Trinity Capital Inc. Provides $130 Million in Growth Capital to Candel Therapeutics, Supporting Development of Viral Immunotherapies to Fight Cancer

Rhea-AI Summary

Trinity Capital (Nasdaq: TRIN) committed $130 million in growth capital to Candel Therapeutics (Nasdaq: CADL) on October 14, 2025 to support development of viral immunotherapies.

The funding is earmarked to support clinical development of CAN-2409 and pre-commercial and launch readiness activities for CAN-2409 in prostate cancer pending regulatory approval. Candel's pipeline includes CAN-2409 and CAN-3110 targeting solid tumors (prostate, pancreatic, lung, brain).

Candel has received multiple FDA designations: RMAT for localized prostate cancer, Fast Track for localized prostate and non-small cell lung cancer, and dual Fast Track and Orphan Drug designations for pancreatic and brain cancer programs.

Positive

• $130 million committed by Trinity Capital
• Funding supports CAN-2409 clinical development and launch readiness
• Multiple FDA designations (RMAT, Fast Track, Orphan) across programs

Negative

• Commercial launch for CAN-2409 is contingent on regulatory approval

Insights

Capital Markets & Structuring Expert

Trinity committed $130 million to Candel, a sizeable growth-capital deal that materially bolsters Candel's funding for clinical and launch activities.

Trinity Capital's commitment of $130 million represents a direct financing event that improves Candel's near-term liquidity and supports planned clinical and pre-commercial work for CAN-2409. This transaction is a cash infusion tied explicitly to development and launch readiness, which reduces near-term funding risk for the programs named.

The main dependencies are the timing and terms of drawdowns, any milestone or covenants linked to the funding, and regulatory outcomes for launch eligibility; these are not specified here. Watch for disclosures of the financing structure (draw schedule, interest or equity components) and any subsequent filings in the next several quarters for clarity on dilution or repayment mechanics.

Clinical Development & Commercialization Expert

Funding targets clinical development of CAN-2409 and pre-commercial work, directly supporting progression toward potential approval and launch.

Candel Therapeutics will use the proceeds to advance clinical development of CAN-2409 and to prepare pre-commercial and launch readiness efforts in prostate cancer pending regulatory approval. The announcement lists multiple FDA designations for Candel's programs, which contextualize regulatory pathways and potential expedited review, though no new clinical data or approval is disclosed here.

Key items to watch include progress toward any regulatory milestones tied to CAN-2409, updates on clinical endpoints or pivotal study timelines, and statements about conditionality of the financing to regulatory outcomes; monitor these over the next several quarters as the company executes trials and commercialization planning.

PHOENIX, Oct. 14, 2025 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN) (the "Company"), a leading alternative asset manager, today announced the commitment of $130 million in growth capital to Candel Therapeutics, Inc. (Nasdaq: CADL) ("Candel"), a clinical-stage biopharmaceutical company focused on developing viral immunotherapies to help patients fight cancer.

Candel Therapeutics is developing a clinical pipeline of off-the-shelf cancer treatments that aim to empower a patient's own immune system to fight cancer. The company's leading therapies, CAN-2409 and CAN-3110, focus on treating solid tumors in a variety of cancers including prostate, pancreatic, lung, and brain cancer. Candel has been granted multiple FDA designations, including Regenerative Medicine Advanced Therapy Designation (RMAT) for the treatment of localized prostate cancer, Fast Track Designation for localized prostate cancer and non-small cell lung cancer, and dual Fast Track and Orphan Drug designations for both its pancreatic and brain cancer programs.

"As cancer incidence continues to rise, the need for truly transformative therapies has never been greater," said Rob Lake, Senior Managing Director of Life Sciences at Trinity Capital. "We're proud to partner with innovators like Candel, whose compelling clinical evidence proves their potential to change the treatment paradigm for patients facing critical conditions."

Trinity's investment will be used to support Candel's clinical development of CAN-2409, as well as pre-commercial and launch readiness activities for CAN-2409 in prostate cancer, pending regulatory approval.

"Trinity Capital's partnership marks a pivotal moment for Candel," said Paul Peter Tak, MD, PhD, FMedSci, President and Chief Executive Officer of Candel Therapeutics. "This strategic financing strengthens our balance sheet and accelerates our ability to advance innovative viral immunotherapies for patients with early localized prostate cancer, non-small cell lung cancer, and glioblastoma. With Trinity's flexible life science capital solutions, we are well positioned to drive growth, execute our commercialization strategy, and deliver long-term value for shareholders — reinforcing our commitment to leadership in oncology."

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 $4.7 billion across over 420 investments since inception in 2008 (As of June 30, 2025). Headquartered in Phoenix, Arizona, Trinity Capital's dedicated team is strategically located across the United States and Europe. For more information on Trinity Capital, please visit trinitycapital.com and stay connected to the latest activity via LinkedIn and X (@trincapital).

About Candel Therapeutics
Candel is a clinical-stage biopharmaceutical company focused on developing off-the-shelf, multimodal viral 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 non-small cell lung cancer (NSCLC) and pancreatic ductal adenocarcinoma (PDAC), and a pivotal, randomized, placebo-controlled, phase 3 clinical trial of CAN-2409 in localized prostate cancer, conducted under a Special Protocol Assessment (SPA) agreed with the FDA. CAN-2409 plus prodrug (valacyclovir) has been granted Fast Track Designation by the FDA for the treatment of PDAC, stage III/IV NSCLC in patients who are resistant to first line PD-(L)1 inhibitor therapy and who do not have activating molecular driver mutations or have progressed on directed molecular therapy and localized primary prostate cancer in combination with radiation therapy. The FDA also granted Regenerative Medicine Advanced Therapy (RMAT) Designation to CAN-2409 for the treatment of newly diagnosed localized prostate cancer in patients with intermediate-to-high-risk disease and Orphan Drug Designation to CAN-2409 for the treatment of PDAC. 

CAN-3110 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 CAN-3110 received Fast Track Designation and Orphan Drug Designation from the FDA. 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

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SOURCE Trinity Capital Inc.

FAQ

What did Trinity Capital (TRIN) announce on October 14, 2025 regarding Candel Therapeutics (CADL)?

Trinity Capital committed $130 million in growth capital to Candel to support clinical development and launch readiness of CAN-2409.

How will the $130 million investment from TRIN be used by CADL?

The funding will support clinical development of CAN-2409 and pre-commercial and launch readiness activities for prostate cancer, pending approval.

Which Candel programs have FDA designations mentioned in the October 14, 2025 announcement?

Candel received RMAT for localized prostate cancer, Fast Track for localized prostate and non-small cell lung cancer, and dual Fast Track and Orphan Drug for pancreatic and brain programs.

Does the Trinity Capital financing guarantee CAN-2409 commercial launch for CADL?

No. The announcement states launch readiness is supported but commercial launch is pending regulatory approval.

Which cancer types are targeted by Candel's CAN-2409 and CAN-3110 programs in the October 14, 2025 release?

The programs target solid tumors including prostate, pancreatic, lung, and brain cancers.

How did Candel's CEO describe the impact of Trinity Capital's financing on October 14, 2025?

Candel's CEO said the strategic financing strengthens the balance sheet and accelerates advancement of viral immunotherapies and commercialization strategy.