CLDI earnings analysis
What we found in CLDI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Calidi’s Q2 2026 diluted loss narrowed to $2.94 per share from $31.84 in Q2 2025, supported by a $1.5 million, or 48%, year-over-year reduction in G&A expense. However, the company still reported a $4.160 million net loss, and the loss worsened from $6.88 per share in Q1 2026. No revenue, margin, cash-flow, segment, or quantitative financial guidance was disclosed; management continues to target first-patient dosing for CLD-401 in Q1 2027. Risk factors were unchanged from the prior 10-K.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Year-over-year loss narrowed
- Q2 2026 diluted loss was $2.94 per share, an improvement from the $31.84 loss per share reported in Q2 2025, but worse than the $6.88 loss per share in Q1 2026.
- G&A expense declined 48%
- Net loss was $4.160 million in Q2 2026, while general and administrative expense declined by $1.5 million, or 48%, year over year.
- CLD-401 dosing target remains Q1 2027
- Management continues to target first-patient dosing for CLD-401 in Q1 2027 following FDA feedback.
- Disclosure controls deemed effective
- Management concluded that disclosure controls and procedures were effective as of June 30, 2026.
- No material control changes
- The filing reports no material changes in internal control over financial reporting during the quarter ended June 30, 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Continued operating losses
- The company reported a $4.160 million net loss in Q2 2026, indicating continued operating losses and ongoing dependence on external financing or expense control.
- Clinical execution risk
- The company remains dependent on clinical execution, with first-patient dosing for CLD-401 targeted for Q1 2027; delays could defer development milestones.
- No new risk-factor changes
- The filing states there were no material changes to the risk factors disclosed in the December 31, 2025 Form 10-K during the three and six months ended June 30, 2026.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-2.94
What they said about what is next.
No quantitative revenue or EPS guidance was provided. Management anticipates first-patient dosing for CLD-401 in Q1 2027.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 14, 2026
- Calidi Biotherapeutics reported a net loss of $4.1 million, a 19% improvement compared to a loss of $5.1 million in Q1 2025. Despite no revenue, the company is making operational progress in its drug development…
- 10-K · March 27, 2026
- Calidi Biotherapeutics positions itself as a development-stage biotech centered on its RedTail enveloped oncolytic vaccinia platform (lead CLD-401) with the goal of systemic delivery of genetic medicines to metastatic…
- 10-K · March 31, 2025
- Calidi Biotherapeutics is a clinical‑stage immuno‑oncology company focused on two allogeneic stem‑cell platforms and an enveloped vaccinia platform to protect and deliver oncolytic viruses. The 10‑K confirms the company…
- 10-Q · November 12, 2024
- Calidi reported a Q3 net loss of $5.07M (net loss per share $(0.65)) for the three months ended September 30, 2024, with operating expenses down year-over-year but operating loss larger in absolute dollars versus the…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing CLDI makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever