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Here are 1-3 brief analogies to describe Calidi Biotherapeutics (CLDI):

• Amgen for oncolytic viruses: Like Amgen, which has developed oncolytic virus therapies, but Calidi is exclusively focused on this cutting-edge approach to cancer treatment.
• Seagen for viral cancer therapies: Similar to how Seagen specializes in innovative antibody-drug conjugates for cancer, Calidi focuses on pioneering viral therapies to fight cancer.
• Vertex Pharmaceuticals for cancer-fighting viruses: Much like Vertex Pharmaceuticals develops highly specialized treatments for specific diseases, Calidi is dedicated to developing novel viral therapies to combat various cancers.

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• CLD-101: An oncolytic vaccinia virus delivered via neural stem cells designed to selectively target and destroy cancer cells, currently in clinical development for solid tumors, including glioblastoma.
• CLD-201: A genetically engineered oncolytic vaccinia virus developed to enhance anti-tumor activity and immune modulation, currently in preclinical development for various cancers.

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Calidi Biotherapeutics (CLDI) is a clinical-stage oncology company focused on the research and development of oncolytic virus therapies. As a company in the clinical development phase, it has not yet commercialized any products or generated significant revenue from product sales.

Based on its latest financial filings (e.g., 2022 10-K), Calidi Biotherapeutics has explicitly stated: "We have not generated any revenue from product sales to date." Its historical revenue, which has been insignificant, has been derived primarily from grant income and minor collaboration arrangements, rather than from major customers purchasing its therapeutic products or services.

Therefore, Calidi Biotherapeutics does not currently have major customers that purchase its products or services in the traditional sense. It does not sell primarily to individuals.

Should Calidi Biotherapeutics successfully commercialize its therapeutic products, its business model would primarily involve selling to other companies and institutions. These potential future customer categories would typically include:

• Pharmaceutical or biotechnology companies (for licensing, co-development, or distribution agreements of approved therapies).
• Healthcare providers and institutions (such as hospitals, oncology clinics, or pharmacies) that would purchase and administer approved therapies to patients.

However, as the company is currently in the clinical development stage and has not launched any commercial products, it does not currently have specific named major customer companies to list.

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• AGC Biologics
• Syngene International Limited (NSE: SYNGENE, BSE: 539268)
• Porton Advanced Solutions

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Eric Poma, Ph.D. Chief Executive Officer and Director

Dr. Poma was appointed CEO of Calidi Biotherapeutics in April 2025. He brings over 30 years of experience in the biopharmaceutical industry, with a strong record in capital fundraising, big pharma collaboration agreements, and clinical program development. Prior to joining Calidi, Dr. Poma served as CEO of Molecular Templates (NASDAQ: MTEM), a clinical-stage biotech company focused on oncology. At Molecular Templates, he raised over $250 million in equity financing and secured more than $150 million in strategic capital through agreements with Takeda, Vertex, and BMS. He also previously served as Vice President, Business Development of Innovive Pharmaceuticals.

Andrew Jackson Chief Financial Officer

Mr. Jackson was appointed CFO of Calidi Biotherapeutics in October 2023. He has over 25 years of corporate financial experience and has held senior leadership roles in multiple publicly traded life sciences companies. Prior to Calidi, he served as Chief Financial Officer of Eterna Therapeutics from May 2022 to May 2023. Mr. Jackson has been involved in raising over $300 million in financings during his career. His experience includes business strategy, budgeting, SEC compliance, and capital markets.

Antonio F. Santidrian, PharmD, Ph.D. Chief Scientific Officer and Head of Technical Operations

Dr. Santidrian serves as the Chief Scientific Officer and Head of Technical Operations at Calidi Biotherapeutics.

Guy Travis Clifton, M.D. Chief Medical Officer, Consultant & Advisor

Dr. Clifton was appointed Chief Medical Officer of Calidi Biotherapeutics in May 2025. He brings extensive biopharmaceutical experience to the leadership team.

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1. Ability to Raise Sufficient Capital and Continue as a Going Concern: Calidi Biotherapeutics is a clinical-stage company with no current revenues, operating with consistent net losses. The company requires significant capital to fund its ongoing and anticipated clinical trials. There is "substantial doubt about [their] ability to continue as a going concern in the next 12 months unless they sell more shares or take on more debt."
2. Clinical and Regulatory Risk: Developing therapeutic candidates is inherently challenging and carries significant risk. There is no guarantee that Calidi's clinical trials will be successful, and even if early results are promising, final outcomes may change upon more comprehensive data review. Furthermore, receiving FDA approval for any of its therapeutic candidates is not assured.
3. Stock Price Volatility and Shareholder Dilution: As an early-stage, highly speculative biotech company with a small market capitalization, CLDI's stock experiences significant price volatility. To address its substantial capital requirements, the company often needs to raise funds by selling more stock, which leads to dilution of existing shareholders' ownership.

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The advanced clinical development and promising efficacy and safety data reported by competitors in the oncolytic virus therapy space, specifically Replimune with its RP1 and RP2 candidates. These programs are at later stages of clinical development for various solid tumors, including indications targeted by Calidi Biotherapeutics. The strong performance and progress of these competing oncolytic virus therapies threaten to establish a high benchmark for efficacy and safety, potentially capturing significant market share and making it more challenging for Calidi Biotherapeutics' own candidates to achieve competitive differentiation and market acceptance.

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Expected Drivers of Future Revenue Growth for Calidi Biotherapeutics (CLDI)

1. Advancement and Commercialization of Clinical Pipeline: Calidi Biotherapeutics is a clinical-stage biotechnology company with several proprietary programs, including NeuroNova (CLD-101), SuperNova (CLD-201), and the RedTail platform (CLD-401). Future revenue growth is primarily dependent on the successful progression of these candidates through clinical trials, achieving regulatory approvals (such as IND filings and Fast Track Designations), and ultimately bringing these therapies to market. For instance, CLD-201 received FDA Fast Track Designation for soft tissue sarcoma, and an IND filing for CLD-401 is expected by the end of 2026.
2. Leveraging the RedTail Platform for Systemic Delivery and Diverse Payloads: The RedTail platform, with its lead compound CLD-401, is designed for systemic administration to deliver genetic medicines to metastatic tumor sites while avoiding immune clearance. The platform's ability to deliver various therapeutic proteins, including checkpoint inhibitors and cytokines, opens opportunities for a broader range of cancer indications and potential product offerings. This versatility could lead to multiple product launches or licensing opportunities.
3. Strategic Partnerships and Collaborations: Calidi Biotherapeutics is actively seeking strategic partnerships to accelerate clinical development and expand the reach of its RedTail platform. Such collaborations could generate revenue through upfront payments, milestone payments, research and development funding, and eventually royalties on commercialized products.
4. Expansion of Intellectual Property Portfolio: The company has been strengthening its intellectual property portfolio with new patents, such as those covering the SuperNova (CLD-201) technology platform. A robust patent portfolio can enhance the company's value, attract partners, and provide a competitive advantage, potentially leading to licensing revenue or stronger market exclusivity for future products.

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Share Issuance

• In January 2025, Calidi Biotherapeutics completed a public offering of 5,000,000 shares of common stock at $0.85 per share, resulting in gross proceeds of approximately $4.25 million.
• Calidi Biotherapeutics closed a $6.9 million underwritten public offering in August 2025, which included the full exercise of underwriters' over-allotment option.
• A reverse stock split of 1-for-12 was effective on August 5, 2025.

Inbound Investments

• Institutional investors collectively purchased 4,165,572 shares of Calidi Biotherapeutics, totaling approximately $32.23 million in transactions over the two years leading up to November 2025.
• In March 2024, City of Hope received a $5.3 million award from the California Institute for Regenerative Medicine (CIRM) to advance a treatment for metastatic ovarian cancer utilizing Calidi's licensed NeuroNova (CLD-101) asset.

Capital Expenditures

• Capital expenditures for the most recent 12 months (as of November 2025) were -$75,000.
• Annual capital expenditures were -$0.59 million in 2023 and -$0.43 million in 2022.