Calidi Biotherapeutics Announces Q1 2024 Results

Calidi Biotherapeutics Inc., a clinical-stage biotechnology firm, has reported its financial and operational results for the first quarter of 2024. The company, renowned for its innovative virotherapy solutions targeting solid tumors, disclosed substantial progress in both clinical and preclinical developments, alongside financial updates reflecting its ongoing strategic adjustments.

Key Achievements and Corporate Developments
During the first quarter of 2024, Calidi Biotherapeutics made several important strides. Notably, the company announced its intention to present three posters at the 2024 American Society of Clinical Oncology (ASCO) Annual Meeting. These presentations will include updates from the ongoing Phase 1 trial of CLD-101, conducted in collaboration with City of Hope, focusing on recurrent high-grade glioma. Additionally, the posters will showcase preclinical data from Calidi’s RTNova (CLD-400) and CLD-201 platforms.

In a significant development, Calidi presented at the American Association for Cancer Research (AACR) Annual Meeting new data supporting the efficacy of its CLD-101 and CLD-201 platforms. These platforms leverage stem cells to enhance and protect antitumor virotherapies, showcasing the unique delivery mechanisms and therapeutic potential of Calidi’s technology.

Furthermore, the company revealed its RTNova systemic platform, a groundbreaking enveloped virotherapy designed for ease of administration and capable of targeting various tumor types. Preclinical tests have illustrated the platform's resistance to inactivation by human serum and its broad potential application in treating multiple cancer forms. This approach could offer a versatile, cost-effective solution for cancer treatment.

Financial Overview
Financially, Calidi reported a net loss of $7.2 million for the first quarter of 2024, translating to $0.20 per share. This result compares to a net loss of $6.5 million, or $0.75 per share, for the same period in 2023. Research and development expenses increased slightly to $2.7 million, up from $2.6 million in the previous year. General and administrative expenses also rose to $4.0 million from $2.8 million.

As of March 31, 2024, Calidi held approximately $1.2 million in cash and $0.2 million in restricted cash, a decrease from the $1.9 million in cash reported at the end of December 2023. The company secured $6.1 million through a public offering of 15,197,500 shares of common stock and accompanying warrants, bolstering its financial position.

Strategic Focus
Calidi’s primary objective remains the advancement of its innovative immunotherapy pipeline. CEO Allan Camaisa emphasized the company's dedication to securing additional capital and continuing cost-cutting measures to propel its novel therapies aimed at eradicating solid tumors. The company’s strategic initiatives include preparing for an interim clinical update from the ongoing Phase 1 trial and initiating a new Phase 1 trial with Northwestern University, projected to commence in the third quarter of 2024, contingent on securing further funding.

Calidi’s efforts in strengthening its preclinical programs have been bolstered by its robust research and development engine. The introduction of the RTNova platform is a testament to their commitment to delivering cutting-edge, systemic solutions for diverse tumor types. The company’s focus on innovative delivery methodologies aims to enhance the efficacy and safety profile of oncolytic viruses, increasing their therapeutic impact and accessibility.

Conclusion
Calidi Biotherapeutics continues to make notable progress in developing advanced virotherapy solutions to combat cancer. With a series of promising clinical and preclinical developments, as well as strategic financial moves, the company is positioned to achieve significant milestones in the near future. Their commitment to innovation and therapeutic advancement holds potential for transformative impacts in the field of oncology.