<SEC-DOCUMENT>0001641172-25-026780.txt : 20250905
<SEC-HEADER>0001641172-25-026780.hdr.sgml : 20250905
<ACCEPTANCE-DATETIME>20250905195627
ACCESSION NUMBER:		0001641172-25-026780
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250903
FILED AS OF DATE:		20250905
DATE AS OF CHANGE:		20250905

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Fernandez Santidrian Antonio
		CENTRAL INDEX KEY:			0001990403
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40789
		FILM NUMBER:		251298333

	MAIL ADDRESS:	
		STREET 1:		4475 EXECUTIVE DRIVE, SUITE 200
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Calidi Biotherapeutics, Inc.
		CENTRAL INDEX KEY:			0001855485
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				862967193
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		4475 EXECUTIVE DRIVE
		STREET 2:		SUITE 200
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121
		BUSINESS PHONE:		858-794-9600

	MAIL ADDRESS:	
		STREET 1:		4475 EXECUTIVE DRIVE
		STREET 2:		SUITE 200
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	First Light Acquisition Group, Inc.
		DATE OF NAME CHANGE:	20210406
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>ownership.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-09-03</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001855485</issuerCik>
        <issuerName>Calidi Biotherapeutics, Inc.</issuerName>
        <issuerTradingSymbol>CLDI</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001990403</rptOwnerCik>
            <rptOwnerName>Fernandez Santidrian Antonio</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O CALIDI BIOTHERAPEUTICS, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>4475 EXECUTIVE DRIVE, SUITE 200</rptOwnerStreet2>
            <rptOwnerCity>SAN DIEGO,</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>92121</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Scientific Officer</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Options (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>1.58</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2025-09-03</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>35000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2025-09-03</value>
            </exerciseDate>
            <expirationDate>
                <value>2035-09-03</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>35000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>35000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Pursuant to the Issuer's 2023 Equity Incentive Plan (the &quot;2023 Plan&quot;), on September 3, 2025 (the &quot;Grant Date&quot;), the Reporting Person was granted 35,000 incentive stock options (the &quot;Options&quot;) at an exercise price of $1.58, which is equal to the closing price of the Issuer's common stock on the Grant Date. 25% of the options will vest upon the one (1) year anniversary of 9/03/2025, and the remaining 75% of the options will vest in 1/36th installments on the last day of each monthly period subject to the Reporting Person's continued service to the Issuer. The Options were granted in a transaction exempt under Rule 16b-3 to the Reporting Person.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Antonio Fernandez Santidrian</signatureName>
        <signatureDate>2025-09-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
