CLDI · Calidi Biotherapeutics, Inc.

Calidi Biotherapeutics reported a narrowed Q1 2026 net loss attributable to common stockholders of $4.4 million ($0.43 per share) versus $5.0 million ($2.21 per share) in Q1 2025, primarily driven by a $1.0 million reduction in general and administrative expenses to $1.6 million, attributed to lower headcount, consulting, and rent costs. Research and development expenses edged up slightly to $2.6 million from $2.4 million, reflecting ongoing investment in the RedTail platform. Cash position strengthened to $6.6 million from $5.6 million at year-end 2025, supporting near-term operations amid total assets of $9.6 million and equity of $4.9 million. CEO Eric Poma highlighted progress on CLD-401, the lead RedTail candidate in IND-enabling studies targeting non-small cell lung cancer and head and neck cancers, with IND submission planned by end-2026. Multiple AACR presentations detailed CLD-401's induction of profound immune changes including T, NK, and gamma delta T-cell activation in the tumor microenvironment, potentially effective in immunotherapy-refractory patients. Additional data showcased RedTail's in vivo T-cell engagers like CLD-501 (TROP2-targeted), expressing both engagers and IL-15 SA locally to address solid tumor challenges. Presentations at ASGCT and IOVC reinforced RedTail's immune evasion via CD55-overexpression and expanded IL-15 therapeutic window. The TransferAI partnership leverages AI for IND efficiencies. These developments signal pipeline advancement and capital discipline, critical for biotech investors monitoring path to clinic amid $6.6 million cash runway.