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CADL

Candel Therapeutics, Inc.

CADL

Candel Therapeutics, Inc. • NASDAQ
$4.77 ▲ 3.25% (+0.15)
Market Cap $261.88 M
52w High $14.60
52w Low $4.25
Dividend Yield 0%
P/E -8.52
Volume 478.07K
Outstanding Shares 54.90M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $13.012M ▲ $-11.269M ▼ 0% $-0.205 ▼ $-10.913M ▼
Q2-2025 $0 $10.935M ▲ $-4.796M ▼ 0% $-0.093 ▼ $-4.318M ▼
Q1-2025 $0 $7.885M ▼ $7.379M ▲ 0% $0.23 ▲ $7.93M ▲
Q4-2024 $0 $7.896M ▲ $-14.073M ▼ 0% $-0.4 ▼ $-13.438M ▼
Q3-2024 $0 $3.485M $-10.646M 0% $-0.33 $-8.512M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $86.963M ▼ $93.598M ▼ $13.474M ▼ $80.124M ▼
Q2-2025 $100.687M ▲ $105.968M ▲ $15.758M ▼ $90.21M ▲
Q1-2025 $92.165M ▼ $95.905M ▼ $21.23M ▼ $74.675M ▲
Q4-2024 $102.654M ▲ $106.866M ▲ $40.539M ▲ $66.327M ▲
Q3-2024 $16.558M $21.517M $36.774M $-15.257M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-11.269M ▼ $-10.236M ▼ $-117K ▼ $-3.371M ▼ $-13.724M ▼ $-10.38M ▼
Q2-2025 $-4.796M ▼ $-8.891M ▼ $-31K ▼ $17.444M ▲ $8.522M ▲ $-8.922M ▼
Q1-2025 $7.379M ▲ $-8.616M ▼ $-3K $-1.87M ▼ $-10.489M ▼ $-8.619M ▼
Q4-2024 $-14.073M ▼ $-5.814M ▲ $-3K ▼ $91.913M ▲ $86.096M ▲ $-5.817M ▲
Q3-2024 $-10.646M $-6.573M $0 $1.677M $-4.896M $-6.573M

Five-Year Company Overview

Income Statement

Income Statement Candel is still a pure R&D-stage biotech: it has reported essentially no product revenue over the past several years. Its income statement is driven almost entirely by research and overhead spending, which results in recurring operating losses. Losses have been relatively steady but have ticked somewhat higher more recently, reflecting continued investment in trials and platform development. This pattern is typical for a clinical-stage company, but it means the business currently consumes cash rather than generating it, and future financial performance will be highly dependent on trial outcomes and eventual approvals or partnerships.

Balance Sheet

Balance Sheet The balance sheet is simple and heavily cash-based: most assets are held in cash or equivalents, with little in the way of physical assets. Cash levels dipped in prior years but appear to have been rebuilt recently, likely through equity raises or similar financing. Debt remains modest, though it has increased from essentially zero, so leverage is present but not yet a central feature of the capital structure. Shareholders’ equity swung from negative to clearly positive in the most recent year, which improves the reported financial health but also underscores how dependent the company is on external capital injections. Overall, the balance sheet is lean, with a limited cushion and high sensitivity to funding conditions.

Cash Flow

Cash Flow Cash flow reflects a classic early-stage biotech profile: consistent cash outflows from operations with no offsetting inflows from product sales. The operating cash burn has been fairly stable over time, indicating a relatively predictable spending pace on trials and overhead. Capital expenditures are negligible, so free cash flow is essentially the same as operating cash flow and remains firmly negative. This means the company’s runway is driven mainly by its cash balance and its ability to raise additional capital; without new financing or partnership income, cash will continue to decline as development progresses.

Competitive Edge

Competitive Edge Candel operates in a very competitive corner of oncology biotech, going up against both large pharma and specialized oncolytic virus players. Its differentiation comes from two viral platforms (adenovirus and HSV) aimed at turning tumors into in-body vaccines, which can potentially trigger a broad immune response. The lead program, CAN-2409, is relatively advanced and targets multiple hard-to-treat solid tumors, which, if successful, could give the company a meaningful foothold in several indications rather than just one. The approach is “off-the-shelf” yet personalized in effect, with a generally manageable safety profile so far, which may make combinations with standard therapies attractive. The flip side is that Candel is small, lacks commercial infrastructure, and is exposed to intense scientific and regulatory competition, so its long-term position likely depends on strong data, smart trial design, and potentially supportive partners.

Innovation and R&D

Innovation and R&D Innovation is clearly the core strength here. Candel has built two distinct viral therapy platforms plus the AI-enabled enLIGHTEN discovery engine, which together allow it to design and refine new candidates in a structured way rather than by trial and error. Its lead assets target very challenging cancers such as prostate, pancreatic, lung, and aggressive brain tumors, where even incremental benefits can be meaningful for patients and can attract attention from larger industry players. The intellectual property estate appears to provide a long runway of protection into the next decade, supporting potential exclusivity if products reach the market. All of this innovation is costly: R&D spending is the main driver of losses, and until a candidate is approved or partnered on attractive terms, that spending remains a financial drag rather than a source of revenue.

Summary

Candel Therapeutics is a classic clinical-stage oncology platform story: scientifically ambitious, with a focused but high-risk financial profile. The company currently has no commercial revenue, a history of recurring losses, and ongoing cash burn funded mainly through the capital markets, resulting in a lean but improving balance sheet. On the scientific front, it brings a differentiated dual-platform approach, an AI-powered discovery engine, and multiple programs in difficult cancers, supported by a meaningful patent runway. The main opportunities lie in successful late-stage trial results, regulatory milestones, and potential collaborations; the main risks are clinical setbacks, slower-than-hoped regulatory progress, and the need for continued financing. Overall, Candel’s outlook is highly binary and dependent on the success of its pipeline, typical of small oncology biotechs at this stage of development.

NEWS

November 17, 2025 · 4:05 PM UTC

Candel Therapeutics to Host Virtual R&D Event on December 5, 2025

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November 13, 2025 · 8:25 AM UTC

Candel Therapeutics Reports Third Quarter 2025 Financial Results and Recent Corporate Highlights

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November 4, 2025 · 9:00 AM UTC

Candel Therapeutics Showcases Immunotherapy Leadership at SITC 2025, Demonstrating Integration of Clinical Innovation, Multi-Omics, and Artificial Intelligence to Advance Next-Generation Immunotherapies in Solid Tumors

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November 3, 2025 · 8:05 AM UTC

Candel Therapeutics to Present at Jefferies Global Healthcare Conference in London

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October 16, 2025 · 8:05 AM UTC

Candel Therapeutics Appoints Leading Systems Immunology Expert Bali Pulendran, Ph.D., to Research Advisory Board

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