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Calidi Biotherapeutics, Inc. (NYSE American:CLDI), a clinical-stage biotechnology company with a current market capitalization of $17.74 million, announced on Thursday that it has entered into 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 company, which InvestingPro analysis shows is experiencing rapid cash burn and weak financial health, disclosed the agreement in a press release statement based on a recent SEC filing.
According to the filing, Dr. Minev ceased to serve as an executive officer and Section 16 officer of Calidi Biotherapeutics effective July 29, 2025. The Compensation Committee of the Board of Directors approved the elimination of his position. This executive change comes as the company faces significant challenges, with InvestingPro data showing the stock has declined by approximately 64% over the past six months.
On August 8, 2025, the company executed the separation agreement, which includes a general release of claims by Dr. Minev in favor of Calidi Biotherapeutics and related parties. The agreement will become effective after a seven-business-day revocation period, not including the date of execution.
Under the terms of the agreement, Calidi Biotherapeutics will provide Dr. Minev with a $100,000 payment related to a negotiated bonus for NNV1 and SNV1 IND approvals, to be paid within 10 days following the revocation period. In addition, Dr. Minev will receive $187,500 in separation pay, distributed as compensation continuation over six months according to the company’s regular payroll schedule, subject to customary withholdings. The company will also pay Dr. Minev’s COBRA premiums for six months, beginning in August 2025, contingent on timely election.
The agreement contains customary protections for both parties. The full text of the agreement was filed as an exhibit to the SEC report.
Calidi Biotherapeutics is incorporated in Delaware and is listed on the NYSE American under the ticker CLDI. This information is based on a press release statement and the company’s Form 8-K filing with the Securities and Exchange Commission.
In other recent news, Calidi Biotherapeutics, Inc. announced that its cancer therapy candidate, CLD-201, has 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 that address serious conditions with unmet medical needs, providing Calidi with more frequent FDA interactions and potential eligibility for priority review and accelerated approval. Additionally, Calidi Biotherapeutics has secured approximately $4.6 million through the immediate exercise of certain outstanding warrants. The company entered a definitive agreement to purchase up to 6,595,000 shares of its common stock at a reduced exercise price of $0.70. Ladenburg Thalmann & Co, Inc. is serving as the exclusive placement agent for this transaction. These developments indicate a strategic move by Calidi to bolster its financial position while advancing its cancer therapy candidate.
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