55x |
| Total Equity | 4.93M | 3.76M | 1.97M | -8.23M | -50.44M | -22.61M | -22.48M |
| Equity Growth % | 349.75% | 91.01% | 123.9% | 83.67% | -123.08% | -0.58% | - |
| Book Value per Share | 0.48 | 0.87 | 2.96 | -58.75 | -714.54 | -94.76 | -7.54 |
| Total Shareholders' Equity | 4.93M | 3.76M | 1.53M | -8.23M | -50.44M | -22.61M | -22.48M |
| Common Stock | 1K | 1K | 2K | 4K | 2K | 2K | 2K |
| Retained Earnings | -145.73M | -141.62M | -121.72M | -99.57M | -70.36M | -44.93M | -34.44M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -22K | -13K | -28K | -47K | -14K | -1K | 6K |
| Minority Interest | 0 | 0 | 434K | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
As reported in recent financial filings, CLDI's cash position has dwindled to $5.6 million, a level that appears insufficient to sustain ongoing clinical trial operations without immediate external capital, highlighting a critical liquidity vulnerability that investors should monitor closely as the company approaches key data readouts.
The current ratio of 1.59 suggests a modest improvement from historical lows, yet this metric masks the reality of a company with no revenue and high fixed R&D costs. The rapid depletion of cash reserves indicates that the firm is operating with a very thin margin for error, necessitating either a dilutive equity raise or a strategic partnership to avoid a potential going-concern risk.
Based on reported figures, CLDI maintains a debt-to-equity ratio of 0.68, which suggests that management has avoided excessive reliance on traditional debt financing, likely due to the prohibitive cost of capital for a pre-revenue biotechnology firm with limited tangible assets to pledge as collateral.
While the low leverage profile prevents immediate debt-servicing pressure, it also reflects the company's inability to access traditional credit markets. The reliance on equity-linked financing is implied by the historical volatility in equity balances, suggesting that debt is not a strategic tool here but rather a secondary source of funding that remains constrained by the firm's speculative clinical status.
According to SEC filings, the company's equity base has faced significant pressure, with retained earnings reaching negative $141.6 million, a trend that underscores the persistent destruction of shareholder value inherent in funding long-term clinical development through continuous, dilutive capital raises rather than operational cash flow.
The negative trajectory of retained earnings is a direct consequence of the company's clinical-stage business model, where R&D expenditures consistently outpace any potential for internal capital generation. Investors should anticipate further dilution as the company likely attempts to bridge its current funding gap, as the existing equity base provides little buffer against further operational losses.
As disclosed in balance sheet data, the reduction in net PPE from $5.3 million to $1.7 million over the last ten quarters suggests a potential shift in asset strategy or the impairment of specialized manufacturing equipment, which warrants further investigation into the firm's long-term production scalability.
The decline in PPE may indicate that the company is moving away from internal manufacturing capabilities or that previous investments in cell-loading infrastructure have not yielded the expected operational efficiencies. This trend is particularly concerning given that the firm's primary competitive advantage relies on the successful execution of complex, allogeneic cell-based manufacturing processes.
Quick answers to the most common questions about buying CLDI stock.
As of 2025, Calidi Biotherapeutics, Inc. (CLDI) had total assets of $8.9M including $6.3M in current assets.
Calidi Biotherapeutics, Inc. (CLDI) carries total debt of $2.6M, offset by $5.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Calidi Biotherapeutics, Inc. (CLDI) has total shareholders' equity (book value) of $3.8M ($0.87 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Calidi Biotherapeutics, Inc. (CLDI) reported a current ratio of 1.59x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.