Undervalued Small-Cap Biotech and Mining Innovators: Calidi Biotherapeutics and Nova Minerals Poised for 2026 Breakouts

In an era of market volatility and sector-specific challenges, small-cap innovators in biotechnology and mining are quietly building momentum through cutting-edge science and resource-driven strategies. Two such companies-Calidi Biotherapeutics and Nova Minerals-stand out for their potential to deliver outsized returns in 2026. By leveraging breakthroughs in oncolytic virology and capital-efficient resource development, these firms are positioning themselves at the intersection of unmet demand and strategic value creation.

Calidi Biotherapeutics: Pioneering Tumor-Tropic Oncolytic Therapies

Calidi Biotherapeutics is advancing its lead candidate, CLD-401, a tumor-tropic oncolytic virus engineered to target metastatic sites after systemic administration. Unlike traditional therapies, CLD-401 replicates selectively in tumor cells while expressing high levels of IL-15 superagonist, a cytokine that activates natural killer (NK) and T-cell responses within the tumor microenvironment. This dual mechanism-direct oncolysis and immune stimulation-positions CLD-401 as a potential game-changer in oncology, particularly for hard-to-treat metastatic cancers.

Recent preclinical data, presented at the 2025 SITC Annual Meeting, demonstrated the RedTail platform's ability to evade immune clearance after systemic delivery while achieving localized concentrations of therapeutic payloads comparable to direct tumor injection. These findings validate Calidi's approach to overcoming a major limitation of oncolytic viruses: systemic immune neutralization. With IND-enabling studies now complete, the company is on track to submit its Investigational New Drug (IND) application by the end of 2026, a critical milestone that could unlock significant valuation upside.

Strategically, Calidi has strengthened its foundation by assembling a Scientific Advisory Board featuring experts in virology and immuno-oncology and securing partnerships to accelerate clinical development. These moves underscore the company's commitment to de-risking its pipeline while maintaining agility-a hallmark of successful small-cap biotechs.

Nova Minerals: Capital-Efficient Gold and Antimony Production in a Strategic Hub

In the mining sector, Nova Minerals is capitalizing on the dual demand for gold and antimony through its Estelle Project in Alaska. The project boasts a JORC-compliant gold resource of 9.9 million ounces and a S-K 1300 pit-constrained resource of 5.2 million ounces, making it one of the world's largest undeveloped gold assets. However, its true differentiator lies in antimony-a critical mineral for defense applications such as ammunition, night vision technology, and flame retardants, according to industry analysis.

Nova recently secured a $43.4 million award from the U.S. Department of Defense under the Defense Production Act Title III program to develop a domestic antimony supply chain, a strategic move that aligns with U.S. defense priorities. This funding, combined with the project's location within Alaska's Tintina Gold Belt-a region with favorable geology and existing infrastructure-supports a capital-efficient growth model. By 2026, the company aims to establish an initial antimony resource estimate through targeted drilling, while advancing a Pre-Feasibility Study to evaluate early production options, including a high-grade starter mine at the RPM deposit.

The strategic importance of antimony cannot be overstated. With global supply chains under pressure and U.S. defense priorities shifting toward self-sufficiency, Nova's Estelle Project is uniquely positioned to benefit from both commodity price trends and policy tailwinds. This dual-value proposition-gold as a store of value and antimony as a strategic enabler-creates a compelling risk-rebalance for investors seeking exposure to undervalued resource plays.

A Case for Strategic Entry

Both Calidi and Nova exemplify the potential of small-cap innovators to deliver outsized returns by addressing niche but high-impact markets. For Calidi, the IND filing in 2026 represents a binary catalyst that could unlock clinical-stage valuation metrics. Meanwhile, Nova's capital-efficient model and alignment with U.S. defense priorities offer a path to scalable growth without the need for excessive external financing.

Investors who recognize these dynamics early-before broader market awareness-stand to benefit from compounding value as these companies cross key milestones. In a landscape where macroeconomic headwinds often overshadow innovation, Calidi and Nova provide a blueprint for leveraging scientific and resource-driven differentiation in undervalued sectors.