aibioCalidi Biotherapeutics receives NYSE American equity deficiency notice
Tickers CLDI
The notice, received September 21, 2026, says Calidi does not meet the exchange's stockholders' equity standard. The company must submit a compliance plan by October 21, 2026.
Key facts
- Company
- Calidi Biotherapeutics, Inc. (AMEX: CLDI)
- News type
- Listings
- Primary source
- Calidi Biotherapeutics, Inc. 8-K (2026-09-25)
Calidi Biotherapeutics, Inc. said in a press release dated September 25, 2026 that on September 21, 2026 it received a notice from the staff of NYSE American LLC. The notice says the company was not in compliance with Section 1003(a)(ii) of the NYSE American Company Guide. That section requires a company to have stockholders' equity of at least $4.0 million if it has reported losses from continuing operations or net losses in three of its four most recent fiscal years. The release says the company is not eligible for any exemption in Section 1003(a) of the Company Guide, including the exemption for companies with a market capitalization above $50 million.
The compliance clock
The company must submit a plan to NYSE American by October 21, 2026. The plan must advise of actions the company has taken or will take to regain compliance with the continued listing standards by March 21, 2028. If the exchange accepts the plan, Calidi will be subject to periodic reviews, including quarterly monitoring for compliance with the plan. If the company does not submit a plan, or if the plan is not accepted, NYSE American will commence delisting proceedings.
If the plan is accepted but the company is not in compliance by March 21, 2028, or does not make progress consistent with the plan, the exchange will initiate delisting proceedings as appropriate. Calidi may appeal a staff delisting determination under Section 1010 and Part 12 of the Company Guide.
The notice has no immediate effect on the listing or trading of Calidi's common stock, which has a par value of $0.0001 per share. The stock continues to trade on NYSE American under the symbol CLDI, with an added designation of .BC to show that it is below compliance. The release says the notice does not affect the company's ongoing business operations or its reporting requirements with the Securities and Exchange Commission. Management is reviewing its options to address the deficiencies and expects to submit a compliance plan on or before the deadline.
Background
Calidi describes itself as a biotechnology company pioneering the development of targeted therapies that can deliver genetic medicines to distal sites of disease. Its proprietary RedTail platform features an engineered enveloped oncolytic virus designed for systemic delivery and targeting of metastatic sites. The lead candidate, CLD-401, is in IND-enabling studies and targets metastatic non-small cell lung cancer, head and neck cancer and other tumor types with high unmet medical need. Calidi is headquartered in San Diego, California.
The company's annual report, filed with the SEC on March 27, 2026, says it operates in Germany through its wholly owned subsidiary StemVac GmbH. It also says Calidi Biotherapeutics Australia Pty Ltd was formed in October 2022 to operate in Australia for a portion of its planned clinical trial activities for its SNV1 program. It calls Calidi a smaller reporting company.
Financial position
For fiscal 2025, Calidi reported research and development expense of $9.7 million, compared with $8.9 million in 2024. It reported a net loss of $19.9 million for 2025 and $22.1 million for 2024. Cash from operations was negative $21.3 million in 2025 and negative $19.7 million in 2024. The XBRL data also show year-end 2024 cash and cash equivalents of $9.6 million, from the 10-K filed March 31, 2025. They also show year-end 2025 cash and cash equivalents of $5.8 million, as tagged in a 10-Q filed August 13, 2026, and cash and cash equivalents of $4.3 million at June 30, 2026.
What the notice says about the company
The notice follows losses in three of the last four fiscal years, and the cash on hand is small next to the spending. Calidi had $4.3 million in cash and cash equivalents at June 30, 2026, after using $21.3 million in operations in 2025. The release gives no figure for stockholders' equity and no plan for lifting it to the $4.0 million floor. The lead candidate, CLD-401, is still in IND-enabling studies. The compliance plan is a request for time, and the exchange can open delisting proceedings if it rejects the plan or if Calidi misses its milestones.