Calidi Biotherapeutics closes $6.9 million public offering

SAN DIEGO - Calidi Biotherapeutics, Inc. (NYSE AMERICAN:CLDI) announced Thursday it has closed its previously announced underwritten public offering, raising gross proceeds of $6.9 million before deducting underwriting commissions and offering expenses. The offering comes at a critical time for the company, which according to InvestingPro data, has seen its stock decline nearly 88% year-to-date, with shares currently trading at $1.70.

The clinical-stage biotechnology company, currently valued at $18.16 million in market capitalization, sold 1,922,764 common stock units at $2.00 per unit and 1,528,000 pre-funded warrant units at $1.999 per unit. The common stock units include 450,000 units purchased by underwriters through their over-allotment option.

Each common stock unit consists of one share of common stock and one Series I warrant to purchase one share of common stock. The pre-funded warrant units include one pre-funded warrant to purchase one share of common stock and one Series I warrant.

The Series I warrants have an exercise price of $2.00 per share, are immediately exercisable, and expire five years from issuance. The warrants feature fixed pricing without variable price components.

Ladenburg Thalmann & Co. Inc. served as sole book-running manager for the offering, while Laidlaw & Company (U.K.) Ltd. acted as co-manager.

Calidi Biotherapeutics is developing targeted therapies designed to deliver genetic medicines to disease sites. The company’s Redtail platform features an engineered oncolytic virus designed for systemic delivery to metastatic sites. Its lead candidate from this platform is currently in IND-enabling studies targeting non-small cell lung cancer, ovarian cancer, and other tumor types. InvestingPro analysis indicates the company faces significant financial challenges with a weak overall Financial Health Score of 1.41, reflecting rapid cash burn rates. Subscribers can access 15 additional ProTips and comprehensive financial metrics to better understand the company’s investment potential.

The information in this article is based on a company press release statement.

In other recent news, Calidi Biotherapeutics announced that its cancer therapy candidate, CLD-201, received Fast Track designation from the U.S. Food and Drug Administration for the treatment of soft tissue sarcoma. This designation is intended to expedite the development and review of drugs for serious conditions with unmet medical needs, potentially allowing for more frequent FDA interactions and eligibility for priority review and accelerated approval. Additionally, Calidi Biotherapeutics secured approximately $4.6 million through the exercise of outstanding warrants to purchase shares of its common stock. This transaction was facilitated by Ladenburg Thalmann & Co, Inc., acting as the exclusive placement agent. Furthermore, Calidi Biotherapeutics finalized a General Release of Claims and Separation Agreement with Dr. Boris Minev, following the elimination of his role as President, Medical and Scientific Affairs. The decision was made by the Compensation Committee of the Board of Directors, with Dr. Minev ceasing to serve as an executive officer effective July 29, 2025. These developments highlight significant recent activities within the company.

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