aibioCalidi Biotherapeutics signs new San Diego lease
Tickers CLDI
The company signed a 44-month lease for Suite 120 at 5580 Morehouse Drive and agreed to terminate its existing lease, effective September 30, 2026.
Key facts
- Company
- Calidi Biotherapeutics, Inc. (AMEX: CLDI)
- News type
- Company Updates
- Primary source
- Calidi Biotherapeutics, Inc. 8-K (2026-07-16)
Calidi Biotherapeutics, Inc. said in a Form 8-K that on July 10, 2026 it entered into a lease for approximately 9,038 rentable square feet of office and laboratory space in Suite 120 at 5580 Morehouse Drive, San Diego, California. On the same day it entered into a Lease Termination Agreement that ends its existing lease. The filing reports the new lease under Item 1.01, the termination under Item 1.02 and the financial obligation under Item 2.03. Chief Financial Officer Andrew Jackson signed the report.
The new lease
The landlord is BP3-SD4 5580 Morehouse Drive LLC, a Delaware limited liability company. The new landlord is an affiliate of 4475 Executive Drive LLC, the landlord under the company's existing lease. The new lease has an initial term of 44 months. It is scheduled to commence on October 1, 2026 and to expire on May 31, 2030, subject to the lease terms and the tenant work letter attached to it.
Calidi has one option to extend the term for an additional three years at the then-prevailing fair market rental rate. The option requires that the company is not in default and occupies at least 50% of the new premises. Within 10 calendar days after the lease was executed, the company must deliver an irrevocable letter of credit in the amount of $113,574.78. The letter of credit must generally remain in effect until at least 120 days after the lease expires, and the landlord may draw on it after certain customary events set out in the lease. The lease contains customary events of default and remedies.
The company estimates it will save approximately $1.1 million per year in rent and facility-related expenses by terminating the existing lease and entering into the new one.
The existing lease
The Lease Termination Agreement is with 4475 Executive Drive LLC and covers a lease dated October 10, 2022, as modified by a Confirmation of Lease Terms dated February 28, 2023. That lease covers office and laboratory space on the second floor of 4475 Executive Drive, San Diego, and was previously scheduled to expire in February 2027.
The termination takes effect on September 30, 2026. The termination was conditioned on the company and the new landlord entering into the new lease, which the company says was satisfied at the time the termination agreement was signed. If substantial completion of the new premises has not occurred by September 30, 2026, the company may remain in the existing premises for up to 14 days after substantial completion. In that case the termination date will be the date within that period on which the company surrenders the existing premises. The termination agreement does not provide for an early termination fee. Provisions of the prior lease that expressly survive expiration or termination remain in effect.
Background and finances
Calidi's principal executive offices are in San Diego. Its annual report, filed March 27, 2026, says it operates in Germany through its wholly owned subsidiary StemVac GmbH, and that it formed Calidi Biotherapeutics Australia Pty Ltd in October 2022 for a portion of its planned clinical trial activities for its SNV1 program.
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.
What the savings claim leaves out
The $1.1 million a year is the company's own estimate, and the filing shows no lease terms behind it, such as rent per square foot. The new lease adds a $113,574.78 letter of credit due within 10 days, which ties up money for a company that used $21.3 million of cash in operations in 2025 and had $9.6 million in cash and cash equivalents at the end of 2024. The filing gives no later cash figure and no financing plan. The landlord is an affiliate of the old one and the initial term is 44 months. Net loss for 2025 was $19.9 million.