Candel holder plans $3.4M Rule 144 share sale

Paul Peter Tak filed a Rule 144 notice to potentially sell 280,245 CADL shares valued at about $3.41 million, largely from vested equity awards.

Rhea-AI Filing Summary

Candel Therapeutics, Inc. (CADL) received a notice that stockholder Paul Peter Tak intends to sell up to 280,245 shares of common stock under Rule 144 through Morgan Stanley Smith Barney LLC. The filing lists an aggregate market value of $3,410,581.65 for these shares and references 76,518,565 shares outstanding of the same class.

The shares derive from equity compensation: 125,000 shares from stock options to be exercised on September 10, 2026, 12,900 shares from previously exercised options dated November 21, 2024, and 142,345 shares from restricted stock units with an acquisition date of July 9, 2024. The notice states the securities to be sold were acquired upon the vesting of restricted stock units during the period from July 9, 2024 through January 14, 2025.

Key Figures

Shares proposed for Rule 144 sale: 280,245 shares Aggregate market value of shares: $3,410,581.65 Shares outstanding of common stock: 76,518,565 shares +5 more

8 metrics

Shares proposed for Rule 144 sale 280,245 shares Common stock to be sold through Morgan Stanley Smith Barney LLC

Aggregate market value of shares $3,410,581.65 Value associated with 280,245 shares of CADL common stock

Shares outstanding of common stock 76,518,565 shares Number of CADL common shares outstanding for the class being sold

Shares from stock options (to be exercised) 125,000 shares Common shares underlying options with an acquisition date of September 10, 2026

Shares from previously exercised stock options 12,900 shares Common shares acquired from options on November 21, 2024

Shares from restricted stock units 142,345 shares Common shares tied to RSUs with an acquisition date of July 9, 2024

Equity vesting period referenced July 9, 2024 through January 14, 2025 Period during which RSUs vested for the securities to be sold

Approximate sale date September 10, 2026 Approximate date of sale for the 280,245 shares on NASDAQ

Key Terms

Rule 144, restricted stock units, Exercise of Stock Options, Previously Exercised Stock Options, +1 more

5 terms

Rule 144 regulatory

"See the definition of "person" in paragraph (a) of Rule 144."

Rule 144 is a U.S. securities regulation that sets conditions under which restricted or insider-held shares can be legally resold to the public, such as required holding periods, availability of public information, limits on how much can be sold at once, and certain filing requirements. For investors it matters because it determines when previously locked-up shares can enter the market — like a release valve that can increase supply, affect share price, and signal insider intent.

restricted stock units financial

"Restricted Stock Units | Issuer | | | 142345 | 07/09/2024 | N/A"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Exercise of Stock Options financial

"Exercise of Stock Options | Issuer | | | 125000 | 09/10/2026 | Cash"

Previously Exercised Stock Options financial

"Previously Exercised Stock Options | Issuer | | | 12900 | 11/21/2024 | Cash"

aggregate market value financial

"| 280245 | 3410581.65 | 76518565 | 09/10/2026 | NASDAQ"

Aggregate market value is the combined price you would pay to buy all outstanding shares of a company or all companies in a group at current market prices — essentially the sum of each stock’s market capitalization. It matters to investors because it shows the overall size and weight of an investment or sector (like the total cost to buy every piece of a puzzle), helps compare scale across companies or markets, and influences index composition and risk exposure.

FAQ

What does the Form 144 filing disclose for Candel Therapeutics (CADL)?

It discloses that stockholder Paul Peter Tak plans a potential Rule 144 sale of up to 280,245 shares of CADL common stock, with an indicated aggregate market value of $3,410,581.65, to be sold through Morgan Stanley Smith Barney LLC.

How many Candel Therapeutics (CADL) shares are proposed to be sold under this Form 144?

The notice covers up to 280,245 shares of CADL common stock. These include 125,000 option shares, 12,900 previously exercised option shares, and 142,345 restricted stock unit shares listed in the securities-to-be-sold section.

What is the approximate value of the CADL shares covered by this Form 144?

The filing lists an aggregate market value of $3,410,581.65 for the 280,245 CADL shares that may be sold. This value appears in the securities information section associated with the proposed Rule 144 sale.

What is the share count context for Candel Therapeutics (CADL) in this notice?

The Form 144 references 76,518,565 shares of CADL common stock as the number of shares outstanding for the class being sold, providing context relative to the 280,245 shares covered by the planned Rule 144 sale.

How were the Candel Therapeutics (CADL) shares to be sold acquired?

The shares were acquired through equity awards: stock options (including 125,000 to be exercised and 12,900 previously exercised) and 142,345 restricted stock units. The remarks state the securities were acquired upon vesting of restricted stock units from July 9, 2024 through January 14, 2025.

When is the approximate sale date for the CADL shares under this Form 144?

The securities information section shows an approximate date of sale of September 10, 2026 for the 280,245 CADL shares proposed to be sold under Rule 144 on the NASDAQ market.

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Available on EDGAR 09/10/2026 - 04:39 PM Accepted by SEC EDGAR 09/10/2026 - 04:39 PM Learn about SEC filing dates

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK	0001873905
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	CANDEL THERAPEUTICS, INC.
SEC File Number	001-40629
Address of Issuer	117 Kendrick St, Suite 450 Needham MASSACHUSETTS 02494
Phone	6179165445
Name of Person for Whose Account the Securities are To Be Sold	PAUL PETER TAK
See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.
Relationship to Issuer	Director
Relationship to Issuer	Officer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	280245	3410581.65	76518565	09/10/2026	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	09/10/2026	Exercise of Stock Options	Issuer			125000	09/10/2026	Cash
Common	11/21/2024	Previously Exercised Stock Options	Issuer			12900	11/21/2024	Cash
Common	07/09/2024	Restricted Stock Units	Issuer			142345	07/09/2024	N/A

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks	The securities to be sold were acquired upon the vesting of restricted stock units during the period of 7/9/2024 through 1/14/2025
Date of Notice	09/10/2026
Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1	06/11/2026
ATTENTION:
The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.
Signature	/s/ Paul Peter Tak
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)