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Calidi Biotherapeutics

Closed (deSPAC)

Health Care · cell therapy biotherapeutics

What it is
Biotherapeutics Calidi Biotherapeutics is a clinical-stage immuno-oncology company with proprietary technology that is revolutionizing the effective delivery and potentiation of oncolytic viruses for targeted therapy against difficult-to-treat cancers
What it’s doing now
Merging with First Light Acquisition Group, Inc. (FLAG) — closed (despac).
What you should know
The deal carries a $15M minimum-cash condition — heavy redemptions can break it.

The business, per its filings

SEC primary

Biotherapeutics Calidi Biotherapeutics is a clinical-stage immuno-oncology company with proprietary technology that is revolutionizing the effective delivery and potentiation of oncolytic viruses for targeted therapy against difficult-to-treat cancers. Calidi Biotherapeutics is advancing in clinical development a potent allogeneic stem cell and oncolytic virus combination for use in multiple oncology indications. Calidi’s off-the-shelf, universal cell-based delivery platforms are designed to protect, amplify, and potentiate oncolytic viruses currently in development leading to enhanced efficacy and improved patient safety. Calidi Biotherapeutics is headquartered in La Jolla, California. For more information, please visit calidibio.com .

Source: S-4/A, accession 0001213900-22-029591

What the company says about itself

Web research — not audited

Calidi Biotherapeutics engineers the future of genetic medicine, precisely delivering genetic medicines to sites of disease from cancer to other complex diseases.

Markets:
Genetic Medicine | Cancer
What our web check found

[WEB-INTEL 2026-08-26] 2 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Upon closing of the transaction, anticipated to occur in the second quarter of 2023, the combined company will be named Calidi Biotherapeutics" [https://www.calidibio.com/calidi-biotherapeutics-and-first-light-acquisition-group-flag-announce-merger-agreement-to-create-a-publicly-listed-clinical-stage-biotechnology-company-utilizing-stem-cell-based-platforms-to-revoluti/] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "expected to be up to $82 million" [https://www.globenewswire.com/news-release/2023/01/09/2585454/0/en/calidi-biotherapeutics-and-first-light-acquisition-group-flag-announce-merger-agreement-to-create-a-publicly-listed-clinical-stage-biotechnology-company-utilizing-stem-cell-based-p.html]

Source: https://www.calidibio.com/ · captured Aug 26, 2026 · marketing claims are reported as claims, never merged into the filed figures above.

The deal it’s entering

Calidi Biotherapeutics is merging with First Light Acquisition Group, Inc. (FLAG) currently marked Closed (deSPAC).

Headline equity value—
PIPE≈ $50M · unsourced
Minimum cash to close$15M

Structure per SEC accession(s) 0001193125-23-032781. How to read these numbers: headline vs effective valuation · what a definitive agreement commits

What exactly is being valued, and at what

Common questions

Is Calidi Biotherapeutics going public?

Calidi Biotherapeutics has an approved merger with the SPAC First Light Acquisition Group, Inc. (FLAG). Deal status: Closed (deSPAC).

Does Calidi Biotherapeutics have revenue?

The filings we've parsed don't state a usable revenue figure yet; this profile is updated as new documents land.

Educational content, not investment advice.

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