Calidi Biotherapeutics Inc. reported a net loss of $5.2 million for the third quarter ended September 30, 2025, compared to a net loss of $5.1 million for the same period in 2024. A non-cash charge for deemed dividend on warrants increased the net loss attributable to shareholders to $10.8 million, while there was no such charge in the prior year period. Net loss per share, basic and diluted, was $2.21, down from $7.75 in the third quarter of 2024. Research and development expenses were $2.4 million, up from $2.2 million, and general and administrative expenses were $2.7 million, down from $3.1 million in the comparable period of 2024. The company had approximately $10.4 million in cash at the end of the quarter. Calidi raised $6.9 million in gross proceeds from an underwritten public offering, bringing total gross proceeds in 2025 to $23.0 million. Key business developments included new data presentations on CLD-401, further expansion of the RedTail platform, and the establishment of a Scientific Advisory Board.