Candel Therapeutics Enters into $130 Million Term Loan Facility with Trinity Capital Inc.
Candel Therapeutics (Nasdaq: CADL) entered a five-year $130 million term loan facility with Trinity Capital on Oct 14, 2025, with $50 million drawn at closing and access to up to an additional $80 million across three tranches.
The facility carries an initial interest option of 10.25% per annum, a 36-month interest-only period (extendable 12 months upon a commercial milestone), and contains customary covenants and events of default. Candel reported $87.2 million cash as of Sept 30, 2025. Proceeds will refinance an existing loan and fund working capital, initiation of a pivotal phase 3 CAN-2409 NSCLC trial planned for Q2 2026, and prepare for a potential BLA submission in prostate cancer in Q4 2026.
Candel Therapeutics (Nasdaq: CADL) ha stipulato una linea di finanziamento a cinque anni da $130 milioni con Trinity Capital l'14 ottobre 2025, con 50 milioni di dollari erogati al closing e l'accesso fino a ulteriori 80 milioni di dollari in tre tranche.
La linea prevede un'opzione di interesse iniziale del 10,25% annuo, un periodo di interessi solo per 36 mesi (estendibile di 12 mesi al verificarsi di una milestone commerciale) e contiene clausole tipiche e eventi di default. Candel ha riportato 87,2 milioni di dollari di cassa al 30 settembre 2025. I proventi verranno rifinanziati un prestito esistente e finanziato il capitale circolante, l'inizio di uno studio cruciale fase 3 CAN-2409 NSCLC pianificato per il secondo trimestre 2026, e la preparazione per una potenziale presentazione BLA nel cancro alla prostata nel quarto trimestre 2026.
Candel Therapeutics (Nasdaq: CADL) entró en una línea de crédito a cinco años por $130 millones con Trinity Capital el 14 de octubre de 2025, con $50 millones desembolsados al cierre y acceso a hasta $80 millones adicionales en tres tramos.
La línea presenta una opción de interés inicial de 10.25% anual, un período de interés solamente durante 36 meses (extensible 12 meses mediante un hito comercial), y contiene convenios y eventos de incumplimiento habituales. Candel reportó $87.2 millones de efectivo al 30 de septiembre de 2025. Los fondos refinanciarán un préstamo existente y financiarán capital de trabajo, el inicio de un ensayo pivotal de fase 3 CAN-2409 NSCLC previsto para el segundo trimestre de 2026, y la preparación para una posible presentación de BLA en próstata en el cuarto trimestre 2026.
Candel Therapeutics (Nasdaq: CADL)는 2025년 10월 14일 Trinity Capital과 5년 만기의 $130백만 달러 대출 시설을 체결했고, 종결 시점에 $50백만이 인출되었으며 추가로 세 구간에서 총 $80백만에 접근할 수 있습니다.
이 시설은 초기 이자 옵션을 연 10.25%, 36개월 간의 이자만 납부 기간을 제공하며(상용 이정표 달성 시 12개월 연장 가능) 일반적인 계약약관과 채무 불이행 이벤트를 포함합니다. Candel은 2025년 9월 30일 기준 현금 $87.2백만를 보고했습니다. 자금은 기존 대출을 재융자하고 운전자본을 조달하며, 2026년 2분기 예정인 결정적 CAN-2409 NSCLC 시험의 시작과 2026년 4분기에 가능성 있는 전립선암의 BLA 제출 준비에 사용될 것입니다.
Candel Therapeutics (Nasdaq : CADL) a conclu une ligne de prêt à terme de cinq ans d'$130 millions avec Trinity Capital le 14 octobre 2025, avec $50 millions débloqués à la clôture et un accès à jusqu'à $80 millions supplémentaires répartis en trois tranches.
La facilité présente une option d'intérêt initiale de 10,25% par an, une période d'intérêts uniquement pendant 36 mois (pouvant être prolongée de 12 mois en cas d'atteinte d'un jalon commercial), et contient des covenants habituels et des événements de défaut. Candel a déclaré des liquidités de $87,2 millions au 30 septembre 2025. Les fonds serviront à refinancer un prêt existant et à financer le fonds de roulement, le démarrage d'un essai pivotal de phase 3 CAN-2409 NSCLC prévu pour le deuxième trimestre 2026, et la préparation d'une éventuelle submission BLA pour le cancer de la prostate au quatrième trimestre 2026.
Candel Therapeutics (Nasdaq: CADL) hat am 14. Oktober 2025 eine fünftjährige Kreditfazilität über $130 Millionen mit Trinity Capital aufgenommen, wovon $50 Millionen bei Closing entnommen wurden und Zugriff auf bis zu zusätzliche $80 Millionen über drei Tranchen besteht.
Die Fazilität sieht eine anfängliche Zinsoption von 10,25% p.a. vor, eine 36-monatige Zinszahlungsperiode (umbesetzbar um 12 Monate bei Erreichen einer kommerziellen Meilenstein) und enthält übliche Covenants und Ausfallereignisse. Candel meldete zum 30. September 2025 Barmittel von $87,2 Millionen. Die Erlöse dienen der Refinanzierung eines bestehenden Darlehens, der Finanzierung des Working Capital, dem Start einer entscheidenden klinischen Phase-3-Studie CAN-2409 NSCLC geplant für das zweite Quartal 2026, und der Vorbereitung auf eine mögliche BLA-Einreichung bei Prostatakrebs im vierten Quartal 2026.
Candel Therapeutics (Nasdaq: CADL) أبرمت تسهيل قرضاً بخمسة أعوام بمقدار $130 مليون مع Trinity Capital في 14 أكتوبر 2025، مع سحب $50 مليون عند الإغلاق والوصول إلى ما يصل إلى $80 مليون إضافية عبر ثلاث شظايا.
يحمل التسهيل خيار فائدة ابتدائي قدره 10.25% سنوياً، وفترة فائدة لمدة 36 شهراً (قابلة للتمديد 12 شهراً عند بلوغ معلم تجاري)، ويحتوي على العهود الاعتيادية وأحداث التخلف عن السداد. أبلغت Candel عن وجود نقد مقداره $87.2 مليون حتى 30 سبتمبر 2025. ستستخدم الأموال لإعادة تمويل قرض قائم وتمويل رأس المال العامل، بدء تجربة محورية من المرحلة الثالثة CAN-2409 NSCLC المقررة في الربع الثاني من 2026، والاستعداد لتقديم BLA لسرطان البروستاتا في الربع الرابع من 2026.
Candel Therapeutics (Nasdaq: CADL) 于 2025年10月14日 与 Trinity Capital 签署了一项为期五年的 $130百万 美元贷款额度，成交时已拨付 $50百万，并可在三期内额外获取至 $80百万。
该额度的初始利率选项为 年利率10.25%，36个月的仅计息期（在商业里程碑达成时可延长12个月），并包含惯常的契约条款与违约事件。Candel截至2025年9月30日现金为$87.2百万。资金将用来再融资现有贷款并为营运资金提供资金，启动计划在2026年第二季度的关键性CAN-2409 NSCLC第3阶段试验，以及为2026年第四季度可能的前列腺癌的BLA提交做准备。
- $130M facility increases available capital
- $50M drawn at closing for immediate liquidity
- $87.2M cash on hand strengthens balance sheet
- Funds enable phase 3 CAN-2409 NSCLC initiation in Q2 2026
- Supports preparation for potential BLA submission Q4 2026
- Non-dilutive capital preserves shareholder equity
- Initial interest rate of 10.25% increases financing cost
- Up to $80M contingent on milestones, creating funding uncertainty
- $30M fourth tranche available at lender discretion
- First tranche used to refinance prior loan, maintaining leverage
Insights
Secures non-dilutive liquidity and extends runway to key clinical and potential commercialization milestones.
The five-year, $130 million term loan provides $50 million at closing with up to an additional $80 million subject to milestones and lender discretion, and an initial interest rate of
Dependence on milestone draws and lender discretion creates conditional access to the full facility; covenants and events of default remain standard constraints. Key items to watch are achievement of the regulatory, clinical, and operational milestones tied to the second and third tranches, the lender decision on the fourth tranche, and the company’s burn rate versus runway through initiation of the pivotal phase 3 trial planned in
Financing directly enables initiation of a pivotal phase 3 trial in NSCLC and supports a planned BLA submission for prostate cancer.
The company explicitly states proceeds will fund initiation of a pivotal phase 3 trial of CAN-2409 in non-small cell lung cancer in
Risks include reliance on milestone-triggered tranche availability and lender discretion for the final
$50 million drawn down at closing, with access to up to an additional$80 million - Strengthens Company’s financial position; enables initiation of phase 3 clinical trial of CAN-2409 in non-small cell lung cancer (NSCLC)
- Provides non-dilutive capital and additional financial flexibility ahead of a potential commercial launch in early localized prostate cancer
NEEDHAM, Mass., Oct. 14, 2025 (GLOBE NEWSWIRE) -- Candel Therapeutics, Inc. (Candel or the Company) (Nasdaq: CADL), a clinical-stage biopharmaceutical company focused on developing multimodal biological immunotherapies to help patients fight cancer, today announced that it has entered into a five-year,
The loan facility consists of four tranches, with the first tranche of
“This strategic financing, combined with our cash and cash equivalents of
“We believe Candel’s strong clinical data and innovative approach positions them well to make a real impact for patients facing prostate cancer and NSCLC - conditions with large commercial opportunities and a continued unmet need,” said Rob Lake, Senior Managing Director of Life Sciences at Trinity Capital. “Our investment underscores Trinity’s commitment to provide flexible capital solutions to innovative life sciences companies that are working on bringing important therapies to patients and providers worldwide.”
Paul Peter Tak, M.D., Ph.D., FMedSci, highlighted, “In parallel to this transaction, the Company has also made further portfolio prioritization decisions, and will seek externally funded partnerships for the clinical development of CAN-2409 in pancreatic ductal adenocarcinoma (PDAC). While we have compelling phase 2a data, successfully conducted enabling work for a phase 2b/3 clinical trial in this indication, had a positive Scientific Advisory Board meeting, and were awarded Orphan Designation by the EMA, we decided to completely focus our resources and capital for CAN-2409 on early localized prostate cancer and NSCLC, reinforcing our commitment to advancing breakthrough therapies for patients in two of the largest oncology indications, while delivering sustainable value to shareholders. Furthermore, based on the positive interim data for multiple injections of CAN-3110 in recurrent glioblastoma, from the ongoing phase 1b clinical trial that is funded by the Break Through Cancer foundation, we will conduct enabling work for the design of a small randomized controlled phase 2 clinical trial in this indication, which is within the current budget.”
Proceeds from this facility will be used (i) with respect to the first tranche, solely to refinance that certain Loan and Security Agreement, dated as of February 24, 2022, by and between First-Citizens Bank & Trust Company (as successor to Silicon Valley Bank) and the Company, on the closing date and as working capital and to fund its general corporate purposes, initiation of a pivotal phase 3 clinical trial of CAN-2409 in NSCLC, while preparing for expected submission of a Biologics License Application for CAN-2409 in prostate cancer in the fourth quarter of 2026, and (ii) with respect to any subsequent tranche of loans, solely as working capital and to fund its general corporate purposes, completion of critical launch readiness, medical affairs and pre-commercialization activities, funding for potential commercial launch, upon the potential approval from the U.S. Food and Drug Administration (FDA), as well as ongoing costs from the potential phase 3 clinical trial for NSCLC.
Jefferies LLC acted as the Company’s exclusive financial advisor on this transaction.
About Trinity Capital Inc.
Trinity Capital Inc. (Nasdaq: TRIN) is an international alternative asset manager that seeks to deliver consistent returns for investors through access to private credit markets. Trinity Capital sources and structures investments in well-capitalized growth-oriented companies across five distinct lending verticals: Sponsor Finance, Equipment Finance, Tech Lending, Asset Based Lending, and Life Sciences. As a long-term, trusted partner for innovative companies seeking tailored debt solutions, Trinity Capital has deployed more than
About Candel Therapeutics
Candel is a clinical-stage biopharmaceutical company focused on developing off-the-shelf multimodal biological immunotherapies that elicit an individualized, systemic anti-tumor immune response to help patients fight cancer. Candel has established two clinical-stage multimodal biological immunotherapy platforms based on novel, genetically modified adenovirus and herpes simplex virus (HSV) gene constructs, respectively. CAN-2409 is the lead product candidate from the adenovirus platform.
The Company recently completed successful phase 2a clinical trials of CAN-2409 in NSCLC and PDAC, and a pivotal, placebo-controlled, phase 3 clinical trial of CAN-2409 (aglatimagene besadenovec) in localized prostate cancer, conducted under a Special Protocol Assessment agreed with the FDA. The FDA also granted Regenerative Medicine Advanced Therapy Designation to CAN-2409 for the treatment of newly diagnosed localized prostate cancer in patients with intermediate-to-high-risk disease, Fast Track Designation in NSCLC and prostate cancer, and both Fast Track Designation and Orphan Drug Designation to CAN-2409 for the treatment of PDAC.
CAN-3110 (linoserpaturev) is the lead product candidate from the HSV platform and is currently in an ongoing phase 1b clinical trial in recurrent high-grade glioma. Initial results were published in Nature and Science Translational Medicine and CAN-3110 received Fast Track Designation and Orphan Drug Designation from the FDA. Today, the Company announced positive interim survival data for repeated administrations of CAN-3110 in recurrent glioblastoma. Finally, Candel’s enLIGHTEN™ Discovery Platform is a systematic, iterative HSV-based discovery platform leveraging human biology and advanced analytics to create new viral immunotherapies for solid tumors.
For more information about Candel, visit: www.candeltx.com.
Forward-Looking Statements
This press release includes certain disclosures that contain “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements regarding the Company’s newly-announced term loan facility, including the planned use of proceeds therefor and the intended benefits thereof; expectations regarding the submission of the Biologics License Application for CAN-2409 in prostate cancer; express or implied statements regarding the timing and advancement of current and future development programs; expectations regarding the therapeutic benefit of the Company’s platforms, including the ability of its platforms to improve overall survival and/or disease-free survival of patients living with difficult-to-treat solid tumors; expectations regarding the potential benefits conferred by regulatory designations; and expectations regarding cash runway and expenditures. The words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, the impact of the Company's existing and any future indebtedness on its ability to operate its business; the Company’s ability to access any future tranches under its debt facility and to comply with all of its obligations thereunder; those risks and uncertainties related to the timing and advancement of development programs; expectations regarding the therapeutic benefit of the Company’s programs; that final data from the Company’s preclinical studies and completed clinical trials may differ materially from reported interim data from ongoing studies and trials; the Company’s ability to efficiently discover and develop product candidates; the Company’s ability to obtain and maintain regulatory approval of product candidates; the Company’s ability to maintain its intellectual property; the implementation of the Company’s business model, including strategic plans for the Company’s business and product candidates; and other risks identified in the Company’s filings with the U.S. Securities and Exchange Commission (SEC), including the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, each as filed with the SEC and any subsequent filings with the SEC. The Company cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. The Company disclaims any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions, or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. Any forward-looking statements contained in this press release represent the Company’s views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date.
Investor Contact
Theodore Jenkins
Vice President, Investor Relations and Business Development
Candel Therapeutics, Inc.
tjenkins@candeltx.com
Media Contact
Ben Shannon
Vice President
ICR Healthcare
CandelPR@icrhealthcare.com
FAQ
What are the terms of Candel's Oct 14, 2025 loan facility (CADL)?
How will Candel (CADL) use the proceeds from the Trinity loan?
When will Candel (CADL) begin the phase 3 CAN-2409 trial in NSCLC?
Does the Trinity loan dilute Candel (CADL) shareholders?
What financing risks should CADL investors watch after the loan?
What cash position did Candel (CADL) report alongside the loan announcement?
