Calidi Biotherapeutics (CLDI)
Market Price (12/15/2025): $1.46 | Market Cap: $7.2 MilSector: Health Care | Industry: Biotechnology
Calidi Biotherapeutics (CLDI)
Market Price (12/15/2025): $1.46Market Cap: $7.2 MilSector: Health CareIndustry: Biotechnology
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -95% | Weak multi-year price returns2Y Excs Rtn is -148%, 3Y Excs Rtn is -173% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more. | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -20 Mil | |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -272% | ||
| High stock price volatilityVol 12M is 1141% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -95% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -148%, 3Y Excs Rtn is -173% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -20 Mil |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -272% |
| High stock price volatilityVol 12M is 1141% |
Valuation, Metrics & Events
CLDI Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
1. Dilution from a Public Offering. Calidi Biotherapeutics completed an underwritten public offering on August 21, 2025, generating gross proceeds of $6.9 million through the sale of common stock and pre-funded warrant units. This offering, while raising capital, likely led to dilution of existing shares, which can exert downward pressure on the stock price.
2. Increased Net Loss in Third Quarter 2025 Financial Results. On November 13, 2025, Calidi Biotherapeutics reported a net loss of $5.2 million for the third quarter of 2025, an increase from the $5.1 million net loss reported in the comparable period of 2024. Additionally, a non-cash charge for deemed dividend on warrants further increased the net loss attributable to shareholders to $10.8 million, which likely contributed to negative investor sentiment.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CLDI Return | � | � | 4% | -85% | -92% | -89% | � |
| Peers Return | � | � | � | � | � | 19% | � |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 16% | 111% |
Monthly Win Rates [3] | |||||||
| CLDI Win Rate | � | 0% | 83% | 50% | 25% | 25% | |
| Peers Win Rate | � | � | � | � | 39% | 50% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| CLDI Max Drawdown | � | � | 0% | -86% | -95% | -96% | |
| Peers Max Drawdown | � | � | � | � | � | -49% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: CGON, REPL, CADL, GNLX, ONCY.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/12/2025 (YTD)
How Low Can It Go
| Event | CLDI | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -86.8% | -25.4% |
| % Gain to Breakeven | 658.2% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
Compare to VRTX, AIXC, ALPS, BBOT, EVMN
In The Past
Calidi Biotherapeutics's stock fell -86.8% during the 2022 Inflation Shock from a high on 8/16/2023. A -86.8% loss requires a 658.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth over time.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
Trade Ideas
Select past ideas related to CLDI. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11142025 | CRL | Charles River Laboratories International | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 15.0% | 15.0% | -3.7% |
| 11142025 | GDRX | GoodRx | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | -5.1% | -5.1% | -11.8% |
| 11142025 | ASTH | Astrana Health | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 9.0% | 9.0% | -5.5% |
| 11142025 | SGRY | Surgery Partners | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 2.3% | 2.3% | -1.4% |
| 11072025 | TFX | Teleflex | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 16.0% | 16.0% | -5.1% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11142025 | CRL | Charles River Laboratories International | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 15.0% | 15.0% | -3.7% |
| 11142025 | GDRX | GoodRx | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | -5.1% | -5.1% | -11.8% |
| 11142025 | ASTH | Astrana Health | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 9.0% | 9.0% | -5.5% |
| 11142025 | SGRY | Surgery Partners | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 2.3% | 2.3% | -1.4% |
| 11072025 | TFX | Teleflex | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 16.0% | 16.0% | -5.1% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Calidi Biotherapeutics
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 5.33 |
| Mkt Cap | 0.3 |
| Rev LTM | 0 |
| Op Inc LTM | -38 |
| FCF LTM | -30 |
| FCF 3Y Avg | -30 |
| CFO LTM | -30 |
| CFO 3Y Avg | -29 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 58.9% |
| Rev Chg 3Y Avg | -98.2% |
| Rev Chg Q | 3,774.4% |
| QoQ Delta Rev Chg LTM | 294.6% |
| Op Mgn LTM | -8,285.3% |
| Op Mgn 3Y Avg | -14,894.4% |
| QoQ Delta Op Mgn LTM | 20,260.8% |
| CFO/Rev LTM | -5,372.2% |
| CFO/Rev 3Y Avg | -11,550.7% |
| FCF/Rev LTM | -5,387.7% |
| FCF/Rev 3Y Avg | -11,557.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.3 |
| P/S | 1,444.9 |
| P/EBIT | -5.0 |
| P/E | -4.6 |
| P/CFO | -6.2 |
| Total Yield | -22.2% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -43.3% |
| D/E | 0.0 |
| Net D/E | -0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -1.4% |
| 3M Rtn | 16.0% |
| 6M Rtn | 32.3% |
| 12M Rtn | 8.1% |
| 3Y Rtn | -54.0% |
| 1M Excs Rtn | 0.6% |
| 3M Excs Rtn | 10.9% |
| 6M Excs Rtn | 18.1% |
| 12M Excs Rtn | 5.4% |
| 3Y Excs Rtn | -122.3% |
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/13/2025 | -1.3% | -9.2% | |
| 8/8/2025 | 0.6% | 5.8% | -67.1% |
| 5/14/2025 | 3.8% | 1.3% | -13.8% |
| 1/28/2025 | -0.4% | 59.1% | 33.2% |
| 11/13/2024 | -40.5% | -32.2% | -45.3% |
| 8/14/2024 | -1.9% | -5.3% | -27.5% |
| 3/18/2024 | -5.8% | -8.9% | -67.5% |
| 11/14/2023 | 4.5% | -15.0% | 15.0% |
| SUMMARY STATS | |||
| # Positive | 3 | 3 | 2 |
| # Negative | 5 | 5 | 6 |
| Median Positive | 3.8% | 5.8% | 24.1% |
| Median Negative | -1.9% | -9.2% | -45.3% |
| Max Positive | 4.5% | 59.1% | 33.2% |
| Max Negative | -40.5% | -32.2% | -67.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11132025 | 10-Q 9/30/2025 |
| 6302025 | 8082025 | 10-Q 6/30/2025 |
| 3312025 | 5142025 | 10-Q 3/31/2025 |
| 12312024 | 3312025 | 10-K 12/31/2024 |
| 9302024 | 11122024 | 10-Q 9/30/2024 |
| 6302024 | 8132024 | 10-Q 6/30/2024 |
| 3312024 | 5142024 | 10-Q 3/31/2024 |
| 12312023 | 3152024 | 10-K 12/31/2023 |
| 9302023 | 11142023 | 10-Q 9/30/2023 |
| 12312021 | 2102023 | S-4 12/31/2021 |
Industry Resources
External Quote Links
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