Calidi Biotherapeutics Reports Significant Financial Decline, Net Loss in Latest Quarter

Calidi Biotherapeutics, Inc. reported significant financial changes in its latest 10-Q filing for the quarter ending September 30, 2024. The company, which focuses on developing immuno-oncology therapies, experienced a decrease in total current assets, which fell to $2.2 million from $4.3 million at the end of 2023. Total assets also declined to $6.7 million from $10.0 million. Current liabilities increased to $11.6 million, while total liabilities decreased to $16.5 million.

The company reported a net loss of $5.1 million for the third quarter of 2024, a substantial increase from a net loss of $2.0 million in the same period of 2023. For the nine months ended September 30, 2024, the net loss was $18.1 million, down from $21.0 million in the previous year. Operating expenses for the quarter decreased by 28% to $5.2 million, primarily due to reduced research and development costs, which fell to $2.2 million from $3.3 million. General and administrative expenses also decreased to $3.1 million from $4.0 million.

Calidi's accumulated deficit increased to $117.6 million as of September 30, 2024, compared to $99.6 million at the end of 2023. The company has not generated any revenue from product sales and has no products approved for sale, relying on funding from various sources, including public offerings and convertible notes.

Strategically, Calidi completed a merger with First Light Acquisition Group, Inc. on September 12, 2023, which resulted in a significant restructuring of its equity. The merger consideration was valued at $250 million, leading to the issuance of 2.7 million shares of common stock. The company has also entered into several financing agreements, including a Standby Equity Purchase Agreement allowing for the sale of up to $25 million in shares over 36 months.

In terms of cash flow, Calidi reported net cash used in operating activities of $14.3 million for the nine months ended September 30, 2024, a decrease from $21.8 million in the same period of 2023. The company raised approximately $6.1 million from a public offering in April 2024 and $2.1 million from a May inducement offer. However, it faces substantial doubt about its ability to continue as a going concern, citing insufficient cash to support operations for at least one year.

Overall, Calidi Biotherapeutics is navigating a challenging financial landscape, marked by increased losses and a need for additional funding to support its ongoing development efforts in the competitive field of cancer therapies.