Candel Therapeutics, Inc. Financials
This page shows Candel Therapeutics, Inc. (CADL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Candel Therapeutics, Inc. passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass.
For every $1 of reported earnings, Candel Therapeutics, Inc. generates $0.49 in operating cash flow (-$27.0M OCF vs -$55.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Candel Therapeutics, Inc. earns $-16.0 in operating income for every $1 of interest expense (-$33.4M vs $2.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Candel Therapeutics, Inc.'s EBITDA was -$32.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 13.5% from the prior year.
Candel Therapeutics, Inc. generated -$27.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 22.1% from the prior year.
Candel Therapeutics, Inc. reported -$55.2M in net income in fiscal year 2024. This represents a decrease of 45.4% from the prior year.
Candel Therapeutics, Inc. earned $-1.74 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 32.8% from the prior year.
Candel Therapeutics, Inc. held $102.7M in cash against $1.7M in long-term debt as of fiscal year 2024.
Candel Therapeutics, Inc. had 47M shares outstanding in fiscal year 2024. This represents an increase of 60.9% from the prior year.
Candel Therapeutics, Inc. invested $19.3M in research and development in fiscal year 2024. This represents a decrease of 21.2% from the prior year.
Candel Therapeutics, Inc. invested $16K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 96.5% from the prior year.
CADL Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $32K |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $8.5M+21.0% | $7.0M+74.1% | $4.0M | N/A | $5.8M-1.5% | $5.9M+8.5% | $5.5M+10.0% | $5.0M |
| SG&A Expenses | $4.7M+13.4% | $4.2M+1.8% | $4.1M | N/A | $3.0M-17.3% | $3.6M-12.5% | $4.2M+31.7% | $3.2M |
| Operating Income | -$13.2M-18.2% | -$11.2M-37.5% | -$8.1M | N/A | -$8.9M+7.5% | -$9.6M+0.6% | -$9.6M-18.9% | -$8.1M |
| Interest Expense | $161K-31.8% | $236K-22.9% | $306K | N/A | $669K+3.9% | $644K+5.7% | $609K-34.4% | $929K |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | $0 | N/A |
| Net Income | -$11.3M-135.0% | -$4.8M-165.0% | $7.4M | N/A | -$8.4M+12.3% | -$9.6M-9.3% | -$8.8M-73.0% | -$5.1M |
| EPS (Diluted) | $-0.21-133.3% | $-0.09-169.2% | $0.13 | N/A | $-0.29+12.1% | $-0.33-10.0% | $-0.30-66.7% | $-0.18 |
CADL Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $93.6M-11.7% | $106.0M+10.5% | $95.9M+132.8% | $41.2M-17.7% | $50.1M-14.7% | $58.7M-12.7% | $67.2M-13.5% | $77.7M |
| Current Assets | $90.1M-13.0% | $103.6M+11.2% | $93.1M+153.1% | $36.8M-18.4% | $45.1M-15.5% | $53.4M-13.8% | $61.9M-14.0% | $71.9M |
| Cash & Equivalents | $87.0M-13.6% | $100.7M+9.2% | $92.2M+160.3% | $35.4M-17.6% | $43.0M-17.2% | $51.9M-12.4% | $59.3M-15.4% | $70.1M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $13.5M-14.5% | $15.8M-25.8% | $21.2M-25.4% | $28.5M+5.2% | $27.0M-3.2% | $27.9M+1.3% | $27.6M-8.0% | $30.0M |
| Current Liabilities | $10.9M-25.7% | $14.7M-26.7% | $20.1M+41.5% | $14.2M+37.3% | $10.3M+26.5% | $8.2M+55.9% | $5.2M-6.7% | $5.6M |
| Long-Term Debt | $1.7M-74.2% | $6.7M-26.9% | $9.2M-21.1% | $11.6M-18.9% | $14.3M-14.2% | $16.7M-12.2% | $19.0M | N/A |
| Total Equity | $80.1M-11.2% | $90.2M+20.8% | $74.7M+485.9% | $12.7M-44.6% | $23.0M-25.2% | $30.8M-22.4% | $39.7M-16.9% | $47.7M |
| Retained Earnings | -$200.9M-5.9% | -$189.6M-2.6% | -$184.8M-34.9% | -$137.0M-8.8% | -$125.9M-7.2% | -$117.5M-8.9% | -$107.9M-8.9% | -$99.1M |
CADL Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$10.2M-15.1% | -$8.9M-3.2% | -$8.6M-16.1% | -$7.4M+15.7% | -$8.8M-22.4% | -$7.2M+33.5% | -$10.8M-57.1% | -$6.9M |
| Capital Expenditures | $144K+364.5% | $31K+933.3% | $3K-93.6% | $47K-54.4% | $103K-39.1% | $169K+22.5% | $138K-50.0% | $276K |
| Free Cash Flow | -$10.4M-16.3% | -$8.9M-3.5% | -$8.6M-15.4% | -$7.5M+16.2% | -$8.9M-21.0% | -$7.4M+32.8% | -$11.0M-53.0% | -$7.2M |
| Investing Cash Flow | -$117K-277.4% | -$31K-933.3% | -$3K+88.9% | -$27K+73.8% | -$103K+39.1% | -$169K-989.5% | $19K+106.9% | -$276K |
| Financing Cash Flow | -$3.4M-119.3% | $17.4M+1032.8% | -$1.9M-1445.5% | -$121K | $0 | $0 | $0-100.0% | $36K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
CADL Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -25318.8% |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -15884.4% |
| Return on Equity | N/A | N/A | 9.9% | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -12.0%-7.5pp | -4.5%-12.2pp | 7.7% | N/A | -16.9%-0.5pp | -16.4%-3.3pp | -13.1%-6.5pp | -6.5% |
| Current Ratio | 8.25+1.2 | 7.04+2.4 | 4.64+2.0 | 2.59-1.8 | 4.37-2.2 | 6.54-5.3 | 11.82-1.0 | 12.81 |
| Debt-to-Equity | 0.170.0 | 0.17-0.1 | 0.28-0.6 | 0.91+0.3 | 0.62+0.1 | 0.54+0.1 | 0.48-0.1 | 0.63 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -22378.1% |
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Frequently Asked Questions
Is Candel Therapeutics, Inc. profitable?
No, Candel Therapeutics, Inc. (CADL) reported a net income of -$55.2M in fiscal year 2024.
What is Candel Therapeutics, Inc.'s earnings per share (EPS)?
Candel Therapeutics, Inc. (CADL) reported diluted earnings per share of $-1.74 for fiscal year 2024. This represents a -32.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Candel Therapeutics, Inc.'s EBITDA?
Candel Therapeutics, Inc. (CADL) had EBITDA of -$32.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Candel Therapeutics, Inc. have?
As of fiscal year 2024, Candel Therapeutics, Inc. (CADL) had $102.7M in cash and equivalents against $1.7M in long-term debt.
What is Candel Therapeutics, Inc.'s free cash flow?
Candel Therapeutics, Inc. (CADL) generated -$27.0M in free cash flow during fiscal year 2024. This represents a 22.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Candel Therapeutics, Inc.'s operating cash flow?
Candel Therapeutics, Inc. (CADL) generated -$27.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Candel Therapeutics, Inc.'s total assets?
Candel Therapeutics, Inc. (CADL) had $106.9M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Candel Therapeutics, Inc.'s capital expenditures?
Candel Therapeutics, Inc. (CADL) invested $16K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Candel Therapeutics, Inc. spend on research and development?
Candel Therapeutics, Inc. (CADL) invested $19.3M in research and development during fiscal year 2024.
How many shares does Candel Therapeutics, Inc. have outstanding?
Candel Therapeutics, Inc. (CADL) had 47M shares outstanding as of fiscal year 2024.
What is Candel Therapeutics, Inc.'s current ratio?
Candel Therapeutics, Inc. (CADL) had a current ratio of 2.77 as of fiscal year 2024, which is generally considered healthy.
What is Candel Therapeutics, Inc.'s debt-to-equity ratio?
Candel Therapeutics, Inc. (CADL) had a debt-to-equity ratio of 0.03 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Candel Therapeutics, Inc.'s return on assets (ROA)?
Candel Therapeutics, Inc. (CADL) had a return on assets of -51.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Candel Therapeutics, Inc.'s cash runway?
Based on fiscal year 2024 data, Candel Therapeutics, Inc. (CADL) had $102.7M in cash against an annual operating cash burn of $27.0M. This gives an estimated cash runway of approximately 46 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Candel Therapeutics, Inc.'s Piotroski F-Score?
Candel Therapeutics, Inc. (CADL) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Candel Therapeutics, Inc.'s earnings high quality?
Candel Therapeutics, Inc. (CADL) has an earnings quality ratio of 0.49x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Candel Therapeutics, Inc. cover its interest payments?
Candel Therapeutics, Inc. (CADL) has an interest coverage ratio of -16.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.