Free cash flow remains deeply negative, with quarterly outflows reaching as high as $7.1 million, necessitating a reliance on non-cash stock-based compensation which averaged over $600,000 per quarter.
| Cash from Operations | -18.28M | -21.29M | -19.69M | -26.98M | -13.21M | -7.77M | -4.83M |
| Operating CF Margin % | - | - | - | - | -29364.44% | -1731.4% | - |
| Operating CF Growth % | 36.2% | -8.12% | 27.01% | -104.2% | -69.98% | -61.09% | - |
| Net Income | -19.03M | -20.06M | -22.21M | -29.22M | -25.43M | -10.93M | -7.94M |
| Depreciation & Amortization | 1.68M | 1.65M | 1.53M | 1.26M | 260K | 153K | 184K |
| Stock-Based Compensation | 1.73M | 2.11M | 2.96M | 4.81M | 6.14M | 1.33M | 968K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 685K | -246K | -279K | 2.41M | 8.38M | 582K | 1.01M |
| Working Capital Changes | -2.33M | -4.74M | -1.7M | -6.24M | 3.57M | 1.1M | 945K |
| Change in Receivables | 0 | 0 | 0 | 0 | -870 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -344K | -1.33M | -628K | -6.17M | 1.62M | -239K | 293K |
| Cash from Investing | -168K | -170K | -16K | -478K | -494K | -215K | -388K |
| Capital Expenditures | -118K | -120K | -16K | -585K | -428K | -206K | -351K |
| CapEx % of Revenue | - | - | - | - | 951.11% | 45.88% | - |
| Acquisitions | 0 | -50K | 0 | 9K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -16K | 98K | -190.08M | -9K | -37K |
| Cash from Financing | 14.51M | 17.46M | 27.36M | 29.04M | 12.09M | 9.81M | 4.7M |
| Debt Issued (Net) | -1.28M | -2.49M | 1.92M | 899K | 1.38M | 1.75M | 1.88M |
| Equity Issued (Net) | 16.09M | 20.8M | 18.07M | 27.26M | 10.76M | 35K | 2.82M |
| Dividends Paid | 0 | 0 | -1.67M | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -307K | -846K | 9.05M | 885K | -58K | 8.03M | -4K |
| Net Change in Cash | -4.05M | -3.99M | 7.64M | 1.58M | -590.65K | 1.82M | -514K |
| Free Cash Flow | -18.4M | -21.41M | -19.71M | -27.57M | -13.64M | -7.98M | -5.18M |
| FCF Margin % | - | - | - | - | -30315.56% | -1777.28% | - |
| FCF Growth % | 13.85% | -8.64% | 28.5% | -102.08% | -70.95% | -54.14% | - |
| FCF per Share | -1.78 | -4.98 | -29.67 | -196.69 | -193.25 | -33.44 | -1.74 |
| FCF Conversion (FCF/Net Income) | 0.97x | 1.07x | 0.89x | 0.92x | 0.52x | 0.71x | 0.61x |
| Interest Paid | 299K | 0 | 140K | 404K | 0 | 45K | 20K |
| Taxes Paid | 8K | 0 | 14K | 11K | 0 | 8K | 2K |
Imminent liquidity and dilution
As reported in financial statements, CLDI's operating cash flow consistently tracks net losses, with OCF/NI ratios fluctuating between 0.53 and 1.43, suggesting that non-cash adjustments like stock-based compensation and depreciation are masking the true economic cost of maintaining the company's clinical-stage research and development operations.
The volatility in the OCF/NI ratio indicates that cash burn is not perfectly correlated with accounting losses, likely due to the timing of working capital shifts and non-cash expenses. Investors should monitor this divergence, as it suggests that the company's reported net income is a poor proxy for the actual liquidity required to sustain its current clinical trial trajectory.
Based on recent SEC filings, CLDI's free cash flow remains deeply negative, with quarterly outflows ranging from $3.8 million to $7.1 million, highlighting a structural inability to generate internal funding while the firm continues to prioritize high-cost clinical development over achieving a self-sustaining financial profile.
The consistent negative FCF trajectory confirms that the company is entirely dependent on external capital markets to fund its operations. Without a clear path to commercialization, this trend suggests that the firm will continue to face significant pressure to dilute shareholders to maintain its current research pace.
According to historical data, CLDI exhibits erratic working capital swings, with quarterly changes ranging from a $3.0 million inflow to a $3.0 million outflow, which may indicate inconsistent timing in vendor payments or the irregular settlement of liabilities associated with its complex clinical trial manufacturing requirements.
These fluctuations in working capital suggest that the company's cash position is highly sensitive to the timing of operational expenditures. Such volatility warrants further investigation, as it may reflect underlying challenges in managing the supply chain for specialized cell-based therapy components.
As disclosed in recent financial reports, the company's cash flow statement obscures the true cost of clinical progress by relying on significant stock-based compensation, which averaged over $600,000 per quarter, effectively shifting the burden of operational funding from cash reserves to the dilution of existing equity holders.
The reliance on equity-based compensation to preserve cash suggests that management is acutely aware of the company's limited liquidity. This strategy may provide a temporary buffer, but it ultimately creates a structural overhang that could impact future valuation if clinical milestones are not met in a timely manner.
Quick answers to the most common questions about buying CLDI stock.
Calidi Biotherapeutics, Inc. (CLDI) generated $-21.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Calidi Biotherapeutics, Inc. (CLDI) reported negative free cash flow of $21.4M in 2025, indicating capital requirements exceeded cash from operations.
Calidi Biotherapeutics, Inc. (CLDI) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.