What is Candel Therapeutics, Inc.'s earnings per share (EPS)?

Candel Therapeutics, Inc. (CADL) reported diluted earnings per share of $-0.72 for fiscal year 2025. This represents a 58.6% 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.

Candel Therapeutics, Inc. Financials

CADL

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

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).

Rhea AI CADL FY2025 2026-05-14

External financing, not revenue, is the operating engine, with a large cash cushion buying time for a research-heavy burn model.

From FY2023 to FY2025, cash climbed from $35.4M to $119.7M even while operations kept consuming cash, so the stronger cash position did not come from the business becoming self-funding. The mechanism shows up in $150.3M of financing inflows across FY2024-FY2025 and a near-doubling of share count, pointing to runway created mainly by new equity rather than cash generated internally.

Cash burn is driven by operating spend, not capital investment: FY2025 free cash flow of -$38.9M was close to operating cash flow of -$38.3M, while capital spending stayed minimal. That means added funding mostly buys research time and corporate overhead, not laboratories or equipment.

The balance sheet is liquid in the near term even as development intensity increased: cash of $119.7M against current liabilities of $9.0M leaves little immediate payment pressure. But the wider operating loss aligns with R&D rising to $30.5M, so the operating question is burn pace, not near-term solvency.

Financial Health Signals

Financial Profile 29/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Candel Therapeutics, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

Candel Therapeutics, Inc. carries a low D/E ratio of 1.41, meaning only $1.41 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 73/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 13.49, Candel Therapeutics, Inc. holds $13.49 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns

Candel Therapeutics, Inc. generates a -73.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -83.2% the prior year.

Piotroski F-Score Weak

3/9

Candel Therapeutics, Inc. passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass.

Earnings Quality Low Quality

1.00x

For every $1 of reported earnings, Candel Therapeutics, Inc. generates $1.00 in operating cash flow (-$38.3M OCF vs -$38.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-22.8x

Candel Therapeutics, Inc. earns $-22.8 in operating income for every $1 of interest expense (-$48.3M vs $2.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

-$47.4M

YoY-46.4%

Candel Therapeutics, Inc.'s EBITDA was -$47.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 46.4% from the prior year.

Net Income

-$38.2M

YoY+30.8%

Candel Therapeutics, Inc. reported -$38.2M in net income in fiscal year 2025. This represents an increase of 30.8% from the prior year.

EPS (Diluted)

$-0.72

YoY+58.6%

Candel Therapeutics, Inc. earned $-0.72 per diluted share (EPS) in fiscal year 2025. This represents an increase of 58.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$38.9M

YoY-43.9%

Candel Therapeutics, Inc. generated -$38.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 43.9% from the prior year.

Cash & Debt

$119.7M

YoY+16.6%

5Y CAGR+27.8%

Candel Therapeutics, Inc. held $119.7M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

55M

YoY+17.3%

5Y CAGR+36.4%

Candel Therapeutics, Inc. had 55M shares outstanding in fiscal year 2025. This represents an increase of 17.3% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-73.5%

YoY+9.6pp

Candel Therapeutics, Inc.'s ROE was -73.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 9.6 percentage points from the prior year.

Capital Allocation

R&D Spending

$30.5M

YoY+57.9%

5Y CAGR+28.4%

Candel Therapeutics, Inc. invested $30.5M in research and development in fiscal year 2025. This represents an increase of 57.9% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$587K

YoY+3568.8%

5Y CAGR-16.8%

Candel Therapeutics, Inc. invested $587K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 3568.8% from the prior year.

CADL Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	$125K0.0%	$125K0.0%	$125K
Cost of Revenue	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
R&D Expenses	$30.5M+57.9%	$19.3M-21.2%	$24.5M+17.9%	$20.8M+37.0%	$15.2M+73.4%	$8.8M
SG&A Expenses	$17.8M+26.4%	$14.1M+1.2%	$13.9M-1.2%	$14.1M+31.7%	$10.7M+106.0%	$5.2M
Operating Income	-$48.3M-44.6%	-$33.4M+13.1%	-$38.4M-10.6%	-$34.7M-35.0%	-$25.7M-86.3%	-$13.8M
Interest Expense	$2.1M+1.4%	$2.1M+180.5%	-$2.6M-251.9%	$1.7M	N/A	N/A
Income Tax	$0	$0	$0	$0	$0	N/A
Net Income	-$38.2M+30.8%	-$55.2M-45.4%	-$37.9M-101.9%	-$18.8M+48.0%	-$36.1M-104.3%	-$17.7M
EPS (Diluted)	$-0.72+58.6%	$-1.74-32.8%	$-1.31-101.5%	$-0.65+66.0%	$-1.91	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	$4.0M	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	$9.8M	N/A	$8.5M+21.0%	$7.0M+74.1%	$4.0M	N/A	$5.4M+8.8%	$5.0M
SG&A Expenses	$6.4M	N/A	$4.7M+13.4%	$4.2M+1.8%	$4.1M	N/A	$3.3M-7.0%	$3.6M
Operating Income	-$16.3M	N/A	-$13.2M-18.2%	-$11.2M-37.5%	-$8.1M	N/A	-$8.8M-2.2%	-$8.6M
Interest Expense	$1.6M	N/A	$161K-31.8%	$236K-22.9%	$306K	N/A	$487K-14.1%	$567K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$8.9M	N/A	-$11.3M-135.0%	-$4.8M-165.0%	$7.4M	N/A	-$10.6M+52.1%	-$22.2M
EPS (Diluted)	$-0.14	N/A	$-0.21-133.3%	$-0.09-169.2%	$0.13	N/A	$-0.33+55.4%	$-0.74

CADL Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$125.2M+17.2%	$106.9M+159.4%	$41.2M-47.0%	$77.7M-12.9%	$89.2M+133.0%	$38.3M
Current Assets	$121.4M+16.9%	$103.8M+182.1%	$36.8M-48.9%	$71.9M-15.3%	$84.9M+141.7%	$35.1M
Cash & Equivalents	$119.7M+16.6%	$102.7M+189.9%	$35.4M-49.5%	$70.1M-15.2%	$82.6M+135.8%	$35.1M
Inventory	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
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$73.3M+80.7%	$40.5M+42.5%	$28.5M-5.1%	$30.0M+19.6%	$25.1M-59.5%	$61.8M
Current Liabilities	$9.0M-76.0%	$37.5M+164.6%	$14.2M+152.6%	$5.6M+4.7%	$5.4M+13.8%	$4.7M
Long-Term Debt	N/A	$1.7M-85.1%	$11.6M	N/A	$560K+15.9%	$483K
Total Equity	$51.9M-21.7%	$66.3M+420.4%	$12.7M-73.3%	$47.7M-25.6%	$64.1M+372.2%	-$23.6M
Retained Earnings	-$230.4M-19.9%	-$192.2M-40.3%	-$137.0M-38.3%	-$99.1M-23.4%	-$80.3M-81.8%	-$44.2M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$201.9M+61.3%	$125.2M+33.8%	$93.6M-11.7%	$106.0M+10.5%	$95.9M-10.3%	$106.9M+396.7%	$21.5M-18.8%	$26.5M
Current Assets	$197.8M+62.9%	$121.4M+34.7%	$90.1M-13.0%	$103.6M+11.2%	$93.1M-10.3%	$103.8M+474.0%	$18.1M-20.5%	$22.7M
Cash & Equivalents	$194.8M+62.7%	$119.7M+37.7%	$87.0M-13.6%	$100.7M+9.2%	$92.2M-10.2%	$102.7M+520.0%	$16.6M-22.8%	$21.5M
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	$63.9M-12.8%	$73.3M+443.8%	$13.5M-14.5%	$15.8M-25.8%	$21.2M-47.6%	$40.5M+10.2%	$36.8M+0.9%	$36.5M
Current Liabilities	$7.1M-21.6%	$9.0M-17.7%	$10.9M-25.7%	$14.7M-26.7%	$20.1M-46.5%	$37.5M+145.8%	$15.3M+9.1%	$14.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	$1.7M-59.0%	$4.2M-37.0%	$6.7M
Total Equity	$138.0M+165.8%	$51.9M-35.2%	$80.1M-11.2%	$90.2M+20.8%	$74.7M+12.6%	$66.3M+534.7%	-$15.3M-53.0%	-$10.0M
Retained Earnings	-$239.2M-3.8%	-$230.4M-14.7%	-$200.9M-5.9%	-$189.6M-2.6%	-$184.8M+3.8%	-$192.2M-7.9%	-$178.1M-6.4%	-$167.5M

CADL Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$38.3M-41.8%	-$27.0M+21.1%	-$34.2M-9.0%	-$31.4M-41.4%	-$22.2M-144.9%	-$9.1M
Capital Expenditures	$587K+3568.8%	$16K-96.5%	$457K-64.8%	$1.3M-29.3%	$1.8M+24.3%	$1.5M
Free Cash Flow	-$38.9M-43.9%	-$27.0M+22.1%	-$34.7M-6.1%	-$32.7M-36.0%	-$24.1M-128.1%	-$10.5M
Investing Cash Flow	-$560K-3400.0%	-$16K+94.3%	-$280K+78.4%	-$1.3M+29.3%	-$1.8M-104.8%	$38.5M
Financing Cash Flow	$56.1M-40.5%	$94.3M+78017.4%	-$121K-100.6%	$20.0M-72.2%	$71.8M+14553.1%	$490K
Dividends Paid	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

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$18.0M-70.7%	-$10.6M-3.2%	-$10.2M-15.1%	-$8.9M-3.2%	-$8.6M-48.2%	-$5.8M+11.5%	-$6.6M-6.1%	-$6.2M
Capital Expenditures	$675K+65.0%	$409K+184.0%	$144K+364.5%	$31K+933.3%	$3K0.0%	$3K	$0-100.0%	$6K
Free Cash Flow	-$18.7M-70.5%	-$11.0M-5.8%	-$10.4M-16.3%	-$8.9M-3.5%	-$8.6M-48.2%	-$5.8M+11.5%	-$6.6M-5.9%	-$6.2M
Investing Cash Flow	-$675K-65.0%	-$409K-249.6%	-$117K-277.4%	-$31K-933.3%	-$3K0.0%	-$3K	$0+100.0%	-$6K
Financing Cash Flow	$93.8M+113.7%	$43.9M+1402.1%	-$3.4M-119.3%	$17.4M+1032.8%	-$1.9M-102.0%	$91.9M+5380.8%	$1.7M-13.8%	$1.9M
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	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	-27777.6%-7196.8pp	-20580.8%-9532.8pp	-11048.0%
Net Margin	N/A	N/A	N/A	-15035.2%+13864.0pp	-28899.2%-14755.2pp	-14144.0%
Return on Equity	-73.5%+9.6pp	-83.2%+214.5pp	-297.7%-258.3pp	-39.4%+16.9pp	-56.3%	N/A
Return on Assets	-30.5%+21.1pp	-51.6%+40.4pp	-92.1%-67.9pp	-24.2%+16.3pp	-40.5%+5.7pp	-46.2%
Current Ratio	13.49+10.7	2.77+0.2	2.59-10.2	12.81-3.0	15.84+8.4	7.46
Debt-to-Equity	1.41+1.4	0.03-0.9	0.91+0.3	0.63+0.6	0.01+0.0	-0.02
FCF Margin	N/A	N/A	N/A	-26172.8%-6930.4pp	-19242.4%-10804.8pp	-8437.6%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-6.4%	N/A	-14.1%-8.7pp	-5.3%-15.2pp	9.9%	N/A	N/A	N/A
Return on Assets	-4.4%	N/A	-12.0%-7.5pp	-4.5%-12.2pp	7.7%	N/A	-49.5%+34.5pp	-84.0%
Current Ratio	28.05+14.6	13.49+5.2	8.25+1.2	7.04+2.4	4.64+1.9	2.77+1.6	1.18-0.4	1.62
Debt-to-Equity	0.46-0.9	1.41+1.2	0.170.0	0.17-0.1	0.28+0.3	0.03+0.3	-0.28+0.4	-0.67
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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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) generated -$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) generated -$38.3M in operating cash flow during fiscal year 2025, representing cash generated from 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.

How many shares does Candel Therapeutics, Inc. have outstanding?

Candel Therapeutics, Inc. (CADL) had 55M shares outstanding as of 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 cash runway?

Based on fiscal year 2025 data, Candel Therapeutics, Inc. (CADL) had $119.7M in cash against an annual operating cash burn of $38.3M. This gives an estimated cash runway of approximately 38 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 3 out of 9, indicating weak 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 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) has an earnings quality ratio of 1.00x, 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 -22.8x, 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.

How financially healthy is Candel Therapeutics, Inc.?

Candel Therapeutics, Inc. (CADL) scores 29 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.