Investment Thesis
Calidi Biotherapeutics is a pre-revenue biotech company with severe cash burn and deteriorating financial fundamentals. With only $45K in revenue against $15.8M in operating losses and $16.2M in negative operating cash flow, the company is burning through capital at an unsustainable rate. Despite adequate liquidity currently, the operational trajectory is deeply concerning with no clear path to profitability.
Strengths
- Current liquidity position with $10.4M in cash provides near-term runway
- Low debt burden with debt-to-equity ratio of 0.09x limits leverage risk
- Current ratio of 2.12x indicates ability to meet short-term obligations
Risks
- Massive operating losses of $15.8M on only $45K revenue indicates negligible commercialization progress
- Free cash flow of -$16.2M annually will deplete $10.4M cash reserves within 6-8 months without capital raise
- Negative operating margin of -35,053% and negative ROE of -229% demonstrate severe value destruction
- No insider buying activity in past 90 days suggests lack of confidence from management
- Pre-revenue stage company with clinical-stage risk profile typical of failed biotech programs
Key Metrics to Watch
- Cash runway and timing of next capital requirement
- Monthly cash burn rate and ability to extend runway
- Clinical trial progress and regulatory milestones for pipeline programs
- Revenue recognition from any licensing or partnership deals
- Operating cash flow trajectory
Financial Metrics
Revenue
45.0K
Net Income
-15.9M
EPS (Diluted)
$-6.40
Free Cash Flow
-16.2M
Total Assets
14.0M
Cash
10.4M
Profitability Ratios
Gross Margin
N/A
Operating Margin
-35,053.3%
Net Margin
-35,222.2%
ROE
-229.1%
ROA
-113.0%
FCF Margin
-36,108.9%
Balance Sheet & Liquidity
Current Ratio
2.12x
Quick Ratio
2.12x
Debt/Equity
0.09x
Debt/Assets
48.7%
Interest Coverage
-157.74x
Long-term Debt
600.0K
Disclaimer: This analysis is generated by AI based on publicly available SEC EDGAR filings.
It does not include stock price data and should not be considered financial advice.
All fundamental data is sourced from SEC public domain filings.
Always conduct your own research before making investment decisions.
Data Source: SEC EDGAR |
Analysis Date: 2026-03-22T11:34:10.571798 |
Data as of: 2025-09-30 |
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