The company remains entirely pre-revenue, with quarterly operating losses consistently ranging between $4.0 million and $9.8 million, reflecting a lack of operational leverage.
| Sales/Revenue | 0 | 0 | 0 | 0 | 45K | 449K | 0 |
| Revenue Growth % | - | - | - | -100% | -89.98% | - | - |
| Cost of Goods Sold | 426K | 1.65M | 0 | 1.26M | 274K | 94K | 0 |
| COGS % of Revenue | - | - | - | - | 608.89% | 20.94% | - |
| Gross Profit | -426K | -1.65M | 0 | -1.26M | -229K | 355K | 0 |
| Gross Margin % | - | - | - | - | -508.89% | 79.06% | - |
| Gross Profit Growth % | - | - | 100% | -448.47% | -164.51% | - | - |
| Operating Expenses | 18.94M | 18.59M | 21.78M | 27.74M | 22.9M | 10.84M | 6.77M |
| OpEx % of Revenue | - | - | - | - | 50886.67% | 2413.59% | - |
| Selling, General & Admin | 9.47M | 10.5M | 12.9M | 15.98M | 15.64M | 6.16M | 3.59M |
| SG&A % of Revenue | - | - | - | - | 34760% | 1372.61% | - |
| Research & Development | 9.9M | 9.74M | 8.88M | 13.01M | 7.26M | 4.67M | 3.18M |
| R&D % of Revenue | - | - | - | - | 16126.67% | 1040.98% | - |
| Other Operating Expenses | -426K | -1.65M | 0 | -1.26M | 0 | 0 | 0 |
| Operating Income | -19.36M | -20.24M | -21.78M | -28.99M | -23.13M | -10.48M | -6.77M |
| Operating Margin % | - | - | - | - | -51395.56% | -2334.52% | - |
| Operating Income Growth % | - | 7.05% | 24.89% | -25.35% | -120.64% | -54.76% | - |
| EBITDA | -17.68M | -18.59M | -20.24M | -27.74M | -22.87M | -10.33M | -6.67M |
| EBITDA Margin % | - | - | - | - | -50817.78% | -2299.78% | - |
| EBITDA Growth % | 4.58% | 8.16% | 27.02% | -21.29% | -121.46% | -54.91% | - |
| D&A (Non-Cash Add-back) | 1.68M | 1.65M | 1.53M | 1.26M | 260K | 156K | 107K |
| EBIT | -18.92M | -19.84M | -21.26M | -25.45M | -25.26M | -9.61M | -6.77M |
| Net Interest Income | -173K | -207K | -933K | -3.75M | -158K | -614K | -163K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 173K | 207K | 933K | 3.75M | 158K | 614K | 163K |
| Other Income/Expense | 272K | 192K | -419K | -208K | -2.29M | 13.88M | -1.16M |
| Pretax Income | -19.09M | -20.05M | -22.2M | -29.2M | -25.42M | 3.4M | -7.93M |
| Pretax Margin % | - | - | - | - | -56480% | 756.74% | - |
| Income Tax | 16K | 15K | 14K | 16K | 11K | 11K | 4K |
| Effective Tax Rate % | -0.08% | -0.07% | -0.06% | -0.05% | -0.04% | 0.32% | -0.05% |
| Net Income | -19.03M | -19.91M | -22.14M | -29.22M | -25.43M | -10.93M | -7.94M |
| Net Margin % | - | - | - | - | -56504.44% | -2434.97% | - |
| Net Income Growth % | 4.4% | 10.1% | 24.21% | -14.9% | -132.57% | -37.75% | - |
| Net Income (Continuing) | -19.11M | -20.06M | -22.21M | -29.22M | -25.43M | 3.39M | -7.94M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 434K | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.85 | -5.95 | -35.70 | -207.61 | -358.80 | 14.16 | -2.64 |
| EPS Growth % | 82.72% | 83.33% | 82.8% | 42.14% | -2633.9% | 636.36% | - |
| EPS (Basic) | - | -5.95 | -35.70 | -207.61 | -358.80 | 14.16 | -2.64 |
| Diluted Shares Outstanding | 10.31M | 4.3M | 664.41K | 140.16K | 70.59K | 238.63K | 2.98M |
| Basic Shares Outstanding | 10.31M | 4.3M | 664.41K | 140.16K | 70.59K | 238.63K | 2.98M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Imminent liquidity and dilution risk
As indicated by recent financial disclosures, Calidi Biotherapeutics maintains a consistent R&D expenditure profile, with quarterly outlays averaging approximately $2.4 million, which underscores the company's ongoing commitment to clinical trial execution despite the absence of any commercial revenue streams to offset these substantial operational costs.
The company's cost structure is dominated by clinical development activities, which remain the primary driver of the quarterly net losses. Investors should note that the lack of revenue generation necessitates a high reliance on external capital, as the current expense trajectory shows little evidence of scaling efficiencies in the near term.
Based on reported income statements, CLDI's operating losses have remained stubbornly elevated, with quarterly operating income consistently hovering between negative $4.0 million and negative $9.8 million, reflecting a lack of operational leverage as the firm continues to fund its early-stage pipeline without any offsetting commercial product revenue.
The absence of revenue means that every dollar spent on SG&A and R&D flows directly to the bottom line as a loss, preventing the realization of operating leverage. This suggests that the company's financial performance is currently decoupled from traditional efficiency metrics, remaining entirely dependent on the successful advancement of its clinical assets.
According to the provided financial data, Calidi Biotherapeutics consistently records significant stock-based compensation, with quarterly figures reaching as high as $1.2 million, which complicates the assessment of true cash burn and suggests that reported net losses may not fully capture the underlying economic cost of operations.
The reliance on equity-based incentives appears to be a strategic mechanism to preserve cash, yet it introduces a persistent dilution risk for existing shareholders. Analysts should monitor the relationship between these non-cash charges and the actual cash used in operating activities to better gauge the company's true runway.
While the market focuses on the potential of the NeuroNova and SuperNova platforms, the income statement reveals a recurring, albeit small, cost of goods sold in certain periods, which may indicate early-stage manufacturing challenges that could undermine the scalability of the company's proprietary cell-loading technology.
The presence of COGS in a pre-revenue entity warrants investigation into whether these represent inefficiencies in the viral loading process or early-stage supply chain friction. If these costs do not stabilize or decrease as the company progresses, it may suggest that the 'off-the-shelf' manufacturing model faces significant structural headwinds.
Quick answers to the most common questions about buying CLDI stock.
For fiscal year 2025, Calidi Biotherapeutics, Inc. (CLDI) reported total revenue of $0.0M.
Calidi Biotherapeutics, Inc. (CLDI) reported a net loss of $19.9M for the fiscal year ending 2025.