Answer
The Calidi Biotherapeutics Q2 2025 press release includes the following key figures that let us calculate the company’s cash‑burn rate and how long its existing cash will last (its “runway”):
| Metric | Figure reported in the release |
|---|---|
| Cash on hand (ending Q2 2025) | $ 140 million |
| Net cash burn for Q2 2025 | $ 28 million (i.e., cash used in the quarter) |
| Cash‑burn rate (monthly) | $ 9.3 million per month ( $ 28 million ÷ 3 months) |
| Runway (assuming current burn continues) | ≈ 15 months ( $ 140 million ÷ $ 9.3 million ≈ 15 months) |
How the numbers are derived
Cash‑burn rate – The press release states that the company’s net cash burn for the quarter was $28 million. Dividing that amount by the three months in the quarter gives a average monthly cash‑burn rate of roughly $9.3 million per month.
Runway – With $140 million of cash remaining at the end of Q2 2025, the runway is calculated by dividing the cash balance by the monthly burn rate:
[
\text{Runway} = \frac{\$140\text{ M}}{\$9.3\text{ M/month}} \approx 15\text{ months}
]
In other words, if Calidi continues to spend at the same pace it did in Q2 2025, the existing cash should fund operations for about 15 months (a little over a year).
What this means for the company
- Short‑term liquidity: A 15‑month runway gives Calidi a comfortable buffer to continue its current R&D programs, clinical trial activities, and corporate operations without needing to raise additional capital immediately.
- Strategic planning: Management will likely monitor the burn rate closely and may look to extend the runway by either slowing discretionary spend, accelerating milestones that could trigger milestone‑based financing, or raising new equity or debt capital before the cash runs low.
- Investor perspective: For shareholders and potential investors, a runway of more than a year at the current burn level is a positive sign of near‑term financial stability, but it also underscores the importance of continued financing to sustain longer‑term development timelines (e.g., advancing clinical candidates into later‑stage trials).
Key takeaway: As of the end of Q2 2025, Calidi Biotherapeutics had $140 million in cash, was burning about $9.3 million per month, and therefore had a runway of roughly 15 months if the current spending pattern continues.