Candel Therapeutics, Inc. (CADL) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 15, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CADL SEC filings page.
This page shows Candel Therapeutics, Inc. (CADL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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).
Candel remains a development-stage business, where R&D investment and financing inflows matter more than customer revenue.
Between FY2023 and FY2025, operating cash outflow stayed elevated, moving from$34.2M to$38.3M even as reported assets increased. Meanwhile, financing cash flow supplied$94.3M in FY2024 and$56.1M in FY2025, indicating that liquidity has been replenished primarily through financing rather than operations.
This is a development-stage cost structure: reported revenue was just
The balance sheet is liquid but liabilities rose materially: total liabilities reached
Financial Health Signals
Candel Therapeutics, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Candel Therapeutics, Inc. passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.
Candel Therapeutics, Inc. reported a net loss of $38.2M while operations used $38.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Candel Therapeutics, Inc. reported an operating loss of $48.3M against $2.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Candel Therapeutics, Inc.'s EBITDA was -$26.5M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 141.8% from the same quarter a year earlier. Against the prior quarter it is down 64.5%.
Candel Therapeutics, Inc. reported -$38.9M in net income in Q2 2026. This represents a decrease of 711.2% from the same quarter a year earlier. Against the prior quarter it is down 339.1%.
Candel Therapeutics, Inc. earned -$0.52 per diluted share (EPS) in Q2 2026. This represents a decrease of 477.8% from the same quarter a year earlier. Against the prior quarter it is down 271.4%.
Not reported for Q2 2026.
Cash & Balance Sheet
Candel Therapeutics, Inc. recorded an outflow of $17.3M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 93.4% from the same quarter a year earlier. Against the prior quarter it is up 7.8%.
Candel Therapeutics, Inc. held $201.6M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Candel Therapeutics, Inc.'s ROE was -30.9% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 25.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 24.4 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Candel Therapeutics, Inc. invested $19.8M in research and development in Q2 2026. This represents an increase of 183.2% from the same quarter a year earlier. Against the prior quarter it is up 101.2%.
Candel Therapeutics, Inc. invested $69K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 122.6% from the same quarter a year earlier. Against the prior quarter it is down 89.8%.
Not reported for Q2 2026.
CADL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| R&D Expenses | $19.8M+183.2% | $9.8M+145.0% | N/A | $8.5M+56.2% | $7.0M+40.4% | $4.0M-2.1% | N/A | $5.4M-7.3% |
| SG&A Expenses | $6.9M+65.9% | $6.4M+56.6% | N/A | $4.7M+42.1% | $4.2M+16.5% | $4.1M+8.3% | N/A | $3.3M+10.8% |
| Operating Income | -$26.7M-139.3% | -$16.3M-100.3% | N/A | -$13.2M-50.8% | -$11.2M-30.4% | -$8.1M-2.9% | N/A | -$8.8M+1.2% |
| EBITDA | -$26.5M-141.8% | -$16.1M-104.6% | N/A | -$13.0M-52.0% | -$11.0M-31.1% | -$7.9M-3.1% | N/A | -$8.6M+1.2% |
| Interest Expense | $1.6M+567.4% | $1.6M+411.1% | N/A | $161K-66.9% | $236K-58.4% | $306K-52.6% | N/A | $487K-27.2% |
| Net Income | -$38.9M-711.2% | -$8.9M-220.1% | N/A | -$11.3M-5.9% | -$4.8M+78.4% | $7.4M+189.8% | N/A | -$10.6M-26.2% |
| EPS (Basic) | -$0.52-477.8% | -$0.14-193.3% | -$0.55-41.0% | -$0.21+36.4% | -$0.09+87.8% | $0.15+153.6% | -$0.39-2.6% | -$0.33-13.8% |
| EPS (Diluted) | -$0.52-477.8% | -$0.14-207.7% | -$0.55-41.0% | -$0.21 | -$0.09 | $0.13 | -$0.39-2.6% | -$0.33-13.8% |
| Diluted Shares (Avg) | 74M+44.0% | 62M+13.9% | N/A | 55M | 51M | 55M | N/A | 32M+10.7% |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, Income Tax.
CADL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $208.1M+96.4% | $201.9M+110.5% | $125.2M+17.2% | $93.6M+335.0% | $106.0M+300.1% | $95.9M+207.2% | $106.9M+159.4% | $21.5M-57.0% |
| Current Assets | $204.2M+97.0% | $197.8M+112.3% | $121.4M+16.9% | $90.1M+398.4% | $103.6M+355.7% | $93.1M+243.3% | $103.8M+182.1% | $18.1M-59.9% |
| Cash & Equivalents | $201.6M+100.2% | $194.8M+111.4% | $119.7M+16.6% | $87.0M+425.2% | $100.7M+369.3% | $92.2M+258.4% | $102.7M+189.9% | $16.6M-61.5% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $82.0M+420.5% | $63.9M+200.9% | $73.3M+80.7% | $13.5M-63.4% | $15.8M-56.8% | $21.2M-15.9% | $40.5M+42.5% | $36.8M+36.0% |
| Current Liabilities | $12.7M-13.8% | $7.1M-64.9% | $9.0M-76.0% | $10.9M-28.4% | $14.7M+5.1% | $20.1M+48.3% | $37.5M+164.6% | $15.3M+47.8% |
| Non-Current Liabilities | $69.3M+6547.6% | $56.8M+4795.8% | $64.3M+2035.4% | $2.5M-88.2% | $1.0M-95.4% | $1.2M-90.1% | $3.0M-78.9% | $21.5M+28.7% |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | $1.7M-85.1% | $4.2M-70.5% |
| Total Equity | $126.1M+39.8% | $138.0M+84.8% | $51.9M-21.7% | $80.1M+625.2% | $90.2M+1004.6% | $74.7M+1149.0% | $66.3M+420.4% | -$15.3M-166.3% |
| Retained Earnings | -$278.2M-46.7% | -$239.2M-29.4% | -$230.4M-19.9% | -$200.9M-12.8% | -$189.6M-13.2% | -$184.8M-27.2% | -$192.2M-40.3% | -$178.1M-41.4% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.
CADL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$17.2M-93.3% | -$18.0M-109.3% | -$10.6M-81.8% | -$10.2M-55.7% | -$8.9M-43.4% | -$8.6M-2.1% | -$5.8M+21.7% | -$6.6M+25.4% |
| Depreciation & Amortization | $200K0.0% | $149K-39.2% | $163K-33.5% | $200K0.0% | $200K0.0% | $245K-2.4% | $245K-1.6% | $200K0.0% |
| Stock-Based Compensation | $2.9M+172.2% | $1.5M+362.4% | N/A | $1.2M-1.8% | $1.1M-43.0% | $314K-69.9% | N/A | $1.2M+72.6% |
| Capital Expenditures | $69K+122.6% | $675K+22400.0% | $409K+13533.3% | $144K | $31K+416.7% | $3K-57.1% | $3K-93.6% | $0-100.0% |
| Free Cash Flow | -$17.3M-93.4% | -$18.7M-117.1% | -$11.0M-88.7% | -$10.4M-57.9% | -$8.9M-43.8% | -$8.6M-2.1% | -$5.8M+22.1% | -$6.6M+26.2% |
| Investing Cash Flow | -$69K-122.6% | -$675K-22400.0% | -$409K-13533.3% | -$117K | -$31K-416.7% | -$3K+57.1% | -$3K+88.9% | $0+100.0% |
| Financing Cash Flow | $24.0M+37.5% | $93.8M+5116.8% | $43.9M-52.2% | -$3.4M-301.0% | $17.4M+796.9% | -$1.9M-49.0% | $91.9M+76061.2% | $1.7M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
CADL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | -30.9%-25.5pp | -6.4%-16.3pp | N/A | -14.1% | -5.3% | 9.9%+147.4pp | N/A | N/A |
| Return on Assets | -18.7%-14.2pp | -4.4%-12.1pp | N/A | -12.0%+37.4pp | -4.5%+79.4pp | 7.7%+34.0pp | N/A | -49.5%-32.6pp |
| Current Ratio | 16.09+9.1x | 28.05+23.4x | 13.49+10.7x | 8.25+7.1x | 7.04+5.4x | 4.64+2.6x | 2.77+0.2x | 1.18-3.2x |
| Debt-to-Equity | 0.65+0.5x | 0.46+0.2x | 1.41+1.4x | 0.17 | 0.17 | 0.28-1.3x | 0.03-0.9x | N/A |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Candel Therapeutics, Inc. CADL | FY2025 | N/A | -$38.2M | N/A | $681.8M | — |
| Capricor Therapeutics Inc CAPR | FY2025 | $0 | -$105.0M | N/A | $400.0M | — |
| Monopar Therapeutics Inc. MNPR | FY2025 | $0 | -$13.7M | N/A | $483.8M | — |
| Annexon, Inc. ANNX | FY2025 | N/A | -$206.7M | N/A | $726.1M | — |
| Tonix Pharmaceuticals Holding Corp. TNXP | FY2025 | $13.1M | -$124.0M | N/A | $105.1M | 69/100 |
| Vanda Pharmaceuticals Inc. VNDA | FY2025 | $216.1M | -$220.5M | N/A | $260.0M | 35/100 |
Where Candel Therapeutics, Inc. Ranks
Frequently Asked Questions
Is Candel Therapeutics, Inc. profitable?
No, Candel Therapeutics, Inc. (CADL) reported a net income of -$38.2M in fiscal year 2025.
What is Candel Therapeutics, Inc.'s EBITDA?
Candel Therapeutics, Inc. (CADL) had EBITDA of -$47.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Candel Therapeutics, Inc.'s return on equity (ROE)?
Candel Therapeutics, Inc. (CADL) has a return on equity of -73.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Candel Therapeutics, Inc.'s free cash flow?
Candel Therapeutics, Inc. (CADL) recorded an outflow of $38.9M in free cash flow during fiscal year 2025. This represents a -43.9% 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) recorded an outflow of $38.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Candel Therapeutics, Inc.'s total assets?
Candel Therapeutics, Inc. (CADL) had $125.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Candel Therapeutics, Inc.'s capital expenditures?
Candel Therapeutics, Inc. (CADL) invested $587K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Candel Therapeutics, Inc. spend on research and development?
Candel Therapeutics, Inc. (CADL) invested $30.5M in research and development during fiscal year 2025.
What is Candel Therapeutics, Inc.'s current ratio?
Candel Therapeutics, Inc. (CADL) had a current ratio of 13.49 as of fiscal year 2025, 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 1.41 as of fiscal year 2025, 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 -30.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Candel Therapeutics, Inc.'s P/E ratio?
Candel Therapeutics, Inc. (CADL) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $681.8M as of Oct 15, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Candel Therapeutics, Inc.'s price-to-sales ratio?
Candel Therapeutics, Inc. (CADL) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $681.8M as of Oct 15, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Candel Therapeutics, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Candel Therapeutics, Inc. (CADL) held $119.7M in cash, cash equivalents and investments, and reported an operating cash outflow of $38.3M over that year. Dividing the one by the other, the reported balance equals about 38 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Candel Therapeutics, Inc.'s Piotroski F-Score?
Candel Therapeutics, Inc. (CADL) has a Piotroski F-Score of 2 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $38.2M while operations used $38.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $48.3M against $2.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.