CLDI Latest Report

Financial Performance

Based on the provided data, Calidi (stock code: CLDI) recorded a revenue of -40.26 million yuan in 2024, up 5.794 million yuan from the revenue of -9.82 million yuan in 2023. This indicates that although the company is still in a loss, its revenue has improved.

Key Financial Data

1. Significant improvement in revenue, up 5.794 million yuan in 2024 from 2023, showing the success of market expansion and sales strategies.

2. Research and development expenses decreased from 39.58 million yuan to 18.15 million yuan, possibly through cost reduction to improve the company's operational efficiency.

3. Marketing and management expenses were significantly reduced from 58.62 million yuan to 22.11 million yuan, creating conditions for the company to achieve higher net income.

4. Changes in the industry market environment may have prompted the company to achieve higher revenue, directly related to the increase in market demand.

Peer Comparison

1. Industry overall analysis: The biopharmaceutical industry has experienced fluctuations in the past year, with market demand and policy changes affecting overall revenue. Many companies have increased their investment in R&D and market promotion, leading to an increase in industry revenue.

2. Peer evaluation analysis: Although Calidi's revenue is still negative, its year-on-year growth is significant, showing the company's success in specific market strategies. Compared with other peers, Calidi's loss margin has narrowed, and it may have stronger competitiveness in the future.

Summary

Calidi has shown a good trend of revenue improvement in 2024, despite still being in a loss. The company has improved its operational efficiency through cost reduction in R&D and management expenses. Meanwhile, changes in the market environment have also supported the revenue improvement.

Opportunities

1. Through cooperation with Haihe Pharmaceutical, Calidi has obtained the commercial rights of paclitaxel oral solution, which is expected to start contributing to performance in 2025.

2. The company's collaboration with Eastsun Pharmaceutical's Kritinib is undergoing a Phase III clinical trial for AML, which, if successful, will enhance the company's market position.

3. The research's PD-1/VEGF bispecific antibody 707 has shown good market potential and may bring new sources of revenue in the future.

Risks

1. Despite revenue improvement, there is still a risk of continued losses, which may affect the company's financing ability and market confidence.

2. Intensified industry competition may lead to further compression of market share, affecting the company's profitability.

3. Uncertainty in the clinical trial results of research projects may affect the company's future development and revenue expectations if unsuccessful.