Welcome to our dedicated page for Candel Therapeutics SEC filings (Ticker: CADL), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Candel Therapeutics' SEC filings reveal the financial and operational details behind its clinical-stage viral immunotherapy programs. For a biotechnology company pursuing novel cancer treatments, these regulatory documents disclose critical information about clinical trial expenses, cash runway projections, and development milestone achievements that standard press releases often summarize without context.
The company's 10-K annual reports detail research and development spending across different programs, partnership agreements with research institutions, and the intellectual property portfolio protecting its GMCI™ and rQNestin34.5 platforms. These disclosures show which therapeutic candidates receive the most investment and how clinical trial costs evolve as programs advance through development phases. The 10-Q quarterly filings track cash burn rates, enrollment progress in ongoing trials, and any material changes to development timelines that affect the company's capital requirements.
Form 8-K filings announce material events including clinical trial results, financing transactions, regulatory decisions, and leadership changes—often with more technical detail than press releases. For Candel, these filings frequently disclose specifics about term loan agreements, registered direct offerings, and at-the-market equity programs that fund operations. Form 4 filings reveal when executives and directors buy or sell shares, providing insight into insider sentiment around the company's prospects.
AI-powered summaries on this page explain complex accounting treatments for clinical trial accruals, stock-based compensation expense, and milestone payment obligations in licensing agreements. Quarterly reports show how patient enrollment rates affect projected data readout timelines, while proxy statements detail executive compensation structures that align management incentives with clinical development goals. Access complete SEC filing history with analysis that saves hours of manual document review.
Candel Therapeutics reported that it will host a virtual Research and Development Day on December 5, 2025, from 11:00 a.m. to 1:45 p.m. Eastern Time. The event will provide an extensive overview of the company’s viral immunotherapy approach and its oncology-focused pipeline.
The investor presentation used for the event is being furnished as Exhibit 99.1 and will also be available in the investor relations section of the company’s website. Candel states that this information is being furnished rather than filed and will not be treated as part of its other securities law filings.
Candel Therapeutics (CADL) reported a Q3 2025 net loss of $11.3 million, or $0.21 per share. Operating expenses rose to $13.2 million, driven by research and development of $8.5 million and general and administrative of $4.7 million. Other income benefited from a $1.1 million gain related to warrant liability remeasurement.
For the nine months ended September 30, 2025, net loss was $8.7 million, reflecting a $21.7 million non-cash gain from changes in warrant liability. Cash, cash equivalents and restricted cash totaled $87.2 million at quarter-end, with total assets of $93.6 million and stockholders’ equity of $80.1 million.
Subsequent to quarter-end, the company entered a new term loan facility of up to $130.0 million and drew $50.0 million on October 14, 2025 at a floating rate initially 10.25%, issued lender warrants, and repaid its SVB loan. A new $300.0 million shelf and a $50.0 million ATM were established in August 2025; no sales occurred under the 2025 ATM through November 5, 2025. As of November 5, 2025, shares outstanding were 54,898,303. Management believes existing resources will fund planned operations for at least 12 months.
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.
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