Calidi Biotherapeutics (CLDI) S-1/A 29 Mar 24 IPO registration (amended) Financial data

Cover

Cover	12 Months Ended
	Dec. 31, 2023
Entity Addresses [Line Items]
Document Type	S-1/A
Amendment Flag	true
Amendment Description	AMENDMENT NO. 2
Entity Registrant Name	Calidi Biotherapeutics, Inc.
Entity Central Index Key	0001855485
Entity Tax Identification Number	86-2967193
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	4475 Executive Drive, Suite 200
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	(858)
Local Phone Number	794-9600
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Business Contact [Member]
Entity Addresses [Line Items]
Entity Address, Address Line One	4475 Executive Drive
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	(858)
Local Phone Number	794-9600
Contact Personnel Name	Allan J. Camaisa

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash		$ 1,949	$ 372
Prepaid expenses and other current assets		2,354	414
Total current assets		4,303	786
NONCURRENT ASSETS
Machinery and equipment, net		1,270	887
Operating lease right-of-use assets, net		4,073	199
Forward purchase agreement derivative asset		230
Other noncurrent assets		143	725
TOTAL ASSETS		10,019	2,597
CURRENT LIABILITIES
Legal settlement liability			640
Loans payable, net of issuance costs			1,000
Term notes payable, net of discount, including accrued interest		529	507
Related party term notes payable, net of discount, including accrued interest		278	1,962
Related party convertible notes payable, including accrued interest			804
Related party contingently convertible notes payable, including contingently issuable warrants, at fair value			1,152
Simple agreements for future equity (SAFE), at fair value			24,575
Related party SAFE, at fair value			4,615
Finance lease liability, current		81	72
Operating lease right-of-use liability, current		1,035	44
Total current liabilities		10,232	42,989
NONCURRENT LIABILITIES
Operating lease right-of-use liability, noncurrent		3,037	305
Finance lease liability, noncurrent		216	142
Related party term notes payable, net of discount, including accrued interest		2,060
Other noncurrent liabilities		1,500
Related party other noncurrent liabilities		538
Related party warrant liability		48
Warrant liability		623
TOTAL LIABILITIES		18,254	43,436
STOCKHOLDERS’ DEFICIT(1)
Common stock, $0.0001 par value, 330,000 shares authorized; 35,522 and 8,584 shares issued and outstanding as of December 31, 2023 and 2022, respectively	[1]	4	2
Additional paid-in capital	[1]	91,380	19,928
Accumulated other comprehensive loss, net of tax	[1]	(47)	(14)
Accumulated deficit	[1]	(99,572)	(70,356)
Total stockholders’ deficit	[1]	(8,235)	(50,440)
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT	[1]	10,019	2,597
Founders Convertible Preferred Stock [Member]
CONVERTIBLE PREFERRED STOCK(1)
Series A-2 convertible preferred stock, $0.0001 par value, 0 and 1,665 shares authorized as of December 31, 2023 and December 31, 2022, respectively; 0 and 1,059 shares issued and outstanding as of December 31, 2023 and 2022, respectively; liquidation preference of $0 and $4,454 as of December 31, 2023 and 2022, respectively	[1]		1,354
Series A1 Preferred Stock [Member]
CONVERTIBLE PREFERRED STOCK(1)
Series A-2 convertible preferred stock, $0.0001 par value, 0 and 1,665 shares authorized as of December 31, 2023 and December 31, 2022, respectively; 0 and 1,059 shares issued and outstanding as of December 31, 2023 and 2022, respectively; liquidation preference of $0 and $4,454 as of December 31, 2023 and 2022, respectively	[1]		3,871
Series A2 Preferred Stock [Member]
CONVERTIBLE PREFERRED STOCK(1)
Series A-2 convertible preferred stock, $0.0001 par value, 0 and 1,665 shares authorized as of December 31, 2023 and December 31, 2022, respectively; 0 and 1,059 shares issued and outstanding as of December 31, 2023 and 2022, respectively; liquidation preference of $0 and $4,454 as of December 31, 2023 and 2022, respectively	[1]		4,376
Nonrelated Party [Member]
CURRENT LIABILITIES
Related party accounts payable		2,796	2,124
Related party accrued expenses and other current liabilities		4,896	5,142
Related Party [Member]
CURRENT LIABILITIES
Related party accounts payable		81	147
Related party accrued expenses and other current liabilities		$ 536	$ 205
[1]Retroactively restated for the reverse recapitalization as described in Note 3.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Common Stock, Par or Stated Value Per Share		$ 0.0001
Common Stock, Shares Authorized		330,000,000
Common Stock, Shares, Outstanding	35,522,000	8,584,000
Founders Convertible Preferred Stock [Member]
Temporary Equity, Par or Stated Value Per Share		$ 0.0001
Temporary Equity, Shares Authorized	0	4,371,000
Temporary Equity, Shares Outstanding	0	4,330,000
Temporary Equity, Liquidation Preference	$ 0	$ 2,080
Series A1 Preferred Stock [Member]
Temporary Equity, Par or Stated Value Per Share		$ 0.0001
Temporary Equity, Shares Authorized	0	2,081,000
Temporary Equity, Shares Outstanding	0	1,797,000
Temporary Equity, Liquidation Preference	$ 0	$ 4,316
Series A2 Preferred Stock [Member]
Temporary Equity, Par or Stated Value Per Share		$ 0.0001
Temporary Equity, Shares Authorized	0	1,665,000
Temporary Equity, Shares Outstanding	0	1,059,000
Temporary Equity, Liquidation Preference	$ 0	$ 4,454

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
REVENUE
Total revenue		$ 45
Revenue, Product and Service [Extensible Enumeration]	Service [Member]	Service [Member]
OPERATING EXPENSES
Cost of revenues		$ (14)
Research and development	(13,008)	(7,257)
General and administrative	(15,984)	(15,902)
Total operating expense	(28,992)	(23,173)
Loss from operations	(28,992)	(23,128)
OTHER INCOME (EXPENSES), NET
Series B convertible preferred stock financing costs – related party	(2,680)
Grant income	2,885
Other income (expense), net	(51)	(5)
Total other income (expenses), net	(208)	(2,288)
LOSS BEFORE INCOME TAXES	(29,200)	(25,416)
Income tax provision	(16)	(11)
NET LOSS	$ (29,216)	$ (25,427)
Earnings Per Share, Diluted	$ 1.73	$ 2.99
Weighted Average Number of Shares Outstanding, Diluted	16,887	8,505
Nonrelated Party [Member]
OTHER INCOME (EXPENSES), NET
Interest expense – related party	$ (329)	$ (42)
Change in fair value of debt, other liabilities, and derivatives – related party	(200)	(1,887)
Debt extinguishment – related party	(139)
Related Party [Member]
OTHER INCOME (EXPENSES), NET
Interest expense – related party	(740)	(116)
Change in fair value of debt, other liabilities, and derivatives – related party	1,378	(238)
Debt extinguishment – related party	$ (332)

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parenthetical)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue, Product and Service [Extensible Enumeration]	Service [Member]	Service [Member]

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
NET LOSS	$ (29,216)	$ (25,427)
Other comprehensive income (expense), net of tax:
Foreign currency translation adjustment	(33)	(13)
COMPREHENSIVE LOSS	$ (29,249)	$ (25,440)

Consolidated Statements of Conv

Consolidated Statements of Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands		Preferred Stock [Member] Founders Convertible Preferred Stock [Member]		Preferred Stock [Member] Series A1 Preferred Stock [Member]		Preferred Stock [Member] Series A2 Preferred Stock [Member]		Common Stock [Member]		Additional Paid-in Capital [Member]		AOCI Attributable to Parent [Member]		Retained Earnings [Member]		Total
Balance, value at Dec. 31, 2021	[1]	$ 1,354		$ 3,721		$ 3,926		$ 2		$ 13,316		$ (1)		$ (44,929)		$ (31,612)
Balance, shares at Dec. 31, 2021	[1]	4,329,816		1,734,209		952,242		8,294,816
Issuance of common stock in lieu of cash per settlement agreement , shares																109,739
Exercise of common stock options										114						$ 114
Balance, shares								109,739
Stock-based compensation										4,522						4,522
Issuance of restricted stock units for liability settlement
Foreign currency translation adjustments												(13)				(13)
Net loss														(25,427)		(25,427)
Issuance of preferred stock upon conversion of related party convertible notes payable		0		$ 150		$ 450		0		0		0		0		0
Balance, shares				62,436		107,032
Issuance of common stock in lieu of cash for services										205						205
Balance, shares								57,857
Issuance of common stock in lieu of cash per settlement agreement										1,621						1,621
Balance, shares								105,137
Issuance of common stock in lieu of cash interest for term notes payable										150						150
Balance, shares								16,175
Balance, value at Dec. 31, 2022		$ 1,354	[1]	$ 3,871	[1]	$ 4,376	[1]	$ 2	[1]	19,928	[1]	(14)	[1]	(70,356)	[1]	(50,440)	[2]
Balance, shares at Dec. 31, 2022	[1]	4,329,816		1,796,645		1,059,274		8,583,724
Conversion of preferred stock into common stock		$ (1,354)		$ (3,871)		$ (4,376)				9,601						9,601
Conversion of preferred stock into common stock , shares		(4,329,816)		(1,796,645)		(1,059,274)		7,185,734
Issuance of common stock with term notes as interest paid in kind and other										272						272
Issuance of common stock with term notes as interest paid in kind and other , shares								42,822
Issuance of common stock in lieu of cash per settlement agreement										11						$ 11
Issuance of common stock in lieu of cash per settlement agreement , shares								1,546								7,185,734
Exercise of common stock options										281						$ 281
Balance, shares								197,711								197,711
Series B financing costs										2,680						$ 2,680
Issuance of common stock for Calidi debt settlement in connection with Merger										2,234						2,234
Issuance of common stock for Calidi debt settlement in connection with merger , shares								387,820
Issuance of common stock for deferred compensation settlement in connection with Merger										333						333
Issuance of common stock for deferred compensation settlement in connection with merger ,shares								46,826
Issuance of common stock to Calidi stockholders as result of Merger								$ 2		56,099						56,101
Issuance of common stock to Calidi stockholders as result of Merger, shares								16,769,236
Issuance of common stock to Non-Redemption and PIPE Agreement Investor in connection with Merger										2,763						2,763
Issuance of common stock to Non-Redemption and PIPE Agreement Investor in connection with merger ,shares								1,306,811
Issuance of common stock under Forward Purchase Agreement in connection with Merger										4,520						4,520
Issuance of common stock under Forward Purchase Agreement in connection with merger, shares								1,000,000
Issuance of warrants for deferred compensation settlement in connection with Merger										705						705
Assumed liabilities from Merger										(6,831)						(6,831)
Assumed warrant liability from Merger										(3,389)						(3,389)
Financing fees in connection with Merger										(2,708)						(2,708)
Stock-based compensation										4,809						4,809
Issuance of restricted stock units for liability settlement										72						72
Foreign currency translation adjustments												(33)				(33)
Net loss														(29,216)		(29,216)
Balance, value at Dec. 31, 2023								$ 4		$ 91,380		$ (47)		$ (99,572)		$ (8,235)	[2]
Balance, shares at Dec. 31, 2023	[1]							35,522,230
[1]Retroactively restated for the reverse recapitalization as described in Note 3.[2]Retroactively restated for the reverse recapitalization as described in Note 3.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (29,216)	$ (25,427)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	392	260
Amortization of right of use assets	864	(7)
Amortization of debt discount and financing costs	432	123
Stock-based compensation	4,809	4,522
Change in fair value of debt, other liabilities, and derivatives	(1,178)	2,125
Series B convertible preferred stock financing costs	2,680
Debt extinguishment	471
Disposal of fixed assets	5
Legal settlement with shares of common stock		1,621
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(2,219)	170
Accounts payable	(6,170)	1,624
Accrued expenses and other current liabilities	1,275	1,775
Other noncurrent liabilities	1,500
Operating lease right of use liability	(628)
Net cash used in operating activities	(26,983)	(13,214)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of machinery and equipment	(585)	(428)
Cash assumed in connection with the FLAG Merger	9
Security deposits, net	98	(66)
Net cash used in investing activities	(478)	(494)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options	281	114
Proceeds from Non-Redemption and PIPE Agreements	2,763
Proceeds from simple agreements for future equity (SAFE)	2,760	8,100
Related party proceeds from SAFE		2,550
Proceeds from issuance of term notes payable	1,250	500
Related party proceeds from issuance of term notes payable	2,000	1,000
Repayment of principal on loan payable to bank	(1,000)	(38)
Repayment of principal on related party term notes payable	(950)
Repayment of principal on term notes payable	(300)
Repayment of financing lease obligations	(101)	(81)
Payment of financing costs	(2,156)	(58)
Net cash provided by financing activities	29,044	12,087
Effect of exchange rate changes on cash	(6)	(26)
NET INCREASE (DECREASE) IN CASH AND RESTRICTED CASH	1,577	(1,647)
CASH AND RESTRICTED CASH BALANCE:
At beginning of the year	590	2,237
At end of the year	2,167	590
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	404	35
Cash paid for income taxes	11	11
SUPPLEMENTAL SCHEDULE OF NONCASH FINANCING AND INVESTING ACTIVITIES
Issuance of common stock for deferred compensation settlement in connection with FLAG Merger	344
Issuance of common stock in lieu of cash for services		205
Issuance of warrants for deferred compensation settlement in connection with FLAG Merger	705
Issuance of common stock with term notes as interest paid in kind and other	272	150
Assumed liabilities from FLAG Merger	(6,813)
Assumed warrant liability from FLAG Merger	(3,389)
Issuance of common stock as a result of the FLAG Merger	56,090
Forward purchase agreement derivative asset	4,520
Financing fees in connection with FLAG Merger	(2,604)
Issuance of preferred stock upon conversion of related party convertible notes payable	0	600
Issuance of common stock upon conversion of convertible preferred stock	9,601
Issuance of SAFE in lieu of cash for advisory services	166
Issuance of common stock for Calidi debt settlement in connection with FLAG Merger	2,234
Issuance of SAFE in lieu of cash for settlement of advisory services accounts payable		195
Machinery and equipment acquired through financing leases	180	198
Deferred financing costs included in accounts payable and accrued liabilities		251
Issuance of restricted stock units for liability settlement	72
Nonrelated Party [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of Series B convertible preferred stock	9,590
Related Party [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of Series B convertible preferred stock	$ 14,907

Organization and Nature of Oper

Organization and Nature of Operations	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Operations	1. Organization and Nature of Operations On September 12, 2023, First Light Acquisition Group, Inc., a Delaware corporation (“FLAG”) consummated a series of transactions that resulted in the merger of FLAG Merger Sub Inc., a Nevada corporation and a wholly-owned subsidiary of FLAG and Calidi Biotherapeutics. Inc., a Nevada corporation (“Calidi”). Following the consummation of the Business Combination, FLAG was renamed “Calidi Biotherapeutics, Inc.” and Calidi was renamed “Calidi Biotherapeutics (Nevada), Inc. and became a wholly owned subsidiary of the Company (“Calidi”). Unless the context otherwise requires, the “Company” refers to Calidi Biotherapeutics, Inc., a Delaware corporation (f/k/a First Light Acquisition Group, Inc., a Delaware corporation) and its consolidated subsidiaries. The Company was founded in 2014 and is a clinical stage immuno-oncology company that is developing proprietary allogeneic stem cell-based platforms to potentiate and deliver oncolytic viruses (vaccinia virus and adenovirus) and potentially other molecules to cancer patients. The Company is developing a pipeline of off-the-shelf allogeneic cell product candidates that are designed to: (i) protect oncolytic viruses from complement inactivation and innate immune cell inactivation by the body’s immune system; (ii) support oncolytic viral amplification in the allogeneic cells, and (iii) modify the tumor microenvironment to facilitate tumor cell targeting and viral amplification at the tumor sites for an extended period of time, potentially leading to an improved cancer therapy. The Company’s most advanced product candidates are discussed below. CLD-101 (NeuroNova ™ CLD-101 for recurrent HGG (also referred to as “NNV2” as to the recurrent HGG indication) is a licensed program under development for patents covering cancer therapies using the same CLD-101 (NeuroNova ™ CLD-201 (SuperNova ™ The Company is also developing engineered oncolytic vaccinia virus constructs as well as allogeneic cell-based platforms with improved systemic anti-tumor immunity in the exploratory stages of development. The Company’s operations to date have focused on organization and staffing, business planning, raising capital, licensing, acquiring and developing technology, establishing intellectual property portfolio, identifying potential product candidates and undertaking preclinical studies, process development and procuring manufacturing for preclinical and clinical trials. The Company’s product candidates are subject to long development cycles and the Company may be unsuccessful in its efforts to develop, obtain regulatory approval for or market its product candidates. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, possible failure of preclinical studies or clinical trials, the need to obtain marketing approval for its product candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, the need to successfully commercialize and gain market acceptance of any of the Company’s products that are approved and the ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing, and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure, and extensive compliance-reporting capabilities. Even if the Company’s drug development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. Business Combination On September 12, 2023, First Light Acquisition Group, Inc., a Delaware corporation (“FLAG”) consummated a series of transactions that resulted in the merger of FLAG Merger Sub Inc., a Nevada corporation, a wholly-owned subsidiary of FLAG (“Merger Sub”) and Calidi pursuant to the Agreement and Plan of Merger (as the same has been or may be amended, modified, supplemented or waived from time to time, the “Merger Agreement”) dated as of January 9, 2023 by and among FLAG, Calidi, First Light Acquisition Group, LLC, in the capacity as representative for the stockholders of FLAG (the “Sponsor” or the “Purchaser Representative”) and Allan Camaisa, in the capacity as representative of the stockholders of Calidi (“Seller Representative”). On August 22, 2023, FLAG held a special meeting of stockholders, which was adjourned to and reconvened on August 24, 2023, and further adjourned to and reconvened on August 28, 2023, at which meeting the FLAG stockholders considered and adopted, among other matters, a proposal to approve the business combination. Pursuant to the terms of the Merger Agreement, the business combination was effected through the merger of Merger Sub with and into Calidi, with Calidi surviving such merger as a wholly-owned subsidiary of FLAG (the “FLAG Merger,” and the transactions contemplated by the Merger Agreement, the “Business Combination”). Following the consummation of the Business Combination, FLAG was renamed “Calidi Biotherapeutics, Inc.” Previous Agreement and Plan of Merger with Edoc Acquisition Corp. and other Investors On February 2, 2022, Edoc Acquisition Corp., a Cayman Islands corporation (together with its successors, “Edoc”), entered into an Agreement and Plan of Merger (the “Edoc Merger Agreement”) with Edoc Merger Sub Inc., a Nevada corporation and newly formed wholly-owned subsidiary of Edoc, American Physicians LLC, a Delaware limited liability company (“Sponsor”) and Calidi. On August 11, 2022, the previously announced Edoc Merger Agreement was terminated by Calidi effective as of that date. Liquidity and Going Concern The consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities in the normal course of business, and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or amounts and classification of liabilities that may result from the outcome of this uncertainty. The Company has experienced recurring losses from operations and negative cash flows from operating activities, has a significant accumulated deficit and expects to continue to incur net losses into the foreseeable future. The Company had an accumulated deficit of $ 99.6 million at December 31, 2023. During the year ended December 31, 2023, the Company used $ 27.0 million for operating activities. As of December 31, 2023, the Company had cash of $ 1.9 million and restricted cash of $ 0.2 million. Management expects operating losses and negative cash flows to continue for the foreseeable future. On December 10, 2023, the Company entered into a Standby Equity Purchase Agreement (the “SEPA”) with YA II PN, Ltd., a Cayman Island exempt limited partnership (“Yorkville”). Pursuant to the SEPA, the Company will have the right, but not the obligation, to sell to Yorkville up to $ 25,000,000 of its shares of Common Stock, par value $ 0.0001 per share, at the Company’s request any time during the 36 months following the execution of the SEPA. Subject to certain conditions set forth in the SEPA, including payment of an additional commitment fee, the Company will have the right to increase the commitment amount under the SEPA by an additional $ 25,000,000 . See Note 14 for more details. Management estimates that based on the Company’s liquidity resources, there is substantial doubt about the Company’s ability to continue as a going concern within 12 months from the date of issuance of the financial statements. Management’s ability to continue as a going concern is dependent upon its ability to raise additional funding. Management’s plans to raise additional capital through public or private equity or debt financings to fulfill its operating and capital requirements for at least 12 months from the date of the issuance of the financial statements. However, the Company may not be able to secure such financing in a timely manner or on favorable terms, if at all. Furthermore, if the Company issues equity securities to raise additional funds, its existing stockholders may experience dilution, and the new equity securities may have rights, preferences and privileges senior to those of the Company’s existing stockholders. Risks and uncertainties Changes in economic conditions, including rising interest rates, public health issues, lower consumer confidence, volatile equity capital markets, ongoing supply chain disruptions and the impacts of geopolitical conflicts, may affect the Company’s operations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of presentation The accompanying consolidated financial statements as of and for the years ended December 31, 2023 and 2022, have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). As described in Note 1 and Note 3, pursuant to the effected Business Combination where Calidi was determined to be the accounting acquirer in connection with the FLAG Merger, for periods prior to the FLAG Merger, the consolidated financial statements were prepared on a stand-alone basis for Former Calidi and did not include the combined entities activity or financial position. Subsequent to the FLAG Merger, the consolidated financial statements as of and for the year ended December 31, 2023 include the acquired business from September 12, 2023 through December 31, 2023, and assets and liabilities at their acquisition date fair value. Historical share and per share figures of the Former Calidi have been retroactively restated based on the exchange ratio of approximately 0.42 (the “Conversion Ratio”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Principles of consolidation The accompanying consolidated financial statements of the Company include the accounts of its wholly owned subsidiary, Calidi Biotherapeutics (Nevada), Inc., a company incorporated in the state of Nevada and fka Calidi Biotherapeutics, Inc., StemVac GmbH (“StemVac”), a company organized under the laws of Germany, and Calidi Biotherapeutics Australia Pty Ltd (“Calidi Australia”), a wholly owned Australian subsidiary. StemVac’s primary operating activities include process development and other research and development activities for the SNV1 program performed for the Company under a cost-plus intercompany development agreement funded by the Company. Calidi Australia’s principal purpose is for conducting a part of the SNV1 clinical trials in Australia. Variable interest entities (“VIEs”) are legal entities that either have an insufficient amount of equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of equity investment at risk lack the ability to direct the entity’s activities that most significantly impact economic performance through voting or similar rights, or do not have the obligation to absorb the expected losses or the right to receive expected residual returns of the entity. For all VIEs in which the Company is involved, it assesses whether it is the primary beneficiary on an ongoing basis. In circumstances where the Company has both the power to direct the activities that most significantly impact the VIEs performance and the obligation to absorb losses or the right to receive the benefits of the VIE that could be significant, the Company would conclude that it is the primary beneficiary of the VIE, and the Company consolidates the VIE. In situations where the Company is not deemed to be the primary beneficiary of the VIE, it does not consolidate the VIE and only recognizes the Company’s interests in the VIE. Calidi Cure LLC (“Calidi Cure”), a Delaware limited liability company formed in June 2023, is a special purpose vehicle entity that is solely managed and operated by Allan J. Camaisa, Chief Executive Officer and Chairman of the Board of Directors of the Company. Calidi Cure was created for the sole purpose of supporting the Series B Convertible Preferred Stock financing arrangement for Calidi (see Note 10), has no other operations, and will be dissolved as soon as practicable following the closing of the business combination between the Company and FLAG. As such, the level of equity in Calidi Cure is not sufficient to permit the entity to finance its activities without additional subordinated financial support provided by other parties. Accordingly, it was determined that Calidi Cure is a VIE and the Company is the primary beneficiary. As such, the Company has consolidated Calidi Cure into its consolidated financial statements presented herein. The accompanying consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial condition and results of operations. All material intercompany accounts and transactions have been eliminated in consolidation. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and contingent assets and liabilities, at the date of the consolidated financial statements, and the reported amounts during the reporting period. On an ongoing basis, management evaluates estimates which are subject to significant judgment, including, but not limited to, valuation methods used, assumptions requiring the use of judgment to prepare financial projections, timing of potential commercialization of acquired in-process intangible assets, applicable discount rates, comparable companies or transactions, liquidity events, determination of fair value of financial instruments under the fair value option of accounting, assumptions related to the going concern assessments, allocation of direct and indirect expenses, useful lives associated with long- lived assets, key assumptions in operating and financing leases including incremental borrowing rates, loss contingencies, valuation allowances related to deferred income taxes, assumptions used to value common stock, debt and debt-like instruments, warrants, and stock-based awards and other equity instruments. Actual results may differ materially from those estimates. Cash, Cash Equivalents and Restricted cash The Company considers all highly liquid investments purchased with an original maturity date of ninety days or less to be cash equivalents. Cash and cash equivalents include cash in readily available checking, money market accounts and brokerage accounts. The Company classifies cash that has contractual or legal restrictions imposed by third parties as restricted cash, which is restricted as to withdrawal or use except for the specified purpose under a contract. The Company classifies restricted cash as either part of prepaids and other current assets, or as part of other noncurrent assets, depending on the term and nature of the underlying contract with a financial institution, which requires the Company to hold a fixed amount of funds in a restricted money market account as collateral to the financial institution for the Company’s corporate credit card program with that financial institution. The following table provides a reconciliation of cash and restricted cash reported within the balance sheet dates that comprise the total of the same such amounts shown in the consolidated statements of cash flows (in thousands): Schedule of Cash and Cash Equivalents December 31, 2023 December 31, 2022 Cash $ 1,949 $ 372 Restricted cash included within prepaid expenses and other current assets 100 100 Restricted cash included within other noncurrent assets 118 118 Total cash and restricted cash as shown in the consolidated statements of cash flows $ 2,167 $ 590 Machinery and equipment Machinery and equipment are stated at cost, less accumulated depreciation, and includes assets purchased under financing leases. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally over a period of 3 to 5 years. For equipment purchased under financing leases, The Company depreciates the equipment based on the shorter of the useful life of the equipment or the term of the lease, ranging from 3 to 5 years, depending on the nature and classification of the financing lease. Maintenance and repairs are expensed as incurred whereas significant renewals and betterments are capitalized. When assets are retired or otherwise disposed of, the cost and the related accumulated depreciation are removed from the respective accounts and any resulting gain or loss is reflected in the Company’s consolidated statements of operations. Leases The Company accounts for leases in accordance with ASC 842, Leases For operating leases, the Company recognizes right-of-use (“ROU”) assets and lease liabilities for leases with terms greater than 12 months in the consolidated balance sheet, while leases with terms of 12 months or less are not capitalized. ROU assets represent the right to use an underlying asset during the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company uses the implicit rate when it is readily determinable. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company discloses the amortization of ROU assets and operating lease payments as a net amount, “Amortization of right-of-use assets and liabilities”, on the consolidated statements of cash flows. Finance leases are included in machinery and equipment, and in finance lease liabilities, current and noncurrent, in the consolidated balance sheets. See Note 14 for the San Diego office lease which commenced on March 1, 2023, and was accounted for as an operating lease in accordance with ASC 842. Impairment of long-lived assets The Company assesses the impairment of long-lived assets, which consist primarily of right-of-use assets for operating leases and machinery and equipment, whenever events or changes in circumstances indicate that such assets might be impaired and the carrying value may not be recoverable. If events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable and the expected undiscounted future cash flows attributable to the asset are less than the carrying amount of the asset, an impairment loss equal to the excess of the assets carrying value over its fair value is recorded in the Company’s consolidated statements of operations. Business combinations and asset acquisitions The Company evaluates acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted for as a business combination or asset acquisition by first applying a screen test analysis to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the screen test is met, the transaction is accounted for as an asset acquisition. If the screen test is not met, further determination is required to assess if the Company acquired inputs and processes that have the ability to create outputs, which would meet the requirements of a business combination. If determined to be a business combination, the Company accounts for the transaction under the acquisition method of accounting as indicated in ASC 805, Business Combinations (“ASC 805”), which requires the acquiring entity in a business combination to recognize the fair value of all assets acquired, liabilities assumed, and any non-controlling interest in the acquiree and establishes the acquisition date as the fair value measurement point. The Company evaluates whether identifiable assets are similar by assessing the existence of interdependency between the identifiable assets, and by considering the nature of each single identifiable asset and the risks associated with managing and creating outputs from the assets. If determined to be an asset acquisition of a single identifiable asset or group of similar identifiable assets, then the Company accounts for the transaction under ASC 805-50 and recognizes assets acquired and liabilities assumed based on the cost to the acquiring entity on a relative fair value basis, which includes transaction costs in addition to consideration given. Consideration given in cash is measured by the amount of cash paid and non-cash consideration is measured based on its fair value at the time of issuance. Transaction costs of the asset acquisition are included in the consideration paid for an acquired asset. Goodwill is not recognized in an asset acquisition and any excess consideration transferred over the fair value of the net assets acquired is allocated to the identifiable assets based on relative fair values. When accounting for an asset acquisition that includes in-process research and development (“IPR&D”) assets and costs, Calidi applies the requirements under ASC 730, Research and Development, which requires IPR&D assets and costs to be expensed as of the acquisition date, unless the IPR&D has an alternative future use. Cash payments for IPR&D assets acquired in an asset acquisition are classified in operating activities in the consolidated statements of cash flows. The Company assesses the terms of the asset acquisition to determine whether consideration payable at a future date is contingent consideration or seller financing. If the payment depends on the occurrence of a specified future event or the meeting of a condition and the event or condition is substantive, the additional consideration is accounted for as contingent consideration. If the additional payment depends only on the passage of time or is based on a future event or the meeting of a condition that is not substantive, the arrangement is accounted for as seller financing. Contingent consideration payments accounted at a later date are recognized when the contingency is resolved and the consideration is paid or becomes payable (unless the contingent consideration meets the definition of a derivative or is probable that a liability has been incurred and the amount can be reasonably estimated, in which case the amount is accounted for separately and becomes part of the basis in the asset acquired). Upon recognition of the contingent consideration payment, the amount is capitalized as part of the cost of the assets acquired and allocated to increase the eligible assets on a relative fair value basis. However, if the contingent consideration is related to IPR&D assets with no alternative future use, the amount of the contingent payment is expensed. All amounts expensed as IPR&D without alternative future use are part of research and development presented separately on the consolidated statements of operations for all periods presented. See Note 3 for business combinations during the year ended December 31, 2023. Fair value option of accounting When financial instruments contain various embedded derivatives which may require bifurcation and separate accounting of those derivatives apart from the entire host instrument, if eligible, ASC 825, Financial Instruments Based on the eligibility assessment discussed above, the Company concluded that its contingently convertible notes payable and certain term notes payable are eligible for the FVO and accordingly elected the FVO for those debt instruments. This election was made because of operational efficiencies in valuing and reporting for these debt instruments in their entirety at each reporting date (see Note 4 and Note 8 for additional disclosures). Contingently convertible notes payable and related party contingently convertible notes payable, which include the related contingently issuable warrants, (collectively referred to as “CCNPs”), contain a number of embedded derivatives, such as settlement of the contingent conversion features with variable number of shares of common stock, features which require bifurcation and separate accounting under GAAP, for which the Company elected the FVO for the entire CCNP instrument. In addition, certain term notes payable and related party term notes payable were issued with separately exercisable and freestanding warrants to purchase common stock, were issued with substantial discounts at issuance and contained certain embedded derivatives to be bifurcated and accounted for separately for those term notes, unless the FVO is eligible and elected. Accordingly, the Company qualified for and elected the FVO for the entire term notes payable instruments. Both the CCNP and the term notes payable, inclusive of their respective accrued interest at their stated interest rates (collectively referred to as the “FVO debt instruments”) were initially recorded at fair value as liabilities on the consolidated balance sheets and were subsequently re-measured at fair value at the end of each reporting period presented within the consolidated financial statements. The changes in the fair value of the FVO debt instruments are recorded in changes in fair value of debt and change in fair value of debt — related party, included as a component of other income and expenses, net, in the consolidated statements of operations. The change in fair value related to the accrued interest components is also included within the single line of change in fair value of debt and change in fair value of debt — related party on the consolidated statements of operations. See additional information on valuation methodologies and significant assumptions used in Note 4. Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480, Distinguishing Liabilities from Equity, and ASC 815, Derivatives and Hedging Fair value measurements The Company follows ASC 820, Fair Value Measurement ASC 820 establishes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, which are as follows: Level 1: Quoted prices in active markets for identical assets and liabilities; Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted market prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3: Unobservable inputs in which there is little or no market data and that are significant to the fair value of the assets or liabilities, which require the reporting entity to develop its own assumptions. When quoted market prices are available in active markets, the fair value of assets and liabilities is estimated within Level 1 of the valuation hierarchy. If quoted prices are not available, then fair values are estimated by using pricing models, quoted prices of assets and liabilities with similar characteristics, or discounted cash flows, within Level 2 of the valuation hierarchy. In cases where Level 1 or Level 2 inputs are not available, the fair values are estimated by using inputs within Level 3 of the hierarchy. See Note 4 for fair value measurements. Common stock valuations Prior to the Business Combination, the Company was required to periodically estimate the fair value of its common stock with the assistance of an independent third-party valuation firm when issuing stock options and computing estimated stock-based compensation expense. The assumptions underlying these valuations represented the Company’s best estimates, which involved inherent uncertainties and the application of significant levels of judgment. In order to determine the fair value of its common stock, the Company considered, among other items, previous transactions involving the sale of Company securities, the business, financial condition and results of operations, economic and industry trends, the market performance of comparable publicly traded companies, and the lack of marketability of the Company’s common stock. Subsequent to the Business Combination, the Company now determines the fair value of common stock based on the closing market price at closing on the date of grant. Classification of Founders, Series A-1, and Series A-2 convertible preferred stock The Company originally classified its Founders, Series A-1 and Series A-2 convertible preferred stock (collectively “Convertible Preferred Stock”) outside of permanent equity because the Convertible Preferred Stock contained certain redemption features that result in those shares being redeemable upon the occurrence of certain events that are not solely within the Company’s control, including liquidation, sale or transfer of control. Accordingly, the Convertible Preferred Stock was recorded outside of permanent equity and was subject to the classification guidance provided under ASC 480-10-S99. Because dividends were not contractually required to be accrued on the Convertible Preferred Stock as there was no stated or required dividend rate per annum, the Company was not required the accrete dividends into the carrying amount of the Convertible Preferred Stock in anticipation of a future contingent event or redemption value. Accordingly, the Company did not adjust the carrying values of the Convertible Preferred Stock to the respective liquidation preferences of such shares because of the uncertainty of whether or when such events would occur. As of December 31, 2023, all shares of Convertible Preferred Stock were converted into common stock pursuant to their provisions in connection with the FLAG Merger closed on September 12, 2023 (see Note 10). Classification of Series B convertible preferred stock – liability classified The Company originally classified its Series B convertible preferred stock (“Series B Convertible Preferred Stock”) as a liability pursuant to the classification guidance provided under ASC 480-10-25-14, Distinguishing Liabilities from Equity As of December 31, 2023, all Series B Convertible Preferred Stock was converted into common stock in connection with the FLAG Merger closed on September 12, 2023, and in accordance with the conversion provisions in the Series B Convertible Preferred Stock agreements (see Note 10). Forward Purchase Agreement On August 28, 2023, and August 30, 2023, FLAG and Calidi entered into forward purchase agreements (each a “Forward Purchase Agreement”, and together, the “Forward Purchase Agreement”) with each of Meteora Strategic Capital, LLC (“MSC”), Meteora Capital Partners, LP (“MCP”), Meteora Select Trading Opportunities Master, LP (“MSTO”), Great Point Capital LLC (“Great Point”), Funicular Funds, LP (“Funicular Funds”) and Marybeth Wootton (“Wootton”) (with each of MSC, MCP, MSTO, Great Point, Funicular, and Wootton, individually a “Seller”, and together, the “Sellers”) for an OTC Equity Prepaid Forward Transaction. For purposes of the Forward Purchase Agreement, FLAG is referred to as the “Counterparty” prior to the consummation of the business combination), while Calidi is referred to as the “Counterparty” after the consummation of the business combination. Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to such terms in the Forward Purchase Agreement. Pursuant to the terms of the Forward Purchase Agreements, each Sellers intends to purchase up to a number of shares of Class A Common Stock, par value $ 0.0001 per share, of FLAG (“FLAG Class A Common Stock”) in the aggregate amount equal to up to 1,000,000 , concurrently with the Closing pursuant to each Seller’s respective FPA Funding Amount PIPE Subscription Agreement, less, the number of FLAG Class A Common Stock purchased by each Seller separately from third parties through a broker in the open market (“Recycled Shares”). The Forward Purchase Agreements provide that Sellers will be paid directly an aggregate cash amount (the “Prepayment Amount”) equal to the product of (i) the Number of Shares as set forth in each Pricing Date Notice and (ii) the redemption price per share as defined in Section 9.2(a) of FLAG’s Amended and Restated Certificate of Incorporation, as amended (the “Initial Price”) less (iii) an amount in USD equal to 0.50 % of the product of (i) the Recycled Shares multiplied by (ii) the Initial Price paid by Seller to Counterparty on the Prepayment Date (which amount shall be netted from the Prepayment Amount) (the “Prepayment Shortfall”). The Counterparty will pay to Seller the Prepayment Amount required under the respective Forward Purchase Agreement directly from the Counterparty’s Trust Account maintained by Continental Stock Transfer and Trust Company holding the net proceeds of the sale of the units in the Counterparty’s initial public offering and the sale of private placement warrants (the “Trust Account”) no later than the earlier of (a) one business day after the Closing Date and (b) the date any assets from the Trust Account are disbursed in connection with the Business Combination, except that to the extent the Prepayment Amount payable to a Seller is to be paid from the purchase of Additional Shares by such Seller pursuant to the terms of its FPA Funding Amount PIPE Subscription Agreement, such amount will be netted against such proceeds, with such Seller being able to reduce the purchase price for the Additional Shares by the Prepayment Amount. Following the Closing, the reset price (the “Reset Price”) will initially be $ 10.00 ; provided, however, that the Reset Price may be reduced immediately to any lower price at which the Counterparty sells, issues or grants any FLAG Class A Common Stock or securities convertible or exchangeable into FLAG Class A Common Stock (excluding any secondary transfers) (a “Dilutive Offering”), then the Reset Price shall be modified to equal such reduced price as of such date. From time to time and on any date following the Trade Date (any such date, an “OET Date”), Seller may, in its discretion, terminate its Forward Purchase Agreement in whole or in part by providing written notice to the Counterparty (the “OET Notice”), by the later of (a) the fifth Local Business Day following the OET Date and (b) no later than the next Payment Date following the OET Date (which shall specify the quantity by which the Number of Shares shall be reduced (such quantity, the “Terminated Shares”)); provided that “Terminated Shares” includes only such quantity of Shares by which the Number of Shares is to be reduced and included in an OET Notice and does not include any other Share sales, Shortfall Sale Shares or sales of Shares that are designated as Shortfall Sales (which designation can be made only up to the amount of Shortfall Sale Proceeds), any Share Consideration sales or any other Shares, whether or not sold, which shares will not be included in any OET Notice when calculating the number of Terminated Shares. The effect of an OET Notice shall be to reduce the Number of Shares by the number of Terminated Shares specified in such OET Notice with effect as of the related OET Date. As of each OET Date, the Counterparty shall be entitled to an amount from the Seller, and the Seller shall pay to the Counterparty an amount, equal to the product of (x) the number of Terminated Shares and (y) the Reset Price in respect of such OET Date, except that no such amount will be due to Counterparty upon any Shortfall Sale. The payment date may be changed within a quarter at the mutual agreement of the parties. From time to time and on any date following the Trade Date (any such date, a “Shortfall Sale Date”) Seller may, in its absolute discretion, at any sales price, sell Shortfall Sale Shares, and in connection with such sales, Seller shall provide written notice to Counterparty (the “Shortfall Sale Notice”) no later than the later of (a) the fifth Local Business Day following the Shortfall Sales Date and (b) the first Payment Date after the Shortfall Sales Date, specifying the quantity of the Shortfall Sale Shares and the allocation of the Shortfall Sale Proceeds. Seller shall not have any Early Termination Obligation in connection with any Shortfall Sales. The Counterparty covenants and agrees for a period of at least sixty (60) Local Business Days (commencing on the Prepayment Date or if an earlier Registration Request is submitted by Seller on the Registration Statement Effective Date) not to issue, sell or offer or agree to sell any Shares, or securities or debt that is convertible, exercisable or exchangeable into Shares, including under any existing or future equity line of credit, until the Shortfall Sales equal the Prepayment Shortfall. Unless and until the proceeds from Shortfall Sales equal 100 % of the Prepayment Shortfall, in the event that the product of (x) the difference between (i) the number of Shares as specified in the Pricing Date Notice(s), less (ii) any Shortfall Sale Shares as of such measurement time, multiplied by (y) the VWAP Price, is less than (z) the difference between (i) the Prepayment Shortfall, less (ii) the proceeds from Shortfall Sales as of such measurement time (the “Shortfall Variance”), then the Counterparty, as liquidated damages in respect of such Shortfall Variance, at its option shall within five (5) Local Business Days either: (A) Pay in cash an amount equal to the Shortfall Variance; or (B) Issue and deliver to Seller such number of additional Shares that are equal to (1) the Shortfall Variance, divided by (2) 90 % of the VWAP Price (the “Shortfall Variance Shares”). The valuation date will be the earliest to occur of (a) 36 months after of the Closing Date, (b) the date specified by a Seller in a written notice to be delivered to the Counterparty at a Seller’s discretion (which Valuation Date shall not be earlier than the day such notice is effective) after the occurrence of any of (v) a Shortfall Variance Registration Failure, (w) a VWAP Trigger Event (x) a Delisting Event, (y) a Registration Failure or (z) unless otherwise specified therein, upon any Additional Termination Event and (c) the date specified by Seller in a written notice to be delivered to Counterparty at Seller’s sole discretion (which Valuation Date shall not be earlier than the day such notice is effective) (the “Valuation Date”). On the Cash Settlement Payment Date, which is the tenth business day following the last day of the valuation period commencing on the Valuation Date, a Seller shall pay the Counterparty a cash amount equal to either: (1) in the event that the Valuation Date is determined by clause (c) of the Valuation Date definition, a cash amount equal to (A) the Number of Shares as of the Valuation Date, multiplied by (2) the closing price of the Shares on the Exchange Business Day immediately preceding the Valuation Date, or (2) (A) the Number of Shares as of the Valuation Date less the number of Unregistered Shares, multiplied by (B) the volume-weighted daily VWAP Price over the Valuation Period less (3) if the Settlement Amount Adjustment is less than the cash amount to be paid, the Settlement Amount Adjustment. The Settlement Amount Adjustment is equal to (1) the Maximum Number of Shares as of the Valuation Date multiplied by (2) $ 2.00 per share, and the Settlement Amount Adjustment will be automatically netted from the Settlement Amount. If the Settlement Amount Adjustment exceeds the Settlement Amount, the Counterparty will pay the Seller in FLAG Class A Common Stock or, at the Counterparty’s election, in cash. Seller has agreed to waive any redemption rights under FLAG’s Amended and Restated Certificate of Incorporation, as amended, with respect to any FLAG Class A Common Stock purchased through the FPA Funding Amount PIPE Subscription Agreement and any Recycled Shares in connection with the Business Combination, that would require redemption by FLAG of the Class A Common Stock. The Forward Purchase Agreement has been structured, and all activity in connection with such agreement has been undertaken, to comply with the requirements of all tender offer regulations applicable to the Business Combination under the Securities Exchange Act of 1934, as amende

Merger and Related Transactions

Merger and Related Transactions	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Merger and Related Transactions	3. Merger and Related Transactions As described in Note 1, Calidi merged with a wholly owned subsidiary of FLAG on September 12, 2023. The FLAG Merger was accounted for as a reverse recapitalization under U.S. GAAP. Calidi was considered the accounting acquirer for financial reporting purposes. This determination was based on the facts that, immediately following the FLAG Merger: (i) Calidi stockholders own a substantial majority of the voting rights; (ii) Calidi designated a majority of the initial members of the board of directors of the combined company; (iii) Calidi ‘s executive management team became the management team of the combined company; and (iv) the Company was named Calidi Biotherapeutics, Inc. Accordingly, for accounting purposes, the FLAG Merger was treated as the equivalent of Calidi issuing stock to acquire the net assets of FLAG. As a result of the FLAG Merger, the net assets of FLAG were recorded at their acquisition-date fair value, which approximated book value due to the short-term nature of the instruments, in the financial statements of Calidi and the reported operating results prior to the FLAG Merger were those of Calidi. Historical common share amounts of Calidi have been retroactively restated based on the conversion ratio of approximately 0.42 . As a result of the Business Combination, all outstanding stock of Calidi was cancelled in exchange for the right to receive newly issued shares of Common Stock (“New Calidi Common Stock”), par value $ 0.0001 per share, and all outstanding options to purchase Calidi stock were assumed by the Company . 250.0 million, plus an adjustment of $ 23.8 million pursuant to the net debt adjustment provisions of the Merger Agreement by reason of the Series B Financing. As a result, the Calidi Security Holders received an aggregate of 27,375,600 shares of newly issued Common Stock as merger consideration (“Merger Consideration”). As additional consideration, each Calidi Stockholder is entitled to earn, on a pro rata basis, up to 18,000,000 shares of non-voting common stock (the “Escalation Shares”). During the five-year period following the Closing (the “Escalation Period”), Calidi Stockholders may be entitled to receive up to 18,000,000 Escalation Shares with incremental releases of 4,500,000 shares upon the achievement of each share price hurdle if the trading price of Common Stock is $12.00, $14.00, $16.00 and $18.00, respectively, for a period of any 20 days within any 30-consecutive-day trading period. The Escalation Shares are held in escrow and are outstanding from and after the Closing, subject to cancellation if the applicable price targets are not achieved. While in escrow, the shares will be non-voting. Holders of FLAG Class A Common Stock who did not redeem their shares obtained an additional 85,849 Non-Redeeming Continuation Shares issued at Closing. At the Closing, Calidi Security Holders own approximately 76 % of the outstanding shares of New Calidi Common Stock. After giving effect to the Business Combination transaction and the issuance of the Merger Consideration described above, there were 35,522,230 shares of the Company’s Common Stock issued and outstanding as of December 31, 2023. New Money PIPE Subscription Agreement On August 30, 2023, FLAG entered into a subscription agreement (the “New Money PIPE Subscription Agreement” and together with the FPA Funding Amount PIPE Subscription Agreements, the “PIPE Subscription Agreements”) with Wootton (the “New Money PIPE Investor”). Pursuant to the New Money PIPE Subscription Agreement, the New Money PIPE Subscriber subscribed and purchased an aggregate of 132,817 shares of FLAG Class A Common Stock for aggregate gross proceeds of approximately $ 0.2 million to Calidi at the Closing. The New Money Pipe Investor had also participated in the Calidi Cure Series B Financing discussed above, which was completed at the Closing with aggregate proceeds of $ 0.4 million to Calidi. Non-Redemption Agreement On August 28, 2023 and August 30, 2023, FLAG entered into non-redemption agreements (the “Non-Redemption Agreements”) with Sellers, pursuant to which Sellers agreed to reverse the redemption of 335,238 shares of FLAG Class A Common Stock. At the Closing, Calidi received net cash proceeds from the Trust of approximately $ 1.8 million in connection with the Non-Redemption Agreements. In consideration of the Seller’s role in structuring the various transactions described herein, including in connection with potential similar transactions with other investors, the Seller was entitled to 200,000 incentive shares of FLAG Class A Common Stock upon consummation of the Business Combination. All of the Sellers in the Non-Redemption Agreements had also participated in the Calidi Cure Series B Financing discussed above, which was completed at the Closing with aggregate proceeds of $ 2.6 million to Calidi, of which $ 0.8 million of received net cash proceeds from the Trust is in connection with Non-Redemption Agreements. Non-Redeeming Shareholders and Trust fund proceeds Upon the consummation of the Business Combination, 2,687,351 FLAG public shares were redeemed for aggregate redemption payments of approximately $ 28.2 million from the Trust. The remaining approximate $ 15.0 million funds in the Trust were distributed as follows i) $ 12.5 million to the Seller investors pursuant to the Forward Purchase Agreements and Non-Redemption Agreements discussed above, ii) $ 1.8 million to Calidi in connection with the Non-Redemption Agreements discussed above, and iii) $ 0.7 million in cash to Calidi available in the Trust from non-redeeming shareholders.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis, inclusive of related party components, as of December 31, 2023 and December 31, 2022 (in thousands): Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis Level 1 Level 2 Level 3 Total December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Restricted cash held in a money market account $ 218 $ — $ — $ 218 Forward Purchase Agreement Derivative Asset — — 230 230 Total assets, at fair value $ 218 $ — $ 230 $ 448 Liabilities: Public Warrants $ 575 $ — $ — $ 575 Private Placement Warrants 96 — — 96 Total warrant liabilities, at fair value $ 671 $ — $ — $ 671 Level 1 Level 2 Level 3 Total December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Restricted cash held in a money market account $ 218 $ — $ — $ 218 Liabilities: Contingently convertible notes payable, including accrued interest (1) $ — $ — $ 1,152 $ 1,152 SAFEs — — 29,190 29,190 Total liabilities, at fair value $ — $ — $ 30,342 $ 30,342 (1) Elected the fair value option of accounting as discussed in Note 2. Calidi’s financial instruments consist of cash, prepaid expenses and other current assets, deferred financing fees, accounts payable, accrued expenses, and other current liabilities. The carrying value of these financial instruments is generally considered to approximate their fair values because of the short-term nature of those instruments. The Company previously entered into a legal settlement liability of $ 1.1 million (see Note 5). In accordance with the Settlement Agreement, the entire then unpaid amount was required to be repaid if the Company secures at least $ 10.0 million in equity financing, which the Company considered to be likely within the short-term (see Note 1). As such, as of December 31, 2022, approximately $ 0.6 million was included in legal settlement liability on the consolidated balance sheets. Upon the close of the FLAG Merger on September 12, 2023 (see Note 3), the entire amount became due and was subsequently paid to the Former Executive and as of December 31, 2023, there was no legal settlement liability outstanding. The Company previously issued various debt financial instruments that included a loan payable, term notes payable, convertible notes payable, contingently convertible notes payable, and SAFEs, all of which were recently converted into common stock in connection with the closing of the FLAG Merger on September 12, 2023 (see Notes 8 and 9). For debt instruments that are not recorded at fair value amounting to $ 2.9 million and $ 4.3 million as of December 31, 2023 and December 31, 2022, respectively, the Company believes that the fair value of these debt instruments approximates their carrying value based on the borrowing rates available to the Company for debt with similar terms. The Company reports the fair value option debt instrument, including accrued interest, at its fair value as of each reporting date, with changes in the fair value of those instruments included in change in fair value of debt or change in fair value of debt — related party, as applicable, as part of other income and expenses, net, in the consolidated statements of operations. The Company has also previously issued certain other instruments such as the SAFEs which were also accounted for as fair value on a recurring basis further described below. The Company previously entered into a Series B convertible preferred stock agreement (see Note 10). The Company previously classified its Series B convertible preferred stock as a liability, recorded at fair value on a recurring basis, subject to the classification guidance provided under ASC 480-10-25-14. Contingently Convertible Notes Payable (CCNP) The estimated fair value of the CCNPs was determined based on the aggregated, probability-weighted average of the outcomes of two possible scenarios, (i) the next qualified financing event, as defined, occurring prior to maturity and the CCNPs, including accrued interest, thereby mandatorily converting to the type and form of shares of stock issued in that qualified financing, including the underlying contingent warrants being issued at that time (referred to as “Scenario 1”), or, (ii) a qualified financing not occurring and the CCNPs, including accrued interest, maturing without conversion and without any warrants being issued (referred to as “Scenario 2”). The combined value of the probability-weighted average of those outcomes was then discounted back to each reporting period in which the CCNP were outstanding, in each case, under Scenario 1, based on the risk-free rate consistent with risk-neutral similar derivative equity instruments and, under Scenario 2, based on a risk-adjusted discount rate estimated based on the implied interest rate using the changes in observed interest rates of similar corporate rate debt that the Company believes is appropriate for those probability-adjusted cash flows under Scenario 2. The value of the contingent warrants, applicable only to Scenario 1, was measured at fair value using the Black-Scholes option pricing model used to value preferred stock warrants using an underlying asset value and the discounted exercise price of the warrants, as defined, and the indicated volatility of convertible preferred stock. As of December 31, 2023, in connection with the completion of the FLAG Merger described in Notes 1 and 3, all contingently convertible notes payable were converted to Calidi common stock in accordance with the conversion provisions in the original agreements. Term Notes Payable The estimated fair value of the term notes payable is computed similarly based on its contractual cash flows and discounted back to each reporting period the instrument is outstanding using risk-adjusted discount rates similar to Scenario 2 in CCNP discussed above. The warrants to purchase common stock, which are freestanding equity classified instruments, issued with the term notes payable, were measured using the Black-Scholes option pricing model and the value allocated among the two freestanding instruments based on the residual method of allocation (see Note 8). Simple Agreements for Future Equity Calidi previously entered into certain Simple Agreements for Future Equity instruments (“SAFE”) (see Note 9). The SAFE instruments were recorded as liabilities and stated at fair value based on Level 3 inputs. The estimated fair value of the SAFE instruments was determined based on the aggregated, probability-weighted average of the outcomes of certain possible scenarios, including (i) a next qualified financing event, as defined, thereby mandatorily converting the SAFE to the type and form of shares of stock issued in that qualified financing at a specified discount to the price issued (referred to as “SAFE Scenario 1”), (ii) a SPAC event, as defined, thereby mandatorily converting the SAFE to common stock at a specified discount to the price issued (referred to as “SAFE Scenario 2”), or (iii) a liquidity event defined as a change of control or initial public offering, in which case the investors will automatically be entitled to a portion of proceeds received under such event at a specified discount to the price issued (referred to as “SAFE Scenario 3”). The combined value of the probability-weighted average of those outcomes was then discounted back to each reporting period in which the SAFE instruments were outstanding, in each case, based on a risk-adjusted discount rate estimated based on the implied interest rate using the changes in observed interest rates of corporate rate debt that the Company believes is appropriate for those probability-adjusted cash flow. As of December 31, 2023, in connection with the completion of the FLAG Merger described in Note 3, all SAFEs were converted to Calidi common stock in accordance with the conversion provisions in the original agreements. Series B Convertible Preferred Stock Calidi previously entered into a Series B convertible preferred stock agreement (see Note 10). The Company recorded its Series B convertible preferred stock as a liability stated at fair value based on Level 3 inputs. The estimated fair value of the Series B convertible preferred stock was determined utilizing the probability-weighted expected return method (“PWERM”) based on the aggregated, probability-weighted average of the outcome of certain possible scenarios, including (i) SPAC event is completed, as defined, thereby mandatorily converting the Series B convertible preferred stock to common stock at a specified discount to the price issued (referred to as “SPAC Scenario”), or (ii) SPAC event is not completed, as defined (referred to as “Non-SPAC Scenario”). The combined value of the probability-weighted average of those outcomes was then discounted back to each reporting period in which the Series B convertible preferred stock instruments were outstanding, in each case, based on a weighted-average discount rate. In connection with the completion of the FLAG Merger as described in Note 3, all series B Convertible Preferred Stock were converted into Calidi common stock immediately prior to the closing in accordance with the conversion provisions in the Series B Convertible Preferred Stock agreements. Forward Purchase Agreement Derivative Asset During August 2023, FLAG and Calidi entered into certain forward purchase agreements, collectively the Forward Purchase Agreement, as further described in Note 2 above. The Forward Purchase Agreement is accounted for as a derivative asset under ASC 815 – Derivatives and Hedging The following table summarizes the significant unobservable inputs used in the fair value measurement of level 3 instruments as of December 31, 2023 and December 31, 2022: Schedule of Significant Unobservable Inputs Used in the Fair Value Measurement December 31, 2023 Instrument Valuation Technique Input Input Range Forward Purchase Agreement Derivative Asset Monte Carlo Simulation Risk-free interest rate 4.09 % Expected Term (years) 2.66 years Expected volatility 85.0 % Underlying stock price 1.51 Dividend yield 0.0 % December 31, 2022 Instrument Valuation Technique Input Input Range Contingently convertible notes payable, including accrued interest Scenario-based, probability-weighted average analysis Timing of the scenarios 0.5 years Probability - Scenario 1 0.0 % Risk-free interest rate - Scenario 1 13.4 % Probability - Scenario 2 100.0 % Risk-adjusted discount rate - Scenario 2 13.4 % Contingently issuable warrants on contingently convertible notes payable – Scenario 1 Black-Scholes option pricing model Expected term 2.0 years Expected volatility on preferred stock 40.0 % Expected dividend yield 0.0 % Risk-free interest rate 3.2 % SAFEs Scenario-based, probability-weighted average analysis Timing of the scenarios 0.4 - 3 years Probability — SAFE Scenario 1 20.0 % Probability — SAFE Scenario 2 70.0 % Probability — SAFE Scenario 3 10.0 % Risk-adjusted discount rate — SAFE Scenarios 1 through 3 13.4 %, 13.4 %, and 13.1 %, respectively Where possible, the Company verifies the values produced by its pricing models to market prices. Valuation models require a variety of inputs, including contractual terms, market prices, discount rates, yield curves, credit spreads, measures of volatility and correlations of such inputs. Fair value measurements associated with the CCNPs, term notes payable, SAFEs, Series B convertible preferred stock, forward purchase agreement derivative asset, and private placement warrants (collectively the “valued instruments”) were determined based on significant inputs not observable in the market, which represent Level 3 measurements within the fair value hierarchy. Increases or decreases in the fair value of the valued instruments can result from updates to assumptions such as the expected timing or probability of a qualified financing event, or changes in discount rates, among other assumptions. Based on management’s assessments of the valuations by the Company’s valuations specialists, none of the changes in the fair value of those instruments were due to changes in the Company’s own credit risk for the reporting periods presented. Judgment is used in determining these assumptions as of the initial valuation date and at each subsequent reporting period. Changes or updates to assumptions could have a material impact on the reported fair value, and the change in fair value, of valued instruments, and the results of operations in any given period. The following table presents the changes in fair value of valued instruments for the year ended December 31, 2023 (in thousands): Schedule of Changes in Fair Value of Level 3 Valued Instruments Contingently convertible notes payable, including accrued interest, at fair value SAFEs Series B convertible preferred stock, at fair value Forward Purchase Agreement Derivative Asset, at fair value Public Warrants, at fair value Private Placement Warrants, at fair value Balance at January 1, 2023 $ 1,152 $ 29,190 $ — $ — $ — $ — Proceeds from issuance — 2,760 24,497 — — — Recognition of Forward Purchase Agreement Derivative Asset — — — (4,520 ) — — Warrants Liability assumed at the close of the FLAG Merger as of September 12, 2023 — — — — 2,990 497 Issuance of SAFE in lieu of cash for advisory services — 166 — — — — Loss at inception — — 2,412 — — — Extinguishment of term notes payable Change in fair value 874 (3,253 ) (2,684 ) 4,290 (2,415 ) (401 ) Conversion into Common Stock (2,026 ) (28,863 ) (24,225 ) — — — Balance at December 31, 2023 $ — $ — $ — $ (230 ) $ 575 $ 96 As of January 1, 2023, because the Scenario 2 probability of the contingently convertible notes payable was at 100%, as defined above, the corresponding contingently issuable warrants, accordingly, had no fair value as of that date since under that scenario those warrants would not be issuable. The following table presents the changes in fair value of valued instruments for the year ended December 31, 2022 (in thousands): Contingently convertible notes payable, including accrued interest, at fair value Term notes payable, including accrued interest, at fair value SAFEs Balance at January 1, 2022 $ 1,572 $ 505 $ 15,811 Balance $ 1,572 $ 505 $ 15,811 Proceeds from issuance — — 10,650 Issuance of SAFE in lieu of cash for advisory services — — 195 Extinguishment of term notes payable — (516 ) — Change in fair value (420 ) 11 2,534 Balance at December 31, 2022 $ 1,152 $ — $ 29,190 Balance $ 1,152 $ — $ 29,190

Selected Balance Sheet Componen

Selected Balance Sheet Components	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Selected Balance Sheet Components	5. Selected Balance Sheet Components Deferred financing costs Prior to the termination of the Edoc proposed merger, the transaction between Calidi and Edoc (as described in Note 1) was treated as a reverse recapitalization and any direct and incremental costs associated with the business combination, including legal and accounting costs were capitalized as deferred financing costs. On August 11, 2022, Calidi terminated the Edoc Merger Agreement and expensed approximately $ 1.9 million of deferred financing costs included in general and administrative expenses during the year ended December 31, 2022. On September 12, 2023, the FLAG Merger was completed as further discussed in Note 3. The FLAG Merger was treated as a reverse recapitalization and any direct and incremental costs incurred associated with that business combination, including legal and accounting costs, were capitalized as deferred financing costs included in deposits and other noncurrent assets on the consolidated balance sheets. Through the FLAG Merger closing date, Calidi and FLAG entered into various Promissory Note Agreements (the “Promissory Note”) whereby Calidi advanced $ 0.7 million to FLAG for transaction costs related to the FLAG Merger. Any advances made to FLAG under the Promissory Note do not bear any interest and are repayable to Calidi upon the earlier of the completion of the FLAG Merger from the proceeds of the Transactions or the winding up and dissolution of FLAG. Upon the close of the FLAG Merger, the advances and all other capitalized deferred financing costs were reclassified against additional paid-in capital. As of December 31, 2023 and December 31, 2022, there were $ 0 and $ 0.3 million, respectively, of deferred financing costs, which include the advances made to FLAG above, included in other noncurrent assets. Legal settlement liability In July 2020, Calidi’s former executive and co-founding shareholder (the “Former Executive”), filed a complaint in the San Diego Superior Court (“the Complaint”) against Calidi and AJC Capital, and Calidi’s current CEO and founding shareholder, asserting breach of contract and declaratory relief and breach of contract (and later amended to include a claim for breach of fiduciary duty) and wrongfully terminated the Former Executive under an employment contract resulting in amounts allegedly owed to the Former Executive. Calidi denied those allegations and filed a cross complaint against the Former Executive for securities fraud, breach of contract, and breach of fiduciary duty. On March 18, 2021, all parties ultimately settled pursuant to the terms of a Settlement and Mutual Release Agreement (“the Settlement Agreement”), in which the parties agreed to release each other from all claims and agreed to confidentiality, non-disparagement and other covenants. According to the principal terms of the Settlement Agreement, the Former Executive agreed to immediately transfer and assign all patents filed by Calidi during the Former Executive’s employment and otherwise fully cooperate with ongoing patent and intellectual property matters and other company matters, including enter into a voting agreement with the majority shareholders. As part of the Settlement Agreement, Calidi also agreed to pay the Former Executive $ 1.1 million in cash, with $ 60,000 payable within 30 days of the Settlement Agreement and $ 20,000 per month on the same day of each month thereafter until paid in full. Furthermore, if Calidi secures at least $ 10.0 million in equity financing, as defined in the Settlement Agreement, the then entire unpaid settlement liability amount will become due and payable within 21 days of the equity financing. As of December 31, 2022, approximately $ 0.6 million, respectively, was included in legal settlement liability on the consolidated balance sheets. Upon the close of the FLAG Merger, the entire amount became due and was subsequently paid to the Former Executive on September 21, 2023. Accordingly, as of December 31, 2023, there was no legal settlement liability outstanding. Accrued expenses and other current liabilities As of December 31, 2023 and December 31, 2022, accrued expenses and other current liabilities were comprised of the following (in thousands): Schedule of Accrued Expenses and Other Current Liabilities December 31, 2023 December 31, 2022 Accrued compensation (1) $ 1,720 $ 4,070 Accrued vendor and other expenses 3,712 1,277 Accrued expenses and other current liabilities $ 5,432 $ 5,347 (1) Includes deferred compensation for certain executives and deferred board and advisory fees for one director (see Note 14). See Note 14 for additional commitments. Prepaid expenses and other current assets As of December 31, 2023 and December 31, 2022, prepaid expenses and other current assets were comprised of the following (in thousands): Schedule of Prepaid expenses and other current assets December 31, 2023 December 31, 2022 Prepaid expenses $ 485 $ 88 Prepaid insurance 284 23 CIRM receivable 1,360 — Other 225 303 Prepaid expenses and other current assets $ 2,354 $ 414

Machinery and Equipment, net

Machinery and Equipment, net	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Machinery and Equipment, net	6. Machinery and Equipment, net As of December 31, 2023 and December 31, 2022, machinery and equipment, net, was comprised of the following (in thousands): Schedule of Machinery and Equipment, Net December 31, 2023 December 31, 2022 Machinery and equipment $ 2,263 $ 1,518 Accumulated depreciation (993 ) (631 ) Machinery and equipment, net $ 1,270 $ 887 Depreciation expense amounted to approximately $ 0.4 million and $ 0.3 million for the year ended December 31, 2023 and 2022, respectively.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	7. Related Party Transactions Calidi has funded its operations to date primarily through private sales of convertible preferred stock, contingently convertible and convertible promissory notes, SAFEs and common stock. These investments have included various related parties, including from AJC Capital and certain directors as further discussed below. The following table presents the various significant related party transactions and investments in Calidi for the periods presented (in thousands): Schedule of Related Party Transactions Related Party Description of investment or transaction December 31, 2023 December 31, 2022 AJC Capital, Director B, and a manager Convertible notes payable, including accrued interest (1) — 804 AJC Capital, Director E and executive officer’s family office Term notes payable, net of discount, including accrued interest (2) 278 1,962 AJC Capital, Directors A, D, E, F, an officer, and a manager Simple agreements for future equity (SAFE), at fair value (3) — 4,615 AJC Capital, Director D Accounts payable and accrued expenses (4) 104 170 Directors C Contingently convertible notes payable, including accrued interest, at fair value (5) — 1,152 Former Executive Legal settlement liability (6) — 640 Director D Former President and Chief Operating Officer (7) 495 300 Director A Advisory services included in accrued expenses (8) 18 82 AJC Capital Lease guaranty (9) 167 150 Director A Term notes payable including accrued interest (2) 2,060 — Director A Other liabilities (11) 538 — AJC Capital and Director A Warrant Liability (10) 48 — AJC Capital and Director A Warrant Liability (10) 48 — (1) See Note 8 for full disclosures on debt, including the convertible notes and related extensions of scheduled maturity dates. (2) Term notes payable, net of discount, in principal amount of $ 0.5 million plus accrued interest, issued to AJC Capital in May 2020 with 900,000 warrants to purchase common stock and stated interest rates (see Notes 8 and 10). Term notes payable in principal amount of $ 0.5 million, plus accrued interest issued in March 2021 to Director A with 1,000,000 warrants to purchase common stock and stated interest rates (see Notes 8 and 10). In December 2022 and during the year ended December 31, 2023, Calidi issued various term notes in the aggregate principal amount of $ 3.0 million to AJC Capital, Directors A, E, and an executive’s officer’s family office (see Notes 8 and 10). All of the above term notes payable, as applicable, remained outstanding as of December 31, 2022, but only $ 0.3 million remained outstanding as of December 31, 2023 (see Note 8). As of December 31, 2023, all related party term note payable amounts due to Director A totaling $ 1.8 million have been classified as a long term liability, while the remaining related party term note payable to all other parties of $ 0.3 million are classified as a short term liability on the accompanying consolidated balance sheets. (3) See Note 9 for full disclosures around the SAFE instruments. (4) Amounts owed to AJC Capital as of December 31, 2023, for primarily rent expense for temporary use of personal house for company office space in 2020; in addition, amounts owed to AJC Capital and Director D for certain consulting expenses, included in accounts payable and accrued expenses as of December 31, 2022. (5) See Note 8 for full disclosures around contingently convertible notes payable, including accrued interest, accounted for using the fair value option. Director C is a partner in a partnership agreement with the Calidi investor who holds the contingently convertible notes issued by Calidi which may deem Director C’s partnership to be the beneficial owner of this contingently convertible note, which is $ 0 as of December 31, 2023 and $ 1.2 million as of December 31, 2022, respectively. (6) See Note 6 for full disclosure of a settlement liability recorded with a Co-Founder and Former Executive of Calidi, which was paid in September 2023. (7) On February 1, 2022, Calidi appointed a current board member (Director D referenced above), George K. Ng, as President and Chief Operating Officer of Calidi under an Employment Agreement (the “Ng Agreement”). Under the Ng Agreement, Mr. Ng is entitled to a base annual salary of $ 0.5 million, a signing bonus of $ 0.3 million, payable in three equal monthly installments. Mr. Ng was eligible for standard change in control and severance benefits. On June 23, 2023, Calidi entered into a Separation and Release Agreement with Mr. Ng which includes a severance accrual as of December 31, 2023 (see Note 14). (8) On April 1, 2022, Calidi entered into an Advisory Agreement with Scott Leftwich (Director A referenced above), for providing certain strategic and advisory services. Director A will receive an advisory fee of $ 9,166 per month not to exceed $ 0.1 million per annum, accrued and payable upon Calidi raising $ 10 million or more in equity proceeds, as defined in the Advisory Agreement. The Advisory Agreement terminated on August 31, 2023. (9) In October 2022, in order for Calidi to secure and execute the San Diego Lease discussed in Note 14, Mr. Allan Camaisa provided a personal Guaranty of Lease of (the “Guaranty”) up to $ 0.9 million to the lessor for Calidi’s future performance under the San Diego Lease agreement. As consideration for the Guaranty, Calidi agreed to pay Mr. Camaisa 10% of the Guaranty amount for the first year of the San Diego Lease, and 5% per annum of the Guaranty amount thereafter through the life of the lease, with all amounts accrued and payable at the termination of the San Diego Lease or release of Mr. Camaisa from the Guaranty by the lessor, whichever occurs first. The amount shown in the table above, represents the present value, including accrued interest as of the period shown, of the aggregate $ 0.2 million payment due to Mr. Camaisa upon the release or termination of the Guaranty, which is included in noncurrent operating lease right-of-use liability. (10) See Note 10 for full disclosures around Warrants. (11) In August 2023, Calidi entered into an agreement with Director A for deferred compensation including advisory fees for $ 0.5 million, payable on January 1, 2025. The $ 0.5 million note bears interest at 24 %. See Note 5 for the Promissory Note agreement between FLAG and Calidi.

Debt

Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	8. Debt The Company’s outstanding debt obligations as of December 31, 2023 and December 31, 2022, including related party components, are as follows (in thousands): Schedule of Outstanding Debt Obligations December 31, 2023 Unpaid Balance Fair Value Measurements Discount Accrued Interest Net Carrying Value Term notes payable $ 2,500 $ — $ (21 ) $ 388 $ 2,867 Total debt $ 2,500 $ — $ (21 ) $ 388 $ 2,867 Less: current portion of long-term debt (807 ) Long-term debt, net of current portion $ 2,060 December 31, 2022 Unpaid Balance Fair Value Measurements Discount Accrued Interest Net Carrying Value Convertible notes payable $ 765 $ — $ — $ 39 $ 804 Contingently convertible notes payable, including accrued interest, at fair value 1,000 152 — — (a) 1,152 Term notes payable 2,500 — (138 ) 107 2,469 Loans payable 1,000 — — — 1,000 Total debt $ 5,265 $ 152 $ (138 ) $ 146 $ 5,425 Less: current portion of long-term debt (5,425 ) Long-term debt, net of current portion $ — (a) Accrued interest is included in fair value measurements for contingently convertible notes payable, at fair value, for the periods presented. See further disclosures under the fair value option of accounting in Note 2, Note 4, and applicable sections below. Scheduled maturities of outstanding debt, net of discounts are as follows (in thousands): Schedule of Maturities of Outstanding Debt Year Ending December 31: 2024 $ 750 2025 1,750 2026 and thereafter — Plus: accrued interest 388 Less: Discount (21 ) Total debt $ 2,867 The following discussion includes a description of the Company’s outstanding debt as of December 31, 2023 and December 31, 2022. The weighted average interest rate related to the Company’s outstanding debt not accounted for under the fair value option was approximately 15.1 % and 8.7 % as of December 31, 2023 and December 31, 2022, respectively. Interest expense related to the Company’s outstanding debt not accounted for under the fair value option totaled approximately $ 1.1 million and $ 0.2 million for the year ended December 31, 2023 and 2022, respectively, which is reported within other income and expense, net, in the consolidated statements of operations. Interest expense includes interest on outstanding borrowings and the amortization of discounts associated with debt issuance costs or from the allocation of proceeds to freestanding common stock or warrants as part of the relevant financing transactions. Interest expense related to debt instruments that are accounted for under the fair value option is presented within the single line of change in fair value of debt or change in fair value of debt — related party, as applicable, in the consolidated statements of operations. Convertible Notes Payable 2018 Convertible Notes Between January 2018 and June 2018, Calidi issued $ 1.4 million of convertible promissory notes (the “2018 Convertible Notes”) to investors, including to related parties (see Note 7), with original maturity dates of 18 months from the dates of issuance. In lieu of cash interest, Calidi issued to the investors shares of common stock in the amount of four shares of common stock per $ 1.00 of principal loaned. The value allocated to common stock was determined based on a relative fair value basis resulting in approximately $ 1.0 million of debt discount to be recognized as interest expense using the effective interest method over the term of the 2018 Convertible Notes. The 2018 Convertible Notes allow the investors, at their election, to convert the principal amount and accrued interest, if any, into Series A-2 Convertible Preferred Stock at a conversion price of $ 1.75 . In March 2022, one of the related party investors provided notice and converted $ 0.5 million of the 2018 Convertible Notes to into 257,143 shares of Series A-2 convertible preferred stock (see Note 10). The contractual conversion was recorded at carrying value and resulted in no gain or loss in the consolidated statements of operations. In July 2022, the maturity date for the remaining $ 0.8 million of principal amount of the 2018 Convertible Notes was extended to the earlier of i) December 31, 2023 or ii) Calidi’s completion of a qualified financing of $ 15 million or more. The amended 2018 Convertible Notes accrue interest at 10 % per annum. All other terms and conditions remained substantially unchanged. The debt amendment occurred close to or upon the stated maturity date and resulted in the application of extinguishment accounting in accordance with ASC 470-50. The carrying value of the original notes equals the fair value at extinguishment date, which resulted in no gain or loss recorded in the consolidated statement of operations. The 2018 Convertible Notes were converted pursuant to its provisions in connection with the FLAG Merger closed on September 12, 2023 and are no longer outstanding as of December 31, 2023. Contingently Convertible Notes Payable, at fair value 2019 Contingently Convertible Notes Payable, at fair value In 2019, Calidi issued $ 2.3 million of contingently convertible promissory notes (the “2019 CCNPs”) to certain investors, including to related parties (see Note 6), with original maturity dates of 28 to 31 months from the dates of issuance. The 2019 CCNPs accrue interest at 5 % per annum, that is due and payable at maturity unless otherwise converted prior to maturity. Calidi may elect to prepay principal and accrued interest at any time. Upon a next equity financing of at least $8.0 million, the principal and accrued interest will automatically convert into the type of stock issued in the financing at the lower price of a per share conversion price equal to: (i) 80% of the per share price paid by investors in the financing; or (ii) 80% of a per share price equal to $100.0 million divided by the total number of issued and outstanding shares as of the date of the amendment, or $2.40 per share (“valuation cap”). In addition, upon a next equity financing, the investors will be issued a warrant equal to 30% of principal at an exercise price equal to the per share price paid by investors in the financing . These contingent warrants are accounted for when the contingency is resolved, and the contingent warrants are issued. Calidi elected to measure the 2019 CCNPs, including accrued interest and contingently issuable warrants, using the fair value option under ASC 825 and, as a result, Calidi records any changes in fair value within change in fair value of debt on the consolidated statements of operations. Calidi elected to also include the component related to accrued interest within the single line of change in fair value of debt and change in fair value of debt — related party on the consolidated statements of operations. See Note 2 under the Fair value option of accounting Prior to 2022, Calidi repaid certain investors and related party contingently convertible note holders the entire principal balance of $ 0.2 million and an investor elected to convert principal and accrued stated interest balance of $ 0.2 million into shares of common stock. Prior to 2022, the $ 2.0 million of then outstanding unpaid principal balances of the 2019 CCNPs plus accrued interest were exchanged for an equivalent amount of SAFE agreements as described in Note 9. All 2019 CCNP agreements were exchanged into the SAFE agreements, which included the cancellation of applicable contingently issuable warrants upon the exchange to the SAFE agreements (see Note 9). The 2019 CCNPs were converted pursuant to their provisions in connection with the FLAG Merger closed on September 12, 2023 and are no longer outstanding as of as of December 31, 2023. 2020 Contingently Convertible Notes Payable, at fair value In 2019 and 2020, Calidi issued $ 4.0 million in convertible promissory notes to two investors that mature in January 2023 (the “2020 CCNPs”). The 2020 CCNPs accrue interest at 5 % per annum, compounded yearly, that is due and payable at maturity unless otherwise converted prior to maturity. Calidi may not elect to prepay the principal and interest without the written consent of the lenders. Upon a next equity financing of at least $ 8.0 million, for the principal and accrued interest through that date, the holder, at their sole election, may exercise the conversion option into the type of stock issued in the financing at the lower price equal to: (i) 70% of the per share price paid by investors in the financing; or (ii) 70% of a per share price equal to $100.0 million divided by the total number of issued and outstanding shares as of the date of issuance; or (iii) $2.00 (“valuation cap”). In addition, upon the next equity financing occurring, the investors will also receive a warrant equal to 30% of principal invested at an exercise price equal to the per share price paid by investors in the financing . These contingent warrants are accounted for when the contingency is resolved, and the contingent warrants are issued. Upon a change of control, the investor will have the option to receive a cash payment equal the principal and accrued interest or convert the principal and accrued interest into shares of Calidi’s preferred stock to be issued, at a per share conversion price equal to: (i) 70% of the implied price per share of such preferred stock from such change of control; or (ii) 70% of a per share price equal to $100.0 million divided by the total number of issued and outstanding shares as of the date of issuance. Upon an event of default, each investor will receive a cash payment equal to the principal and accrued interest . Calidi elected to measure the 2020 CCNPs, including accrued interest and contingently issuable warrants, using the fair value option under ASC 825 and records all changes in fair value included in change in fair value of debt and change in fair value of debt — related party, on the consolidated statements of operations. See Note 2 under the Fair value option of accounting In September 2021, $ 3.0 million unpaid principal balance for one of the 2020 CCNPs plus accrued interest was exchanged for an equivalent amount of a SAFE agreement, which included the cancellation of the applicable contingently issuable warrants upon the exchange into the SAFE (see Note 9). In September 2022, the maturity date of the 2020 CCNPs was extended to September 23, 2023 . The amended 2020 CCNPs continued to accrue interest at 5 % per annum. All other terms and conditions remained substantially unchanged. The debt amendment occurred close to or upon the stated maturity date and resulted in the application of extinguishment accounting in accordance with ASC 470-50. The carrying value of the original notes equals the fair value at extinguishment date, which resulted in no gain or loss recorded in the consolidated statement of operations for the year ended December 31, 2023. As of December 31, 2022, the remaining $ 1.0 million in unpaid principal remained outstanding for the amended 2020 CCNPs with one investor that is also a related party (see Note 7). The 2020 CCNPs were converted pursuant to their provisions in connection with the FLAG Merger closed on September 12, 2023 and are no longer outstanding as of December 31, 2023. Term Notes Payable 2020 Term Notes Payable In 2020, Calidi issued $ 0.6 million of secured term notes payable (the “2020 Term Notes”) to investors, including to related parties (see Note 7). Calidi also issued warrants to purchase 1,050,000 shares of common stock at an exercise price of $ 1.00 per share (see Note 10). The investors of the $ 0.5 million portion of the 2020 Term Notes receive interest at a rate equal to variable 30-day LIBOR plus 3 %, subject to floor of 2 % and two warrants to purchase shares of Calidi common stock for each dollar of principal invested, while the investors of the remaining $ 0.2 million, in lieu of a stated interest rate, received one warrant to purchase shares of Calidi common stock for each dollar of principal invested. The 2020 Term Notes mature on the earliest of the following: (i) one year from execution of the 2020 Term Notes, (ii) Calidi’s completion of certain qualified financings, (iii) the occurrence of a change of control, or (iv) the occurrence of an event of default, as defined in the note agreements. In April 2020, Calidi repaid the principal for one lender within the 2020 Term Notes totaling $ 0.1 million which did not have a stated interest rate. Upon original issuance, Calidi elected to measure the 2020 Term Notes, including accrued interest, using the fair value option under ASC 825 and record all changes in fair value, including accrued interest, in change in fair value of debt and change in fair value of debt — related party on the consolidated statements of operations. See Note 2 under the Fair value option of accounting In June 2021, upon the scheduled maturity of the outstanding 2020 Term Notes, the holders and Calidi agreed to extend the maturity dates for all remaining 2020 Term Notes to September 30, 2022, in exchange for 10 % of the principal amount in shares of common stock as an extension fee, while all other terms and conditions remained substantially unchanged. The extension fee resulted in the issuance of 50,000 shares of common stock with a fair value of $ 36,000 . The debt amendments were at the stated maturity and resulted in the application of extinguishment accounting in accordance with ASC 470-50. Calidi recorded a loss on debt extinguishment of $ 36,000 in the consolidated statements of operations based on the difference between the fair value of the amended term notes of approximately $ 0.5 million, the fair value of common stock issued of $ 36,000 and the carrying amount of the original term notes of $ 0.5 million. Due to the fair value election, the carrying value of the original term notes equals the fair value at extinguishment date. The extinguishment accounting resulted in an event that requires remeasurement of eligible items at fair value, initial recognition of eligible items, thereby resulting in an election date for the fair value option under ASC 825. Calidi did not elect to measure the amended term notes using the fair value option at the extension date, accordingly, following the extension the amended term notes are accounted for at amortized cost and accrue interest according to the terms of the agreement. In July 2022, the maturity date of the 2020 Term Note was extended to the earlier of i) December 31, 2023 or ii) Calidi’s completion of a qualified financing of $15 million or more. The amended 2020 Term Note will accrue interest at 10 % per annum. All other terms and conditions remained substantially unchanged. The debt amendment occurred close to or upon the stated maturity date and resulted in the application of extinguishment accounting in accordance with ASC 470-50. The carrying value of the original notes equals the fair value at extinguishment date, which resulted in no gain or loss recorded in the consolidated statement of operations. In connection with the closing of the FLAG Merger on September 12, 2023, with regard to the 2020 Term Notes, $ 0.5 million of principal plus accrued interest was amended with an extended maturity date of November 1, 2023. The remaining $ 0.1 million of principal plus accrued interest was scheduled to be paid shortly after the Closing but remained outstanding as of December 31, 2023. The amended 2020 Term Note will continue to accrue interest at 10 % per annum. The debt amendment occurred close to or upon the stated maturity date and resulted in the application of extinguishment accounting in accordance with ASC 470-50. The carrying value of the original notes equaled the fair value at extinguishment date, which resulted in no gain or loss recorded in the consolidated statement of operations. On October 18, 2023, as agreed upon above in connection with the closing of the FLAG Merger, Calidi settled in cash $ 0.1 million of principal of 2020 Term Notes plus accrued interest and said term notes payable were no longer outstanding as of that date. On November 8, 2023, in accordance with amended note agreements discussed above, Calidi settled in cash $ 0.5 million of principal of 2020 Term Notes plus accrued interest and said term notes payable were no longer outstanding as of that date. As of December 31, 2022, the interest rate of the remaining 2020 Term Notes was 10 % and the total carrying value, including accrued interest was $ 0.6 million. 2021 Term Note Payable In January 2021, Calidi entered into a note agreement with a related party investor and director to borrow up to $ 0.5 million (“2021 Term Note”). In March 2021, Calidi issued the full amount of the 2021 Term Note and concurrently issued warrants to purchase 1,000,000 shares of Calidi common stock at an exercise price of $ 1.00 per share (see Note 10). The 2021 Term Note bears interest at a rate equal to variable 30-day LIBOR plus 3 %, subject to floor of 2 % and matures on the earliest of the following: (i) one year from execution of the 2021 Term Note, (ii) Calidi’s completion of certain qualified financings, (iii) the occurrence of a change of control, or (iv) the occurrence of an event of default, as defined in the note agreement . Upon original issuance, Calidi elected to measure the 2021 Term Note, including accrued interest, using the fair value option under ASC 825 and record all changes in fair value, including accrued interest, in change in fair value of debt — related party on the consolidated statements of operations. See Note 2 under the Fair value option of accounting In March 2022, upon the scheduled maturity of the outstanding 2021 Term Note, the holder and Calidi agreed to extend the maturity date for the 2021 Term Note to the earlier of i) September 30, 2022 or ii) Calidi’s completion of a qualified financing of $ 5 million or more. All other terms and conditions remained substantially unchanged. The debt amendments occurred at the stated maturity date and resulted in the application of extinguishment accounting in accordance with ASC 470-50. Due to the fair value election, the carrying value of the original term notes equals the fair value at extinguishment date. As the fair values of the amended term note approximated the original term, no gain or loss was recorded in the consolidated statement of operations for the year ended December 31, 2022. The extinguishment accounting resulted in an event that requires remeasurement of eligible items at fair value, initial recognition of eligible items, thereby resulting in an election date for the fair value option under ASC 825. Calidi did not elect to measure the amended term notes using the fair value option at the extension date, accordingly, following the extension the amended term notes are accounted for at amortized cost and accrue interest according to the terms of the agreement. In July 2022, the maturity date of the 2021 Term Note was extended to the earlier of i) September 30, 2023 or ii) Calidi’s completion of a qualified financing of $15 million or more . The amended 2021 Term Note will accrue interest at 10 % per annum. All other terms and conditions remained substantially unchanged. The debt amendment occurred close to or upon the stated maturity date and resulted in the application of extinguishment accounting in accordance with ASC 470-50. The carrying value of the original notes equals the fair value at extinguishment date, which resulted in no gain or loss recorded in the consolidated statement of operations. In connection with the closing of the FLAG Merger on September 12, 2023, the 2021 Term Note plus accrued interest was amended, with an extended maturity date of January 1, 2025. For this holder, a related party, Calidi agreed to accrue an interest rate of 24 % per annum payable with principal at maturity, and offered certain incentives, including 500,000 warrants to purchase common stock, fair valued at approximately $ 0.1 million at the time of the amendment. Primarily due to the incentive provided to defer the debts, the carrying value of the original notes did not equal the fair value at extinguishment date, which resulted in a loss on debt extinguishment with a related party recorded in the consolidated statement of operations of approximately $ 37,000 . As of December 31, 2023 and December 31, 2022, the interest rate of the 2021 Term Notes was 24 % and 10 %, respectively, and the total carrying value, including accrued interest was approximately $ 0.6 million and $ 0.5 million, respectively. 2022 Term Note Payable In November and December 2022, Calidi issued $ 1.5 million of secured term notes payable (the “2022 Term Notes”) to investors, including to related parties (see Note 7). The 2022 Term Loans bear simple interest of 24% per annum, of which 14% is payable in cash at maturity and the remaining 10% of the principal amount invested was paid in shares of Calidi common stock, valued at $ 3.86 per share . Upon issuance of the common stock related to the 2022 Term Notes, Calidi recorded as debt discount of $ 0.2 million, which is being amortized using the effective interest method over the term of the debt. The 2022 Term Notes mature on the earliest of the following: (i) one year from execution of the respective 2022 Term Notes, or (ii) the date Calidi receives gross proceeds from a single transaction wherein the Company receives $ 20 million or more for the purchase of its common or preferred stock. In connection with the closing of the FLAG Merger on September 12, 2023, with regard to the 2022 Term Notes, approximately $ 0.5 million of principal plus accrued interest was amended, extending maturity of the notes to dates ranging from November 2023 to January 2025. Further, approximately $ 1.0 million of principal, excluding accrued interest, was settled with shares of common stock issued to the noteholders at the Closing, and $ 0.1 million of principal plus accrued interest was scheduled to be paid shortly after the Closing. For the term notes that were amended, all to related parties, $0.2 million of principal was extended to mature on November 1, 2023, $0.2 million of principal was extended to mature on March 1, 2024, and in February 2024 further extended to mature on May 1, 2024, and $0.2 million of principal was extended to mature on January 1, 2025. The debt amendments occurred close to or upon the stated maturity date and resulted in the application of extinguishment accounting in accordance with ASC 470-50. For the holder that extended to January 1, 2025, Calidi agreed to accrue an interest rate of 24 % per annum payable with principal at maturity, and offered certain incentives, including 500,000 warrants to purchase common stock, fair valued at approximately $ 0.1 million at the time of the amendment. Primarily due to the incentive provided to defer the debts, as well as the write off of the related debt discount, the carrying value of the original notes did not equal the fair value at extinguishment date, which resulted in a loss on debt extinguishment with a related party recorded in the consolidated statement of operations of approximately $ 22,000 . For the term loans that were settled with shares of common stock, the settlement resulted in the issuance of 190,476 shares of common stock with a fair value of $ 1.1 million. The debt settlement occurred near or at the stated maturity and resulted in the application of extinguishment accounting in accordance with ASC 470-50. Based on the difference between the fair value of the common stock of $ 1.1 million and the carrying value of the original notes of $ 1.0 million, Calidi recorded a loss on debt extinguishment of approximately $ 0.1 million and a loss on debt extinguishment with a related party of approximately $ 0.1 million in the consolidated statements of operations. For the term loans that were scheduled to be paid shortly after closing, the Company expensed the related debt discount, resulting in a loss on debt extinguishment of approximately $ 1,000 in the consolidated statements of operations. The 2022 Term Notes are accounted for at amortized cost and accrue interest according to the terms of the agreement. As of December 31, 2023, the interest rate of the 2022 Term Notes was 24 % per annum for a total principal of $ 0.2 million, and 15 % per annum for a total principal of $ 0.2 million. As of December 31, 2023, the total carrying value, including accrued interest, was $ 0.4 million. On October 3, 2023, as agreed upon above in connection with the closing of the FLAG Merger, Calidi settled in cash $ 0.1 million of principal of 2022 Term Notes plus accrued interest and said term notes payable were no longer outstanding as of that date. On November 8, 2023, in accordance with amended note agreements discussed above, Calidi settled in cash $ 0.2 million of principal of 2022 Term Notes plus accrued interest and said term notes payable were no longer outstanding as of that date. On March 1, 2024, the maturity date of $ 0.2 million of the 2022 Term Note was extended to May 1, 2024 . The amended 2022 Term Note will accrue interest at 16 % per annum commencing on March 1, 2024. All other terms and conditions remained substantially unchanged. The debt amendment occurred close to or upon the stated maturity date and resulted in the application of extinguishment accounting in accordance with ASC 470-50. The carrying value of the original notes equals the fair value at extinguishment date, which resulted in no gain or loss recorded in the consolidated statement of operations. 2023 Term Note Payable From January through September 2023, Calidi issued $ 3.3 million of secured term notes payable (the “2023 Term Notes”) to investors, including to related parties (see Note 7). The 2023 Term Loans bear simple interest of 24% per annum, of which 14% is payable in cash at maturity and the remaining 10% of the principal amount invested was paid in shares of Calidi common stock, valued at $ 3.86 and $ 2.96 per share, as applicable . Upon issuance of the common stock related to the 2023 Term Notes, Calidi recorded as debt discount of $ 0.3 million, which is being amortized using the effective interest method over the term of the debt. The 2023 Term Notes mature on the earliest of the following: (i) one year from execution of the respective 2023 Term Notes, or (ii) the date Calidi receives gross proceeds from a single transaction wherein the Company receives $ 20 million or more for the purchase of its common or preferred stock. In connection with the closing of the FLAG Merger on September 12, 2023, with regard to the 2023 Term Notes, approximately $ 1.2 million of principal plus accrued interest was amended, extending maturity of the notes to January 1, 2025. Further, approximately $ 1.0 million of principal, excluding accrued interest, was settled with shares of common stock issued to the noteholders at the Closing, $ 0.6 million of principal plus accrued interest was scheduled to be paid shortly after the closing, and $ 0.6 million of principal plus accrued interest remained substantially unchanged due to scheduled maturity in May 2024. For the term notes that were amended, all which were extended to January 1, 2025 by the holder, a related party, Calidi agreed to accrue an interest rate of 24 % per annum payable with principal at maturity, and offered certain incentives, including 500,000 warrants to purchase common stock, fair valued at approximately $ 0.1 million at the time of the amendment. The debt amendment occurred close to or upon the stated maturity date and resulted in the application of extinguishment accounting in accordance with ASC 470-50. Primarily due to the incentive provided to defer the debts, as well as the write off of the related debt discount, the carrying value of the original notes did not equal the fair value at extinguishment date, which resulted in a loss on debt extinguishment with a related party recorded in the consolidated statement of operations of approximately $ 0.1 million. For the term loans that were settled with shares of common stock, the settlement resulted in the issuance of 197,344 shares of common stock with a fair value of $ 1.1 million. The debt settlement occurred near or at the stated maturity and resulted in the application of extinguishment accounting in accordance with ASC 470-50. Based on the difference between the fair value of the common stock of $ 1.1 million and the carrying value of the original notes of $ 1.0 million, Calidi recorded a loss on debt extinguishment of approximately $ 0.1 million and a loss on debt extinguishment with a related party of approximately $ 0.1 million recorded in the consolidated statements of operations. For the term loans that were scheduled to be paid shortly after closing, the Company expensed the related debt discount, resulting in loss on debt extinguishment of approximately $ 6,000 and a loss on debt extinguishment with a related party of approximately $ 18,000 recorded in the consolidated statements of operations. The 2023 Term Notes are accounted for at amortized cost and accrue interest according to the terms of the agreement. As of December 31, 2023, the interest rate of the 2023 Term Notes was 24 % per annum for a total principal of $ 1.1 million and 14 % per annum for a total principal of $ 0.6 million. As of December 31, 2023, the total carrying value, including accrued interest and net of debt discount, was $ 1.9 million. On October 3, 2023, as agreed upon above in connection with the Closing of the FLAG Merger, Calidi settled in cash $ 0.6 million of principal of 2023 Term Notes plus accrued interest and said term notes payable were no longer outstanding as of that date. Loans Payable 2020 Line of Credit In 2020, Calidi opened a line of credit with a third-party bank for a borrowing capacity of up to $ 1.0 million “LOC”). All principal amounts borrowed on the LOC, including any accrued paid unpaid interest, was to mature on October 26, 2021, and any amounts borrowed may be repaid by Calidi without penalty at any time before maturity. In 2021, Calidi borrowed the full $ 1.0 million that was available under its LOC, which remained outstanding as of December 31, 2022. The amounts borrowed bear interest at a rate of 1.6 % per annum applied to the outstanding principal balance multiplied by the actual number of days the principal balance is outstanding, such interest payments are due monthly. As of December 31, 2022, Calidi was in compliance with applicable covenants of the LOC. As a condition of approval of the LOC, the bank required collateral to be provided by AJC Capital to the bank held in the name of AJC Capital. As consideration for the AJC Capital collateral provided to the bank, Calidi issued to the shareholder warrants to purchase 2,000,000 shares of common stock at an exercise price of $ 1.00 per share (see Note 7). In October 2021, upon the scheduled maturity, the lender renewed the LOC for another year to October 29, 2022, with substantially the same terms and condition. Calidi performed a borrowing-capacity analysis in accordance with ASC 470-50 and determined that the borrowing capacity of the amended LOC exceeds the borrowing capacity under the original LOC. There were no unamortized costs or new lender fees relating to the renewal and, therefore, the entire $ 1.0 million principal balance was carried forward as of the renewal date. In October 2022, upon the scheduled maturity, the lender renewed the LOC for another year to October 26, 2023. The interest rate was increased to a fixed rate of 2.5 % per annum based on current market conditions. All other terms and conditions remained substantially unchanged. In October 2023, the LOC was settled in full and was no longer outstanding as of December 31, 2023.

Simple Agreement for Future Equ

Simple Agreement for Future Equity	12 Months Ended
	Dec. 31, 2023
Simple Agreement For Future Equity
Simple Agreement for Future Equity	9. Simple Agreement for Future Equity 2021 SAFEs From March 2021 through the year ended December 31, 2021, Calidi entered into SAFE agreements with various investors and related parties to raise aggregate proceeds of $ 7.9 million (“2021 SAFEs”). The 2021 SAFEs have no maturity dates and bear no interest. Upon a qualified financing, as defined in the agreements, which includes a capital raise equal to or greater than $ 10.0 million, the purchase amounts under the 2021 SAFEs will automatically convert into the type of stock issued in the financing at the greater number of shares resulting from, i) the purchase amount of the SAFE divided by 80 % of the per share price paid by investors in the financing, or ii) the purchase amount of the SAFE divided by $ 3.62 per share. Other conversion events include a SPAC merger, a change of control or an initial public offering (“IPO”). Upon an event of dissolution and to the extent sufficient funds are available, the holders of the 2021 SAFEs, on a pari passu basis with the holders of Convertible Preferred Stock, shall be entitled to receive a cash payment equal the purchase amount, prior to and in preference to any distribution of any of the assets or surplus funds to the holders of common stock. In June 2021, Calidi amended certain outstanding 2021 SAFEs to align the conversion prices with those above. The amendments were determined to be a substantial change in the original instrument and resulted in the application of extinguishment accounting. Although the 2021 SAFE amendments were determined to contain a substantial change from the original instrument and resulted in the application of extinguishment accounting, because of the valuation technique used described in Note 3, the derived fair values were not impacted by the amendment, resulting in no gain or loss on extinguishment. In connection with the closing of the FLAG Merger on September 12, 2023, all of the 2021 SAFEs were converted to Calidi common stock pursuant to their conversion provisions and are no longer outstanding as of December 31, 2023. 2022 SAFEs From January 2022 through December 31, 2022, Calidi entered into SAFE agreements with various investors to raise aggregate proceeds of approximately $ 10.8 million (“2022 SAFEs”) of which approximately $ 0.2 million was provided in advisory services in lieu of cash. The 2022 SAFEs have no maturity dates and bear no interest. Upon a qualified financing, as defined in the agreements, which includes a capital raise equal to or greater than $ 10.0 million, the purchase amounts under the 2022 SAFEs will automatically convert into the type of stock issued in the financing at a defined conversion price, generally equal to the number of shares resulting from the purchase amount of the SAFE divided by a discount ranging from 70 % to 80 % of the per share price paid by investors in the financing. Other conversion events include a SPAC merger, a change of control or an initial public offering (“IPO”). Upon an event of dissolution and to the extent sufficient funds are available, the holders of the 2022 SAFEs, on a pari passu basis with the holders of Convertible Preferred Stock, shall be entitled to receive a cash payment equal the purchase amount, prior to and in preference to any distribution of any of the assets or surplus funds to the holders of common stock. In connection with the closing of the FLAG Merger on September 12, 2023, all of the 2022 SAFEs were converted to Calidi common stock pursuant to their conversion provisions and are no longer outstanding as of December 31, 2023. 2023 SAFEs From January through September 2023, Calidi entered into SAFE agreements with various investors to raise aggregate proceeds of approximately $ 2.8 million (“2023 SAFEs”). The 2023 SAFEs have no maturity dates and bear no interest. Upon a qualified financing, as defined in the agreements, which includes a capital raise equal to or greater than $ 10.0 million, the purchase amounts under the 2023 SAFEs will automatically convert into the type of stock issued in the financing at a defined conversion price, generally equal to the number of shares resulting from the purchase amount of the SAFE divided by a discount ranging from 70 % to 80 % of the per share price paid by investors in the financing. Other conversion events include a SPAC merger, a change of control or an initial public offering (“IPO”). Upon an event of dissolution and to the extent sufficient funds are available, the holders of the 2023 SAFEs, on a pari passu basis with the holders of Convertible Preferred Stock, shall be entitled to receive a cash payment equal the purchase amount, prior to and in preference to any distribution of any of the assets or surplus funds to the holders of common stock. In connection with the closing of the FLAG Merger on September 12, 2023, all of the 2023 SAFEs were converted to Calidi common stock pursuant to their conversion provisions and are no longer outstanding as of December 31, 2023. Exchange of CCNPs to SAFEs (“CCNP Conversions”) As described in Note 8, from August 2021 through December 2021, of the $ 6.0 million aggregate in principal amount outstanding, which had previously been purchased by investors in the 2020 and 2019 CCNPs, $ 5.5 million in principal and accrued interest were exchanged for SAFE instruments similar in terms and conditions to the 2021 SAFE instruments described above, except for the valuation caps, which were retained in the conversion as per the issuance terms of the 2020 and 2019 CCNPs. This exchange is collectively referred to as the “CCNP conversions”. Upon completion of the CCNP conversions, the 2020 and 2019 CCNPs were terminated and canceled, including any rights to contingent warrants, which were also canceled without future rights to any warrants and resulted in the application of extinguishment accounting of the 2020 and 2019 CCNPs. Calidi recorded a loss on debt extinguishment of approximately $ 0.7 million based on the difference between the fair value of $ 6.2 million of the newly issued SAFEs in the CCNP conversions and the carrying amount of $ 5.5 million of the 2020 and 2019 CCNPs at the conversion date. Due to the fair value election of the 2020 and 2019 CCNPs, the carrying value equals the fair value at the extinguishment date. As of December 31, 2022, one related party investor held the remaining $ 1.0 million in principal amount of the 2020 CCNPs and had elected not to convert to a SAFE instrument. In connection with the closing of the FLAG Merger on September 12, 2023, the remaining 2020 CCNP was converted to Calidi common stock pursuant to the conversion provisions and is no longer outstanding as of December 31, 2023. The 2020 CCNP investor also received 200,000 FLAG private warrants as part of the Merger Consideration at the Closing.

Preferred Stock, Convertible Pr

Preferred Stock, Convertible Preferred Stock, Common Stock and Stockholders’ Deficit	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Preferred Stock, Convertible Preferred Stock, Common Stock and Stockholders’ Deficit	10. Preferred Stock, Convertible Preferred Stock, Common Stock and Stockholders’ Deficit Preferred Stock Pursuant to the Second Amended and Restated Certificate of Incorporation filed on September 19, 2023 (“the Amended Articles”), the Company is authorized to issue a total of 1,000,000 shares of preferred stock, par value $ 0.0001 per share. As of December 31, 2023, there were no shares of preferred stock outstanding. Convertible Preferred Stock In connection with the closing of the FLAG Merger on September 12, 2023, all Convertible Preferred Stock, including the Series B Convertible Preferred stock classified as a liability which were completed as to the Series B financing, were converted to Calidi common stock pursuant to the conversion provisions and are no longer outstanding as of December 31, 2023. As of December 31, 2022, the authorized, issued and outstanding shares and other information related to Calidi’s Convertible Preferred Stock were as follows (in thousands, except share amounts): Schedule of Convertible Preferred Stock December 31, 2022 Shares Authorized (1) Shares Issued and Outstanding (1) Liquidation Preference Carrying Value Founders 4,370,488 4,329,816 $ 2,080 $ 1,354 Series A-1 2,081,185 1,796,645 4,316 3,871 Series A-2 1,664,948 1,059,274 4,454 4,376 8,116,621 7,185,735 $ 10,850 $ 9,601 (1) Retroactively restated for the reverse recapitalization as described in Note 3. Dividends There is no stated per annum dividend rate within the Convertible Preferred Stock agreements. When or if a dividend is declared by the board of directors, the holders of the outstanding shares of Convertible Preferred Stock are entitled to first receive a dividend at least equal to the dividend payable on common stock as if all Convertible Preferred Stock had been converted to common stock. Since inception and through the date of this Report, no cash dividends have been declared or accrued. Liquidation preferences In the event of any liquidation or deemed liquidation event such as dissolution, winding up, or loss of control, either voluntary or involuntary, the holders of Convertible Preferred Stock shall be entitled to receive, prior and in preference to any distribution of any of the assets or surplus funds to the holders of common stock, an amount equal to the Convertible Preferred Stock original issue price plus any declared and unpaid dividend or such amount per share were the Convertible Preferred Stock be converted into common stock. Liquidation payments to the holders of Convertible Preferred Stock have priority and are made in preference to any payments to the holders of common stock. The liquidation preferences as of December 31, 2022 are reported above. There were no convertible preferred stock shares outstanding as of December 31, 2023. Voting rights The holder of each share of Convertible Preferred Stock is entitled to one vote for each share of common stock into which it would convert. At any time when at least 25% of the initially issued shares of the Founders convertible preferred stock remain outstanding, approval of a majority of the Founders convertible preferred stock is required for certain matters, as defined in the Amended Articles, such as (a) amending Calidi’s Certificate of Incorporation which alter the terms of the Founders convertible preferred stock in an adverse manner, (b) an increase or decrease the authorized numbers of shares of any stock, (c) the authorization or creation any new class of stock that are senior to the existing Convertible Preferred Stock, (d) the redemption or repurchase of any shares of stock, (e) the declaration or payment any dividend or otherwise make a distribution to shareholders, (f) the increase or decrease the number of directors of Calidi, or (g) the consent, agree or commit to a liquidation or deemed liquidation event. Conversion The shares of Convertible Preferred Stock were convertible into one share of common stock at any time, at the option of the holder, subject to certain antidilutive adjustments, including stock splits, combinations, common stock dividends and distributions, reclassification, recapitalization, merger, and consolidation. The conversion ratio is equal the original issuance price of the respective preferred shares which is $ 0.20 for Founders convertible preferred stock, $ 1.00 for Series A-1 convertible preferred stock and $ 1.75 for Series A-2 convertible preferred stock. All of the Convertible Preferred Stock shares would automatically convert into the number of shares of common stock determined in accordance with the conversion rate upon any of the following: (a) by vote or written consent of a majority of the holders of the outstanding Convertible Preferred Stock or (b) upon the closing of an initial public offering. Calidi evaluated whether the Convertible Preferred Stocks embedded optional and automatic conversion features represented a BCF in accordance with ASC 470-20 and determined that the optional conversion features were not beneficial to the holder at the time of the Convertible Preferred Stocks respective original issuance dates. In addition, the automatic conversion features which are contingent upon on the occurrence of a future event resulted in contingent BCFs at the Convertible Preferred Stock issuance dates, however, in accordance with ASC 470-20, a contingent BCF is not recognized until the contingency is resolved. In connection with the closing of the FLAG Merger on September 12, 2023, all Convertible Preferred Stock were converted to Calidi common stock pursuant to the conversion provisions above and are no longer outstanding as of December 31, 2023. Series B Convertible Preferred Stock On June 16, 2023, Calidi entered into a Securities Purchase Agreement (“SPA”) with a Jackson Investment Group LLC (“JIG”), an investor in FLAG, and Calidi Cure LLC (“Calidi Cure”) an entity that is solely managed and operated by Allan J. Camaisa, for an aggregate purchase of 1,000,000 shares of Series B Convertible Preferred Stock (“Series B Preferred Stock”) at a stated price of $ 25.00 per share, for a total commitment of $ 25.0 million. JIG committed to purchasing $ 12.5 million (or 500,000 shares) of Series B Preferred Stock and Calidi Cure committed to purchasing the remaining $ 12.5 million (or 500,000 shares) of Series B Preferred Stock, which may be funded by multiple investors in Calidi Cure as a consortium. Upon signing of the SPA, JIG funded and purchased 199,999 shares of Series B Preferred stock for an initial investment of $ 5.0 million (“JIG Tranche 1”) and, conditioned on the Closing of the business combination with FLAG no later than September 14, 2023, which did close on September 12, 2023 (see Note 3), committed to purchase the remaining 300,001 shares of Series B Preferred Stock for $ 7.5 million (“JIG Tranche 2”). Calidi Cure committed to purchasing 199,999 shares of Series B Preferred Stock for $ 5.0 million no later than September 1, 2023 (“Calidi Cure Tranche 1”) and conditioned on the Closing of the business combination with FLAG which did close on September 12, 2023 (see Note 3), and JIG’s purchase of shares pursuant to JIG Tranche 2, committed to purchase the remaining 300,001 shares of Series B Preferred Stock for $ 7.5 million (“Calidi Cure Tranche 2”). The Calidi Cure commitments are personally guaranteed by Mr. Camaisa. Calidi evaluated the accounting implications of the initial JIG Tranche 1 and Calidi Cure Tranche 1 financing. As of June 20, 2023 (issuance date), only the $ 5 million JIG Tranche 1 and $ 0.2 million of Calidi Cure’s purchase commitment were funded. Based on Calidi’s analysis, the Series B Preferred Stock Initial Closing (JIG Tranche 1) and Calidi Cure $ 0.2 million were classified as a liability under ASC 480-10-25-14, with any changes being recorded in the consolidated statements of operations. Calidi recorded a day 1 loss of approximately $ 2.4 million recorded on the issuance date. The entire day one loss and the change in fair value was recorded in Calidi’s consolidated statements of operations included in Change in fair value of debt, other liabilities, and derivatives – related party. Calidi then recorded a mark to market adjustment to September 16, 2023 resulting in a $ 2.7 million gain from change in fair value from June 20, 2023 (issuance date) to December 31, 2023, recorded within Change in fair value of debt, other liabilities, and derivatives – related party within the consolidated statements of operations. Further, as consideration for the Series B Preferred Stock financing, Calidi recorded a financing cost of $ 2.7 million for the year ended December 31, 2023, included in Calidi’s other income and expenses, net, presented within the consolidated statements of operations labeled Series B preferred stock financing costs – related party. The holders of the Series B Preferred Stock were entitled to liquidation, deemed liquidation, voting, dividend and other rights on terms substantially similar to Convertible Preferred Stock described above, except the Series B Preferred Stock was junior in rank to the Convertible Preferred Stock. At any time after the date of issuance, any holder of the Series B Preferred Stock had the right by written election to Calidi to convert all or any portion of the outstanding shares, along with accrued dividends, if any, into an aggregate number of shares of Calidi common stock by (i) multiplying the number of shares of Series B Preferred Stock to be converted by the $ 25.00 per share liquidation value thereof, and (ii) dividing the result by the conversion price in effect immediately prior to such conversion defined as follows. The conversion price per share for JIG’s Tranche 1 and Tranche 2 investments was determined based on a Calidi valuation of $ 180.0 million divided by the number of Calidi’s fully diluted shares as of the date of, and defined in, the SPA (“JIG Conversion Price”). The conversion price per share for Calidi Cure’s Tranche 1 and Tranche 2 investments was determined based on a Calidi valuation of $ 200.0 million divided by the number of Calidi’s fully diluted shares as of the date of, and defined in, the SPA (“Calidi Cure Conversion Price”). All shares of Series B Preferred Stock outstanding were set to automatically convert to shares of Calidi common stock based on the applicable conversion prices described above in the earlier to occur of the following: i) the Closing of the business combination or a qualified public offering by Calidi, or ii) on September 30, 2025. A qualified public offering shall occur upon the sale and firm commitment in an underwritten public offering in which Calidi sells at least $10.0 million at a price per share equal to or greater than the Conversion Price defined above respectively which was sold to the public and listed on a national securities exchange . In the event that the business combination had not been completed by September 14, 2023, JIG had a contingent put option on the JIG Tranche 1 investment, upon written notice to Calidi, to demand a repayment of invested principal amount plus 10 %, or $ 5.5 million (the “Repurchase Price”), from Calidi. The contingent put option was set to expire on December 31, 2023. If upon written notice from JIG to exercise the put option, Calidi was unable to or had not paid JIG the Repurchase Price, then JIG could have demanded such payment, by written notice from Mr. Camaisa individually. If an event of default had occurred and there was failure to pay the Repurchase Price by Calidi and Mr. Camaisa in accordance with the SPA, then JIG, at its sole election, had the right to convert the Series B Preferred Stock acquired in JIG Tranche 1 into shares of Calidi common stock at a then Calidi valuation of $ 5.0 million divided by the number of Calidi’s fully diluted shares, as defined. Alternatively, if the business combination was not completed by September 14, 2023, or was otherwise terminated, then all holders of Series B Preferred Stock, at their election, had the right to convert all or part of the Series B Preferred Stock on a conversion price based upon a Calidi valuation of $ 50.0 million divided by the number of Calidi’s fully diluted shares, as defined. In the event that the business combination had not been completed on or before September 14, 2023 and JIG had funded JIG Tranche 2, but Calidi Cure had not fulfilled its commitment to purchase $ 12.5 million shares of Series B Preferred Stock discussed above, then within 60 days written notice provided by JIG to Mr. Camaisa individually, Mr. Camaisa had agreed to purchase from JIG all of the Series B Preferred Stock purchased by JIG in the SPA for a purchase price of $ 12.5 million. As an incentive to purchase the Series B Preferred Stock in June 2023, JIG and to Calidi Cure received 255,987 and 1,500 shares of FLAG Class B Common Stock, respectively, valued at an aggregate of $ 2.7 million which was recorded as a financing cost included in other expenses in the consolidated statements of operations for the year ended December 31, 2023. In connection with the Closing of the FLAG Merger, JIG purchased the remaining 300,001 shares of Series B Convertible Preferred Stock for $ 7.4 million for JIG Tranche 2, net of fees and commissions of $ 0.1 million, which, along with JIG Tranche1 that was funded in June 2023, all Series B Convertible Preferred Stock held by JIG was converted to Calidi common stock immediately prior to the Closing in accordance with the conversion provisions in the Series B Convertible Preferred Stock agreements. Furthermore, at the Closing, Calidi Cure purchased 500,000 shares of Series B Preferred Stock for $ 12.1 million, net of fees and commissions of $ 0.4 million, comprising both Calidi Cure Tranche 1 and Calidi Cure Tranche 2 and all Series B Convertible Preferred Stock held by Calidi Cure was converted to Calidi common stock immediately prior to the Closing in accordance with the conversion provisions in the Series B Convertible Preferred Stock agreements. Accordingly, there were no Series B Convertible Preferred Stock shares outstanding as of December 31, 2023. Common Stock Pursuant to the Second Amended and Restated Certificate of Incorporation, the Company is authorized to issue 330,000,000 shares of common stock, par value $ 0.0001 per share, of which 312,000,000 shares are designated as Voting Common Stock (“Common Stock”) and 18,000,000 are designated as Non-Voting Common Stock (the “Non-Voting Common Stock”). As of December 31, 2023 and December 31, 2022, there were 35,522,230 and 8,583,724 shares of common stock issued and outstanding, respectively, and 18,000,000 and 0 shares of non-voting common stock outstanding, respectively. Since inception to date, no dividends have been declared or paid. Issuance costs related to common stock issuances during all periods presented were immaterial. During the year ended December 31, 2023, Calidi issued 7,185,734 shares of common stock in connection with the conversion of convertible preferred stock (see above), 42,822 shares of common stock with term notes as interest paid in kind and other (see Note 8), 1,546 shares of common stock in lieu of cash per legal settlement agreement, 197,711 shares of common stock from exercises of stock options (see Note 11), 387,820 shares of common stock for Calidi debt settlement in connection with the FLAG Merger (see Note 8), 46,826 shares of common stock for Calidi deferred compensation settlement in connection with the FLAG Merger (see Note 14), 1,306,811 shares of common stock issued to Non-Redemption and PIPE Agreement Investor in connection with FLAG Merger, 1,000,000 shares of common stock under the Forward Purchase Agreement in connection with FLAG Merger, and 16,769,236 shares of common stock issued to Calidi stockholders as result of FLAG Merger. During the year ended December 31, 2022, Calidi issued 109,739 shares of common stock from exercises of stock options, 57,857 shares of common stock related for certain services in lieu of cash, 105,137 shares in conjunction with a lawsuit settlement (see Note 14), and 16,175 shares in lieu of cash interest in conjunction with certain term note agreements (see Note 8). As of December 31, 2023, common stock reserved for future issuance consisted of the following: Schedule of Common Stock Reserved Common stock warrants outstanding 13,412,154 Common stock options issued and outstanding 7,870,870 Restricted stock units vested and unreleased 40,218 Shares available for future issuance under the 2023 Equity Incentive Plan 3,604,587 Shares reserved under the 2023 Employee Stock Purchase Plan 3,937,802 Common stock reserved for future issuance 28,865,631 In connection with the closing of the FLAG Merger on September 12, 2023, all Calidi Common Stock, including all convertible common equivalents were exchanged for New Calidi Common Stock (see Note 3). After giving effect to the Business Combination transaction and the issuance of the Merger Consideration described above, there are 35,522,230 shares of the Company’s Common Stock issued and outstanding. Warrants As of December 31, 2023, there were 13,412,154 warrants to purchase Common Stock outstanding, consisting of 11,500,000 Public Warrants and 1,912,154 Private Placement Warrants. 2020 Term Note Warrants In connection with the 2020 Term Notes Payable financings discussed in Note 8, Calidi issued warrants to purchase 1,050,000 shares of common stock at an exercise price of $ 1.00 per share (“2020 Term Note Warrants”). The 2020 Term Note Warrants shall terminate and expire upon the earliest to occur of the following: i) on the tenth anniversary of the issuance date or ii) a completion of an IPO under the Securities Act of 1933 or consummation of a deemed liquidation event as defined in the Amended Articles. The 2020 Note Warrants are classified as equity in accordance with ASC 815. Calidi has elected to measure the 2020 Term Notes Payable using the fair value option under ASC 825 discussed in Notes 2 and 8. Accordingly, Calidi allocated the proceeds from the 2020 Term Notes Payable to the associated 2020 Term Note Warrants based on the residual method of allocation prescribed by ASC 815. This resulted in approximately $ 0.1 million of residual value being allocated to the 2020 Term Note Warrants with a corresponding increase to additional paid in capital on date of issuance. In connection with the closing of the FLAG Merger on September 12, 2023, all 2020 Term Note Warrants were cashless exercised into shares of Calidi common stock and exchanged for New Calidi Common Stock. 2020 LOC Warrants In connection with the LOC discussed in Note 8, Calidi issued warrants to purchase 2,000,000 shares of common stock at an exercise price of $ 1.00 per share (“2020 LOC Warrants”). The 2020 LOC Warrants have a termination provision and are equity classified similar to the provisions of 2020 Term Note Warrants. At the time of issuance, the fair value of the 2020 LOC Warrants was estimated to be $ 0.6 million and recorded as a deferred financing fee with a corresponding increase to additional paid in capital. This amount was included within deferred financing fees and other noncurrent assets on the consolidated balance sheet and is being amortized to interest expense in the consolidated statements of operations over the term of the LOC (see Note 8). The estimated fair value of the 2020 LOC Warrants was determined using the Black-Scholes option pricing model which, among other factors, utilized key inputs such as the share price of the underlying common stock at the valuation date, the exercise price, the expected life of the 2020 LOC Warrants, which were estimated to be the at the future liquidity event that would result in the termination of the warrant, risk-free interest rates, expected dividends and expected volatility commensurate with the expected life. The determination of the 2020 LOC Warrants fair values is inherently uncertain and subjective and involves the application of valuation models and assumptions requiring the use of judgment. If Calidi had made different assumptions, its 2020 LOC Warrants fair values and the resulting financial statement impacts from those values may have been significantly different. In connection with the closing of the FLAG Merger on September 12, 2023, all 2020 LOC Warrants were cashless exercised into shares of Calidi common stock and exchanged for New Calidi Common Stock. 2021 Term Note Warrants In connection with the 2021 Term Notes Payable financings discussed in Note 8, Calidi issued warrants to purchase 1,000,000 shares of common stock at an exercise price of $ 1.00 per share (“2021 Term Note Warrants”). The 2021 Term Note Warrants shall terminate and expire upon the earliest to occur of the following: i) on the tenth anniversary of the issuance date or ii) a completion of an IPO under the Securities Act of 1933 or consummation of a deemed liquidation event as defined in the Amended Articles. The Note Warrants are classified as equity in accordance with ASC 815. Calidi elected to measure the 2021 Term Notes Payable using the fair value option under ASC 825 discussed in Notes 2 and 8. Accordingly, Calidi allocated the proceeds from the 2021 Term Notes Payable to the associated 2021 Term Note Warrants based on the residual method of allocation prescribed by ASC 815. This resulted in approximately $ 22,000 of residual value being allocated to the 2021 Term Note Warrants with a corresponding increase to additional paid in capital on date of issuance. In connection with the closing of the FLAG Merger on September 12, 2023, all 2021 Term Note Warrants were cashless exercised into shares of Calidi common stock and exchanged for New Calidi Common Stock. Public Warrants In connection with the closing of the FLAG Merger on September 12, 2023, the Company assumed 11,500,000 public warrants to purchase common stock with an exercise price of $ 11.50 per share. The public warrants became exercisable 30 days after the Closing. Each whole share of the warrant is exercisable for one share of the Company’s common stock. The Company may redeem the outstanding Public Warrants for $ 0.01 per warrant upon at least 30 days’ prior written notice of redemption given after the warrants become exercisable, if the reported last sale price of the common stock equals or exceeds $ 18.00 per share (as adjusted for stock dividends, sub-divisions, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing after the warrants become exercisable and ending on the third trading day before the Company sends the notice of redemption to the warrant holders. Upon issuance of a redemption notice by the Company, the warrant holders may, at any time after the redemption notice, exercise the public warrants on a cashless basis. The Company accounts for the public warrants in accordance with the guidance contained in ASC 815-40. Such guidance provides that because the warrants do not meet the criteria for equity treatment thereunder, each warrant must be recorded as a liability. The accounting treatment of derivative financial instruments in accordance with ASC 815, Derivatives and Hedging, As of December 31, 2023, all 11,500,000 public warrants remain outstanding. Private Placement Warrants In connection with the closing of the FLAG Merger on September 12, 2023, the Company assumed 1,912,514 private placement warrants to purchase common stock with an exercise price of $ 11.50 per share. The private placement warrants (and shares of common stock issued or issuable upon exercise of the Private Placement Warrants) in general, will not be transferable, assignable or salable until 30 days after the Closing (excluding permitted transferees) and they will not be redeemable under certain redemption scenarios by us so long as they are held by the Sponsor, Metric or their respective permitted transferees. Otherwise, the private placement warrants have terms and provisions that are identical to those of the public warrants being, including as to exercise price, exercisability and exercise period. If the private placement warrants are held by holders other than the Company’s sponsor, Metric or their respective permitted transferees, the private placement warrants will be redeemable by the Company under all redemption scenarios and exercisable by the holders on the same basis as the public warrants. As of December 31, 2023, all 1,912,514 private placement warrants remain outstanding. The following table summarizes the Company’s aggregate warrant activity for the year ended December 31, 2023. Schedule of Warrant Activity Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding at January 1, 2023 (1) 1,685,760 $ 2.40 7.87 Issued - Private Placement Warrants 1,912,154 — — Issued - Public Warrants 11,500,000 — — Exercised — — — Converted into Common Stock (1) (1,685,760 ) — — Outstanding at December 31, 2023 13,412,154 $ 11.50 4.72 (1) Retroactively restated for the reverse recapitalization as described in Note 3.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	11. Stock-Based Compensation Equity Incentive Plans Prior to January 1, 2019, Calidi adopted the 2016 Stock Plan (the “2016 Plan”) under which Calidi was authorized to grant stock options, restricted stock, a stock appreciation right, or a restricted stock unit award. In June 2019, Calidi adopted the 2019 Equity Incentive Plan (the “2019 Plan”) to replace the 2016 Plan. Other than the change of plan name and incorporation state, all the terms of the 2016 Plan were carried over into the 2019 Plan. In adopting the 2019 Plan, Calidi terminated the 2016 Plan and may no longer grant any additional stock options or sell any stock under restricted stock purchase agreements under the 2016 Plan; however, stock options issued under the 2016 Plan will continue to be in effect in accordance with their terms and the terms of the 2019 Plan, which are substantially the same terms as the 2016 Plan, until the exercise or expiration of the individual options awards. In connection with the Business Combination, the Company assumed the options granted under the 2019 Plan. Upon completion of the Business Combination on September 12, 2023, the Company adopted the 2023 Equity Incentive Plan (the “2023 Plan”). Since the 2019 Plan was not assumed by the Company, the Company may no longer grant any additional stock options or sell any stock under restricted stock purchase agreements under the 2019 Plan; however, stock options issued under the 2019 Plan will continue to be in effect in accordance with their terms and the terms of the 2023 Plan until the exercise or expiration of the individual options awards. The 2019 Plan reserved the right for the Board of Directors as the administrator of the plan (the “Administrator”) to issue up to shares pursuant to 20,000,000 (pre-Business Combination) equity awards, which was increased to up to 25,500,000 (pre-Business Combination) in May 2022, including stock options (“Options”), restricted stock awards (“Restricted Stock”), dividend equivalents awards, stock payment awards, restricted stock units (“RSUs”) and/or stock appreciation rights (“SARs”, together with Options, Restricted Stock and RSUs, “Awards”), according to its discretion. Awards may be granted under the 2019 Plan to our employees, directors, and consultants. As of December 31, 2023, the Administrator has not issued any Restricted Stock, RSUs, dividend equivalents awards, stock payment awards or SARs. Stock options remain as the sole outstanding type of award under the 2019 Plans. Under the 2019 Plan, awards may vest and thereby become exercisable or have restrictions on forfeiture lapse on the date of grant or in periodic installments or upon the attainment of performance goals, or upon the occurrence of specified events depending on the Administrator’s discretion. The Administrator has broad authority to determine the terms and conditions of any Award granted pursuant to the 2019 Plan including, but not limited to, the exercise price, grant price, or purchase price, any reload provision, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or waivers thereof as the Administrator, in its sole discretion may determine. No Awards may be granted under the 2019 Plan with a term of more than ten years and no Awards granted may be exercised after the expiration of ten years from the date of grant. The 2023 Plan reserved the right for the Compensation Committee or by the Board of Directors acting as the Compensation Committee, as the administrator of the plan (the “Administrator”) to issue up to 3,937,802 equity awards, including stock options (“Options”), restricted stock awards (“Restricted Stock”), dividend equivalents awards, stock payment awards, restricted stock units (“RSUs”) and/or stock appreciation rights (“SARs”, together with Options, Restricted Stock and RSUs, “Awards”), according to its discretion. Awards may be granted under the 2023 Plan to our employees, directors, and consultants. As of December 31, 2023, the Administrator has issued RSUs and stock options under the 2023 Plan. Under the 2023 Plan, Awards may vest and thereby become exercisable or have restrictions on forfeiture lapse on the date of grant or in periodic installments or upon the attainment of performance goals, or upon the occurrence of specified events depending on the Administrator’s discretion. The Administrator has broad authority to determine the terms and conditions of any Award granted pursuant to the 2023 Plan including, but not limited to, the exercise price, grant price, or purchase price, any reload provision, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or waivers thereof as the Administrator, in its sole discretion may determine. No Awards may be granted under the 2023 Plan with a term of more than ten years and no Awards granted may be exercised after the expiration of ten years from the date of grant. On September 12, 2023, upon closing of the FLAG Merger (Note 3), the number of equity awards issued and available for grant were retrospectively adjusted pursuant to the conversion ratio of approximately 0.42 . The mechanism of conversion resulted in the fair value of each option prior to the Closing equal to the fair value of each option after. All stock option activity presented in these statements has been retrospectively adjusted to reflect the conversion. 2023 Employee Stock Purchase Plan (“ESPP”) On August 28, 2023, the Company approved the 2023 Employee Stock Purchase Plan, hereinafter the 2023 ESPP, which became effective on the consummation of the FLAG Merger (See Note 3). Under the 2023 ESPP, eligible employees may purchase a limited number of shares of common stock at a discount of up to 15 % of the market value of such stock at pre-determined and plan-defined dates. There were no shares issued under the 2023 ESPP during the year ended December 31, 2023. Stock Options Options granted under the 2019 Plan and 2023 Plan may be either “incentive stock options” within the meaning of Section 422(b) of the Internal Revenue Code of 1986, as amended (the “Code”), or “non-qualified” stock options that do not qualify incentive stock options. Incentive stock options may be granted only to Calidi employees and employees of domestic subsidiaries, as applicable. The exercise price of stock options shall be equal to or greater than the fair market value of Calidi common stock on the date the option is granted. In the case of an optionee who, at the time of grant, owns more than 10% of the combined voting power of all classes of Calidi stock, the exercise price of any incentive stock option must be at least 110% of the fair market value of the common stock on the grant date, and the term of the option may be no longer than five years. The aggregate fair market value of common stock (determined as of the grant date of the option) with respect to which incentive stock options become exercisable for the first time by an optionee in any calendar year may not exceed $0.1 million, otherwise it will be classified as a Non-Qualified Stock Option. The exercise price of an option may be payable in cash or in common stock, or in a combination of cash and common stock, or other legal consideration for the issuance of stock as the Board or Administrator may approve. Generally, options vest over four years and will be exercisable only while the optionee remains an employee, director or consultant, or during the three months thereafter, but in the case of the termination of an employee, director, or consultant’s services due to death or disability, the period for exercising a vested option shall be extended to the earlier of twelve months after termination or the expiration date of the option. Option awards activity A summary of the 2019 Plan and 2023 Plan option activity and related information follows (in thousands except weighted average exercise price): Summary of Stock Option Activity Number of Options Outstanding Weighted Average Exercise Price Weighted- Aggregate Intrinsic Value Outstanding at January 1, 2023 9,954 $ 2.67 7.48 $ 4,840 Options granted 619 4.67 Options exercised (2,178 ) 2.01 Options forfeited or cancelled (524 ) 3.01 Outstanding at December 31, 2023 7,871 $ 2.58 5.82 $ 2,639 Exercisable at December 31, 2023 6,207 $ 1.96 5.16 $ 2,637 Restricted stock units A summary of the 2023 Plan restricted stock unit (RSU) activity and related information follows (in thousands except weighted average grant date fair value): Summary of Restricted Stock Unit Activity Number of Units Outstanding Weighted Average Grant-Date Fair Value Balance at January 1, 2023 — $ — Granted 40 $ 1.80 Vested (40 ) $ 1.80 Balance at December 31, 2023 — $ — Vested and unreleased 40 $ 1.80 Outstanding at December 31, 2023 40 $ 1.80 Calidi recorded stock-based compensation expense in the following categories on the accompanying consolidated statements of operations for the periods presented (in thousands): Schedule of Stock-Based Compensation Expense 2023 2022 Year Ended December 31, 2023 2022 Research and development $ 1,075 $ 747 General and administrative 3,734 3,775 Total stock-based compensation expense $ 4,809 $ 4,522 On January 18, 2023, the Board approved a repricing of approximately 1.5 million stock options previously granted at an exercise price of $ 9.27 per share to the then current fair value of $ 7.11 per share pursuant to an updated valuation report. The year ended December 31, 2023 include a noncash compensation charge of approximately $ 0.2 million in connection with this repricing. The year ended December 31, 2022 include a noncash compensation charge of approximately $ 0.7 million for certain stock options that were accelerated as to vesting in connection with employment agreements entered into or amended with certain executives. The stock option repricing and the acceleration of vesting were accounted for as a modification under ASC 718. As of December 31, 2023, the total unamortized stock-based compensation expense related to stock options was approximately $ 7.1 million expected to be amortized over an estimated weighted average life of 2.19 years. The weighted-average estimated fair value of stock options with service-conditions granted during the year ended December 31, 2023 and 2022 was $ 4.29 and $ 6.85 per share, respectively, using the Black-Scholes option pricing model with the following weighted-average assumptions: Schedule of Stock Options Valuation Assumptions Year Ended December 31, 2023 2022 Expected volatility 88.76 % 88.35 % Risk-free interest rate 3.81 % 2.09 % Expected option life (in years) 5.80 6.00 Expected dividend yield 0.0 % 0.0 % The Company does not recognize deferred income taxes for incentive stock option compensation expense and records a tax deduction only when a disqualified disposition has occurred. In connection with the closing of the FLAG Merger on September 12, 2023, all stock options underlying of the 2019 Plan were assumed by New Calidi at the appropriate conversion ratio and the legacy Calidi 2019 Plan was terminated (see Note 3).

Customer Contracts

Customer Contracts	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Customer Contracts	12. Customer Contracts On June 22, 2021, Calidi entered into a research collaboration agreement (the “Research Collaboration Agreement” or “Agreement No. 1”) with a customer (the “Customer”), to perform certain tests on three different grade stem cell lines with the purpose of exploring the in-vitro feasibility amplification potential of the Customer’s own oncolytic adenovirus in development. In consideration for Calidi’s services, the Customer paid Calidi a one-time upfront payment of $ 44,000 for those services. On October 4, 2021, Calidi and the Customer entered into Amendment No. 1 of the Research Collaboration Agreement (“Amendment No. 1”) whereby Calidi agreed to perform certain in-vivo therapeutic efficacy tests of the Customer’s oncolytic adenovirus, as defined in Amendment No. 1. In consideration for Calidi’s services, the Customer agreed to pay $ 0.5 million, of which $ 0.2 million was paid within ten days of the execution of Amendment No. 1 and the remaining $ 0.2 million was paid within ten days of Calidi’s submission of a final report to the Customer, which was delivered and paid in January 2022. Calidi analyzed Agreement No. 1 and Amendment No. 1 in accordance with ASC 808 and ASC 606 and concluded that the agreements represent customer relationship contracts measured under the scope of ASC 606 and accounted for Amendment No. 1 as a contract modification that qualified as a separate contract measured under the requirements of ASC 606. The services under Agreement No. 1 required Calidi to deliver a cytotoxicity profile of the stem cell lines and the viral amplification data to the Customer, which represented one combined performance obligation. In consideration for Calidi’s services, the Customer paid Calidi a one-time upfront payment of $ 44,000 , which was identified as the entire transaction price and allocated to the single combined performance obligation. The services under Amendment No.1 required Calidi to deliver a final report consisting of the results of certain in-vivo therapeutic efficacy tests of the Customer’s oncolytic adenovirus, which also represented one performance obligation. Calidi recognizes revenue on its single performance obligation over the period during which the services are being performed for the Customer, which is the generation of data provided to the Customer as the work progressed on multiple in-vivo therapeutic efficacy tests for the Customer’s own oncolytic adenovirus. In consideration for Calidi’s services, the Customer agreed to pay Calidi a total of $ 0.5 million, which was identified as the entire transaction price and allocated to the single combined performance obligation. Revenue related to the performance obligations was recognized over time as the services were performed, based on Calidi’s progress to satisfy the performance obligations. As of December 31, 2022, the contractual asset was offset by the scheduled billing and collection of the remaining $ 0.2 million under Amendment No. 1. Accordingly, for the year ended December 31, 2022, the project under Amendment No. 1 was completed and the Company recognized the remaining $ 45,000 of service revenues in that period.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	13. Income Taxes Income/(Loss) before provision for income taxes consisted of the following for the years ended December 31, 2023 and 2022 (in thousands): Schedule of Income (Loss) Before Provision for Income Taxes 2023 2022 United States $ (27,984 ) $ (25,375 ) International (1,216 ) (41 ) Loss before provision for income taxes $ (29,200 ) $ (25,416 ) The income tax expense (benefit) by jurisdiction for the years ended December 31, 2023 and 2022, were as follows (in thousands): Schedule of Income Tax Expenses (Benefit) by Jurisdiction 2023 2022 Current: Federal $ — $ — State and local — — Foreign 16 11 Total current $ 16 $ 11 Deferred: Federal $ — $ — State and local — — Foreign — — Total deferred — — Total tax expense $ 16 $ 11 Since inception, the Company has incurred net operating losses primarily for U.S. federal and state income tax purposes and has not reflected any benefit of such net operating loss carryforwards for any periods presented herein. For the years ended December 31, 2023 and 2022, no U.S. provision or benefit for income taxes was recorded and an insignificant amount of German provision for income taxes was recorded as presented on the consolidated statements of operations. Income taxes during the years ended December 31, 2023 and 2022 differed from the amounts computed by applying the applicable U.S. federal income tax rates indicated to pretax loss from operations as a result of the following: Schedule of U.S. Federal Income Tax Rates Indicated to Pretax Loss From Operations 2023 2022 Computed tax benefit at federal statutory rate 21 % 21 % Permanent differences — % — % State tax benefit 7 % 6 % Stock based compensation (2 )% (1 )% Other permanent differences (1 )% — % Change in valuation allowance (28 )% (24 )% Research and development credit — % — % Change in fair value of debt 1 % (2 )% Stock issuance cost (2 )% — % Acquired startup costs 4 % — % Pretax loss from operations rates total — % — % Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The primary components of the deferred tax assets and liabilities at December 31, 2023 and 2022 were as follows (in thousands): Schedule of Components of Deferred Tax Assets and Liabilities 2023 2022 Deferred tax assets/(liabilities): Net operating loss carryforwards $ 15,236 $ 10,102 Research and development credit carryforwards 666 404 Stock-based and other compensation 2,131 1,616 Lease liability 1,143 12 Capitalized research and development expenditures 3,109 1,306 Transaction and financing costs — 537 Depreciation and amortization 1,508 207 Accrued liabilities and other reserves 1,217 1,376 Total deferred tax assets 25,010 15,560 Right-of-use and other assets (1,147 ) (10 ) Total deferred tax liabilities (1,147 ) (10 ) Valuation allowance (23,863 ) (15,550 ) Net deferred tax asset $ — $ — As of December 31, 2023, the Company had net operating loss carryforwards of approximately $ 52.1 million for U.S. federal income tax purposes and $ 65.3 million for state income tax purposes. Federal net operating losses of $ 8.0 million generated on or prior to December 31, 2017, expire in varying amounts between 2034 and 2037, while federal net operating losses of $ 44.1 million generated after December 31, 2017 carryforward indefinitely. The state net operating losses expire in varying amounts between 2034 and 2043. As of December 31, 2023, the Company has research and development credit carryforwards for federal purposes of $ 0.7 million and for state purposes of $ 0.8 million. The federal credits will expire between 2040 and 2043, while the state credits have no expiration. Utilization of the net operating loss carryforwards and credits may be subject to substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended, and similar state provisions. The annual limitation may result in the expiration of net operating losses before utilization. The Company performed a Section 382 study for the period February 15, 2015 to December 31, 2021. There was an ownership change identified on March 26, 2018 after the Company’s Series A-2 preferred stock issuance. The Company has not undertaken a Section 382 study through December 31, 2023. Our ability to utilize our net operating loss carryforwards and other tax attributes to offset future taxable income or tax liabilities may be limited as a result of ownership changes. A valuation allowance is provided when it is more likely than not that all or some portion of the deferred tax assets will not be realized. The Company established a full valuation allowance for all periods presented due to the uncertainty of realizing future tax benefits from its net operating loss carryforwards and other deferred tax assets. The change in the valuation allowance was $ 8.3 million and $ 6.1 million for the years ended December 31, 2023 and 2022, respectively. The Company has uncertain tax benefits (“UTBs”) totaling approximately $ 1.5 million and $ 1.2 million as of December 31, 2023 and 2022, respectively, which were netted against deferred tax assets subject to valuation allowance. The UTBs had no effect on the effective tax rate and there would be no cash tax impact for any period presented. The Company does not expect its UTBs to change significantly over the next twelve months. A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows (in thousands): Schedule of Unrecognized Tax Benefit 2023 2022 December 31, 2023 2022 Balance at the beginning of the year $ 1,239 $ 1,077 Additions based on tax positions related to current year 278 162 Adjustments based on tax positions related to prior years — — Balance at end of year $ 1,517 $ 1,239 The Company files tax returns in the U.S. for federal purposes and California for state purposes. For jurisdictions in which tax filings have been filed, all tax years remain open for examination by the federal and California state authorities for three and four years, respectively, from the date of utilization of any net operating losses or credits. The Company is not currently under audit by any taxing jurisdiction. The Company tax filings are subject to audit by taxing authorities in jurisdictions where it conducts business. These audits may result in assessments of additional taxes that are subsequently resolved with the authorities or potentially through the courts. Management believes the Company has adequately provided for any ultimate amounts that are likely to result from these audits; however, final assessments, if any, could be significantly different than the amounts recorded in the consolidated financial statements.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	14. Commitments and Contingencies Operating and financing leases On October 10, 2022, Calidi entered into an Office Lease Agreement (the “San Diego Lease”) of a building containing 15,197 square feet of rentable space located in San Diego, California (the “Premises”) that will serve as Calidi’s new principal executive and administrative offices and laboratory facility. Calidi completed constructing tenant improvements at the Premises on February 27, 2023, and moved into the Premises by the end of March 2023. To secure and execute the San Diego Lease, Mr. Allan Camaisa provided a personal Guaranty of Lease of up to $ 0.9 million (the “Guaranty”) to the lessor for Calidi’s future performance under the San Diego Lease agreement. As consideration for the Guaranty, Calidi agreed to pay Mr. Camaisa 10% of the Guaranty amount for the first year of the San Diego Lease, and 5% per annum of the Guaranty amount thereafter through the life of the lease , with all amounts accrued and payable at the termination of the San Diego Lease or release of Mr. Camaisa from the Guaranty by the lessor, whichever occurs first. The San Diego Lease has an initial term of 48 calendar months, from the first day of the first full month following which the “Commencement Date” occurs (the “Term”), which was March 1, 2023. Beginning on the Commencement Date, Calidi pays base monthly rent in the amount of $ 0.1 million during the first 12 months of the Term, plus a management fee equal to 3.0 % of base rent. Base monthly rent will increase annually, over the base monthly rent then in effect, by 3.0 %. In addition to base monthly rent and management fees, Calidi pays in monthly installments its share of (a) all costs and expenses, other than certain excluded expenses, incurred by the lessor in each calendar year in connection with operating, maintaining, repairing (including replacements if repairs are not feasible or would not be effective) and managing the Premises and the building in which the Premises are located (“Expenses”), and (b) all real estate taxes and assessments on the Premises and the building in which the Premises are located, all personal property taxes for property that is owned by Landlord and used in connection with the operation, maintenance and repair of the Premises (“Taxes”). Upon execution of the San Diego Lease, Calidi provided the lessor a payment of $ 0.1 million as first month base rent and prepaid operating expenses, and a letter of credit in the amount of $ 0.1 million issued by a bank in the name of the lessor. To obtain the letter of credit, Calidi has provided the issuing bank with a restricted cash deposit that the bank will hold to cover its obligation to pay any draws on the letter of credit by the lessor. The restricted cash may not be used for any other purpose (see Note 2). The prepaid rent was included in the initial accounting of the San Diego Lease in accordance with operating leases under ASC 842, as presented in the tables below. On April 1, 2022, StemVac entered into an office lease which includes laboratory space which expires on September 30, 2027, with monthly payments of 4,000 Euros per month. Operating lease expense recognized during the years ended December 31, 2023 and 2022 was approximately $ 1.6 million and $ 0.9 million, respectively. Calidi is also party to certain financing leases for machinery and equipment (see Note 6). The following table presents supplemental cash flow information related to operating and financing leases for the periods presented (in thousands): Schedule of Supplemental Cash Flow Information Related to Operating and Financing Leases Cash paid for amounts included in the measurement of lease liabilities: 2023 2022 Year Ended December 31, Cash paid for amounts included in the measurement of lease liabilities: 2023 2022 Operating cash flows from operating leases $ 1,759 $ 877 Operating cash flows from financing leases 101 14 Financing cash flows from financing leases 22 81 Right-of-use assets obtained in exchange for new lease liabilities: Operating lease $ 4,735 $ 204 The following table presents supplemental balance sheet information related to operating and financing leases for the periods presented (in thousands, except lease term and discount rate): Schedule of Supplemental Balance Sheet Information Related to Operating and Financing Leases 2023 2022 Year Ended 2023 2022 Operating leases Right-of-use assets, net $ 4,073 $ 199 Right-of-use lease liabilities, current $ 1,035 $ 44 Right-of-use lease liabilities, noncurrent 3,037 305 Total operating lease liabilities $ 4,072 $ 349 Financing Leases Machinery and equipment, gross $ 607 $ 417 Accumulated depreciation (251 ) (173 ) Machinery and equipment, net $ 356 $ 244 Current liabilities $ 81 $ 72 Noncurrent liabilities 216 142 Total financing lease liabilities $ 297 $ 214 Weighted average remaining lease term Operating leases 3.2 years 4.3 years Financing leases 3.9 years 3.5 years Weighted average discount rate Operating leases 11.80 % 5.90 % Financing leases 12.10 % 9.14 % The following table presents future minimum lease commitments as of December 31, 2023 (in thousands): Schedule of Future Minimum Lease Commitments Operating Leases Financing Leases Year Ending December 31, 2024 $ 1,425 $ 111 2025 1,466 90 2026 1,508 88 2027 486 51 2028 3 34 2029 and thereafter — — Total minimum lease payments 4,888 374 Less: amounts representing interest (816 ) (77 ) Present value of net minimum lease payments $ 4,072 $ 297 Litigation — General Calidi is subject to various claims and contingencies in the ordinary course of its business, including those related to litigation, business transactions, employee-related matters, and other matters. At each reporting date, Calidi evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. If it is probable that a loss will result and the amount of the loss can be reasonably estimated, Calidi will record a liability for the loss. If the loss is not probable or the amount of the loss cannot be reasonably estimated, Calidi discloses the claim if the likelihood of a potential loss is reasonably possible, and the amount involved could be material. Calidi expenses the costs related to legal proceedings as incurred. See Note 5 and the other legal matters discussed below. Other than the matter discussed below, Calidi is not currently party to any material legal proceedings. Legal proceedings Terminated Physician Agreement Matter On July 19, 2016, Calidi entered into a Partnership Agreement between certain physicians (the “Physicians”, as one of the “partners”) and Calidi for the Physicians to provide certain services to Calidi. In connection with the Partnership Agreement, Calidi granted the Physicians stock options as consideration for those services pursuant to Calidi’s Equity Incentive Plan (the “Plan”). The Partnership Agreement was deemed terminated on March 21, 2018. Pursuant to the terms of the stock option agreements and the Plan, the Physicians had three months from the termination date to exercise their vested stock options before those options would automatically expire and cancel unexercised, while all unvested stock options are forfeited immediately on the termination date. The Physicians did not elect to exercise any of their vested options thereby resulting in full cancellation of those options in accordance with the Plan. On March 14, 2022, the Physicians filed a lawsuit against Calidi in San Diego Superior Court, seeking, among other claims, declaratory relief and claiming that the stock options granted to them pursuant to the Partnership Agreement, have not expired and remain exercisable by the Physicians. The Physicians are claiming 3,000,000 in vested stock options to be valid and exercisable, even though the Physicians have not provided any services to Calidi since the March 2018 termination date. On December 6, 2022, Calidi and the Physicians participated in mediation in San Diego, California. In order to attempt to settle all claims and avoid a costly trial, Calidi offered the Physicians 50,000 shares of Calidi common stock valued at $ 3.86 per share and 100,000 options to purchase Calidi common stock at an exercise price of $ 3.86 per share in full settlement of the claims. As of December 31, 2022, Calidi estimated this offer of settlement to be valued at approximately $ 0.2 million and all settleable in noncash consideration, which was rejected. At the mediation, the Physicians were demanding one million options to purchase Calidi common stock at 25 cents per share, one million options to purchase Calidi common stock at $ 3.86 per share, plus 250,000 shares of Calidi common stock, which amounts to an aggregate claims value of approximately $ 5.0 million as of December 31, 2022. The mediation was terminated without settlement and Calidi is planning to go to trial with a preliminary trial date set for March 8, 2024 in San Diego Superior Court. On March 24, 2023, Calidi initiated an arbitration proceeding with the American Health Lawyers Association seeking declaratory relief under Delaware law, specifically to determine that the Partnership Agreement was terminated in 2018, which is not a matter before the San Diego Superior Court. The arbitration was stayed by the Superior Court, pending the related civil action. Based on the stay, Calidi has moved for a judgment on the pleadings to be heard in January 2024. On February 5, 2024, the Company entered into a settlement agreement and mutual release (the “Settlement Agreement”) with Dr. Elliot Lander, Saralee Berman, as Trustee of the Mark Howard Berman and Saralee Turrell Berman Living Trust, successor in interest to the Estate of Dr. Mark Berman, and Cell Surgical Network, Inc. (the “physicians”) in connection with the dispute outlined above. Pursuant to the Settlement Agreement, as consideration for a full release and discharge of claims, and dismissal of claims by the parties, the Company agreed to provide to the physicians the following: (a) the issuance of 200,000 restricted shares of common stock (the “Restricted Shares”) and (b) the issuance of 400,000 warrants to purchase Restricted Shares, which (i) has an exercise price equal to $ 1.32 ; and (ii) are exercisable for 5 years after the date of issuance of the warrants, subject to the terms set forth in such warrant (the “Warrant”). In addition, the physicians were granted piggy-back rights with respect to the Restricted Shares and any shares issued pursuant to any Warrants (“Warrant Shares”) that were granted by the Settlement Agreement. However, the Company has the right to refuse to register the Restricted Shares and Warrant Shares if it determines, in their sole discretion based on commercially reasonable grounds, that the inclusion of the Restricted Shares and Warrant Shares pursuant to piggy-back rights will adversely affect our ability to raise capital from such registration statement. As of December 31, 2023, the Company included in accrued expenses and other current liabilities in the accompanying consolidated balance sheets the resulting amount of the settlement of approximately $ 0.3 million. Former Chief Accounting Officer and Interim Chief Financial Officer On November 15, 2023, Tony Kalajian , the Company’s prior chief accounting officer and interim chief financial officer, filed a complaint in the Superior Court of the State of California County of San Diego against the Company, Mr. Camaisa, the Company’s Chief Executive Officer, and Ms. Pizarro, the Company’s Chief Administrative Office and Chief Legal Officer, alleging constructive discharge of Mr. Kalajian’s position of interim Chief Financial Officer and defamation by the Company, Mr. Camaisa and Ms. Pizarro in connection with Mr. Kalajian’s alleged discharge. Mr. Kalajian is seeking $ 575,000 in damages under his employment contract, damages to be proven at trial, punitive damages, and attorney’s fees. The Company intends to vigorously defend itself and will seek recovery of a $ 150,000 bonus Mr. Kalajian approved to be paid to himself without first obtaining proper authorization by the Company’s board of directors. Unasserted Claim Settlement On March 8, 2024, the Company entered into a convertible promissory note purchase agreement with an accredited investor (the “Investor”) for a loan in the principal amount of $ 2.0 million (the “2024 Loan”), and settlement of $ 1.5 million of an unasserted claim As of December 31, the Company included in other noncurrent liabilities in the accompanying consolidated balance sheets the resulting amount of the unasserted claim settlement of approximately $1.5 million. 3.5 million (the “2024 Notes”). The 2024 Notes also provides the Investor a right to convert all, but not less than all, the Principal Amount (as defined in the 2024 Notes) and accrued interest into shares of the Company’s common stock at a conversion rate equal to a 6 % discount to the 10-day VWAP preceding execution of the 2024 Notes, convertible after the earlier of 180 days or the effective registration date with mandatory conversion for Investor in the event that the Company completes a registered financing of at least $ 8 million or of at least $ 2 million to a non-affiliated purchaser with an effective price of 150 % of the Note conversion price with a conversion price reset to be completed 30 (thirty) days after the effective registration date. Employment Contracts The Company has entered into employment and severance benefit contracts with certain executive officers and other employees. Under the provisions of the contracts, the Company may be required to incur severance obligations for matters relating to changes in control, as defined, and certain terminations of those executives and employees. As of December 31, 2023 and December 31, 2022, the Company had not accrued any such benefits except for the severance accrual for Mr. Ng discussed below. Manufacturing and other supplier contracts The Company has entered into certain manufacturing and other supplier agreements with vendors principally for manufacturing drug product for clinical trials and continued development of the CLD-101 and CLD-201 programs, amounting to approximately $ 7.3 million in aggregate commitments, of which 2.9 million are denominated in Australian dollars (approximately $ 2.0 million) and 0.8 million are denominated in Euros (approximately $ 0.9 million) as of December 31, 2023. As of December 31, 2023, the Company had incurred approximately $ 6.1 million under these various agreements included in accounts payable and accrued expenses and other current liabilities and expects to incur the remaining amount during the remainder of 2023. License Agreements with Northwestern University On June 7, 2021, Calidi entered into a License Agreement with Northwestern University (“Northwestern”) (the “Northwestern Agreement”) for the exclusive commercialization rights to the investigational new drug (“IND”) and data generated from Northwestern’s phase 1 clinical trial treating brain tumor patients with an engineered oncolytic adenovirus delivered by neural stem cells (“NSC-CRAd-S-pk7”). Under the Northwestern Agreement, among other rights, Northwestern granted to Calidi a worldwide, twelve-year exclusivity for the commercial development of NSC-CRAd-S-pk7 or other oncolytic viruses for therapeutic and preventive uses in oncology and a right of reference to Northwestern’s IND application which relates to the treatment of newly diagnosed HGG. Pursuant to the Northwestern Agreement, Calidi agreed to a best-efforts commitment to fund up to $ 10 million towards a phase 2 clinical trial of NSC-CRAd-S-pk7 or other oncolytic viruses. Subject to the terms and conditions of the Northwestern Agreement, Northwestern may become entitled to receive contingent payments from Calidi based on, if any (i) sublicense royalty payments of double-digit percentage for any sublicensing revenue that Calidi earns and, (ii) in the event of an assignment or transfer of licensed data, with the consent of Northwestern, a small percentage of the fair market value of any consideration received. On October 14, 2021, Calidi entered into a Material License Agreement with Northwestern to license the NSC-CRAd-S-pk7 oncolytic virus materials which Calidi intends to use to continue advancing its research, development and commercialization efforts of the NNV1 and NNV2 programs. As of the date of issuance of these consolidated financial statements, it is not probable that Calidi will make these payments, if any at all. Calidi will record the contingent payments if and when they become payable, in accordance with the applicable guidance. License Agreement with City of Hope and the University of Chicago On July 22, 2021, Calidi entered into an Exclusive License Agreement with City of Hope (“COH”) and the University of Chicago (the “City of Hope Agreement”) for patents covering cancer therapies using an oncolytic adenovirus loaded into allogeneic neural stem cells for treatment of HGG. Pursuant to the City of Hope Agreement, COH transferred its IND to Calidi for the commercial development of a licensed product, as defined in the City of Hope Agreement. This agreement grants to Calidi commercial exclusivity in using neural stem cells with the adenovirus known as CRAd-S-pk7 for oncolytic virotherapy. The City of Hope Agreement provides for Calidi to pay royalties in low single digit percentage of net sales generated for any product of the licensed patents for specific periods, and to pay up to $ 18.7 million if certain milestones are achieved during the clinical trials and post commercialization of the licensed product. As of the date of the issuance of these consolidated financial statements, it is not probable that Calidi will make these payments. Calidi will record the contingent payments if and when they become payable, in accordance with the applicable guidance. Indemnification In the normal course of business, the Company may provide indemnification of varying scope under the Company’s agreements with other companies or consultants, typically the Company’s clinical research organizations, investigators, clinical sites, suppliers and others. Pursuant to these agreements, the Company will generally agree to indemnify, hold harmless, and reimburse the indemnified parties for losses and expenses suffered or incurred by the indemnified parties arising from claims of third parties. Indemnification provisions could also cover third party infringement claims with respect to patent rights, copyrights, or other intellectual property pertaining to the Company. The Company’s office and laboratory facility leases also will generally contain indemnification obligations, including obligations for indemnification of the lessor for environmental law matters and injuries to persons or property of others, arising from the Company’s use or occupancy of the leased property. The term of these indemnification agreements will generally continue in effect after the termination or expiration of the particular research, development, services, lease, or other agreement to which they relate. The potential future payments the Company could be required to make under these indemnification agreements will generally not be subject to any specified maximum amounts. Historically, the Company has not been subject to any claims or demands for indemnification. Calidi also maintains various liability insurance policies that limit Calidi’s financial exposure. As a result, the Company’s management believes that the fair value of these indemnification agreements is minimal. Accordingly, the Company has not recorded any liabilities for these agreements as of December 31, 2023 and December 31, 2022. Separation Agreement with Chief Operating Officer and President On June 23, 2023, Calidi entered into a Separation and Release Agreement (“Separation Agreement”) with George Ng, Chief Operating Officer and President, effective on that date. In accordance with the provisions of the Separation Agreement, Calidi will pay Mr. Ng in the amount of $ 0.5 million payable in a lump sum due one year after the effective date, and in the event that this amount is not paid when due, the unpaid amount will accrue interest at the rate of 8.0 % per annum to be paid no later than the two year anniversary of the effective date. Calidi will also pay for certain benefits, including healthcare for six months following the effective date. Mr. Ng also agreed to convert approximately $ 0.2 million due to him for a contingent bonus and certain prior consulting services into a SAFE agreement with terms substantially similar to the 2023 SAFEs discussed in Note 8. Mr. Ng will continue to serve as a director on the Calidi board and an advisor with continued vesting of Mr. Ng’s previously granted stock options pursuant to the terms of the Calidi equity incentive plan. Settlement, deferral or payment of deferred compensation of certain executives and a director On August 31, 2023, Mr. Camaisa and Mr. Leftwich entered into certain amendments with respect to their deferred compensation arrangements in connection with the FLAG Merger. Mr. Camaisa agreed to settle approximately $ 0.7 million of deferred compensation with 469,719 FLAG warrants issuable at the Closing, and Mr. Leftwich agreed to defer approximately $ 0.5 million of deferred compensation, combined with the deferral of certain term notes discussed above, to January 1, 2025, which will include accrued interest at 24 % per annum payable at maturity. This deferred compensation is included in other long-term liabilities in the consolidated balance sheets. On September 12, 2023, Mr. Kalajian was issued 46,826 shares of common stock in exchange for settlement of $ 333,000 in deferred compensation. Approximately $ 1.6 million in deferred compensation for certain executives and directors was paid at or shortly after the Closing in accordance with the executives’ employment contracts, with the full amount having been paid as December 31, 2023. Standby Equity Purchase Agreement On December 10, 2023, the Company entered into a Standby Equity Purchase Agreement (the “SEPA”) with YA II PN, Ltd., a Cayman Island exempt limited partnership (“Yorkville”). Pursuant to the SEPA, the Company will have the right, but not the obligation, to sell to Yorkville up to $ 25,000,000 of its shares of Common Stock, par value $ 0.0001 per share, at the Company’s request any time during the 36 months following the execution of the SEPA. The maximum advance under the SEPA is the lower of (i) an amount equal to 100% of the average of the daily traded amount during the five consecutive trading days immediately preceding an advance notice, or (ii) 5,000,000 shares. For the SEPA to be utilized, the shares underlying the agreement need to be registered on a Form S-1 filed with the SEC. As of December 31, 2023, the Company has not registered the shares underlying the SEPA and has not issued any shares under the SEPA . As consideration for Yorkville’s commitment to purchase the Common Stock at the Company’s direction upon the terms and subject to the conditions set forth in the SEPA, upon execution of the SEPA, the Company is obligated to pay a structuring fee of $ 25,000 to an affiliate of Yorkville and issue $ 250,000 shares of Common Stock to Yorkville (the “Commitment Fee Shares”) which Commitment Fee Shares will be determined by dividing $ 250,000 by the lowest daily VWAP of the Common Stock during the 10 Trading Days immediately prior to the December 10, 2023.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	15. Subsequent Events Legal settlement agreement On February 5, 2024, the Company entered into a settlement agreement and mutual release (the “Settlement Agreement”) with Dr. Elliot Lander, Saralee Berman, as Trustee of the Mark Howard Berman and Saralee Turrell Berman Living Trust, successor in interest to the Estate of Dr. Mark Berman, and Cell Surgical Network, Inc. (the “physicians”) in connection with a dispute relating to certain stock options and the termination of that certain partnership agreement and related agreements (see Note 14). Pursuant to the Settlement Agreement, as consideration for a full release and discharge of claims, and dismissal of claims by the parties, the Company agreed to provide to the physicians the following: (a) the issuance of 200,000 restricted shares of common stock (the “Restricted Shares”) and (b) the issuance of 400,000 warrants to purchase Restricted Shares, which (i) has an exercise price equal to $ 1.32 ; and (ii) are exercisable for 5 years after the date of issuance of the warrants, subject to the terms set forth in such warrant (the “Warrant”). In addition, the physicians were granted piggy-back rights with respect to the Restricted Shares and any shares issued pursuant to any Warrants (“Warrant Shares”) that were granted by the Settlement Agreement. However, the Company has the right to refuse to register the Restricted Shares and Warrant Shares if it determines, in their sole discretion based on commercially reasonable grounds, that the inclusion of the Restricted Shares and Warrant Shares pursuant to piggy-back rights will adversely affect our ability to raise capital from such registration statement. Bridge Loans On January 19, 2024, the Company received approximately $ 0.2 million in aggregate proceeds from the issuance of certain term loans (the “2024 Term Loans”), which mature one year from the issuance date and bear simple interest of 12 % per annum. As consideration for the 2024 Term Loans, the Company agreed to issue an aggregate of 8,929 shares of restricted common stock to the Lender. Convertible Promissory Note On January 26, 2024, the Company entered into a convertible promissory note purchase agreement (the “2024 Purchase Agreement”) with an Accredited Investor (the “Investor”) for a loan in the principal amount of $ 1.0 million (the “2024 Convertible Note Loan”). In connection with the Convertible Note Loan, the Company issued a one-year convertible promissory note evidencing the aggregate principal amount of $ 1.0 million under the Loan, which accrues at a 12.0 % simple interest rate per annum (the “2024 Convertible Note”) . The 2024 Convertible Note also provides the Investor a voluntary right to convert all, but not less than all, the Principal Amount and accrued interest into shares of the Company’s common stock at a conversion rate equal to a 10% discount to the 10-day VWAP as determined immediately before January 26, 2024. In addition, upon such voluntary conversion by the Investor, the Investor will be entitled to a warrant for 50% of the number of shares of the Company’s common stock issued upon the Note conversion at an exercise equal to 120% of the Conversion Price (the “2024 Note Warrant”). In the event the Company consummates a public offering prior to the maturity date of the 2024 Convertible Note, the 2024 Convertible Note and accrued interest will be subject to a mandatory conversion into the equity securities of the Company issued and sold to investors in such public offering, equal to the price per share of the equity security sold to other purchasers and subject to similar terms and conditions of such public offering, except that such equity securities received under a mandatory conversion will be restricted securities. Convertible Promissory Note and Unasserted Claim Settlement On March 8, 2024, the Company entered into settlement agreement (“Settlement Agreement”) with an investor who previously enter into a series of related agreements including (i) an agreement with Calidi Cure to fund the purchase of Calidi Series B Preferred Stock; (ii) a Non-Redemption Agreement with the Company; (iii) an OTC Equity Prepaid Forward Purchase Agreement with the Company; and (iv) a Subscription Agreement with the Company (items (i) through (iv) collectively “the Supplemental Funding Agreements”) for the purpose of satisfying the “Minimum Cash Condition” required under the Business Combination agreement between First Light Acquisition Group, Inc., and Calidi Biotherapeutics, Inc., a Nevada corporation among others. Pursuant to the Settlement Agreement, (i) the investor purchased a $ 2.0 million convertible note from the Company for cash and (ii) the Company issued to the investor a $ 1.5 million convertible note in consideration for the settlement of all claims related to the Supplemental Funding Agreements. The $ 2.0 million convertible note and $ 1.5 million convertible note are collectively herein referred to as the “Convertible Notes”. The Convertible Notes bear semiannual interest at 10.0 % per annum and each mature on March 8, 2028, unless due earlier due to an event of a default. After the earlier of 180 days or the effective date of a registration statement registering the Company’s common stock underlying the Convertible Notes, the Company may prepay the Convertible Notes, including any interest earned thereon, without penalty. The Convertible Notes provide the Investor a right to convert in whole or in part , the Principal Amount (as defined in the Convertible Notes) and accrued interest earned thereon into shares of the Company’s common stock at an initial note conversion price equal to 94.0 % of the 10-day VWAP ending the business day preceding execution of the Convertible Notes, subject to a reset note conversion price equal to 94.0 % of 10-day VWAP ending on the thirtieth (30th) day after the effective date of the registration statement registering the common stock underlying the Convertible Notes. In the event the Company completes a financing (i) of at least $ 8 million in an offering registered with the SEC; or (ii) of at least $ 2 million with a non-affiliated purchaser at an effective price of at least 150.0 % of the initial note conversion price, then the Convertible Notes will be subject to mandatory conversion at the lower of the initial note conversion price and reset note conversion price. Term Loans Amendments On March 1, 2024, the maturity date of $ 0.2 million of the 2022 Term Note was extended to May 1, 2024. The amended 2022 Term Note will accrue interest at 16 % per annum commencing on March 1, 2024. All other terms and conditions remained substantially unchanged. The debt amendment occurred close to or upon the stated maturity date and resulted in the application of extinguishment accounting in accordance with ASC 470-50. The carrying value of the original notes equals the fair value at extinguishment date, which resulted in no gain or loss recorded in the consolidated statement of operations.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying consolidated financial statements as of and for the years ended December 31, 2023 and 2022, have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). As described in Note 1 and Note 3, pursuant to the effected Business Combination where Calidi was determined to be the accounting acquirer in connection with the FLAG Merger, for periods prior to the FLAG Merger, the consolidated financial statements were prepared on a stand-alone basis for Former Calidi and did not include the combined entities activity or financial position. Subsequent to the FLAG Merger, the consolidated financial statements as of and for the year ended December 31, 2023 include the acquired business from September 12, 2023 through December 31, 2023, and assets and liabilities at their acquisition date fair value. Historical share and per share figures of the Former Calidi have been retroactively restated based on the exchange ratio of approximately 0.42 (the “Conversion Ratio”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).
Principles of consolidation	Principles of consolidation The accompanying consolidated financial statements of the Company include the accounts of its wholly owned subsidiary, Calidi Biotherapeutics (Nevada), Inc., a company incorporated in the state of Nevada and fka Calidi Biotherapeutics, Inc., StemVac GmbH (“StemVac”), a company organized under the laws of Germany, and Calidi Biotherapeutics Australia Pty Ltd (“Calidi Australia”), a wholly owned Australian subsidiary. StemVac’s primary operating activities include process development and other research and development activities for the SNV1 program performed for the Company under a cost-plus intercompany development agreement funded by the Company. Calidi Australia’s principal purpose is for conducting a part of the SNV1 clinical trials in Australia. Variable interest entities (“VIEs”) are legal entities that either have an insufficient amount of equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of equity investment at risk lack the ability to direct the entity’s activities that most significantly impact economic performance through voting or similar rights, or do not have the obligation to absorb the expected losses or the right to receive expected residual returns of the entity. For all VIEs in which the Company is involved, it assesses whether it is the primary beneficiary on an ongoing basis. In circumstances where the Company has both the power to direct the activities that most significantly impact the VIEs performance and the obligation to absorb losses or the right to receive the benefits of the VIE that could be significant, the Company would conclude that it is the primary beneficiary of the VIE, and the Company consolidates the VIE. In situations where the Company is not deemed to be the primary beneficiary of the VIE, it does not consolidate the VIE and only recognizes the Company’s interests in the VIE. Calidi Cure LLC (“Calidi Cure”), a Delaware limited liability company formed in June 2023, is a special purpose vehicle entity that is solely managed and operated by Allan J. Camaisa, Chief Executive Officer and Chairman of the Board of Directors of the Company. Calidi Cure was created for the sole purpose of supporting the Series B Convertible Preferred Stock financing arrangement for Calidi (see Note 10), has no other operations, and will be dissolved as soon as practicable following the closing of the business combination between the Company and FLAG. As such, the level of equity in Calidi Cure is not sufficient to permit the entity to finance its activities without additional subordinated financial support provided by other parties. Accordingly, it was determined that Calidi Cure is a VIE and the Company is the primary beneficiary. As such, the Company has consolidated Calidi Cure into its consolidated financial statements presented herein. The accompanying consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial condition and results of operations. All material intercompany accounts and transactions have been eliminated in consolidation.
Use of estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and contingent assets and liabilities, at the date of the consolidated financial statements, and the reported amounts during the reporting period. On an ongoing basis, management evaluates estimates which are subject to significant judgment, including, but not limited to, valuation methods used, assumptions requiring the use of judgment to prepare financial projections, timing of potential commercialization of acquired in-process intangible assets, applicable discount rates, comparable companies or transactions, liquidity events, determination of fair value of financial instruments under the fair value option of accounting, assumptions related to the going concern assessments, allocation of direct and indirect expenses, useful lives associated with long- lived assets, key assumptions in operating and financing leases including incremental borrowing rates, loss contingencies, valuation allowances related to deferred income taxes, assumptions used to value common stock, debt and debt-like instruments, warrants, and stock-based awards and other equity instruments. Actual results may differ materially from those estimates.
Cash, Cash Equivalents and Restricted cash	Cash, Cash Equivalents and Restricted cash The Company considers all highly liquid investments purchased with an original maturity date of ninety days or less to be cash equivalents. Cash and cash equivalents include cash in readily available checking, money market accounts and brokerage accounts. The Company classifies cash that has contractual or legal restrictions imposed by third parties as restricted cash, which is restricted as to withdrawal or use except for the specified purpose under a contract. The Company classifies restricted cash as either part of prepaids and other current assets, or as part of other noncurrent assets, depending on the term and nature of the underlying contract with a financial institution, which requires the Company to hold a fixed amount of funds in a restricted money market account as collateral to the financial institution for the Company’s corporate credit card program with that financial institution. The following table provides a reconciliation of cash and restricted cash reported within the balance sheet dates that comprise the total of the same such amounts shown in the consolidated statements of cash flows (in thousands): Schedule of Cash and Cash Equivalents December 31, 2023 December 31, 2022 Cash $ 1,949 $ 372 Restricted cash included within prepaid expenses and other current assets 100 100 Restricted cash included within other noncurrent assets 118 118 Total cash and restricted cash as shown in the consolidated statements of cash flows $ 2,167 $ 590
Machinery and equipment	Machinery and equipment Machinery and equipment are stated at cost, less accumulated depreciation, and includes assets purchased under financing leases. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally over a period of 3 to 5 years. For equipment purchased under financing leases, The Company depreciates the equipment based on the shorter of the useful life of the equipment or the term of the lease, ranging from 3 to 5 years, depending on the nature and classification of the financing lease. Maintenance and repairs are expensed as incurred whereas significant renewals and betterments are capitalized. When assets are retired or otherwise disposed of, the cost and the related accumulated depreciation are removed from the respective accounts and any resulting gain or loss is reflected in the Company’s consolidated statements of operations.
Leases	Leases The Company accounts for leases in accordance with ASC 842, Leases For operating leases, the Company recognizes right-of-use (“ROU”) assets and lease liabilities for leases with terms greater than 12 months in the consolidated balance sheet, while leases with terms of 12 months or less are not capitalized. ROU assets represent the right to use an underlying asset during the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company uses the implicit rate when it is readily determinable. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company discloses the amortization of ROU assets and operating lease payments as a net amount, “Amortization of right-of-use assets and liabilities”, on the consolidated statements of cash flows. Finance leases are included in machinery and equipment, and in finance lease liabilities, current and noncurrent, in the consolidated balance sheets. See Note 14 for the San Diego office lease which commenced on March 1, 2023, and was accounted for as an operating lease in accordance with ASC 842.
Impairment of long-lived assets	Impairment of long-lived assets The Company assesses the impairment of long-lived assets, which consist primarily of right-of-use assets for operating leases and machinery and equipment, whenever events or changes in circumstances indicate that such assets might be impaired and the carrying value may not be recoverable. If events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable and the expected undiscounted future cash flows attributable to the asset are less than the carrying amount of the asset, an impairment loss equal to the excess of the assets carrying value over its fair value is recorded in the Company’s consolidated statements of operations.
Business combinations and asset acquisitions	Business combinations and asset acquisitions The Company evaluates acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted for as a business combination or asset acquisition by first applying a screen test analysis to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the screen test is met, the transaction is accounted for as an asset acquisition. If the screen test is not met, further determination is required to assess if the Company acquired inputs and processes that have the ability to create outputs, which would meet the requirements of a business combination. If determined to be a business combination, the Company accounts for the transaction under the acquisition method of accounting as indicated in ASC 805, Business Combinations (“ASC 805”), which requires the acquiring entity in a business combination to recognize the fair value of all assets acquired, liabilities assumed, and any non-controlling interest in the acquiree and establishes the acquisition date as the fair value measurement point. The Company evaluates whether identifiable assets are similar by assessing the existence of interdependency between the identifiable assets, and by considering the nature of each single identifiable asset and the risks associated with managing and creating outputs from the assets. If determined to be an asset acquisition of a single identifiable asset or group of similar identifiable assets, then the Company accounts for the transaction under ASC 805-50 and recognizes assets acquired and liabilities assumed based on the cost to the acquiring entity on a relative fair value basis, which includes transaction costs in addition to consideration given. Consideration given in cash is measured by the amount of cash paid and non-cash consideration is measured based on its fair value at the time of issuance. Transaction costs of the asset acquisition are included in the consideration paid for an acquired asset. Goodwill is not recognized in an asset acquisition and any excess consideration transferred over the fair value of the net assets acquired is allocated to the identifiable assets based on relative fair values. When accounting for an asset acquisition that includes in-process research and development (“IPR&D”) assets and costs, Calidi applies the requirements under ASC 730, Research and Development, which requires IPR&D assets and costs to be expensed as of the acquisition date, unless the IPR&D has an alternative future use. Cash payments for IPR&D assets acquired in an asset acquisition are classified in operating activities in the consolidated statements of cash flows. The Company assesses the terms of the asset acquisition to determine whether consideration payable at a future date is contingent consideration or seller financing. If the payment depends on the occurrence of a specified future event or the meeting of a condition and the event or condition is substantive, the additional consideration is accounted for as contingent consideration. If the additional payment depends only on the passage of time or is based on a future event or the meeting of a condition that is not substantive, the arrangement is accounted for as seller financing. Contingent consideration payments accounted at a later date are recognized when the contingency is resolved and the consideration is paid or becomes payable (unless the contingent consideration meets the definition of a derivative or is probable that a liability has been incurred and the amount can be reasonably estimated, in which case the amount is accounted for separately and becomes part of the basis in the asset acquired). Upon recognition of the contingent consideration payment, the amount is capitalized as part of the cost of the assets acquired and allocated to increase the eligible assets on a relative fair value basis. However, if the contingent consideration is related to IPR&D assets with no alternative future use, the amount of the contingent payment is expensed. All amounts expensed as IPR&D without alternative future use are part of research and development presented separately on the consolidated statements of operations for all periods presented. See Note 3 for business combinations during the year ended December 31, 2023.
Fair value option of accounting	Fair value option of accounting When financial instruments contain various embedded derivatives which may require bifurcation and separate accounting of those derivatives apart from the entire host instrument, if eligible, ASC 825, Financial Instruments Based on the eligibility assessment discussed above, the Company concluded that its contingently convertible notes payable and certain term notes payable are eligible for the FVO and accordingly elected the FVO for those debt instruments. This election was made because of operational efficiencies in valuing and reporting for these debt instruments in their entirety at each reporting date (see Note 4 and Note 8 for additional disclosures). Contingently convertible notes payable and related party contingently convertible notes payable, which include the related contingently issuable warrants, (collectively referred to as “CCNPs”), contain a number of embedded derivatives, such as settlement of the contingent conversion features with variable number of shares of common stock, features which require bifurcation and separate accounting under GAAP, for which the Company elected the FVO for the entire CCNP instrument. In addition, certain term notes payable and related party term notes payable were issued with separately exercisable and freestanding warrants to purchase common stock, were issued with substantial discounts at issuance and contained certain embedded derivatives to be bifurcated and accounted for separately for those term notes, unless the FVO is eligible and elected. Accordingly, the Company qualified for and elected the FVO for the entire term notes payable instruments. Both the CCNP and the term notes payable, inclusive of their respective accrued interest at their stated interest rates (collectively referred to as the “FVO debt instruments”) were initially recorded at fair value as liabilities on the consolidated balance sheets and were subsequently re-measured at fair value at the end of each reporting period presented within the consolidated financial statements. The changes in the fair value of the FVO debt instruments are recorded in changes in fair value of debt and change in fair value of debt — related party, included as a component of other income and expenses, net, in the consolidated statements of operations. The change in fair value related to the accrued interest components is also included within the single line of change in fair value of debt and change in fair value of debt — related party on the consolidated statements of operations. See additional information on valuation methodologies and significant assumptions used in Note 4.
Warrants	Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480, Distinguishing Liabilities from Equity, and ASC 815, Derivatives and Hedging
Fair value measurements	Fair value measurements The Company follows ASC 820, Fair Value Measurement ASC 820 establishes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, which are as follows: Level 1: Quoted prices in active markets for identical assets and liabilities; Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted market prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3: Unobservable inputs in which there is little or no market data and that are significant to the fair value of the assets or liabilities, which require the reporting entity to develop its own assumptions. When quoted market prices are available in active markets, the fair value of assets and liabilities is estimated within Level 1 of the valuation hierarchy. If quoted prices are not available, then fair values are estimated by using pricing models, quoted prices of assets and liabilities with similar characteristics, or discounted cash flows, within Level 2 of the valuation hierarchy. In cases where Level 1 or Level 2 inputs are not available, the fair values are estimated by using inputs within Level 3 of the hierarchy. See Note 4 for fair value measurements.
Common stock valuations	Common stock valuations Prior to the Business Combination, the Company was required to periodically estimate the fair value of its common stock with the assistance of an independent third-party valuation firm when issuing stock options and computing estimated stock-based compensation expense. The assumptions underlying these valuations represented the Company’s best estimates, which involved inherent uncertainties and the application of significant levels of judgment. In order to determine the fair value of its common stock, the Company considered, among other items, previous transactions involving the sale of Company securities, the business, financial condition and results of operations, economic and industry trends, the market performance of comparable publicly traded companies, and the lack of marketability of the Company’s common stock. Subsequent to the Business Combination, the Company now determines the fair value of common stock based on the closing market price at closing on the date of grant.
Classification of Founders, Series A-1, and Series A-2 convertible preferred stock	Classification of Founders, Series A-1, and Series A-2 convertible preferred stock The Company originally classified its Founders, Series A-1 and Series A-2 convertible preferred stock (collectively “Convertible Preferred Stock”) outside of permanent equity because the Convertible Preferred Stock contained certain redemption features that result in those shares being redeemable upon the occurrence of certain events that are not solely within the Company’s control, including liquidation, sale or transfer of control. Accordingly, the Convertible Preferred Stock was recorded outside of permanent equity and was subject to the classification guidance provided under ASC 480-10-S99. Because dividends were not contractually required to be accrued on the Convertible Preferred Stock as there was no stated or required dividend rate per annum, the Company was not required the accrete dividends into the carrying amount of the Convertible Preferred Stock in anticipation of a future contingent event or redemption value. Accordingly, the Company did not adjust the carrying values of the Convertible Preferred Stock to the respective liquidation preferences of such shares because of the uncertainty of whether or when such events would occur. As of December 31, 2023, all shares of Convertible Preferred Stock were converted into common stock pursuant to their provisions in connection with the FLAG Merger closed on September 12, 2023 (see Note 10).
Classification of Series B convertible preferred stock – liability classified	Classification of Series B convertible preferred stock – liability classified The Company originally classified its Series B convertible preferred stock (“Series B Convertible Preferred Stock”) as a liability pursuant to the classification guidance provided under ASC 480-10-25-14, Distinguishing Liabilities from Equity As of December 31, 2023, all Series B Convertible Preferred Stock was converted into common stock in connection with the FLAG Merger closed on September 12, 2023, and in accordance with the conversion provisions in the Series B Convertible Preferred Stock agreements (see Note 10).
Forward Purchase Agreement	Forward Purchase Agreement On August 28, 2023, and August 30, 2023, FLAG and Calidi entered into forward purchase agreements (each a “Forward Purchase Agreement”, and together, the “Forward Purchase Agreement”) with each of Meteora Strategic Capital, LLC (“MSC”), Meteora Capital Partners, LP (“MCP”), Meteora Select Trading Opportunities Master, LP (“MSTO”), Great Point Capital LLC (“Great Point”), Funicular Funds, LP (“Funicular Funds”) and Marybeth Wootton (“Wootton”) (with each of MSC, MCP, MSTO, Great Point, Funicular, and Wootton, individually a “Seller”, and together, the “Sellers”) for an OTC Equity Prepaid Forward Transaction. For purposes of the Forward Purchase Agreement, FLAG is referred to as the “Counterparty” prior to the consummation of the business combination), while Calidi is referred to as the “Counterparty” after the consummation of the business combination. Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to such terms in the Forward Purchase Agreement. Pursuant to the terms of the Forward Purchase Agreements, each Sellers intends to purchase up to a number of shares of Class A Common Stock, par value $ 0.0001 per share, of FLAG (“FLAG Class A Common Stock”) in the aggregate amount equal to up to 1,000,000 , concurrently with the Closing pursuant to each Seller’s respective FPA Funding Amount PIPE Subscription Agreement, less, the number of FLAG Class A Common Stock purchased by each Seller separately from third parties through a broker in the open market (“Recycled Shares”). The Forward Purchase Agreements provide that Sellers will be paid directly an aggregate cash amount (the “Prepayment Amount”) equal to the product of (i) the Number of Shares as set forth in each Pricing Date Notice and (ii) the redemption price per share as defined in Section 9.2(a) of FLAG’s Amended and Restated Certificate of Incorporation, as amended (the “Initial Price”) less (iii) an amount in USD equal to 0.50 % of the product of (i) the Recycled Shares multiplied by (ii) the Initial Price paid by Seller to Counterparty on the Prepayment Date (which amount shall be netted from the Prepayment Amount) (the “Prepayment Shortfall”). The Counterparty will pay to Seller the Prepayment Amount required under the respective Forward Purchase Agreement directly from the Counterparty’s Trust Account maintained by Continental Stock Transfer and Trust Company holding the net proceeds of the sale of the units in the Counterparty’s initial public offering and the sale of private placement warrants (the “Trust Account”) no later than the earlier of (a) one business day after the Closing Date and (b) the date any assets from the Trust Account are disbursed in connection with the Business Combination, except that to the extent the Prepayment Amount payable to a Seller is to be paid from the purchase of Additional Shares by such Seller pursuant to the terms of its FPA Funding Amount PIPE Subscription Agreement, such amount will be netted against such proceeds, with such Seller being able to reduce the purchase price for the Additional Shares by the Prepayment Amount. Following the Closing, the reset price (the “Reset Price”) will initially be $ 10.00 ; provided, however, that the Reset Price may be reduced immediately to any lower price at which the Counterparty sells, issues or grants any FLAG Class A Common Stock or securities convertible or exchangeable into FLAG Class A Common Stock (excluding any secondary transfers) (a “Dilutive Offering”), then the Reset Price shall be modified to equal such reduced price as of such date. From time to time and on any date following the Trade Date (any such date, an “OET Date”), Seller may, in its discretion, terminate its Forward Purchase Agreement in whole or in part by providing written notice to the Counterparty (the “OET Notice”), by the later of (a) the fifth Local Business Day following the OET Date and (b) no later than the next Payment Date following the OET Date (which shall specify the quantity by which the Number of Shares shall be reduced (such quantity, the “Terminated Shares”)); provided that “Terminated Shares” includes only such quantity of Shares by which the Number of Shares is to be reduced and included in an OET Notice and does not include any other Share sales, Shortfall Sale Shares or sales of Shares that are designated as Shortfall Sales (which designation can be made only up to the amount of Shortfall Sale Proceeds), any Share Consideration sales or any other Shares, whether or not sold, which shares will not be included in any OET Notice when calculating the number of Terminated Shares. The effect of an OET Notice shall be to reduce the Number of Shares by the number of Terminated Shares specified in such OET Notice with effect as of the related OET Date. As of each OET Date, the Counterparty shall be entitled to an amount from the Seller, and the Seller shall pay to the Counterparty an amount, equal to the product of (x) the number of Terminated Shares and (y) the Reset Price in respect of such OET Date, except that no such amount will be due to Counterparty upon any Shortfall Sale. The payment date may be changed within a quarter at the mutual agreement of the parties. From time to time and on any date following the Trade Date (any such date, a “Shortfall Sale Date”) Seller may, in its absolute discretion, at any sales price, sell Shortfall Sale Shares, and in connection with such sales, Seller shall provide written notice to Counterparty (the “Shortfall Sale Notice”) no later than the later of (a) the fifth Local Business Day following the Shortfall Sales Date and (b) the first Payment Date after the Shortfall Sales Date, specifying the quantity of the Shortfall Sale Shares and the allocation of the Shortfall Sale Proceeds. Seller shall not have any Early Termination Obligation in connection with any Shortfall Sales. The Counterparty covenants and agrees for a period of at least sixty (60) Local Business Days (commencing on the Prepayment Date or if an earlier Registration Request is submitted by Seller on the Registration Statement Effective Date) not to issue, sell or offer or agree to sell any Shares, or securities or debt that is convertible, exercisable or exchangeable into Shares, including under any existing or future equity line of credit, until the Shortfall Sales equal the Prepayment Shortfall. Unless and until the proceeds from Shortfall Sales equal 100 % of the Prepayment Shortfall, in the event that the product of (x) the difference between (i) the number of Shares as specified in the Pricing Date Notice(s), less (ii) any Shortfall Sale Shares as of such measurement time, multiplied by (y) the VWAP Price, is less than (z) the difference between (i) the Prepayment Shortfall, less (ii) the proceeds from Shortfall Sales as of such measurement time (the “Shortfall Variance”), then the Counterparty, as liquidated damages in respect of such Shortfall Variance, at its option shall within five (5) Local Business Days either: (A) Pay in cash an amount equal to the Shortfall Variance; or (B) Issue and deliver to Seller such number of additional Shares that are equal to (1) the Shortfall Variance, divided by (2) 90 % of the VWAP Price (the “Shortfall Variance Shares”). The valuation date will be the earliest to occur of (a) 36 months after of the Closing Date, (b) the date specified by a Seller in a written notice to be delivered to the Counterparty at a Seller’s discretion (which Valuation Date shall not be earlier than the day such notice is effective) after the occurrence of any of (v) a Shortfall Variance Registration Failure, (w) a VWAP Trigger Event (x) a Delisting Event, (y) a Registration Failure or (z) unless otherwise specified therein, upon any Additional Termination Event and (c) the date specified by Seller in a written notice to be delivered to Counterparty at Seller’s sole discretion (which Valuation Date shall not be earlier than the day such notice is effective) (the “Valuation Date”). On the Cash Settlement Payment Date, which is the tenth business day following the last day of the valuation period commencing on the Valuation Date, a Seller shall pay the Counterparty a cash amount equal to either: (1) in the event that the Valuation Date is determined by clause (c) of the Valuation Date definition, a cash amount equal to (A) the Number of Shares as of the Valuation Date, multiplied by (2) the closing price of the Shares on the Exchange Business Day immediately preceding the Valuation Date, or (2) (A) the Number of Shares as of the Valuation Date less the number of Unregistered Shares, multiplied by (B) the volume-weighted daily VWAP Price over the Valuation Period less (3) if the Settlement Amount Adjustment is less than the cash amount to be paid, the Settlement Amount Adjustment. The Settlement Amount Adjustment is equal to (1) the Maximum Number of Shares as of the Valuation Date multiplied by (2) $ 2.00 per share, and the Settlement Amount Adjustment will be automatically netted from the Settlement Amount. If the Settlement Amount Adjustment exceeds the Settlement Amount, the Counterparty will pay the Seller in FLAG Class A Common Stock or, at the Counterparty’s election, in cash. Seller has agreed to waive any redemption rights under FLAG’s Amended and Restated Certificate of Incorporation, as amended, with respect to any FLAG Class A Common Stock purchased through the FPA Funding Amount PIPE Subscription Agreement and any Recycled Shares in connection with the Business Combination, that would require redemption by FLAG of the Class A Common Stock. The Forward Purchase Agreement has been structured, and all activity in connection with such agreement has been undertaken, to comply with the requirements of all tender offer regulations applicable to the Business Combination under the Securities Exchange Act of 1934, as amended. During the 36 -month term of the Forward Purchase Agreement, if the Sellers liquidate the 1,000,000 shares in the market above $ 10.00 per share, then the Company will be entitled to receive up to $ 10.0 million in cash from the Sellers pursuant to the Forward Purchase Agreement. If the Sellers liquidate the shares below $ 10.00 per share, then the Company will be entitled to the price sold less $ 2.00 per share, from the Sellers. No proceeds will be available to the Company if the Forward Purchase Agreement shares are sold below $ 2.00 per share. The Forward Purchase Agreement may be terminated earlier by the Sellers if certain default events occur, including the stock price trading below defined thresholds for a defined period. In no event will the Company be obligated to pay cash to the Sellers during the term of the Forward Purchase Agreement or at its expiration.
Derivative financial instruments	Derivative financial instruments The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. Calidi evaluates all of its financial instruments, including warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC 815 Derivatives and Hedging The Company reviews the terms of other financial instruments such as convertible and contingently convertible secured debt, equity instruments, including warrants and other financing arrangements to determine whether there are embedded derivative features, including embedded conversion options that are required to be bifurcated and accounted for separately as a derivative financial instrument in accordance with ASC 815. Additionally, in connection with the issuance of financing instruments, the Company may issue freestanding options or warrants, including options or warrants to non-employees in exchange for consulting or other services performed. The Company evaluates equity or liability classification for common stock warrants in accordance with ASC 480, Distinguishing Liabilities from Equity As of December 31, 2022, the Company did not have any freestanding derivative financial instruments, or embedded derivative financial instruments that were accounted for separately from its host contract pursuant to ASC 815 and the above discussion on the FVO debt instruments (see Note 8). As of December 31, 2023, the Forward Purchase Agreement discussed above was accounted for as a derivative asset under ASC 815 – Derivatives and Hedging 4.5 million asset with a corresponding amount recorded in equity at the Closing. As of December 31, 2023, the asset was revalued and estimated to have a fair value of $ 0.2 million. There can be no assurance that any proceeds from the Sellers will be made to the Company under the Forward Purchase Agreement.
Debt issuance costs	Debt issuance costs Debt issuance costs incurred to obtain debt financings are deferred and are amortized over the term of the debt using the effective interest method for all debt financings in which the fair value option has not been elected. Debt issuance costs on debt financings in which the fair value option is not elected are recorded as a reduction to the carrying value of the debt and are amortized to interest expense or interest expense — related party, as applicable, in the consolidated statements of operations. For any debt financing in which the Company has elected the fair value option, any debt issuance costs associated with the debt financing are immediately recognized in interest expense in the consolidated statements of operations and are not deferred (see above discussion on the FVO election and Note 8).
Revenue recognition	Revenue recognition To date, the Company has not generated any revenues from commercial products. Calidi analyzes its research collaboration arrangements to assess whether they are within the scope of ASC Topic 808, Collaborative Arrangements (“ASC 808”), to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards that are dependent on the commercial success of such activities. To the extent the arrangement is within the scope of ASC 808, Calidi assesses whether aspects of the arrangement is within the scope of other accounting literature. If the Company concludes that some or all aspects of the arrangement represent a transaction with a customer, the Company accounts for those aspects of the arrangement within the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), by applying the following five-step model: (i) identification of the contract, or contracts, with a customer; (ii) identification of the performance obligations in the contract, including whether they are distinct within the context of the contract; (iii) determination of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations in the contract; and (v) recognition of revenue when, or as, performance obligations are satisfied. If a contract is determined to be within the scope of ASC 606 at inception, the Company assesses the goods or services promised within the contract, determines which of those goods and services are performance obligations, and assesses whether each promised good or service is distinct. The Company considers the intended benefit of the contract in assessing whether a promised good or service is separately identifiable from other promises in the contract. If a promised good or service is not distinct, the Company combines that good or service with other promised goods or services until it identifies a bundle of goods or services that is distinct. The Company may provide options to additional goods or services in such arrangements exercisable at a customer’s discretion. The Company assesses if these options provide a material right to the customer and if so, they are considered performance obligations. The identification of material rights requires judgments related to the determination of the value of the underlying good and services to the optional price, if any, that may be offered. The Company determines the transaction price based on the amount of consideration that the Company expects to receive for transferring the promised goods or services in the contract. Consideration may be fixed, variable, or a combination of both. The Company then allocates the transaction price to each performance obligation based on the relative standalone selling prices (“SSP”). SSP is determined at contract inception and is not updated to reflect changes between contract inception and when the performance obligations are satisfied. In developing the SSP for a performance obligation, the Company considers applicable market conditions and relevant entity-specific factors, including factors that were contemplated in negotiating the agreement with the customer and estimated costs. If the consideration promised in a contract includes a variable amount, the Company estimates the amount of consideration to which it will be entitled by using the expected value method or the most likely amount method. The Company includes the unconstrained amount of estimated variable consideration in the transaction price. The amount included in the transaction price is constrained to the amount for which it is probable that a significant reversal of cumulative revenue recognized will not occur. At each reporting period, the Company re-evaluates the estimated variable consideration included in the transaction price and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. The Company recognizes revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied, either at a point in time or over time, and if over time, recognition is based on the use of an output or input method. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s consolidated balance sheets. If the related performance obligation is expected to be satisfied within the next twelve months, deferred revenue will be classified in current liabilities. Revenue recognized, if any, prior to contractual billings made to the customer, and if the Company expects to have an unconditional right to receive the consideration in the next twelve months, these contractual assets are included in other current assets in the Company’s consolidated balance sheets. As of December 31, 2023, and December 31, 2022, there are no deferred revenue or contractual assets recorded. The Company further analyzes changes to contracts from customers to assess whether they qualify as a contract modification within the scope of ASC 606. The Company considers that a contract modification exists when the parties to a contract approve a modification that either creates new, or changes, existing enforceable rights and obligations of the parties to the contract. The Company considers that a contract approval could be approved in writing, by oral agreement, or implied by customary practices. Whenever a change in the scope or price, or both, of a contract is approved by the parties to the contract, the Company analyzes whether the contract modification qualifies as a separate contract or a contract combination. The Company accounts for a contract modification as a separate contract when (i) the scope of the contract increases because of the addition of promised goods or services that are distinct and (ii) the price of the contract increases by an amount of consideration that reflects the Company’s SSP of the additional promised goods or services and any appropriate adjustments to that price to reflect the circumstances of the particular contract. If the modification is not accounted for as a separate contract, Calidi analyzes whether one of the following should occur: (i) a termination of the original contract and the creation of a new contract, (ii) a cumulative catch-up adjustment to the original contract, or (iii) a combination of (i) and (ii) in a way that faithfully reflects the economics of the transaction. Revenues recognized during the year ended 2022 have been recorded under ASC 606 from a service agreement with a customer that was completed during the year ended December 31, 2022 (see Note 12).
Cost of revenues	Cost of revenues Cost of revenues generally consist of cost of materials, direct labor including benefits and stock-based compensation, equipment and infrastructure expenses associated with performing the services for the customer contract. Infrastructure expenses include depreciation of laboratory equipment and certain allocated costs such as rent, insurance and information technology.
Income taxes	Income taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes, using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred taxes are determined based on the difference between the consolidated financial statement and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be realized and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. The potential for recovery of deferred tax assets is evaluated by analyzing carryback capacity in periods with taxable income, reversal of existing taxable temporary differences and estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. Calidi’s judgments regarding future taxable income may change over time due to changes in market conditions, changes in tax laws, tax planning strategies or other factors. If Calidi’s assumptions and consequently its estimates change in the future, the valuation allowance may be increased or decreased, which may have a material impact on the Company’s consolidated statements of operations. The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized, if any. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties. The Company recognizes any interest and penalties related to uncertain tax positions in income tax expense. No amounts were accrued for the payment of interest and penalties as of December 31, 2023 and 2022. The Company is not aware of any uncertain tax positions that could result in significant additional payments, accruals, or other material deviation for the years ended December 31, 2023 and 2022. The Company is currently unaware of any tax issues under review. On December 22, 2017, the United States enacted major federal tax reform legislation, Public Law No. 115-97, commonly referred to as the 2017 Tax Cuts and Jobs Act (“2017 Tax Act”), which enacted a broad range of changes to the Internal Revenue Code. Changes to taxes on corporations impacted by the 2017 Tax Act include, but are not limited to, lowering the U.S. federal tax rates to a 21 % flat tax rate, eliminating the corporate alternative minimum tax (“AMT”), imposing additional limitations on the deductibility of interest and net operating losses, allowing any net operating loss (“NOLs”) generated in tax years ending after December 31, 2017 to be carried forward indefinitely and generally repealing carrybacks, reducing the maximum deduction for NOL carryforwards arising in tax years beginning after 2017 to a percentage of the taxpayer’s taxable income, and allowing for additional expensing of certain capital expenditures. For tax years beginning after December 31, 2021, companies are required to capitalize all research and development expenditures that are experimental, and laboratory related incurred in their trade or business (sometimes referred to as a “Section 174 Expenditure” under the 2017 Tax Act). These Section 174 Expenditures are required to be amortized over a 5- or 15- year period for domestic or foreign eligible expenditures, respectively. As of December 31, 2023, Calidi has cumulatively capitalized approximately $ 17.6 million of Section 174 Expenditures of which approximately $ 14.8 million is remaining to be amortized over the above periods (see Note 13). The Inflation Reduction Act of 2022 specifically introduces the topic of corporate alternative minimum tax (‘CAMT’) on adjusted financial statement income on applicable corporations for taxable years beginning after December 31, 2022. The Company does not expect the CAMT will have a material impact to its consolidated income tax provision (see Note 13). Under Section 382 of the Internal Revenue Code of 1986, as amended, and corresponding provisions of state law, if a corporation undergoes an “ownership change,” which generally occurs if the percentage of the corporation’s stock owned by 5 % stockholders increases by more than 50 % over a three-year period, the corporation’s ability to use its pre-change NOL carryforwards and other pre-change tax attributes to offset its post-change income may be limited. The annual limitation may result in the expiration of net operating losses before utilization. The Company performed a Section 382 study for the period February 15, 2015 to December 31, 2021. There was an ownership change identified on March 26, 2018 after the Company’s Series A-2 preferred stock issuance. The Company has not undertaken a Section 382 study through December 31, 2023. Our ability to utilize our net operating loss carryforwards and other tax attributes to offset future taxable income or tax liabilities may be limited as a result of ownership changes.
Government grants	Government grants On October 27, 2022, the California Institute for Regenerative Medicine (“CIRM”) approved the Company’s application for a CIRM grant for the Company’s continued development of the SNV1 program. CIRM awarded Calidi approximately $ 3.1 million of CIRM funding conditioned that the Company co-fund approximately $ 0.8 million under the requirements of the CIRM application. On December 28, 2022, the Company received the Notice of Award from CIRM for this grant and the Company expects to be able to draw the funds over the next 18 months based on the operational milestones defined in the grant. Proceeds from the CIRM grant are recognized over the period necessary to match the related research and development expenses when it is probable that the Company has complied with the CIRM conditions and will receive the proceeds pursuant to the milestones defined in the grant as reimbursement of those expenditures. The CIRM grant proceeds, if any, received in advance of having incurred the related research and development expenses are recorded in accrued expenses and other current liabilities and recognized as grant income included in other income and expenses, net, on the Company’s consolidated statements of operations when the related research and developments expenses are incurred. As of December 31, 2022, no amounts were received by the Company from the CIRM grant. During the year ended December 31, 2023, the Company recognized approximately $ 2.9 million in grant income in the accompanying consolidated statement of operations. As of December 31, 2023, grant cash payments and receivables from CIRM of approximately $ 1.5 million and $ 1.4 million, respectively, were included in cash and prepaids and other in the consolidated balance sheets.
Research and development expenses	Research and development expenses Research and development expenses are expensed as incurred. Research and development expenses consist of costs incurred to discover, research and develop drug candidates, including compensation-related expenses for research and development personnel, including stock-based compensation expense, preclinical and clinical activities, costs of manufacturing, overhead expenses including facilities and laboratory expenses, materials and supplies, amounts paid to consultants and outside service providers, and depreciation and amortization. Upfront and annual license payments related to acquired technologies or technology licenses which have not yet reached technological feasibility and have no alternative future use are also included in research and development expense in the period in which they are incurred.
General and administrative expenses	General and administrative expenses General and administrative expenses consist primarily of salaries and related costs, including stock-based compensation expense, for personnel in executive, finance and accounting, business development, operations and administrative functions. General and administrative expenses also include fees for legal, patent prosecution, legal settlements, consulting, charge off of deferred financing costs for aborted or terminated financing offerings, accounting and audit services as well as insurance, outside service providers, direct and allocated facility-related costs and depreciation and amortization.
Foreign currency translation adjustments and other comprehensive income or loss	Foreign currency translation adjustments and other comprehensive income or loss StemVac, the Company’s wholly owned subsidiary, is located and operates in Germany and its functional currency is the Euro. Calidi Australia, the Company’s wholly owned subsidiary, is located and operates in Australia and its functional currency is the Australian Dollar (“AUD”). Accordingly, StemVac’s and Calidi Australia’s assets and liabilities are translated using respective published exchange rates in effect at the consolidated balance sheet date. Expenses and cash flows are translated using respective approximate weighted average exchange rates for the reporting period. Resulting foreign currency translation adjustments are recorded as other comprehensive income or loss, net of tax, in the consolidated statements of comprehensive income or loss and included as a component of accumulated other comprehensive income or loss on the consolidated balance sheets. For the years ended December 31, 2023 and 2022, comprehensive loss includes such foreign currency translation adjustments and was insignificant for all periods presented.
Foreign currency transaction gains and losses	Foreign currency transaction gains and losses For transactions denominated in currencies other than the U.S. dollar, the Company recognizes foreign currency transaction gains and losses in the consolidated statements of operations and classifies the gain or loss based on the nature of the item that generated it. The Company’s foreign currency transaction gains and losses are principally generated by intercompany transfers to StemVac denominated in Euros to pay for the research and development activities performed by StemVac under an intercompany development agreement with the Company. Furthermore, the Company’s foreign currency transaction gains and losses include intercompany transfers to Calidi Australia denominated in AUD to pay for the research and development activities performed by Calidi Australia. These foreign currency remeasurement gains and losses are included in other income and expenses, net, and were insignificant for all periods presented.
Stock-based compensation	Stock-based compensation The Company recognizes compensation expense related to employee option grants and restricted stock grants, if any, in accordance with ASC 718, Compensation — Stock Compensation (“ASC 718”). The Company measures all stock options and other stock-based awards granted based on the fair value of the award on the date of the grant and recognizes compensation expense for those awards over the requisite service period, which is generally the vesting period of the respective award. The Company has elected to recognize forfeitures as they occur. The reversal of compensation cost previously recognized for an award that is forfeited because of a failure to satisfy a service condition is recognized in the period of the forfeiture. Generally and unless otherwise specified, the Company’s grants stock options with service-based only vesting conditions and records the expense for these awards using the straight-line method over the requisite service period. The Company classifies stock-based compensation expense in its consolidated statements of operations in the same manner in which the award recipient’s payroll costs are classified or in which the award recipients’ service payments are classified. The Company estimated the fair value of common stock through the date of the FLAG Merger (See Note 3) using an appropriate valuation methodology, in accordance with the framework of the American Institute of Certified Public Accountants’ Technical Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation. Each valuation methodology includes estimates and assumptions that require the Company’s judgment. These estimates and assumptions include a number of objective and subjective factors, including external market conditions, guideline public company information, the prices at which the Company sold convertible preferred stock and common stock to third parties in arms’ length transactions, the rights and preferences of securities senior to the Company’s common stock at the time, and the likelihood of achieving a liquidity event such as an initial public offering or sale. Significant changes to the assumptions used in the valuations could result in materially different fair values of stock options at each valuation date, as applicable. Following the FLAG Merger (See Note 3), the Company used the public price of its common stock. The fair value of each stock option grant is estimated using the Black-Scholes option-pricing model. The Company estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies within the biotechnology industry with characteristics similar to the Company. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options provided under Staff Accounting Bulletin, Topic 14, or SAB Topic 14, as necessary. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is zero, based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future.
Net loss per common share	Net loss per common share Earnings per share attributable to common stockholders is calculated using the two-class method, which is an earnings allocation formula that determines earnings per share for the holders of the Company’s common shares and participating securities. Although the Company’s historical Convertible Preferred Stock contained participating rights in any dividend declared and paid by the Company and were therefore participating securities, the Convertible Preferred Stock had no stated dividends and Calidi has never paid any cash dividends and does not plan to pay any dividends in the foreseeable future. Net loss attributable to common stockholders and participating securities is allocated to each share on an if-converted basis as if all of the earnings for the period had been distributed. However, the participating securities do not include a contractual obligation to share in the losses of the Company and are not included in the calculation of net loss per share in the periods that have a net loss. In addition, common stock equivalent shares (whether or not participating) are excluded from the computation of diluted earnings per share in periods in which they have an anti-dilutive effect on net loss per common share. Diluted net loss per share is computed using the more dilutive of (a) the two-class method or (b) the if-converted method and treasury stock method, as applicable. Contingently convertible notes payable and contingently convertible SAFEs were not included for purposes of calculating the number of diluted shares outstanding as the number of dilutive shares is based on a conversion contingency associated with the completion of a future financing event that had not occurred, and the contingency was not resolved, in the reporting periods presented herein. In periods in which the Company reports a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. Diluted net loss per share is equivalent to basic net loss per share for the periods presented herein because common stock equivalent shares from the Convertible Preferred Stock, convertible notes, stock option awards and outstanding warrants to purchase common stock (see Note 10) were antidilutive. As a result of the Company reported net loss attributable to common stockholders for all periods presented herein, the following common stock equivalents were excluded from the computation of diluted net loss per common share for the years ended December 31, 2023 and 2022 because including them would have been antidilutive (in thousands): Schedule of Computation of Diluted Net Loss per Common Share including Antidilutive 2023 2022 (3) Year Ended December 31, 2023 2022 (3) Employee stock options 7,871 9,954 Restricted stock units 40 — Warrants for common stock 13,412 1,686 Earnout Shares 18,000 — Founders convertible preferred stock — 4,330 Series A1 convertible preferred stock — 1,797 Series A2 convertible preferred stock — 1,059 Convertible notes payable — 182 Contingently convertible notes payable (1) — — Contingently convertible SAFE agreements (2) — — Total common stock equivalents 39,323 19,008 (1) The contingently convertible notes payable was not included for purposes of calculating the number of diluted shares outstanding as of December 31, 2022, as the number of dilutive shares is based on a conversion ratio associated with the pricing of a future financing event. Therefore, the contingently convertible notes payable’s conversion ratio, and the resulting number of dilutive shares, was not determinable until the contingency is resolved in September 2023. As of December 31, 2022, one lender remained holding the contingently convertible note payable (see Note 8). If the contingency were to have been resolved as of December 31, 2022, the number of antidilutive shares that would have been excluded from dilutive loss per share, when applying the conversion ratio, is estimated as 0.2 (2) The contingently convertible SAFEs were not included for purposes of calculating the number of diluted shares outstanding as of December 31, 2022, as the number of dilutive shares is based on a conversion ratio associated with the pricing of a future financing event. Therefore, the contingently convertible SAFE’s conversion ratio, and the resulting number of dilutive shares, was not determinable until the contingency is resolved in September 2023. If the contingency were to have been resolved on those SAFEs as of December 31, 2022, the number of antidilutive shares that would have been excluded from dilutive loss per share, when applying the respective conversion ratio, is estimated as 3.3 (3) Retroactively restated for the reverse recapitalization as described in Note 3.
Segments	Segments The Company’s executive management team, as a group, represents the entity’s chief operating decision makers. To date, the Company’s executive management team has viewed the Company’s operations as one segment that includes the research, development and commercialization efforts of cell-based platforms to potentiate oncolytic virus therapies. As a result, the financial information disclosed materially represents all of the financial information related to the Company’s sole operating segment. Substantially all of the Company’s consolidated operating activities, including its long-lived assets, are located within the U.S. and considering the Company’s limited revenue operating stage, the Company currently has no concentration exposure to products or customers.
Recently adopted accounting pronouncements	Recently adopted accounting pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments
Recently issued accounting pronouncements not yet adopted	Recently issued accounting pronouncements not yet adopted In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions In March 2023, the FASB issued ASU No. 2023-01, Leases (Topic 842): Common Control Arrangements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash and restricted cash reported within the balance sheet dates that comprise the total of the same such amounts shown in the consolidated statements of cash flows (in thousands): Schedule of Cash and Cash Equivalents December 31, 2023 December 31, 2022 Cash $ 1,949 $ 372 Restricted cash included within prepaid expenses and other current assets 100 100 Restricted cash included within other noncurrent assets 118 118 Total cash and restricted cash as shown in the consolidated statements of cash flows $ 2,167 $ 590
Schedule of Computation of Diluted Net Loss per Common Share including Antidilutive	As a result of the Company reported net loss attributable to common stockholders for all periods presented herein, the following common stock equivalents were excluded from the computation of diluted net loss per common share for the years ended December 31, 2023 and 2022 because including them would have been antidilutive (in thousands): Schedule of Computation of Diluted Net Loss per Common Share including Antidilutive 2023 2022 (3) Year Ended December 31, 2023 2022 (3) Employee stock options 7,871 9,954 Restricted stock units 40 — Warrants for common stock 13,412 1,686 Earnout Shares 18,000 — Founders convertible preferred stock — 4,330 Series A1 convertible preferred stock — 1,797 Series A2 convertible preferred stock — 1,059 Convertible notes payable — 182 Contingently convertible notes payable (1) — — Contingently convertible SAFE agreements (2) — — Total common stock equivalents 39,323 19,008 (1) The contingently convertible notes payable was not included for purposes of calculating the number of diluted shares outstanding as of December 31, 2022, as the number of dilutive shares is based on a conversion ratio associated with the pricing of a future financing event. Therefore, the contingently convertible notes payable’s conversion ratio, and the resulting number of dilutive shares, was not determinable until the contingency is resolved in September 2023. As of December 31, 2022, one lender remained holding the contingently convertible note payable (see Note 8). If the contingency were to have been resolved as of December 31, 2022, the number of antidilutive shares that would have been excluded from dilutive loss per share, when applying the conversion ratio, is estimated as 0.2 (2) The contingently convertible SAFEs were not included for purposes of calculating the number of diluted shares outstanding as of December 31, 2022, as the number of dilutive shares is based on a conversion ratio associated with the pricing of a future financing event. Therefore, the contingently convertible SAFE’s conversion ratio, and the resulting number of dilutive shares, was not determinable until the contingency is resolved in September 2023. If the contingency were to have been resolved on those SAFEs as of December 31, 2022, the number of antidilutive shares that would have been excluded from dilutive loss per share, when applying the respective conversion ratio, is estimated as 3.3 (3) Retroactively restated for the reverse recapitalization as described in Note 3.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis	The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis, inclusive of related party components, as of December 31, 2023 and December 31, 2022 (in thousands): Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis Level 1 Level 2 Level 3 Total December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Restricted cash held in a money market account $ 218 $ — $ — $ 218 Forward Purchase Agreement Derivative Asset — — 230 230 Total assets, at fair value $ 218 $ — $ 230 $ 448 Liabilities: Public Warrants $ 575 $ — $ — $ 575 Private Placement Warrants 96 — — 96 Total warrant liabilities, at fair value $ 671 $ — $ — $ 671 Level 1 Level 2 Level 3 Total December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Restricted cash held in a money market account $ 218 $ — $ — $ 218 Liabilities: Contingently convertible notes payable, including accrued interest (1) $ — $ — $ 1,152 $ 1,152 SAFEs — — 29,190 29,190 Total liabilities, at fair value $ — $ — $ 30,342 $ 30,342 (1) Elected the fair value option of accounting as discussed in Note 2.
Schedule of Significant Unobservable Inputs Used in the Fair Value Measurement	The following table summarizes the significant unobservable inputs used in the fair value measurement of level 3 instruments as of December 31, 2023 and December 31, 2022: Schedule of Significant Unobservable Inputs Used in the Fair Value Measurement December 31, 2023 Instrument Valuation Technique Input Input Range Forward Purchase Agreement Derivative Asset Monte Carlo Simulation Risk-free interest rate 4.09 % Expected Term (years) 2.66 years Expected volatility 85.0 % Underlying stock price 1.51 Dividend yield 0.0 % December 31, 2022 Instrument Valuation Technique Input Input Range Contingently convertible notes payable, including accrued interest Scenario-based, probability-weighted average analysis Timing of the scenarios 0.5 years Probability - Scenario 1 0.0 % Risk-free interest rate - Scenario 1 13.4 % Probability - Scenario 2 100.0 % Risk-adjusted discount rate - Scenario 2 13.4 % Contingently issuable warrants on contingently convertible notes payable – Scenario 1 Black-Scholes option pricing model Expected term 2.0 years Expected volatility on preferred stock 40.0 % Expected dividend yield 0.0 % Risk-free interest rate 3.2 % SAFEs Scenario-based, probability-weighted average analysis Timing of the scenarios 0.4 - 3 years Probability — SAFE Scenario 1 20.0 % Probability — SAFE Scenario 2 70.0 % Probability — SAFE Scenario 3 10.0 % Risk-adjusted discount rate — SAFE Scenarios 1 through 3 13.4 %, 13.4 %, and 13.1 %, respectively
Schedule of Changes in Fair Value of Level 3 Valued Instruments	The following table presents the changes in fair value of valued instruments for the year ended December 31, 2023 (in thousands): Schedule of Changes in Fair Value of Level 3 Valued Instruments Contingently convertible notes payable, including accrued interest, at fair value SAFEs Series B convertible preferred stock, at fair value Forward Purchase Agreement Derivative Asset, at fair value Public Warrants, at fair value Private Placement Warrants, at fair value Balance at January 1, 2023 $ 1,152 $ 29,190 $ — $ — $ — $ — Proceeds from issuance — 2,760 24,497 — — — Recognition of Forward Purchase Agreement Derivative Asset — — — (4,520 ) — — Warrants Liability assumed at the close of the FLAG Merger as of September 12, 2023 — — — — 2,990 497 Issuance of SAFE in lieu of cash for advisory services — 166 — — — — Loss at inception — — 2,412 — — — Extinguishment of term notes payable Change in fair value 874 (3,253 ) (2,684 ) 4,290 (2,415 ) (401 ) Conversion into Common Stock (2,026 ) (28,863 ) (24,225 ) — — — Balance at December 31, 2023 $ — $ — $ — $ (230 ) $ 575 $ 96 As of January 1, 2023, because the Scenario 2 probability of the contingently convertible notes payable was at 100%, as defined above, the corresponding contingently issuable warrants, accordingly, had no fair value as of that date since under that scenario those warrants would not be issuable. The following table presents the changes in fair value of valued instruments for the year ended December 31, 2022 (in thousands): Contingently convertible notes payable, including accrued interest, at fair value Term notes payable, including accrued interest, at fair value SAFEs Balance at January 1, 2022 $ 1,572 $ 505 $ 15,811 Balance $ 1,572 $ 505 $ 15,811 Proceeds from issuance — — 10,650 Issuance of SAFE in lieu of cash for advisory services — — 195 Extinguishment of term notes payable — (516 ) — Change in fair value (420 ) 11 2,534 Balance at December 31, 2022 $ 1,152 $ — $ 29,190 Balance $ 1,152 $ — $ 29,190

Selected Balance Sheet Compon_2

Selected Balance Sheet Components (Tables)	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Schedule of Accrued Expenses and Other Current Liabilities December 31, 2023 December 31, 2022 Accrued compensation (1) $ 1,720 $ 4,070 Accrued vendor and other expenses 3,712 1,277 Accrued expenses and other current liabilities $ 5,432 $ 5,347 (1) Includes deferred compensation for certain executives and deferred board and advisory fees for one director (see Note 14).
Schedule of Prepaid expenses and other current assets	As of December 31, 2023 and December 31, 2022, prepaid expenses and other current assets were comprised of the following (in thousands): Schedule of Prepaid expenses and other current assets December 31, 2023 December 31, 2022 Prepaid expenses $ 485 $ 88 Prepaid insurance 284 23 CIRM receivable 1,360 — Other 225 303 Prepaid expenses and other current assets $ 2,354 $ 414

Machinery and Equipment, net (T

Machinery and Equipment, net (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Machinery and Equipment, Net	Schedule of Machinery and Equipment, Net December 31, 2023 December 31, 2022 Machinery and equipment $ 2,263 $ 1,518 Accumulated depreciation (993 ) (631 ) Machinery and equipment, net $ 1,270 $ 887

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table presents the various significant related party transactions and investments in Calidi for the periods presented (in thousands): Schedule of Related Party Transactions Related Party Description of investment or transaction December 31, 2023 December 31, 2022 AJC Capital, Director B, and a manager Convertible notes payable, including accrued interest (1) — 804 AJC Capital, Director E and executive officer’s family office Term notes payable, net of discount, including accrued interest (2) 278 1,962 AJC Capital, Directors A, D, E, F, an officer, and a manager Simple agreements for future equity (SAFE), at fair value (3) — 4,615 AJC Capital, Director D Accounts payable and accrued expenses (4) 104 170 Directors C Contingently convertible notes payable, including accrued interest, at fair value (5) — 1,152 Former Executive Legal settlement liability (6) — 640 Director D Former President and Chief Operating Officer (7) 495 300 Director A Advisory services included in accrued expenses (8) 18 82 AJC Capital Lease guaranty (9) 167 150 Director A Term notes payable including accrued interest (2) 2,060 — Director A Other liabilities (11) 538 — AJC Capital and Director A Warrant Liability (10) 48 — AJC Capital and Director A Warrant Liability (10) 48 — (1) See Note 8 for full disclosures on debt, including the convertible notes and related extensions of scheduled maturity dates. (2) Term notes payable, net of discount, in principal amount of $ 0.5 million plus accrued interest, issued to AJC Capital in May 2020 with 900,000 warrants to purchase common stock and stated interest rates (see Notes 8 and 10). Term notes payable in principal amount of $ 0.5 million, plus accrued interest issued in March 2021 to Director A with 1,000,000 warrants to purchase common stock and stated interest rates (see Notes 8 and 10). In December 2022 and during the year ended December 31, 2023, Calidi issued various term notes in the aggregate principal amount of $ 3.0 million to AJC Capital, Directors A, E, and an executive’s officer’s family office (see Notes 8 and 10). All of the above term notes payable, as applicable, remained outstanding as of December 31, 2022, but only $ 0.3 million remained outstanding as of December 31, 2023 (see Note 8). As of December 31, 2023, all related party term note payable amounts due to Director A totaling $ 1.8 million have been classified as a long term liability, while the remaining related party term note payable to all other parties of $ 0.3 million are classified as a short term liability on the accompanying consolidated balance sheets. (3) See Note 9 for full disclosures around the SAFE instruments. (4) Amounts owed to AJC Capital as of December 31, 2023, for primarily rent expense for temporary use of personal house for company office space in 2020; in addition, amounts owed to AJC Capital and Director D for certain consulting expenses, included in accounts payable and accrued expenses as of December 31, 2022. (5) See Note 8 for full disclosures around contingently convertible notes payable, including accrued interest, accounted for using the fair value option. Director C is a partner in a partnership agreement with the Calidi investor who holds the contingently convertible notes issued by Calidi which may deem Director C’s partnership to be the beneficial owner of this contingently convertible note, which is $ 0 as of December 31, 2023 and $ 1.2 million as of December 31, 2022, respectively. (6) See Note 6 for full disclosure of a settlement liability recorded with a Co-Founder and Former Executive of Calidi, which was paid in September 2023. (7) On February 1, 2022, Calidi appointed a current board member (Director D referenced above), George K. Ng, as President and Chief Operating Officer of Calidi under an Employment Agreement (the “Ng Agreement”). Under the Ng Agreement, Mr. Ng is entitled to a base annual salary of $ 0.5 million, a signing bonus of $ 0.3 million, payable in three equal monthly installments. Mr. Ng was eligible for standard change in control and severance benefits. On June 23, 2023, Calidi entered into a Separation and Release Agreement with Mr. Ng which includes a severance accrual as of December 31, 2023 (see Note 14). (8) On April 1, 2022, Calidi entered into an Advisory Agreement with Scott Leftwich (Director A referenced above), for providing certain strategic and advisory services. Director A will receive an advisory fee of $ 9,166 per month not to exceed $ 0.1 million per annum, accrued and payable upon Calidi raising $ 10 million or more in equity proceeds, as defined in the Advisory Agreement. The Advisory Agreement terminated on August 31, 2023. (9) In October 2022, in order for Calidi to secure and execute the San Diego Lease discussed in Note 14, Mr. Allan Camaisa provided a personal Guaranty of Lease of (the “Guaranty”) up to $ 0.9 million to the lessor for Calidi’s future performance under the San Diego Lease agreement. As consideration for the Guaranty, Calidi agreed to pay Mr. Camaisa 10% of the Guaranty amount for the first year of the San Diego Lease, and 5% per annum of the Guaranty amount thereafter through the life of the lease, with all amounts accrued and payable at the termination of the San Diego Lease or release of Mr. Camaisa from the Guaranty by the lessor, whichever occurs first. The amount shown in the table above, represents the present value, including accrued interest as of the period shown, of the aggregate $ 0.2 million payment due to Mr. Camaisa upon the release or termination of the Guaranty, which is included in noncurrent operating lease right-of-use liability. (10) See Note 10 for full disclosures around Warrants. (11) In August 2023, Calidi entered into an agreement with Director A for deferred compensation including advisory fees for $ 0.5 million, payable on January 1, 2025. The $ 0.5 million note bears interest at 24 %.

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Outstanding Debt Obligations	The Company’s outstanding debt obligations as of December 31, 2023 and December 31, 2022, including related party components, are as follows (in thousands): Schedule of Outstanding Debt Obligations December 31, 2023 Unpaid Balance Fair Value Measurements Discount Accrued Interest Net Carrying Value Term notes payable $ 2,500 $ — $ (21 ) $ 388 $ 2,867 Total debt $ 2,500 $ — $ (21 ) $ 388 $ 2,867 Less: current portion of long-term debt (807 ) Long-term debt, net of current portion $ 2,060 December 31, 2022 Unpaid Balance Fair Value Measurements Discount Accrued Interest Net Carrying Value Convertible notes payable $ 765 $ — $ — $ 39 $ 804 Contingently convertible notes payable, including accrued interest, at fair value 1,000 152 — — (a) 1,152 Term notes payable 2,500 — (138 ) 107 2,469 Loans payable 1,000 — — — 1,000 Total debt $ 5,265 $ 152 $ (138 ) $ 146 $ 5,425 Less: current portion of long-term debt (5,425 ) Long-term debt, net of current portion $ — (a) Accrued interest is included in fair value measurements for contingently convertible notes payable, at fair value, for the periods presented. See further disclosures under the fair value option of accounting in Note 2, Note 4, and applicable sections below.
Schedule of Maturities of Outstanding Debt	Scheduled maturities of outstanding debt, net of discounts are as follows (in thousands): Schedule of Maturities of Outstanding Debt Year Ending December 31: 2024 $ 750 2025 1,750 2026 and thereafter — Plus: accrued interest 388 Less: Discount (21 ) Total debt $ 2,867

Preferred Stock, Convertible _2

Preferred Stock, Convertible Preferred Stock, Common Stock and Stockholders’ Deficit (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Convertible Preferred Stock	As of December 31, 2022, the authorized, issued and outstanding shares and other information related to Calidi’s Convertible Preferred Stock were as follows (in thousands, except share amounts): Schedule of Convertible Preferred Stock December 31, 2022 Shares Authorized (1) Shares Issued and Outstanding (1) Liquidation Preference Carrying Value Founders 4,370,488 4,329,816 $ 2,080 $ 1,354 Series A-1 2,081,185 1,796,645 4,316 3,871 Series A-2 1,664,948 1,059,274 4,454 4,376 8,116,621 7,185,735 $ 10,850 $ 9,601 (1) Retroactively restated for the reverse recapitalization as described in Note 3.
Schedule of Common Stock Reserved	As of December 31, 2023, common stock reserved for future issuance consisted of the following: Schedule of Common Stock Reserved Common stock warrants outstanding 13,412,154 Common stock options issued and outstanding 7,870,870 Restricted stock units vested and unreleased 40,218 Shares available for future issuance under the 2023 Equity Incentive Plan 3,604,587 Shares reserved under the 2023 Employee Stock Purchase Plan 3,937,802 Common stock reserved for future issuance 28,865,631
Schedule of Warrant Activity	The following table summarizes the Company’s aggregate warrant activity for the year ended December 31, 2023. Schedule of Warrant Activity Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding at January 1, 2023 (1) 1,685,760 $ 2.40 7.87 Issued - Private Placement Warrants 1,912,154 — — Issued - Public Warrants 11,500,000 — — Exercised — — — Converted into Common Stock (1) (1,685,760 ) — — Outstanding at December 31, 2023 13,412,154 $ 11.50 4.72 (1) Retroactively restated for the reverse recapitalization as described in Note 3.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	A summary of the 2019 Plan and 2023 Plan option activity and related information follows (in thousands except weighted average exercise price): Summary of Stock Option Activity Number of Options Outstanding Weighted Average Exercise Price Weighted- Aggregate Intrinsic Value Outstanding at January 1, 2023 9,954 $ 2.67 7.48 $ 4,840 Options granted 619 4.67 Options exercised (2,178 ) 2.01 Options forfeited or cancelled (524 ) 3.01 Outstanding at December 31, 2023 7,871 $ 2.58 5.82 $ 2,639 Exercisable at December 31, 2023 6,207 $ 1.96 5.16 $ 2,637
Summary of Restricted Stock Unit Activity	A summary of the 2023 Plan restricted stock unit (RSU) activity and related information follows (in thousands except weighted average grant date fair value): Summary of Restricted Stock Unit Activity Number of Units Outstanding Weighted Average Grant-Date Fair Value Balance at January 1, 2023 — $ — Granted 40 $ 1.80 Vested (40 ) $ 1.80 Balance at December 31, 2023 — $ — Vested and unreleased 40 $ 1.80 Outstanding at December 31, 2023 40 $ 1.80
Schedule of Stock-Based Compensation Expense	Calidi recorded stock-based compensation expense in the following categories on the accompanying consolidated statements of operations for the periods presented (in thousands): Schedule of Stock-Based Compensation Expense 2023 2022 Year Ended December 31, 2023 2022 Research and development $ 1,075 $ 747 General and administrative 3,734 3,775 Total stock-based compensation expense $ 4,809 $ 4,522
Schedule of Stock Options Valuation Assumptions	Schedule of Stock Options Valuation Assumptions Year Ended December 31, 2023 2022 Expected volatility 88.76 % 88.35 % Risk-free interest rate 3.81 % 2.09 % Expected option life (in years) 5.80 6.00 Expected dividend yield 0.0 % 0.0 %

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Income (Loss) Before Provision for Income Taxes	Income/(Loss) before provision for income taxes consisted of the following for the years ended December 31, 2023 and 2022 (in thousands): Schedule of Income (Loss) Before Provision for Income Taxes 2023 2022 United States $ (27,984 ) $ (25,375 ) International (1,216 ) (41 ) Loss before provision for income taxes $ (29,200 ) $ (25,416 )
Schedule of Income Tax Expenses (Benefit) by Jurisdiction	The income tax expense (benefit) by jurisdiction for the years ended December 31, 2023 and 2022, were as follows (in thousands): Schedule of Income Tax Expenses (Benefit) by Jurisdiction 2023 2022 Current: Federal $ — $ — State and local — — Foreign 16 11 Total current $ 16 $ 11 Deferred: Federal $ — $ — State and local — — Foreign — — Total deferred — — Total tax expense $ 16 $ 11
Schedule of U.S. Federal Income Tax Rates Indicated to Pretax Loss From Operations	Income taxes during the years ended December 31, 2023 and 2022 differed from the amounts computed by applying the applicable U.S. federal income tax rates indicated to pretax loss from operations as a result of the following: Schedule of U.S. Federal Income Tax Rates Indicated to Pretax Loss From Operations 2023 2022 Computed tax benefit at federal statutory rate 21 % 21 % Permanent differences — % — % State tax benefit 7 % 6 % Stock based compensation (2 )% (1 )% Other permanent differences (1 )% — % Change in valuation allowance (28 )% (24 )% Research and development credit — % — % Change in fair value of debt 1 % (2 )% Stock issuance cost (2 )% — % Acquired startup costs 4 % — % Pretax loss from operations rates total — % — %
Schedule of Components of Deferred Tax Assets and Liabilities	The primary components of the deferred tax assets and liabilities at December 31, 2023 and 2022 were as follows (in thousands): Schedule of Components of Deferred Tax Assets and Liabilities 2023 2022 Deferred tax assets/(liabilities): Net operating loss carryforwards $ 15,236 $ 10,102 Research and development credit carryforwards 666 404 Stock-based and other compensation 2,131 1,616 Lease liability 1,143 12 Capitalized research and development expenditures 3,109 1,306 Transaction and financing costs — 537 Depreciation and amortization 1,508 207 Accrued liabilities and other reserves 1,217 1,376 Total deferred tax assets 25,010 15,560 Right-of-use and other assets (1,147 ) (10 ) Total deferred tax liabilities (1,147 ) (10 ) Valuation allowance (23,863 ) (15,550 ) Net deferred tax asset $ — $ —
Schedule of Unrecognized Tax Benefit	A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows (in thousands): Schedule of Unrecognized Tax Benefit 2023 2022 December 31, 2023 2022 Balance at the beginning of the year $ 1,239 $ 1,077 Additions based on tax positions related to current year 278 162 Adjustments based on tax positions related to prior years — — Balance at end of year $ 1,517 $ 1,239

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Supplemental Cash Flow Information Related to Operating and Financing Leases	The following table presents supplemental cash flow information related to operating and financing leases for the periods presented (in thousands): Schedule of Supplemental Cash Flow Information Related to Operating and Financing Leases Cash paid for amounts included in the measurement of lease liabilities: 2023 2022 Year Ended December 31, Cash paid for amounts included in the measurement of lease liabilities: 2023 2022 Operating cash flows from operating leases $ 1,759 $ 877 Operating cash flows from financing leases 101 14 Financing cash flows from financing leases 22 81 Right-of-use assets obtained in exchange for new lease liabilities: Operating lease $ 4,735 $ 204
Schedule of Supplemental Balance Sheet Information Related to Operating and Financing Leases	The following table presents supplemental balance sheet information related to operating and financing leases for the periods presented (in thousands, except lease term and discount rate): Schedule of Supplemental Balance Sheet Information Related to Operating and Financing Leases 2023 2022 Year Ended 2023 2022 Operating leases Right-of-use assets, net $ 4,073 $ 199 Right-of-use lease liabilities, current $ 1,035 $ 44 Right-of-use lease liabilities, noncurrent 3,037 305 Total operating lease liabilities $ 4,072 $ 349 Financing Leases Machinery and equipment, gross $ 607 $ 417 Accumulated depreciation (251 ) (173 ) Machinery and equipment, net $ 356 $ 244 Current liabilities $ 81 $ 72 Noncurrent liabilities 216 142 Total financing lease liabilities $ 297 $ 214 Weighted average remaining lease term Operating leases 3.2 years 4.3 years Financing leases 3.9 years 3.5 years Weighted average discount rate Operating leases 11.80 % 5.90 % Financing leases 12.10 % 9.14 %
Schedule of Future Minimum Lease Commitments	The following table presents future minimum lease commitments as of December 31, 2023 (in thousands): Schedule of Future Minimum Lease Commitments Operating Leases Financing Leases Year Ending December 31, 2024 $ 1,425 $ 111 2025 1,466 90 2026 1,508 88 2027 486 51 2028 3 34 2029 and thereafter — — Total minimum lease payments 4,888 374 Less: amounts representing interest (816 ) (77 ) Present value of net minimum lease payments $ 4,072 $ 297

Organization and Nature of Op_2

Organization and Nature of Operations (Details Narrative) - USD ($)			12 Months Ended
		Dec. 10, 2023	Dec. 31, 2023	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Retained Earnings (Accumulated Deficit)	[1]		$ 99,572,000	$ 70,356,000
Net Cash Provided by (Used in) Operating Activities			26,983,000	13,214,000
Cash			1,949,000	$ 372,000
Restricted Cash			200,000
Stock Issued During Period, Value, New Issues			$ 11,000
Common Stock, Par or Stated Value Per Share				$ 0.0001
Equity Purchase Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock Issued During Period, Value, New Issues		$ 25,000,000
Common Stock, Par or Stated Value Per Share		$ 0.0001
[custom:ThresholdPeriodForClosingOfStandbyEquityPurchaseAgreementAfterExecutionOfTheAgreement]		36 months
Commitments and Contingencies		$ 25,000,000
[1]Retroactively restated for the reverse recapitalization as described in Note 3.

Schedule of Cash and Cash Equiv

Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash	$ 1,949	$ 372
Restricted cash included within prepaid expenses and other current assets	100	100
Restricted cash included within other noncurrent assets	118	118
Total cash and restricted cash as shown in the consolidated statements of cash flows	$ 2,167	$ 590	$ 2,237

Schedule of Computation of Dilu

Schedule of Computation of Diluted Net Loss per Common Share including Antidilutive (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023		Dec. 31, 2022	[1]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents	39,323		19,008
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents	7,871		9,954
Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents	40
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents	13,412		1,686
Forward Contracts [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents	18,000
Founder Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents			4,330
Series A 1 Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents			1,797
Series A 2 Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents			1,059
Convertible Debt Securities [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents			182
Contingently Convertible Notes Payable Agreement [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents		[2]
SAFE Agreements [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents		[3]
[1]Retroactively restated for the reverse recapitalization as described in Note 3.[2] The contingently convertible notes payable was not included for purposes of calculating the number of diluted shares outstanding as of December 31, 2022, as the number of dilutive shares is based on a conversion ratio associated with the pricing of a future financing event. Therefore, the contingently convertible notes payable’s conversion ratio, and the resulting number of dilutive shares, was not determinable until the contingency is resolved in September 2023. As of December 31, 2022, one lender remained holding the contingently convertible note payable (see Note 8). If the contingency were to have been resolved as of December 31, 2022, the number of antidilutive shares that would have been excluded from dilutive loss per share, when applying the conversion ratio, is estimated as 0.2 The contingently convertible SAFEs were not included for purposes of calculating the number of diluted shares outstanding as of December 31, 2022, as the number of dilutive shares is based on a conversion ratio associated with the pricing of a future financing event. Therefore, the contingently convertible SAFE’s conversion ratio, and the resulting number of dilutive shares, was not determinable until the contingency is resolved in September 2023. If the contingency were to have been resolved on those SAFEs as of December 31, 2022, the number of antidilutive shares that would have been excluded from dilutive loss per share, when applying the respective conversion ratio, is estimated as 3.3

Schedule of Computation of Di_2

Schedule of Computation of Diluted Net Loss per Common Share including Antidilutive (Details) (Parenthetical) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents, shares	39,323	19,008	[1]
Convertible Notes Payable [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents, shares		200
Simple Agreement For Future Equity [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents, shares		3,300
[1]Retroactively restated for the reverse recapitalization as described in Note 3.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details Narrative)		12 Months Ended
	Oct. 27, 2022 USD ($)	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Property, Plant and Equipment [Line Items]
Debt Instrument, Convertible, Conversion Ratio		0.42
Common Stock, Par or Stated Value Per Share | $ / shares			$ 0.0001
Stock Issued During Period, Shares, New Issues | shares		7,185,734	109,739
[custom:PrepaymentShortfallPercentage-0]		100%
[custom:VWAPPricePercentage]		90%
[custom:ThresholdPeriodForClosingOfValuation]		36 months
[custom:CashSettlementPaymentDate]		tenth
Share Price | $ / shares		$ 2
Fair Value of Assets Acquired		$ 200,000
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		21%	21%
Tax Credit Carryforward, Description		These Section 174 Expenditures are required to be amortized over a 5- or 15- year period for domestic or foreign eligible expenditures, respectively.
Deferred Tax Liabilities, Deferred Expense, Other Capitalized Costs		$ 17,600,000
[custom:DeferredTaxLiabilitiesDeferredExpenseOtherRemainingCapitalizedCosts-0]		14,800,000
[custom:GrantIncome]		$ 2,885,000
Forward Purchase Agreement [Member]
Property, Plant and Equipment [Line Items]
[custom:ForwardPurchaseAgreementTerm]		36 months
Sale of Stock, Number of Shares Issued in Transaction | shares		1,000,000
Sale of Stock, Price Per Share | $ / shares		$ 10
Sale of Stock, Consideration Received on Transaction		$ 10,000,000
Equity Issued in Business Combination, Fair Value Disclosure		4,500,000
Government Grants [Member]
Property, Plant and Equipment [Line Items]
Proceeds from Other Operating Activities	$ 800,000
Government Grants [Member] | CIRM Award [Member]
Property, Plant and Equipment [Line Items]
Proceeds from Other Operating Activities	$ 3,100,000
[custom:GrantAmount]		0
[custom:GrantIncome]		2,900,000
[custom:GrantsPayment-0]		1,500,000
Grants Receivable		$ 1,400,000
FLAG Class A Common Stock [Member]
Property, Plant and Equipment [Line Items]
Common Stock, Par or Stated Value Per Share | $ / shares		$ 0.0001
Stock Issued During Period, Shares, New Issues | shares		1,000,000
[custom:PercentageOfAggregateCashAmount]		0.50%
[custom:ResetPrice-0] | $ / shares		$ 10
Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life		3 years
Minimum [Member] | Corporation Stock [Member]
Property, Plant and Equipment [Line Items]
Equity Method Investment, Ownership Percentage		5%
Minimum [Member] | Forward Purchase Agreement [Member]
Property, Plant and Equipment [Line Items]
Sale of Stock, Price Per Share | $ / shares		$ 2
Minimum [Member] | Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life		3 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life		5 years
Maximum [Member] | Corporation Stock [Member]
Property, Plant and Equipment [Line Items]
Equity Method Investment, Ownership Percentage		50%
Maximum [Member] | Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life		5 years

Merger and Related Transactio_2

Merger and Related Transactions (Details Narrative)				12 Months Ended
	Sep. 12, 2023 shares	Aug. 30, 2023 USD ($) shares	Jun. 16, 2023 shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Business Acquisition [Line Items]
Debt Instrument, Convertible, Conversion Ratio				0.42
Common Stock, Par or Stated Value Per Share | $ / shares					$ 0.0001
Debt Instrument, Face Amount				$ 2,500,000	$ 5,265,000
Long-Term Debt				$ 2,060,000
Stock Issued During Period, Shares, New Issues | shares				7,185,734	109,739
[custom:EscalationSharesAllocationDescription]				As additional consideration, each Calidi Stockholder is entitled to earn, on a pro rata basis, up to 18,000,000 shares of non-voting common stock (the “Escalation Shares”). During the five-year period following the Closing (the “Escalation Period”), Calidi Stockholders may be entitled to receive up to 18,000,000 Escalation Shares with incremental releases of 4,500,000 shares upon the achievement of each share price hurdle if the trading price of Common Stock is $12.00, $14.00, $16.00 and $18.00, respectively, for a period of any 20 days within any 30-consecutive-day trading period.
[custom:NonredeemingContinuationShares] | shares				85,849
Common Stock, Shares, Outstanding | shares				35,522,000	8,584,000
First Light Acquisition Group, Inc. (FLAG) [Member]
Business Acquisition [Line Items]
Stock Repurchased During Period, Value		$ 2,687,351
Stock Redeemed or Called During Period, Value		28,200,000
[custom:RemainingRedemptionValue]		15,000,000
First Light Acquisition Group, Inc. (FLAG) [Member] | Non-redeeming Shareholders [Member]
Business Acquisition [Line Items]
[custom:RemainingRedemptionValue]		$ 700,000
Series B Preferred Stock [Member]
Business Acquisition [Line Items]
Stock Issued During Period, Shares, New Issues | shares			1,000,000
Series B Preferred Stock [Member] | Calidi Cure [Member]
Business Acquisition [Line Items]
Stock Repurchased During Period, Shares | shares	500,000
Merger Agreement [Member] | Calidi Security Holders [Member]
Business Acquisition [Line Items]
Debt Instrument, Face Amount				$ 250,000,000
Long-Term Debt				$ 23,800,000
New Money PIPE Subscription Agreement [Member] | Common Class A [Member]
Business Acquisition [Line Items]
Stock Repurchased During Period, Shares | shares		132,817
Stock Repurchased During Period, Value		$ 200,000
New Money PIPE Subscription Agreement [Member] | Series B Preferred Stock [Member] | Calidi Cure [Member]
Business Acquisition [Line Items]
Stock Repurchased During Period, Value		400,000
Non-Redemption Agreement [Member] | First Light Acquisition Group, Inc. (FLAG) [Member]
Business Acquisition [Line Items]
[custom:RemainingRedemptionValue]		$ 1,800,000
Non-Redemption Agreement [Member] | Common Class A [Member]
Business Acquisition [Line Items]
Stock Repurchased During Period, Shares | shares		335,238
Stock Repurchased During Period, Value		$ 1,800,000
[custom:IncentiveShares] | shares		200,000
Non-Redemption Agreement [Member] | Series B Preferred Stock [Member] | Calidi Cure [Member]
Business Acquisition [Line Items]
Stock Repurchased During Period, Value		$ 2,600,000
[custom:NetProceedsFromPurchaseOfShares]		800,000
Forward Purchase Agreement [Member] | First Light Acquisition Group, Inc. (FLAG) [Member]
Business Acquisition [Line Items]
[custom:RemainingRedemptionValue]		$ 12,500,000
New Calidi Common Stock [Member]
Business Acquisition [Line Items]
Common Stock, Par or Stated Value Per Share | $ / shares				$ 0.0001
Stock Issued During Period, Shares, New Issues | shares				27,375,600
New Calidi Common Stock [Member] | Merger Consideration [Member]
Business Acquisition [Line Items]
Common Stock, Shares, Outstanding | shares				35,522,230
New Calidi Common Stock [Member] | Calidi Security Holders [Member]
Business Acquisition [Line Items]
Equity Method Investment, Ownership Percentage				76%

Schedule of Assets and Liabilit

Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash held in a money market account		$ 218	$ 218
Forward Purchase Agreement Derivative Asset		230
Total assets, at fair value		448
Public Warrants		575
Private Placement Warrants		96
Total warrant liabilities, at fair value		671
Contingently convertible notes payable, including accrued interest	[1]		1,152
SAFEs			29,190
Total liabilities, at fair value			30,342
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash held in a money market account		218	218
Forward Purchase Agreement Derivative Asset
Total assets, at fair value		218
Public Warrants		575
Private Placement Warrants		96
Total warrant liabilities, at fair value		671
Contingently convertible notes payable, including accrued interest	[1]
SAFEs
Total liabilities, at fair value
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash held in a money market account
Forward Purchase Agreement Derivative Asset
Total assets, at fair value
Public Warrants
Private Placement Warrants
Total warrant liabilities, at fair value
Contingently convertible notes payable, including accrued interest	[1]
SAFEs
Total liabilities, at fair value
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash held in a money market account
Forward Purchase Agreement Derivative Asset		230
Total assets, at fair value		230
Public Warrants
Private Placement Warrants
Total warrant liabilities, at fair value
Contingently convertible notes payable, including accrued interest	[1]		1,152
SAFEs			29,190
Total liabilities, at fair value			$ 30,342
[1]Elected the fair value option of accounting as discussed in Note 2.

Schedule of Significant Unobser

Schedule of Significant Unobservable Inputs Used in the Fair Value Measurement (Details) - Fair Value, Inputs, Level 3 [Member]	12 Months Ended
	Dec. 31, 2023 $ / shares	Dec. 31, 2022
Measurement Input, Risk Free Interest Rate [Member] | Scenario 1 [Member] | Simple Agreement Ffor Future Equity [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities, FV-NI, Measurement Input		13.4
Measurement Input, Risk Free Interest Rate [Member] | Scenario 2 [Member] | Simple Agreement Ffor Future Equity [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities, FV-NI, Measurement Input		13.4
Measurement Input, Risk Free Interest Rate [Member] | Scenario 3 [Member] | Simple Agreement Ffor Future Equity [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities, FV-NI, Measurement Input		13.1
Measurement Input, Risk Free Interest Rate [Member] | Forward Purchase Agreement Derivative Asset [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities, FV-NI, Measurement Input	4.09
Measurement Input, Risk Free Interest Rate [Member] | Convertible Notes Payable [Member] | Scenario 1 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities, FV-NI, Measurement Input		13.4
Measurement Input, Risk Free Interest Rate [Member] | Convertible Notes Payable [Member] | Scenario 2 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities, FV-NI, Measurement Input		13.4
Measurement Input, Risk Free Interest Rate [Member] | Contingently Issuable Warrants On Contingently Convertible Notes Payable [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities, FV-NI, Measurement Input		3.2
Measurement Input, Expected Term [Member] | Simple Agreement Ffor Future Equity [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
[custom:EquitySecuritiesFvNiExpectedTerm]		4 months 24 days
Measurement Input, Expected Term [Member] | Simple Agreement Ffor Future Equity [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
[custom:EquitySecuritiesFvNiExpectedTerm]		3 years
Measurement Input, Expected Term [Member] | Forward Purchase Agreement Derivative Asset [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
[custom:EquitySecuritiesFvNiExpectedTerm]	2 years 7 months 28 days
Measurement Input, Expected Term [Member] | Convertible Notes Payable [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
[custom:EquitySecuritiesFvNiExpectedTerm]		6 months
Measurement Input, Expected Term [Member] | Contingently Issuable Warrants On Contingently Convertible Notes Payable [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
[custom:EquitySecuritiesFvNiExpectedTerm]		2 years
Measurement Input, Option Volatility [Member] | Forward Purchase Agreement Derivative Asset [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities, FV-NI, Measurement Input	85
Measurement Input, Option Volatility [Member] | Contingently Issuable Warrants On Contingently Convertible Notes Payable [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities, FV-NI, Measurement Input		40
Measurement Input, Exercise Price [Member] | Forward Purchase Agreement Derivative Asset [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
[custom:UnderlyingStockPrice-0]	$ 1.51
Measurement Input, Expected Dividend Rate [Member] | Forward Purchase Agreement Derivative Asset [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities, FV-NI, Measurement Input	0
Measurement Input, Expected Dividend Rate [Member] | Contingently Issuable Warrants On Contingently Convertible Notes Payable [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities, FV-NI, Measurement Input		0
Measurement Input Probability [Member] | Scenario 1 [Member] | Simple Agreement Ffor Future Equity [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities, FV-NI, Measurement Input		20
Measurement Input Probability [Member] | Scenario 2 [Member] | Simple Agreement Ffor Future Equity [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities, FV-NI, Measurement Input		70
Measurement Input Probability [Member] | Scenario 3 [Member] | Simple Agreement Ffor Future Equity [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities, FV-NI, Measurement Input		10
Measurement Input Probability [Member] | Convertible Notes Payable [Member] | Scenario 1 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities, FV-NI, Measurement Input		0
Measurement Input Probability [Member] | Convertible Notes Payable [Member] | Scenario 2 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Securities, FV-NI, Measurement Input		100

Schedule of Changes in Fair Val

Schedule of Changes in Fair Value of Level 3 Valued Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Series B Preferred Stock [Member]
Short-Term Debt [Line Items]
Balance
Proceeds from issuance	24,497
Recognition of Forward Purchase Agreement Derivative Asset
Warrants Liability assumed at the close of the FLAG Merger as of September 12, 2023
Issuance of SAFE in lieu of cash for advisory services
Loss at inception	2,412
Change in fair value	(2,684)
Conversion into Common Stock	(24,225)
Balance
Forward Purchase Agreement Derivative Asset [Member]
Short-Term Debt [Line Items]
Balance
Proceeds from issuance
Recognition of Forward Purchase Agreement Derivative Asset	(4,520)
Warrants Liability assumed at the close of the FLAG Merger as of September 12, 2023
Issuance of SAFE in lieu of cash for advisory services
Loss at inception
Change in fair value	4,290
Conversion into Common Stock
Balance	(230)
Public Warrants [Member]
Short-Term Debt [Line Items]
Balance
Proceeds from issuance
Recognition of Forward Purchase Agreement Derivative Asset
Warrants Liability assumed at the close of the FLAG Merger as of September 12, 2023	2,990
Issuance of SAFE in lieu of cash for advisory services
Loss at inception
Change in fair value	(2,415)
Conversion into Common Stock
Balance	575
Private Placement Warrants [Member]
Short-Term Debt [Line Items]
Balance
Proceeds from issuance
Recognition of Forward Purchase Agreement Derivative Asset
Warrants Liability assumed at the close of the FLAG Merger as of September 12, 2023	497
Issuance of SAFE in lieu of cash for advisory services
Loss at inception
Change in fair value	(401)
Conversion into Common Stock
Balance	96
Simple Agreement For Future Equity [Member]
Short-Term Debt [Line Items]
Balance	29,190	15,811
Proceeds from issuance	2,760	10,650
Recognition of Forward Purchase Agreement Derivative Asset
Warrants Liability assumed at the close of the FLAG Merger as of September 12, 2023
Issuance of SAFE in lieu of cash for advisory services	166	195
Loss at inception
Extinguishment of term notes payable
Change in fair value	(3,253)	2,534
Conversion into Common Stock	(28,863)
Balance		29,190
Convertible Notes Payable [Member]
Short-Term Debt [Line Items]
Balance	1,152	1,572
Proceeds from issuance
Recognition of Forward Purchase Agreement Derivative Asset
Warrants Liability assumed at the close of the FLAG Merger as of September 12, 2023
Issuance of SAFE in lieu of cash for advisory services
Loss at inception
Extinguishment of term notes payable
Change in fair value	874	(420)
Conversion into Common Stock	(2,026)
Balance		1,152
Notes Payable to Banks [Member]
Short-Term Debt [Line Items]
Balance		505
Proceeds from issuance
Issuance of SAFE in lieu of cash for advisory services
Extinguishment of term notes payable		(516)
Change in fair value		11
Balance

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative) - Settlement Agreement [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Mar. 18, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Payments for Legal Settlements	$ 1.1	$ 0.6
[custom:DebtInstrumentNotRecordedAtFairValue-0]	2.9	$ 4.3
Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
[custom:LegalSettlementsSecuredInEquityFinance-0]	$ 10		$ 10

Schedule of Accrued Expenses an

Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation	[1]	$ 1,720	$ 4,070
Accrued vendor and other expenses		3,712	1,277
Accrued expenses and other current liabilities		$ 5,432	$ 5,347
[1]Includes deferred compensation for certain executives and deferred board and advisory fees for one director (see Note 14).

Schedule of Prepaid expenses an

Schedule of Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 485	$ 88
Prepaid insurance	284	23
CIRM receivable	1,360
Other	225	303
Prepaid expenses and other current assets	$ 2,354	$ 414

Selected Balance Sheet Compon_3

Selected Balance Sheet Components (Details Narrative) - USD ($)		12 Months Ended
	Mar. 18, 2021	Dec. 31, 2023	Dec. 31, 2022	Sep. 12, 2023	Aug. 11, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash		$ 1,949,000	$ 372,000
[custom:ThresholdPeriodFromClosingOfProposedEquityFinancingToSettleSettlementLiabilityAfterExtension]	21 days
Settlement Liabilities, Current			600,000
Edoc Merger Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deferred Costs, Noncurrent		0	300,000		$ 1,900,000
Promissory Note Agreements [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
[custom:TransactionCostsRelatedToMerger-0]				$ 700,000
Settlement And Mutual Release Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash	$ 1,100,000
Payments for Legal Settlements	60,000
[custom:MonthlyPaymentsForLegalSettlements]	20,000
Settlement Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments for Legal Settlements		1,100,000	$ 600,000
Settlement Agreement [Member] | Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
[custom:LegalSettlementsSecuredInEquityFinance-0]	$ 10,000,000	$ 10,000,000

Schedule of Machinery and Equip

Schedule of Machinery and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Machinery and equipment	$ 2,263	$ 1,518
Accumulated depreciation	(993)	(631)
Machinery and equipment, net	$ 1,270	$ 887

Machinery and Equipment, net (D

Machinery and Equipment, net (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 392	$ 260

Schedule of Related Party Trans

Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
AJC Capital Director B and Manager [Member]
Related Party Transaction [Line Items]
AJC Capital and Director A			$ 804
Related Party Transaction, Description of Transaction	[1]	Convertible notes payable, including accrued interest
AJC Capital Director E And Executive Officers Family Office [Member]
Related Party Transaction [Line Items]
AJC Capital and Director A		$ 278	1,962
Related Party Transaction, Description of Transaction	[2]	Term notes payable, net of discount, including accrued interest
AJC Capital Directors A,D,E,F An Officer and Manager [Member]
Related Party Transaction [Line Items]
AJC Capital and Director A			4,615
Related Party Transaction, Description of Transaction	[3]	Simple agreements for future equity (SAFE), at fair value
AJC Capital Director D [Member]
Related Party Transaction [Line Items]
AJC Capital and Director A		$ 104	170
Related Party Transaction, Description of Transaction	[4]	Accounts payable and accrued expenses
Directors C [Member]
Related Party Transaction [Line Items]
AJC Capital and Director A			1,152
Related Party Transaction, Description of Transaction	[5]	Contingently convertible notes payable, including accrued interest, at fair value
Former Executive [Member]
Related Party Transaction [Line Items]
AJC Capital and Director A			640
Related Party Transaction, Description of Transaction	[6]	Legal settlement liability
Director D [Member]
Related Party Transaction [Line Items]
AJC Capital and Director A		$ 495	300
Related Party Transaction, Description of Transaction	[7]	Former President and Chief Operating Officer
Director A One [Member]
Related Party Transaction [Line Items]
AJC Capital and Director A		$ 18	82
Director A [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Description of Transaction	[8]	Advisory services included in accrued expenses
AJC Capital [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Description of Transaction	[9]	Lease guaranty
AJC Capital [Member] | Guaranty [Member]
Related Party Transaction [Line Items]
AJC Capital and Director A		$ 167	150
Director A Two [Member]
Related Party Transaction [Line Items]
AJC Capital and Director A		$ 2,060
Related Party Transaction, Description of Transaction	[2]	Term notes payable including accrued interest
Director A Three [Member]
Related Party Transaction [Line Items]
AJC Capital and Director A		$ 538
Related Party Transaction, Description of Transaction	[10]	Other liabilities
AJC Capital And Director A [Member]
Related Party Transaction [Line Items]
AJC Capital and Director A		$ 48
Related Party Transaction, Description of Transaction	[11]	Warrant Liability
[1]See Note 8 for full disclosures on debt, including the convertible notes and related extensions of scheduled maturity dates.[2]Term notes payable, net of discount, in principal amount of $[3]See Note 9 for full disclosures around the SAFE instruments.[4]Amounts owed to AJC Capital as of December 31, 2023, for primarily rent expense for temporary use of personal house for company office space in 2020; in addition, amounts owed to AJC Capital and Director D for certain consulting expenses, included in accounts payable and accrued expenses as of December 31, 2022.[5]See Note 8 for full disclosures around contingently convertible notes payable, including accrued interest, accounted for using the fair value option. Director C is a partner in a partnership agreement with the Calidi investor who holds the contingently convertible notes issued by Calidi which may deem Director C’s partnership to be the beneficial owner of this contingently convertible note, which is $[6]See Note 6 for full disclosure of a settlement liability recorded with a Co-Founder and Former Executive of Calidi, which was paid in September 2023.[7]On February 1, 2022, Calidi appointed a current board member (Director D referenced above), George K. Ng, as President and Chief Operating Officer of Calidi under an Employment Agreement (the “Ng Agreement”). Under the Ng Agreement, Mr. Ng is entitled to a base annual salary of $[8]On April 1, 2022, Calidi entered into an Advisory Agreement with Scott Leftwich (Director A referenced above), for providing certain strategic and advisory services. Director A will receive an advisory fee of $[9]In October 2022, in order for Calidi to secure and execute the San Diego Lease discussed in Note 14, Mr. Allan Camaisa provided a personal Guaranty of Lease of (the “Guaranty”) up to $[10]In August 2023, Calidi entered into an agreement with Director A for deferred compensation including advisory fees for $[11]See Note 10 for full disclosures around Warrants.

Schedule of Related Party Tra_2

Schedule of Related Party Transactions (Details) (Parenthetical) - USD ($) $ in Thousands			1 Months Ended
	Apr. 01, 2022	Feb. 01, 2022	Aug. 31, 2023	Oct. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2021	May 31, 2020
Related Party Transaction [Line Items]
Debt Instrument, Face Amount					$ 2,500	$ 5,265
Convertible Debt					$ 0	1,200
Warrant [Member]
Related Party Transaction [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights					13,412,154
Public Warrants [Member]
Related Party Transaction [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights					11,500,000
Private Placement Warrants [Member]
Related Party Transaction [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights					1,912,154
Calidi Agreement [Member]
Related Party Transaction [Line Items]
Noninterest Expense Investment Advisory Fees			$ 500
[custom:NoteBearsInterestPercentage]			24%
AJC Capital [Member] | Guaranty [Member]
Related Party Transaction [Line Items]
Lessor, Operating Lease, Description				As consideration for the Guaranty, Calidi agreed to pay Mr. Camaisa 10% of the Guaranty amount for the first year of the San Diego Lease, and 5% per annum of the Guaranty amount thereafter through the life of the lease, with all amounts accrued and payable at the termination of the San Diego Lease or release of Mr. Camaisa from the Guaranty by the lessor, whichever occurs first.
Operating Lease, Lease Income, Lease Payments				$ 200
AJC Capital [Member] | Maximum [Member] | Guaranty [Member]
Related Party Transaction [Line Items]
[custom:GuarantyOfLeaseAmount]				$ 900
Director A [Member]
Related Party Transaction [Line Items]
[custom:AccruedMonthlyAdvisoryFee]	$ 9,166
Proceeds from Issuance or Sale of Equity	10,000
Director A [Member] | Maximum [Member]
Related Party Transaction [Line Items]
[custom:AccruedAdvisoryFee]	$ 100
Director D [Member]
Related Party Transaction [Line Items]
Salary and Wage, NonOfficer, Excluding Cost of Good and Service Sold		$ 500
Accrued Employee Benefits, Current		$ 300
Term Loan [Member] | AJC Capital [Member]
Related Party Transaction [Line Items]
Debt Instrument, Face Amount								$ 500
Class of Warrant or Right, Number of Securities Called by Warrants or Rights								900,000,000
[custom:NotesPayableRemained-0]					$ 300
Notes Payable					1,800
Short-Term Debt					$ 300
Term Loan [Member] | Director A [Member]
Related Party Transaction [Line Items]
Debt Instrument, Face Amount							$ 500
Class of Warrant or Right, Number of Securities Called by Warrants or Rights							1,000,000,000
Term Loan [Member] | AJC Capital Director A,E And Executive Officers Family Office [Member]
Related Party Transaction [Line Items]
Debt Instrument, Face Amount						$ 3,000

Schedule of Outstanding Debt Ob

Schedule of Outstanding Debt Obligations (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
Short-Term Debt [Line Items]
Unpaid Balance		$ 2,500	$ 5,265
Fair Value Measurements			152
Discount		(21)	(138)
Accrued Interest		388	146
Net Carrying Value		2,867	5,425
Less: current portion of long-term debt		(807)	(5,425)
Long-term debt, net of current portion		2,060
Term Notes Payable [Member]
Short-Term Debt [Line Items]
Unpaid Balance		2,500	2,500
Fair Value Measurements
Discount		(21)	(138)
Accrued Interest		388	107
Net Carrying Value		$ 2,867	2,469
Convertible Notes Payable [Member]
Short-Term Debt [Line Items]
Unpaid Balance			765
Fair Value Measurements
Discount
Accrued Interest			39
Net Carrying Value			804
Contingently Convertible Notes Payable including Accrued Interest At Fair Value [Member]
Short-Term Debt [Line Items]
Unpaid Balance			1,000
Fair Value Measurements			152
Discount
Accrued Interest	[1]
Net Carrying Value			1,152
Loans Payable [Member]
Short-Term Debt [Line Items]
Unpaid Balance			1,000
Fair Value Measurements
Discount
Accrued Interest
Net Carrying Value			$ 1,000
[1]Accrued interest is included in fair value measurements for contingently convertible notes payable, at fair value, for the periods presented. See further disclosures under the fair value option of accounting in Note 2, Note 4, and applicable sections below.

Schedule of Maturities of Outst

Schedule of Maturities of Outstanding Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2024	$ 750
2025	1,750
2026 and thereafter
Plus: accrued interest	388
Less: Discount	(21)	$ (138)
Total debt	$ 2,867	$ 5,425

Debt (Details Narrative)

Debt (Details Narrative)

1 Months Ended

6 Months Ended

12 Months Ended

Mar. 01, 2024 USD ($)

Sep. 12, 2023 USD ($) shares

Oct. 31, 2022

Jul. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Jun. 30, 2021 USD ($) shares

Apr. 30, 2020 USD ($)

Sep. 30, 2022

Jul. 31, 2022 USD ($)

Mar. 31, 2022 USD ($) shares

Jan. 31, 2021 USD ($) $ / shares shares

Jun. 30, 2018 USD ($) $ / shares

Dec. 31, 2023 USD ($) $ / shares shares

Dec. 31, 2022 USD ($) $ / shares shares

Dec. 31, 2020 USD ($) $ / shares shares

Dec. 31, 2019 USD ($)

Jan. 19, 2024

Dec. 12, 2023 USD ($)

Nov. 08, 2023 USD ($)

Oct. 18, 2023 USD ($)

Oct. 03, 2023 USD ($)

Oct. 31, 2021 USD ($)

Sep. 30, 2021 USD ($)

Short-Term Debt [Line Items]

Debt, Weighted Average Interest Rate

15.10%

8.70%

Interest Expense, Debt

$ 1,100,000

$ 200,000

Debt Instrument, Face Amount

$ 2,500,000

5,265,000

Debt Instrument, Convertible, Conversion Ratio

0.42

Debt Instrument, Increase, Accrued Interest

$ 388,000

$ 146,000

Stock Issued During Period, Shares, New Issues | shares

7,185,734

109,739

Long-Term Debt, Gross

$ 2,867,000

$ 5,425,000

Long-Term Debt

2,060,000

Debt Instrument, Unamortized Discount

21,000

138,000

Proceeds from Notes Payable

$ 1,250,000

500,000

Line of Credit [Member]

Short-Term Debt [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

1.60%

Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares

2,000,000

Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares

$ 1

Line of Credit Facility, Maximum Borrowing Capacity

$ 1,000,000

Line of Credit Facility, Remaining Borrowing Capacity

1,000,000

$ 1,000,000

Debt Instrument, Interest Rate, Increase (Decrease)

2.50%

Subsequent Event [Member]

Short-Term Debt [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

12%

Common Stock [Member]

Short-Term Debt [Line Items]

Stock Issued During Period, Shares, Conversion of Convertible Securities | shares

387,820

Stock Issued During Period, Shares, New Issues | shares

1,546

Related Party [Member]

Short-Term Debt [Line Items]

Interest Expense

$ 740,000

116,000

Gain (Loss) on Extinguishment of Debt

$ (332,000)

2018 Convertible Notes [Member]

Short-Term Debt [Line Items]

Debt Instrument, Face Amount

$ 800,000

$ 800,000

$ 500,000

$ 1,400,000

Debt Instrument, Maturity Date, Description

18 months

Debt Instrument, Convertible, Conversion Ratio

1

Interest Expense

$ 1,000,000

Debt Instrument, Periodic Payment

$ 15,000,000

Debt Instrument, Interest Rate, Stated Percentage

10%

10%

2018 Convertible Notes [Member] | SAFE Agreements [Member]

Short-Term Debt [Line Items]

Debt Instrument, Face Amount

$ 2,000,000

2018 Convertible Notes [Member] | Series A-2 Convertible Preferred Stock [Member]

Short-Term Debt [Line Items]

Debt Instrument, Convertible, Conversion Price | $ / shares

$ 1.75

Stock Issued During Period, Shares, Conversion of Convertible Securities | shares

257,143

2019 Contingently Convertible Notes Fair Value [Member]

Short-Term Debt [Line Items]

Debt Instrument, Face Amount

200,000

$ 2,300,000

Debt Instrument, Maturity Date, Description

28 to 31 months

Debt Instrument, Interest Rate, Stated Percentage

5%

Debt Instrument, Convertible, Terms of Conversion Feature

conversion price equal to: (i) 80% of the per share price paid by investors in the financing; or (ii) 80% of a per share price equal to $100.0 million divided by the total number of issued and outstanding shares as of the date of the amendment, or $2.40 per share (“valuation cap”). In addition, upon a next equity financing, the investors will be issued a warrant equal to 30% of principal at an exercise price equal to the per share price paid by investors in the financing

Debt Instrument, Increase, Accrued Interest

$ 200,000

2020 Contingently Convertible Notes Fair Value [Member]

Short-Term Debt [Line Items]

Debt Instrument, Face Amount

$ 4,000,000

$ 3,000,000

Debt Instrument, Maturity Date, Description

January 2023

Debt Instrument, Interest Rate, Stated Percentage

10%

5%

5%

Debt Instrument, Convertible, Terms of Conversion Feature

conversion option into the type of stock issued in the financing at the lower price equal to: (i) 70% of the per share price paid by investors in the financing; or (ii) 70% of a per share price equal to $100.0 million divided by the total number of issued and outstanding shares as of the date of issuance; or (iii) $2.00 (“valuation cap”). In addition, upon the next equity financing occurring, the investors will also receive a warrant equal to 30% of principal invested at an exercise price equal to the per share price paid by investors in the financing

Debt Conversion, Description

Upon a change of control, the investor will have the option to receive a cash payment equal the principal and accrued interest or convert the principal and accrued interest into shares of Calidi’s preferred stock to be issued, at a per share conversion price equal to: (i) 70% of the implied price per share of such preferred stock from such change of control; or (ii) 70% of a per share price equal to $100.0 million divided by the total number of issued and outstanding shares as of the date of issuance. Upon an event of default, each investor will receive a cash payment equal to the principal and accrued interest

Debt Instrument, Maturity Date

Sep. 23, 2023

2020 Contingently Convertible Notes Fair Value [Member] | Related Party [Member]

Short-Term Debt [Line Items]

Debt Instrument, Face Amount

$ 1,000,000

2020 Contingently Convertible Notes Fair Value [Member] | Minimum [Member]

Short-Term Debt [Line Items]

Debt Instrument, Periodic Payment

$ 8,000,000

2020 Secured Term Notes Payable [Member]

Short-Term Debt [Line Items]

Debt Instrument, Face Amount

$ 600,000

Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares

1,050,000

Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares

$ 1

Repayments of Debt

$ 100,000

2020 Secured Term Notes Payable [Member] | Investors One [Member]

Short-Term Debt [Line Items]

Debt Instrument, Face Amount

$ 500,000

Debt Instrument, Interest Rate, Stated Percentage

3%

Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares

2

[custom:DebtInstrumentFloorRate-0]

2%

2020 Secured Term Notes Payable [Member] | Investors Two [Member]

Short-Term Debt [Line Items]

Debt Instrument, Face Amount

$ 200,000

Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares

1

2020 Term Notes Payable [Member]

Short-Term Debt [Line Items]

Debt Instrument, Face Amount

$ 500,000

$ 100,000

Debt Instrument, Interest Rate, Stated Percentage

10%

10%

10%

Stock Issued During Period, Shares, New Issues | shares

50,000

Debt Instrument, Fair Value Disclosure

$ 500,000

Gain (Loss) on Extinguishment of Debt

36,000

Long-Term Debt, Gross

36,000

Debt Conversion, Original Debt, Amount

500,000

[custom:AccureInterestPercent-0]

10%

2020 Term Notes Payable [Member] | Common Stock [Member]

Short-Term Debt [Line Items]

Debt Instrument, Fair Value Disclosure

$ 36,000

2020 Term Notes Payable [Member] | Terms Of The Agreement [Member]

Short-Term Debt [Line Items]

Debt Instrument, Unamortized Discount

$ 600,000

2020 Term Note Payable [Member]

Short-Term Debt [Line Items]

Debt Instrument, Maturity Date, Description

In July 2022, the maturity date of the 2020 Term Note was extended to the earlier of i) December 31, 2023 or ii) Calidi’s completion of a qualified financing of $15 million or more.

Long-Term Debt

$ 500,000

Long-Term Debt, Maturity, Remainder of Fiscal Year

$ 100,000

2022 Term Note Payable [Member]

Short-Term Debt [Line Items]

Debt Instrument, Face Amount

$ 5,000,000

Debt Instrument, Interest Rate, Stated Percentage

10%

10%

24%

10%

Debt Instrument, Description

financing of $15 million or more

The 2021 Term Note bears interest at a rate equal to variable 30-day LIBOR plus

Interest Payable

$ 600,000

$ 500,000

2022 Term Note Payable [Member] | Investor And Director [Member]

Short-Term Debt [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

3%

Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares

1,000,000

Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares

$ 1

[custom:DebtInstrumentFloorRate-0]

2%

2022 Term Note Payable [Member] | Maximum [Member] | Investor And Director [Member]

Short-Term Debt [Line Items]

Line of Credit, Current

$ 500,000

2021 Term Note [Member]

Short-Term Debt [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

24%

Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares

500,000

Debt Instrument, Fair Value Disclosure

$ 100,000

Gain (Loss) on Extinguishment of Debt

$ 37,000

2022 Term Note Payable [Member]

Short-Term Debt [Line Items]

Debt Instrument, Face Amount

1,000,000

$ 200,000

$ 100,000

Debt Instrument, Interest Rate, Stated Percentage

24%

Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares

500,000

Debt Instrument, Fair Value Disclosure

$ 100,000

Gain (Loss) on Extinguishment of Debt

22,000

100,000

Long-Term Debt

$ 500,000

100,000

Debt Instrument, Unamortized Discount

$ 200,000

Debt Instrument, Description

For the term notes that were amended, all to related parties, $0.2 million of principal was extended to mature on November 1, 2023, $0.2 million of principal was extended to mature on March 1, 2024, and in February 2024 further extended to mature on May 1, 2024, and $0.2 million of principal was extended to mature on January 1, 2025.

Debt Instrument, Interest Rate Terms

The 2022 Term Loans bear simple interest of 24% per annum, of which 14% is payable in cash at maturity and the remaining 10% of the principal amount invested was paid in shares of Calidi common stock, valued at $

Proceeds from Notes Payable

$ 20,000,000

Debt Instrument, Periodic Payment, Principal

1,000,000

Interest Receivable

400,000

2022 Term Note Payable [Member] | Subsequent Event [Member]

Short-Term Debt [Line Items]

Debt Instrument, Face Amount

$ 200,000

Debt Instrument, Interest Rate, Stated Percentage

16%

Debt Instrument, Maturity Date

May 01, 2024

2022 Term Note Payable [Member] | Common Stock [Member]

Short-Term Debt [Line Items]

Debt Instrument, Fair Value Disclosure

1,100,000

2022 Term Note Payable [Member] | Related Party [Member]

Short-Term Debt [Line Items]

Debt Instrument, Face Amount

$ 1,100,000

$ 1,500,000

Stock Issued During Period, Shares, New Issues | shares

190,476

Gain (Loss) on Extinguishment of Debt

$ 100,000

2023 Notes Payable [Member]

Short-Term Debt [Line Items]

Debt Instrument, Face Amount

1,000,000

$ 600,000

Gain (Loss) on Extinguishment of Debt

18,000

Long-Term Debt

$ 1,200,000

$ 600,000

Long-Term Debt, Maturity, Remainder of Fiscal Year

$ 600,000

Debt Instrument, Unamortized Discount

$ 300,000

Debt Instrument, Interest Rate Terms

The 2023 Term Loans bear simple interest of 24% per annum, of which 14% is payable in cash at maturity and the remaining 10% of the principal amount invested was paid in shares of Calidi common stock, valued at $

[custom:NotePayableCommonStockValueInCashPerShare] | $ / shares

$ 3.86

$ 3.86

Proceeds from Notes Payable

$ 20,000,000

Interest Receivable

$ 1,900,000

[custom:NotePayableCommonStockValueInSharesPerShare] | $ / shares

$ 2.96

Accrued Liabilities

1,000,000

2023 Notes Payable [Member] | Common Stock [Member]

Short-Term Debt [Line Items]

Debt Instrument, Fair Value Disclosure

$ 1,100,000

2023 Notes Payable [Member] | Related Party [Member]

Short-Term Debt [Line Items]

Debt Instrument, Face Amount

$ 1,100,000

Stock Issued During Period, Shares, New Issues | shares

197,344

Gain (Loss) on Extinguishment of Debt

$ 100,000

Notes Payable

3,300,000

Term Loans [Member]

Short-Term Debt [Line Items]

Gain (Loss) on Extinguishment of Debt

1,000

24% 2023 Term Note Payable [Member]

Short-Term Debt [Line Items]

Long-Term Debt

$ 200,000

Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate

24%

15% 2023 Term Note Payable [Member]

Short-Term Debt [Line Items]

Long-Term Debt

$ 200,000

Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate

15%

2023 Term Note [Member]

Short-Term Debt [Line Items]

Gain (Loss) on Extinguishment of Debt

100,000

Warrants and Rights Outstanding

$ 100,000

2023 Term Note [Member] | Maturity in May 2024 [Member]

Short-Term Debt [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

24%

Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares

5,000

2023 Term Note [Member]

Short-Term Debt [Line Items]

Gain (Loss) on Extinguishment of Debt

$ 100,000

2023 Term Note [Member] | Related Party [Member]

Short-Term Debt [Line Items]

Gain (Loss) on Extinguishment of Debt

6,000

24% 2023 Term Note Payable [Member]

Short-Term Debt [Line Items]

Long-Term Debt

1,100,000

14% 2023 Term Note Payable [Member]

Short-Term Debt [Line Items]

Long-Term Debt

$ 600,000

Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate

14%

Simple Agreement for Future E_2

Simple Agreement for Future Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	5 Months Ended	9 Months Ended	10 Months Ended	12 Months Ended
	Dec. 31, 2021	Sep. 30, 2023	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Sep. 12, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock Issued During Period, Value, Issued for Services					$ 205
Debt Instrument, Face Amount				$ 2,500	5,265
Stock Issued During Period, Value, New Issues				11
Debt Instrument, Increase, Accrued Interest				$ 388	146
Contingently Convertible Notes Payable Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Debt Instrument, Face Amount	$ 6,000		$ 6,000
Debt Instrument, Periodic Payment	$ 5,500
2021 Simple Agreement for Future Equity [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from Issuance of Common Stock			7,900
Stock Issued During Period, Value, Employee Stock Purchase Plan			$ 10,000
Debt Conversion, Converted Instrument, Rate			80%
Shares Issued, Price Per Share	$ 3.62		$ 3.62
2022 Simple Agreement for Future Equity [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from Issuance of Common Stock					10,800
Stock Issued During Period, Value, Employee Stock Purchase Plan					10,000
Stock Issued During Period, Value, Issued for Services					$ 200
2022 Simple Agreement for Future Equity [Member] | Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Debt Conversion, Converted Instrument, Rate					70%
2022 Simple Agreement for Future Equity [Member] | Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Debt Conversion, Converted Instrument, Rate					80%
2023 Simple Agreement for Future Equity [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from Issuance of Common Stock		$ 2,800
Stock Issued During Period, Value, Employee Stock Purchase Plan		$ 10,000
2023 Simple Agreement for Future Equity [Member] | Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Debt Conversion, Converted Instrument, Rate		70%
2023 Simple Agreement for Future Equity [Member] | Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Debt Conversion, Converted Instrument, Rate		80%
Contingently Convertible Notes Payable Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Debt Instrument, Face Amount					$ 1,000
Gain (Loss) on Extinguishment of Debt	$ 700
Stock Issued During Period, Value, New Issues	6,200
Debt Instrument, Increase, Accrued Interest	$ 5,500
Class of Warrant or Right, Number of Securities Called by Warrants or Rights						200,000

Schedule of Convertible Preferr

Schedule of Convertible Preferred Stock (Details) $ in Thousands	Dec. 31, 2022 USD ($) shares
Founders [Member]
Class of Stock [Line Items]
Temporary Equity, Shares Authorized | shares	4,370,488	[1]
Temporary Equity, Shares Issued | shares	4,329,816	[1]
Temporary Equity, Liquidation Preference | $	$ 2,080
Temporary Equity, Carrying Amount, Attributable to Parent | $	$ 1,354
Series A1 [Member]
Class of Stock [Line Items]
Temporary Equity, Shares Authorized | shares	2,081,185	[1]
Temporary Equity, Shares Issued | shares	1,796,645	[1]
Temporary Equity, Liquidation Preference | $	$ 4,316
Temporary Equity, Carrying Amount, Attributable to Parent | $	$ 3,871
Series A2 [Member]
Class of Stock [Line Items]
Temporary Equity, Shares Authorized | shares	1,664,948	[1]
Temporary Equity, Liquidation Preference | $	$ 4,454
Temporary Equity, Carrying Amount, Attributable to Parent | $	$ 4,376
Temporary Equity, Shares Outstanding | shares	1,059,274	[1]
Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Temporary Equity, Shares Authorized | shares	8,116,621	[1]
Temporary Equity, Liquidation Preference | $	$ 10,850
Temporary Equity, Carrying Amount, Attributable to Parent | $	$ 9,601
Temporary Equity, Shares Outstanding | shares	7,185,735	[1]
[1]Retroactively restated for the reverse recapitalization as described in Note 3.

Schedule of Common Stock Reserv

Schedule of Common Stock Reserved (Details)	Dec. 31, 2023 shares
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock reserved for future issuance	28,865,631
Restricted Stock Units Vested And Unreleased [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock reserved for future issuance	40,218
2023 Equity Incentive Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock reserved for future issuance	3,604,587
2024 Employee Stock Purchase Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock reserved for future issuance	3,937,802
Common Stock Options Issued And Outstanding [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock reserved for future issuance	7,870,870
Options [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock reserved for future issuance	13,412,154

Schedule of Warrant Activity (D

Schedule of Warrant Activity (Details) - Warrant [Member] - $ / shares		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of Warrants, Balance	[1]	1,685,760,000
Weighted Average Exercise Price, Balance		$ 2.40
Weighted Average Remaining Contractual Life (Years)		4 years 8 months 19 days	7 years 10 months 13 days
Number of Warrants, Exercised
Weighted Average Exercise Price, Exercised
Number of Warrants, Converted into Common Stock	[1]	(1,685,760)
Weighted Average Exercise Price, Converted into Common Stock	[1]
Number of Warrants, Balance		13,412,154	1,685,760,000	[1]
Weighted Average Exercise Price, Balance		$ 11.50	$ 2.40
Private Placement Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of Warrants, Issued		1,912,154
Weighted Average Exercise Price, Issued
Number of Warrants, Balance		1,912,514
Public Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of Warrants, Issued		11,500,000
Weighted Average Exercise Price, Issued
Number of Warrants, Balance		11,500,000
[1]Retroactively restated for the reverse recapitalization as described in Note 3.

Preferred Stock, Convertible _3

Preferred Stock, Convertible Preferred Stock, Common Stock and Stockholders’ Deficit (Details Narrative) - USD ($)					1 Months Ended	6 Months Ended	12 Months Ended
	Sep. 14, 2023	Sep. 12, 2023	Sep. 12, 2023	Jun. 16, 2023	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022		Sep. 19, 2023
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage							0%
Stock Issued During Period, Shares, New Issues							7,185,734	109,739
Stock Issued During Period, Value, New Issues							$ 11,000
Common Stock, Shares Authorized								330,000,000
Common Stock, Par or Stated Value Per Share								$ 0.0001
Common Stock, Shares, Issued						35,522,230	35,522,230	8,583,724
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period							197,711
[custom:CommonStockForDebtSettlement]							387,820
[custom:CommonStockForDeferredCompensationSettlement]							46,826
[custom:CommonStockForNonRedemptionAndPIPEAgreementInvestor]							1,306,811
[custom:CommonStockForForwardPurchaseAgreement]							1,000,000
[custom:CommonStockForStockholders]							16,769,236
[custom:StockIssuedForLawsuitSettlement]								105,137
[custom:StockIssuedLieuOfCashInterest]								16,175
Shares, Outstanding		35,522,230	35,522,230
[custom:RedemptionOfOutstandingWarrantsPerShare]			$ 0.01
Share Price						$ 2	$ 2
Warrant [Member]
Class of Stock [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights						13,412,154	13,412,154
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number						13,412,154	13,412,154	1,685,760,000	[1]
2020 [Member]
Class of Stock [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights						1,050,000	1,050,000
Class of Warrant or Right, Exercise Price of Warrants or Rights						$ 1	$ 1
[custom:WarrantResidualValue]							$ 100,000
2020 LOC Warrants [Member]
Class of Stock [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights						2,000,000	2,000,000
Class of Warrant or Right, Exercise Price of Warrants or Rights						$ 1	$ 1
[custom:EstimatedFairValueOfWarrants-0]						$ 600,000	$ 600,000
2021 [Member]
Class of Stock [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights						1,000,000	1,000,000
Class of Warrant or Right, Exercise Price of Warrants or Rights						$ 1	$ 1
[custom:WarrantResidualValue]							$ 22,000
Public Warrants [Member]
Class of Stock [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 11.50	11.50
[custom:ClassOfWarrantsOrRightsWarrantsIssuedDuringThePeriodUnits]		11,500,000
Public Warrants [Member] | Warrant [Member]
Class of Stock [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number						11,500,000	11,500,000
Redemption Of Warrants [Member] | Share Price Equal or Less Ten Point Zero Rupees Per Dollar [Member]
Class of Stock [Line Items]
Class of Warrants, Redemption Notice Period		30 days
Redemption Of Warrants [Member] | Share Price Equal or Exceeds Eighteen Rupees Per Dollar [Member]
Class of Stock [Line Items]
Share Price		$ 18	18
Private Placement Warrants [Member]
Class of Stock [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 11.50	$ 11.50
[custom:ClassOfWarrantsOrRightsWarrantsIssuedDuringThePeriodUnits]			1,912,514
Private Placement Warrants [Member] | Warrant [Member]
Class of Stock [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number						1,912,514	1,912,514
Term Note Agreement [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues							1,546
[custom:CommonStockWithTermNotesAsInterestPaidInKind]							42,822
Stock Issued During Period, Shares, Issued for Services								57,857
Calidi Cure [Member]
Class of Stock [Line Items]
[custom:ChangeInFairValueOfDebtAndOtherLiabilitiesRelatedParty]							$ 2,400,000
[custom:LossDueToChangeInFairValue]						$ 2,700,000
Calidi Cure Conversion Price [Member]
Class of Stock [Line Items]
[custom:PreferredStockConversionPriceAmount]							200,000,000
JIG Tranche 1 [Member]
Class of Stock [Line Items]
[custom:NumberOfSharesCommittedToBePurchaseValue-0]				$ 5,000,000
[custom:NumberOfSharesCommittedToBePurchase-0]				199,999
JIG Tranche 2 [Member]
Class of Stock [Line Items]
Sales Commissions and Fees			$ 100,000
JIG Conversion Price [Member]
Class of Stock [Line Items]
[custom:PreferredStockConversionPriceAmount]							$ 180,000,000
Calidi Cure [Member]
Class of Stock [Line Items]
Sales Commissions and Fees			$ 400,000
Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Authorized										1,000,000
Preferred Stock, Par or Stated Value Per Share										$ 0.0001
Founders [Member]
Class of Stock [Line Items]
Preferred Stock, Convertible, Conversion Price						$ 0.20	$ 0.20
Series A1 [Member]
Class of Stock [Line Items]
Preferred Stock, Convertible, Conversion Price						1	1
Series A2 [Member]
Class of Stock [Line Items]
Preferred Stock, Convertible, Conversion Price						1.75	1.75
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues				1,000,000
Sale of Stock, Price Per Share				$ 25
Stock Issued During Period, Value, New Issues				$ 25,000,000
Preferred Stock, Liquidation Preference Per Share						$ 25	$ 25
Preferred Stock, Conversion Basis							i) the Closing of the business combination or a qualified public offering by Calidi, or ii) on September 30, 2025. A qualified public offering shall occur upon the sale and firm commitment in an underwritten public offering in which Calidi sells at least $10.0 million at a price per share equal to or greater than the Conversion Price defined above respectively which was sold to the public and listed on a national securities exchange
[custom:PercentageToRepayInTheEventBusinessCombinationNotComplited]	10%
[custom:RepurchasePriceOFStock]	$ 5,500,000
[custom:NumberOfSharesCommitedToPurchaseInTheEventBusinessCombinationIsCompleted]	12,500,000
[custom:AggregateFinancingCost]					$ 2,700,000
Series B Preferred Stock [Member] | Mr. Camaisa [Member]
Class of Stock [Line Items]
[custom:NumberOfSharesCommitedToPurchaseInTheEventBusinessCombinationValue-0]	$ 12,500,000
Series B Preferred Stock [Member] | Calidi Cure [Member]
Class of Stock [Line Items]
Stock Issued During Period, Value, New Issues				200,000
[custom:NumberOfSharesCommittedToBePurchaseValue-0]				$ 12,500,000
[custom:NumberOfSharesCommittedToBePurchase-0]				500,000
[custom:LossDueToChangeInFairValue]							$ 2,700,000
[custom:ValuationAmount]	50,000,000
Series B Preferred Stock [Member] | Calidi Cure Tranche One [Member]
Class of Stock [Line Items]
[custom:NumberOfSharesCommittedToBePurchaseValue-0]				$ 5,000,000
[custom:NumberOfSharesCommittedToBePurchase-0]				199,999
Series B Preferred Stock [Member] | Calidi Cure Tranche Two [Member]
Class of Stock [Line Items]
[custom:NumberOfSharesCommittedToBePurchaseValue-0]				$ 7,500,000
[custom:NumberOfSharesCommittedToBePurchase-0]				300,001
Series B Preferred Stock [Member] | JIG [Member]
Class of Stock [Line Items]
[custom:NumberOfSharesCommittedToBePurchaseValue-0]				$ 12,500,000
[custom:NumberOfSharesCommittedToBePurchase-0]				500,000
Series B Preferred Stock [Member] | JIG Tranche 1 [Member]
Class of Stock [Line Items]
Stock Issued During Period, Value, New Issues				$ 5,000,000
[custom:ValuationAmount]	$ 5,000,000
Series B Preferred Stock [Member] | JIG Tranche 2 [Member]
Class of Stock [Line Items]
[custom:NumberOfSharesCommittedToBePurchaseValue-0]				$ 7,500,000
[custom:NumberOfSharesCommittedToBePurchase-0]				300,001
Stock Repurchased During Period, Shares			300,001
Sales Commissions and Fees			$ 7,400,000
Series B Preferred Stock [Member] | Calidi Cure [Member]
Class of Stock [Line Items]
Stock Repurchased During Period, Shares			500,000
Sales Commissions and Fees			$ 12,100,000
FLAG Class B Common Stock [Member] | Calidi Cure [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues					1,500
FLAG Class B Common Stock [Member] | JIG [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues					255,987
Voting Common Stock [Member]
Class of Stock [Line Items]
Common Stock, Shares Authorized						312,000,000	312,000,000
Nonvoting Common Stock [Member]
Class of Stock [Line Items]
Common Stock, Shares Authorized						18,000,000	18,000,000	0
[1]Retroactively restated for the reverse recapitalization as described in Note 3.

Summary of Stock Option Activit

Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 18, 2023	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options Outstanding, Beginning		(197,711)
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options Outstanding, Beginning	1,500,000
Weighted Average Exercise Price, Beginning	$ 9.27
2019 Plan And 2023 Plan [Member] | Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options Outstanding, Beginning		9,954,000
Weighted Average Exercise Price, Beginning		$ 2.67
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term		5 years 9 months 25 days	7 years 5 months 23 days
Aggregate Intrinsic Value, Beginning		$ 4,840
Number of Options Outstanding, Beginning		619,000
Weighted Average Exercise Price, Beginning		$ 4.67
Number of Options Outstanding, Beginning		(2,178,000)
Weighted Average Exercise Price, Beginning		$ 2.01
Number of Options Outstanding, Beginning		(524,000)
Weighted Average Exercise Price, Beginning		$ 3.01
Number of Options Outstanding, Beginning		7,871,000	9,954,000
Weighted Average Exercise Price, Beginning		$ 2.58	$ 2.67
Aggregate Intrinsic Value, Beginning		$ 2,639	$ 4,840
Number of Options Outstanding, Beginning		6,207,000
Weighted Average Exercise Price, Beginning		$ 1.96
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term		5 years 1 month 28 days
Aggregate Intrinsic Value, Beginning		$ 2,637

Summary of Restricted Stock Uni

Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] - 2019 Plan And 2023 Plan [Member] shares in Thousands	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Warrants, Balance | shares
Weighted Average Exercise Price, Balance | $ / shares
Number of Units Outstanding, Granted | shares	40
Weighted Average Grant Date Fair Value, Granted | $ / shares	$ 1.80
Number of Units Outstanding, Vested | shares	(40)
Weighted Average Grant Date Fair Value, Vested | $ / shares	$ 1.80
Number of Warrants, Balance | shares
Weighted Average Exercise Price, Balance | $ / shares
Number of Units Outstanding, Vested and unreleased | shares	40
Weighted Average Grant Date Fair Value, Vested and unreleased | $ / shares	$ 1.80
Number of Units Outstanding, Vested Balance | shares	40
Weighted Average Grant Date Fair Value Balance | $ / shares	$ 1.80

Schedule of Stock-Based Compens

Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 4,809	$ 4,522
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1,075	747
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 3,734	$ 3,775

Schedule of Stock Options Valua

Schedule of Stock Options Valuation Assumptions (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Expected volatility	88.76%	88.35%
Risk-free interest rate	3.81%	2.09%
Expected option life	5 years 9 months 18 days	6 years
Expected dividend yield	0%	0%

Stock-Based Compensation (Detai

Stock-Based Compensation (Details Narrative) $ / shares in Units, $ in Millions						12 Months Ended
	Dec. 31, 2023 USD ($) shares	Sep. 12, 2023	Aug. 28, 2023	Jan. 18, 2023 $ / shares shares	May 31, 2022 shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance	28,865,631					28,865,631
Debt Instrument, Convertible, Conversion Ratio						0.42
[custom:NoncashCompensation] | $						$ 0.2	$ 0.7
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $	$ 7.1					$ 7.1
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 2 months 8 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares						$ 4.29	$ 6.85
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Terms of Award						The exercise price of stock options shall be equal to or greater than the fair market value of Calidi common stock on the date the option is granted. In the case of an optionee who, at the time of grant, owns more than 10% of the combined voting power of all classes of Calidi stock, the exercise price of any incentive stock option must be at least 110% of the fair market value of the common stock on the grant date, and the term of the option may be no longer than five years. The aggregate fair market value of common stock (determined as of the grant date of the option) with respect to which incentive stock options become exercisable for the first time by an optionee in any calendar year may not exceed $0.1 million, otherwise it will be classified as a Non-Qualified Stock Option.
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights						options vest over four years and will be exercisable only while the optionee remains an employee, director or consultant, or during the three months thereafter, but in the case of the termination of an employee, director, or consultant’s services due to death or disability, the period for exercising a vested option shall be extended to the earlier of twelve months after termination or the expiration date of the option.
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross				1,500,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares				$ 9.27
Share-Based Compensation Arrangement by Share-Based Payment Award, Option, Nonvested, Weighted Average Exercise Price | $ / shares				$ 7.11
2019 Plan [Member] | Administrator [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance					20,000,000
Stock Issued During Period, Shares, Restricted Stock Award, Gross					25,500,000
2023 Plan [Member] | Administrator [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance					3,937,802
Debt Instrument, Convertible, Conversion Ratio		0.42
Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
[custom:CommonStockDiscounRate]			15%

Customer Contracts (Details Nar

Customer Contracts (Details Narrative) - USD ($)			1 Months Ended	12 Months Ended
	Oct. 04, 2021	Jun. 22, 2021	Jan. 31, 2022	Dec. 31, 2022
Research Collaboration Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
[custom:OneTimeUpfrontPayment]		$ 44,000
Amendment No. 1 [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
[custom:OneTimeUpfrontPayment]		$ 44,000
Consideration amount agreed to pay for services	$ 500,000
Consideration paid for services	$ 200,000
Consideration paid for services after submission of final report			$ 200,000
[custom:ContractualAssetOffsetByScheduledBilling-0]				$ 200,000
Contract with Customer, Liability, Revenue Recognized				$ 45,000

Schedule of Income (Loss) Befor

Schedule of Income (Loss) Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
LOSS BEFORE INCOME TAXES	$ (29,200)	$ (25,416)
UNITED STATES
LOSS BEFORE INCOME TAXES	(27,984)	(25,375)
Non-US [Member]
LOSS BEFORE INCOME TAXES	$ (1,216)	$ (41)

Schedule of Income Tax Expenses

Schedule of Income Tax Expenses (Benefit) by Jurisdiction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal
State and local
Foreign	16	11
Total current	16	11
Federal
State and local
Foreign
Total deferred
Total tax expense	$ 16	$ 11

Schedule of U.S. Federal Income

Schedule of U.S. Federal Income Tax Rates Indicated to Pretax Loss From Operations (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Computed tax benefit at federal statutory rate	21%	21%
Permanent differences
State tax benefit	7%	6%
Stock based compensation	(2.00%)	(1.00%)
Other permanent differences	(1.00%)
Change in valuation allowance	(28.00%)	(24.00%)
Research and development credit
Change in fair value of debt	1%	(2.00%)
Stock issuance cost	(2.00%)
Acquired startup costs	4%
Pretax loss from operations rates total

Schedule of Components of Defer

Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 15,236	$ 10,102
Research and development credit carryforwards	666	404
Stock-based and other compensation	2,131	1,616
Lease liability	1,143	12
Capitalized research and development expenditures	3,109	1,306
Transaction and financing costs		537
Depreciation and amortization	1,508	207
Accrued liabilities and other reserves	1,217	1,376
Total deferred tax assets	25,010	15,560
Right-of-use and other assets	(1,147)	(10)
Total deferred tax liabilities	(1,147)	(10)
Valuation allowance	(23,863)	(15,550)
Net deferred tax asset

Schedule of Unrecognized Tax Be

Schedule of Unrecognized Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Balance at the beginning of the year	$ 1,239	$ 1,077
Additions based on tax positions related to current year	278	162
Adjustments based on tax positions related to prior years
Balance at end of year	$ 1,517	$ 1,239

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Deferred Tax Assets, Tax Credit Carryforwards, Research	$ 666	$ 404
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	8,300	6,100
Unrecognized Tax Benefits	1,517	$ 1,239	$ 1,077
Prior December Twenty Seventeenth [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	8,000
After December Twenty Seventeenth [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	44,100
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	52,100
Deferred Tax Assets, Tax Credit Carryforwards, Research	700
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	65,300
Deferred Tax Assets, Tax Credit Carryforwards, Research	$ 800

Schedule of Supplemental Cash F

Schedule of Supplemental Cash Flow Information Related to Operating and Financing Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating cash flows from operating leases	$ 1,759	$ 877
Operating cash flows from financing leases	101	14
Financing cash flows from financing leases	22	81
Operating lease	$ 4,735	$ 204

Schedule of Supplemental Balanc

Schedule of Supplemental Balance Sheet Information Related to Operating and Financing Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Right-of-use assets, net	$ 4,073	$ 199
Right-of-use lease liabilities, current	1,035	44
Right-of-use lease liabilities, noncurrent	3,037	305
Total operating lease liabilities	4,072	349
Machinery and equipment, gross	607	417
Accumulated depreciation	(251)	(173)
Machinery and equipment, net	356	244
Current liabilities	81	72
Noncurrent liabilities	216	142
Total financing lease liabilities	$ 297	$ 214
Operating Lease, Weighted Average Remaining Lease Term	3 years 2 months 12 days	4 years 3 months 18 days
Finance Lease, Weighted Average Remaining Lease Term	3 years 10 months 24 days	3 years 6 months
Operating leases	11.80%	5.90%
Financing leases	12.10%	9.14%

Schedule of Future Minimum Leas

Schedule of Future Minimum Lease Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating Leases, 2024	$ 1,425
Financing Leases, 2024	111
Operating Leases, 2025	1,466
Financing Leases, 2025	90
Operating Leases, 2026	1,508
Financing Leases, 2026	88
Operating Leases, 2027	486
Financing Leases, 2027	51
Operating Leases, 2028	3
Financing Leases, 2028	34
Operating Leases, 2029 and thereafter
Financing Leases, 2029 and thereafter
Operating Leases, Total minimum lease payments	4,888
Financing Leases, Total minimum lease payments	374
Operating Leases, Less: amounts representing interest	(816)
Financing Leases, Less: amounts representing interest	(77)
Total operating lease liabilities	4,072	$ 349
Total financing lease liabilities	$ 297	$ 214

Commitments and Contingencies_2

Commitments and Contingencies (Details Narrative) $ / shares in Units, $ in Millions

12 Months Ended

Mar. 08, 2024 USD ($)

Feb. 05, 2024 $ / shares shares

Jan. 19, 2024 shares

Dec. 10, 2023 USD ($) $ / shares shares

Nov. 15, 2023 USD ($)

Sep. 12, 2023 USD ($) shares

Jun. 23, 2023 USD ($)

Jun. 23, 2023 USD ($)

Mar. 01, 2023

Dec. 06, 2022 $ / shares shares

Oct. 10, 2022 USD ($) ft²

Apr. 01, 2022 EUR (€)

Mar. 14, 2022 shares

Jul. 22, 2021 USD ($)

Dec. 31, 2023 USD ($) $ / shares shares

Dec. 31, 2022 USD ($) $ / shares shares

Dec. 31, 2023 EUR (€)

Dec. 31, 2023 AUD ($)

Aug. 31, 2023 USD ($) shares

Jun. 07, 2021 USD ($)

Loss Contingencies [Line Items]

Lessee, Operating Lease, Description

As consideration for the Guaranty, Calidi agreed to pay Mr. Camaisa 10% of the Guaranty amount for the first year of the San Diego Lease, and 5% per annum of the Guaranty amount thereafter through the life of the lease

[custom:OperatingLeaseTermOfContractLeaseInitialTerm]

48 months

[custom:LeaseTermsOperatingLeasesAnnualIncreaseInRent]

3%

Operating Lease, Payments

$ 1,759,000

$ 877,000

Share Price | $ / shares

$ 2

[custom:OptionToPurchaseCommonStock] | $ / shares

$ 25

Stock Issued During Period, Shares, New Issues | shares

7,185,734

109,739

Loss Contingency, Name of Plaintiff

Tony Kalajian

Loss Contingency, Damages Sought, Value

$ 575,000

Loss Contingency, Damages Paid, Value

$ 150,000

Debt Instrument, Face Amount

$ 2,500,000

$ 5,265,000

Payments of Financing Costs

2,156,000

58,000

Long-Term Purchase Commitment, Period

2 years

Deferred Compensation Liability, Current

1,600,000

Mr. Camaisa [Member]

Loss Contingencies [Line Items]

Class of Warrant or Right, Outstanding | shares

469,719

Deferred Compensation Equity

$ 700,000

Mr. Leftwich [Member]

Loss Contingencies [Line Items]

Deferred Compensation Equity

$ 500,000

Debt Instrument, Interest Rate, Stated Percentage

24%

Mr.Kalajian [Member]

Loss Contingencies [Line Items]

Stock Issued During Period, Shares, New Issues | shares

46,826

Deferred Compensation Liability, Current

$ 333,000

Other Current Liabilities [Member]

Loss Contingencies [Line Items]

Accrued Liabilities, Current

$ 300,000

Subsequent Event [Member]

Loss Contingencies [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

12%

Common Stock [Member]

Loss Contingencies [Line Items]

Stock Issued During Period, Shares, New Issues | shares

1,546

Restricted Stock [Member] | Subsequent Event [Member]

Loss Contingencies [Line Items]

Stock Issued During Period, Shares, New Issues | shares

8,929

San Diego Lease Agreement [Member]

Loss Contingencies [Line Items]

Area of Land | ft²

15,197

Payments for Rent

$ 100,000

Operating Lease, Payments

100,000

Letters of Credit Outstanding, Amount

100,000

San Diego Lease Agreement [Member] | Maximum [Member]

Loss Contingencies [Line Items]

[custom:GuarantyOfLeaseAmount]

$ 900,000

Stem Vac Office Lease Agreement [Member]

Loss Contingencies [Line Items]

Payments for Rent | €

€ 4,000

Operating Lease, Expense

$ 1,600,000

900,000

Terminated Physician Agreement [Member]

Loss Contingencies [Line Items]

Litigation Settlement, Expense

$ 200,000

Terminated Physician Agreement [Member] | Common Stock [Member]

Loss Contingencies [Line Items]

Shares, Issued | shares

50,000

250,000

Share Price | $ / shares

$ 3.86

$ 3.86

Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures | shares

100,000

1,000,000

Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price | $ / shares

$ 3.86

Issuance of Stock and Warrants for Services or Claims

$ 5,000,000

Terminated Physician Agreement [Member] | Share-Based Payment Arrangement, Option [Member]

Loss Contingencies [Line Items]

Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares | shares

3,000,000

Settlement Agreement [Member] | Subsequent Event [Member]

Loss Contingencies [Line Items]

Debt Conversion, Converted Instrument, Rate

94%

Settlement Agreement [Member] | Restricted Stock [Member] | Subsequent Event [Member]

Loss Contingencies [Line Items]

Stock Issued During Period, Shares, New Issues | shares

200,000

Class of Warrant or Right, Outstanding | shares

400,000

Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares

$ 1.32

Warrants and Rights Outstanding, Term

5 years

Convertible Promissory Note Purchase Agreement [Member] | Subsequent Event [Member]

Loss Contingencies [Line Items]

[custom:UnassertedClaim-0]

$ 1,500,000

Debt Conversion, Converted Instrument, Rate

6%

Payments of Financing Costs

$ 8,000,000

Debt Instrument, Interest Rate, Effective Percentage

150%

Convertible Promissory Note Purchase Agreement [Member] | Subsequent Event [Member] | Non Affiliated Purchaser [Member]

Loss Contingencies [Line Items]

Payments of Financing Costs

$ 2,000,000

Convertible Promissory Note Purchase Agreement [Member] | 2024 Loan [Member] | Subsequent Event [Member]

Loss Contingencies [Line Items]

Debt Instrument, Face Amount

2,000,000

Convertible Promissory Note Purchase Agreement [Member] | 2024 Notes [Member] | Subsequent Event [Member]

Loss Contingencies [Line Items]

Debt Instrument, Face Amount

$ 3,500,000

Manufacturing and Other Supplier Agreements [Member] | Vendors [Member]

Loss Contingencies [Line Items]

Contractual Obligation

7,300,000

Accounts Payable and Accrued Liabilities

6,100,000

Manufacturing and Other Supplier Agreements [Member] | Vendors [Member] | AUSTRALIA

Loss Contingencies [Line Items]

Other Commitment

€ 2,000,000

$ 2.9

Manufacturing and Other Supplier Agreements [Member] | Vendors [Member] | Europe [Member]

Loss Contingencies [Line Items]

Other Commitment

$ 900,000

€ 800,000

Northwestern Agreement [Member]

Loss Contingencies [Line Items]

Other Commitment

$ 10,000,000

License Agreement [Member]

Loss Contingencies [Line Items]

Payments for Royalties

$ 18,700,000

Separation and Release Agreement [Member] | George Ng [Member]

Loss Contingencies [Line Items]

Other Liabilities

$ 500,000

$ 500,000

[custom:CommitmentFeePercentage-0]

8%

8%

Contingent bonus and consulting services fees

$ 200,000

Standby Equity Purchase Agreement [Member]

Loss Contingencies [Line Items]

[custom:StructuringFee]

$ 25,000

Proceeds from Issuance of Common Stock

250,000

Line of Credit Facility, Commitment Fee Amount

$ 250,000

Standby Equity Purchase Agreement [Member] | Common Stock [Member]

Loss Contingencies [Line Items]

Shares, Issued | shares

25,000,000

Shares Issued, Price Per Share | $ / shares

$ 0.0001

[custom:EquityPurchaseDescription]

(i) an amount equal to 100% of the average of the daily traded amount during the five consecutive trading days immediately preceding an advance notice, or (ii) 5,000,000 shares. For the SEPA to be utilized, the shares underlying the agreement need to be registered on a Form S-1 filed with the SEC. As of December 31, 2023, the Company has not registered the shares underlying the SEPA and has not issued any shares under the SEPA

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended
	Mar. 08, 2024	Feb. 05, 2024	Jan. 26, 2024	Jan. 19, 2024	Dec. 31, 2023	Dec. 31, 2022	Mar. 01, 2024
Subsequent Event [Line Items]
Stock Issued During Period, Shares, New Issues					7,185,734	109,739
Proceeds from Related Party Debt						$ 2,550
Debt Instrument, Face Amount					2,500	5,265
Payments of Financing Costs					$ 2,156	$ 58
2024 Purchase Agreement [Member] | Convertible Notes Payable [Member]
Subsequent Event [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			12%
Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from Related Party Debt				$ 200
Debt Instrument, Term				1 year
Debt Instrument, Interest Rate, Stated Percentage				12%
Subsequent Event [Member] | 2022 Term Note [Member]
Subsequent Event [Line Items]
Debt Instrument, Interest Rate, Stated Percentage							16%
Debt Instrument, Face Amount							$ 200
Subsequent Event [Member] | Settlement Agreement [Member]
Subsequent Event [Line Items]
Proceeds from Convertible Debt	$ 2,000
Proceeds from Legal Settlements	$ 1,500
Debt Instrument, Interest Rate During Period	10%
Debt Conversion, Converted Instrument, Rate	94%
Subsequent Event [Member] | 2024 Purchase Agreement [Member] | Convertible Notes Payable [Member]
Subsequent Event [Line Items]
Debt Instrument, Face Amount			$ 1,000
Debt Instrument, Maturity Date, Description			In connection with the Convertible Note Loan, the Company issued a one-year convertible promissory note evidencing the aggregate principal amount of $
Debt Conversion, Description			The 2024 Convertible Note also provides the Investor a voluntary right to convert all, but not less than all, the Principal Amount and accrued interest into shares of the Company’s common stock at a conversion rate equal to a 10% discount to the 10-day VWAP as determined immediately before January 26, 2024. In addition, upon such voluntary conversion by the Investor, the Investor will be entitled to a warrant for 50% of the number of shares of the Company’s common stock issued upon the Note conversion at an exercise equal to 120% of the Conversion Price (the “2024 Note Warrant”). In the event the Company consummates a public offering prior to the maturity date of the 2024 Convertible Note, the 2024 Convertible Note and accrued interest will be subject to a mandatory conversion into the equity securities of the Company issued and sold to investors in such public offering, equal to the price per share of the equity security sold to other purchasers and subject to similar terms and conditions of such public offering, except that such equity securities received under a mandatory conversion will be restricted securities.
Subsequent Event [Member] | Convertible Promissory Note Purchase Agreement [Member]
Subsequent Event [Line Items]
Debt Conversion, Converted Instrument, Rate	6%
Payments of Financing Costs	$ 8,000
Debt Instrument, Interest Rate, Effective Percentage	150%
Subsequent Event [Member] | Convertible Promissory Note Purchase Agreement [Member] | Non Affiliated Purchaser [Member]
Subsequent Event [Line Items]
Payments of Financing Costs	$ 2,000
Restricted Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, New Issues				8,929
Restricted Stock [Member] | Subsequent Event [Member] | Settlement Agreement [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, New Issues		200,000
Class of Warrant or Right, Outstanding		400,000
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 1.32
Warrants and Rights Outstanding, Term		5 years