Calidi Biotherapeutics Q2 2024 Results

Calidi Biotherapeutics Inc. (NYSEAM: CLDI), a clinical-stage biotechnology company based in San Diego, announced its operational and financial results for the second quarter ending June 30, 2024. The company is focused on developing targeted antitumor virotherapies and has made significant strides in its programs during this period.

CEO Allan Camaisa highlighted the company's progress in various development programs and the receipt of a new U.S. patent for their SuperNova technology, which is expected to bolster their intellectual property portfolio and advance the CLD-201 program into clinical trials.

Key Corporate Developments:

1. Nova Cell Subsidiary:
In July 2024, Calidi launched a new subsidiary, Nova Cell, Inc., with a $2 million investment from Dr. Ronald Rigor. Nova Cell aims to develop innovative stem cell-based products using Calidi’s advanced cellular manufacturing processes. Additionally, Dr. Rigor invested another $1 million into Calidi to support its oncology pipeline and was appointed to Calidi’s Scientific and Medical Advisory Board.

2. Strengthening the Team:
Calidi has enhanced its team by appointing Dr. George E. Peoples to its Board of Directors. Dr. Peoples is a Professor of Surgery at the Uniformed Services University of the Health Sciences (USUHS) and serves as an adjunct Professor of Surgical Oncology at MD Anderson Cancer Center. The company also welcomed Mark Gilbert, MD, to its Medical Advisory Board. Dr. Gilbert served as the Chief of the Neuro-Oncology Branch at NIH from 2014 to 2024, where he conducted significant research in the brain tumor field.

3. New Patent for SuperNova Technology:
Calidi received a patent for its SuperNova technology, a platform where cells are incubated with an oncolytic virus that allows for the expression of immunomodulatory or recombinant therapeutic proteins. This technology has shown potential in preclinical studies to protect the viral payload from the immune system, facilitating its delivery to tumor sites. The SuperNova platform utilizes adipose-derived mesenchymal stem cells loaded with an oncolytic vaccinia virus.

4. Financial Developments:
The company reported $2.5 million in gross proceeds from warrant exercises in July and August 2024.

Second Quarter Financial Performance:

- Net Loss:
For the three months ending June 30, 2024, Calidi reported a net loss of $5.8 million, or $1.40 per share, compared to a net loss of $12.5 million, or $14.24 per share, during the same period in 2023.

- Research and Development Expenses:
Research and development expenses were $2.2 million, down from $3.2 million in the comparable period of 2023.

- General and Administrative Expenses:
General and administrative expenses were $3.6 million, slightly up from $3.4 million in the same period last year.

- Cash Position:
As of June 30, 2024, Calidi had approximately $0.8 million in cash and $0.2 million in restricted cash, compared to $1.9 million in cash and $0.2 million in restricted cash as of December 31, 2023.

About Calidi Biotherapeutics:

Calidi Biotherapeutics is an immuno-oncology company specializing in stem cell-based platforms designed to enhance the immune system's ability to fight cancer. The company's proprietary technology uses allogeneic stem cells to deliver oncolytic viruses to multiple oncology indications, including high-grade gliomas and solid tumors. Their universal cell-based delivery platforms are intended to shield, amplify, and potentiate oncolytic viruses, thereby improving treatment efficacy and patient safety. Calidi also develops preclinical off-the-shelf virotherapies aimed at disseminated solid tumors, potentially addressing metastatic disease.

Calidi Biotherapeutics is headquartered in San Diego, California, and continues to advance its mission of developing innovative cancer therapies.

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