Candel Therapeutics, Inc. SEC Filings

Candel Therapeutics entered a Loan and Security Agreement for up to $130.0 million in term debt with Trinity Capital and other lenders, securing the debt with a first‑priority lien on substantially all assets. The Company drew the $50.0 million first tranche at closing. Additional tranches of $20.0 million, $30.0 million, and $30.0 million are available upon meeting specified milestones or lender discretion.

The facility matures on October 1, 2030, carries a floating rate with a 9.75% floor (initial rate 10.25%), a 36‑month interest‑only period extendable by 12 months upon a commercial milestone, an Exit Fee of 4.25% on amounts drawn at maturity/early termination, and tiered prepayment premiums of 3%/2%/1%. If market cap is below $550 million, minimum pledged cash covenants apply at 67.5% of outstanding obligations from July 1, 2026 (until specified financings) and 75% from the earlier of October 1, 2027 or certain regulatory notices until approvals.

Lenders received warrants equal to 3.0% of each draw at a $5.89 exercise price; the first draw produced a warrant for 254,642 shares (10‑year term, cashless exercise). Existing warrants’ expiration was extended to September 30, 2027, and certain holders agreed to a 6‑month lock‑up and provided releases. Cash and equivalents were $87.2 million as of September 30, 2025. Interim CAN‑3110 data showed mOS of 11.8 months (arm A) and 12.0 months (arm B); additional arm C data are expected in Q4 2026.

Candel Therapeutics filed a Form S-3 shelf registration to offer up to $300,000,000 of securities, including a separate sale-agreement prospectus to sell up to $50,000,000 of common stock under an at-the-market agreement with Jefferies LLC. The prospectus states the company is a clinical-stage developer of off-the-shelf viral immunotherapies. The lead adenovirus candidate, CAN-2409, recently completed a successful Phase 3 trial in localized prostate cancer and produced positive Phase 2a results in non-small cell lung cancer and borderline resectable pancreatic ductal adenocarcinoma. The HSV-based candidate CAN-3110 is in an ongoing investigator-sponsored Phase 1b trial for recurrent high-grade glioma.

The document discloses Nasdaq listing (ticker CADL) with a closing price of $6.35 on August 12, 2025, 54,895,099 shares outstanding as of August 1, 2025, and outstanding Series B warrants (3,672,484 unconditional and up to 3,672,484 conditional). Use of proceeds is described as working capital, R&D, manufacturing, clinical trials and potential acquisitions. The company identifies itself as an emerging growth company and a smaller reporting company and includes corporate governance provisions such as a classified board and broad preferred-stock authorization.

Candel Therapeutics, Inc. (CADL) reported interim results showing material clinical progress and a strengthened balance sheet as of June 30, 2025. Cash and cash equivalents totaled $100.7 million and total assets were $105.97 million. For the six months ended June 30, 2025 the company reported net income of $2.6 million, driven largely by a $20.6 million favorable change in the fair value of a warrant liability, compared with a net loss of $30.5 million in the prior-year period. The company recorded operating expenses of $19.3 million for the six months.

On the clinical front, CAN-2409 achieved a positive phase 3 result in intermediate-to-high-risk localized prostate cancer under an FDA SPA (p=0.0155; HR 0.70), with median DFS not reached vs. 86.1 months for placebo. Management expects to submit a biologics license application in Q4 2026. Additional positive clinical data were reported for CAN-2409 in NSCLC and pancreatic cancer and ongoing CAN-3110 data support repeat-dosing exploration. The filing also discloses an accumulated deficit of $189.6 million, a current term loan balance and the company’s statement that additional financing will be required to fund operations beyond the next 12 months if circumstances change.