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…
Earnings analysis · 10-Q
CLDI earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-2.94
What stood out
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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.
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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.
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CLD-401 dosing target remains Q1 2027
Management continues to target first-patient dosing for CLD-401 in Q1 2027 following FDA feedback.
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Disclosure controls deemed effective
Management concluded that disclosure controls and procedures were effective as of June 30, 2026.
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No material control changes
The filing reports no material changes in internal control over financial reporting during the quarter ended June 30, 2026.
What to watch
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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.
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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.
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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.
Management's outlook
No quantitative revenue or EPS guidance was provided. Management anticipates first-patient dosing for CLD-401 in Q1 2027.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.