Calidi Biotherapeutics Inc. Common Stock (CLDI)

FairStock Score: 46/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for durable competitive advantages, conservative accounting, and a margin of safety. Calidi is a 29-employee clinical-stage biotech. It reported no revenue in the filed periods I was given: fiscal Q2 2026 ended 2026-06-30, fiscal Q1 2026 ended 2026-03-31, fiscal Q3 2025 ended 2025-09-30, and full-year 2025 ended 2025-12-31. In fiscal 2025 it lost $19.9 million, or $5.95 per diluted share; in fiscal 2024 it lost $22.1 million, or $35.70 per diluted share; and in fiscal 2023 it lost $29.2 million, or $17.33 per diluted share. Losses have narrowed, but the company still burns cash: trailing free cash flow is -$17.8 million, which is -767.3% of the $2.3 million market cap at the 2026-10-13 close. FairStock's metrics underline the fragility: P/B 0.60, ROE -672.22%, ROCE -134.79%, Piotroski F-Score 1/9, Altman Z-Score -28.42. The pipeline - CLD-101 for high-grade glioma, CLD-201 for solid tumors, and CLD-401 for metastatic solid tumors - could have option value, but none is approved, and I cannot identify a moat. Book value may look supportive at 0.60 times, yet that book has been funded by losses and may not reflect earning power. Growth for a pre-revenue biotech is binary and trial-dependent, not the steady compounding I prefer. This is speculation, not investment, and the numbers say the margin of safety is thin.

In plain English: Calidi Biotherapeutics is a tiny biotech that tests cell-based therapies for brain and other solid tumors. It has no reported revenue and has lost money every year for the last four years, including $19.9 million in full-year fiscal 2025, so the business looks weak and highly speculative. At $0.90 a share, the price is far above current profits because there are none, but it is below the company's stated accounting net assets, so whether it is cheap is very uncertain given the heavy cash burn.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer