Director Paul B. Manning adds 550,458 Candel (NASDAQ: CADL) shares via revocable trust

Rhea-AI Filing Summary

Candel Therapeutics director Paul B. Manning, through The Paul B. Manning Revocable Trust, completed an open-market purchase of 550,458 shares of common stock at $5.45 per share. After this transaction, indirect holdings include shares in the Trust and in BKB Growth Investments, LLC, plus additional shares held directly and jointly with his spouse.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Manning Paul B

(Last) (First) (Middle)

C/O CANDEL THERAPEUTICS, INC.

117 KENDRICK ST., SUITE 450

(Street)

NEEDHAM MA 02494

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Candel Therapeutics, Inc. [ CADL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/23/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/23/2026		P		550,458	A	$5.45	2,763,527	I	By Paul B. Manning Revocable Trust(1)
Common Stock								1,303,752	I	By BKB Growth Investments, LLC(2)
Common Stock								1,681,000	D(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The shares are held by The Paul B. Manning Revocable Trust dated May 10, 2000 (the "Trust"). The Reporting Person is the trustee of the Trust and has sole voting and investment power with respect to the shares held by the Trust. The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.

2. The shares are held directly by BKB Growth Investments, LLC ("BKB"). The Reporting Person is a co-manager of Tiger Lily Capital, LLC, the manager of BKB, and has shared voting and investment power with respect to the shares held by BKB. The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.

3. Includes shares held jointly with spouse.

	/s/ Charles Schoch, as Attorney-In-Fact for Paul B. Manning	02/26/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Paul B. Manning report for Candel Therapeutics (CADL)?

Paul B. Manning reported an open-market purchase of 550,458 shares of Candel Therapeutics common stock at $5.45 per share. The transaction was executed through The Paul B. Manning Revocable Trust, where he serves as trustee with sole voting and investment power.

How many Candel Therapeutics (CADL) shares were bought and at what price?

The reported transaction involved buying 550,458 Candel Therapeutics common shares at a price of $5.45 per share. This was an open-market purchase executed indirectly through The Paul B. Manning Revocable Trust, as disclosed in the insider filing details and related footnotes.

How are the purchased Candel Therapeutics (CADL) shares held after the Form 4 filing?

The 550,458 purchased shares are held by The Paul B. Manning Revocable Trust, where Manning is trustee with sole voting and investment power. Additional indirect holdings are through BKB Growth Investments, LLC, and further shares are held directly, including some jointly with his spouse.

What does the Form 4 say about Paul B. Manning’s beneficial ownership of CADL shares?

The filing states that Manning disclaims beneficial ownership of shares held by the Trust and by BKB Growth Investments, LLC, except to the extent of his pecuniary interest. This language limits how much of those indirectly held shares is treated as economically his.

What is BKB Growth Investments, LLC’s role in Paul B. Manning’s CADL holdings?

BKB Growth Investments, LLC directly holds a block of Candel Therapeutics shares reported as indirect ownership for Manning. He is a co-manager of Tiger Lily Capital, LLC, BKB’s manager, and has shared voting and investment power over these shares, subject to his pecuniary interest disclaimer.

Are any of Paul B. Manning’s Candel Therapeutics (CADL) shares held jointly with his spouse?

Yes. The Form 4 notes that his direct holdings include shares held jointly with his spouse. These jointly held shares are part of the total direct ownership figure reported after the transaction, as clarified in the filing footnotes.