Candel Therapeutics (CADL) CSO executes 23,447-share open-market sale under 10b5-1 plan

Rhea-AI Filing Summary

Candel Therapeutics Chief Scientific Officer Francesca Barone sold 23,447 shares of common stock in an open-market transaction at a weighted average price of $10.0554 per share on June 29, 2026. The sale was executed under a Rule 10b5-1 trading plan adopted on March 16, 2026, and Barone now directly holds 77,362 shares.

Insights

Insider trading and governance analyst

Pre-planned insider sale of 23,447 shares, with 77,362 shares retained.

Chief Scientific Officer Francesca Barone completed an open-market sale of 23,447 shares of Candel Therapeutics common stock at a weighted average price of $10.0554 per share on June 29, 2026. This is a straightforward non-derivative sale, not an option exercise.

The filing states the trade was made under a Rule 10b5-1 trading plan adopted on March 16, 2026. Such plans pre-schedule transactions, so the timing carries limited informational value about the insider’s current view of the stock. After this transaction, Barone directly owns 77,362 shares, indicating she maintains a meaningful ongoing position.

The price was reported as a weighted average, with multiple trades between $10.00 and $10.14. Future company filings may show whether additional sales occur under the same plan or whether her overall holdings change materially over later reporting periods.

Insider Trade Summary 10b5-1

Net Seller: 23,447 shares ($235,769)

Net Sell 1 txn

Insider Barone Francesca

Role Chief Scientific Officer

Sold 23,447 shs ($236K)

Type	Security	Shares	Price	Value
Sale	Common Stock	23,447	$10.0554	$236K

Holdings After Transaction: Common Stock — 77,362 shares (Direct, null)

Footnotes (1)

1. This transaction reported on this Form 4 was effected pursuant to a 10b5-1 trading plan adopted on 3/16/2026. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.00 to $10.14, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote 2 herein.

Key Figures

Shares sold: 23,447 shares Weighted average sale price: $10.0554 per share Post-transaction holdings: 77,362 shares +2 more

5 metrics

Shares sold 23,447 shares Open-market sale on June 29, 2026

Weighted average sale price $10.0554 per share Common stock sale on June 29, 2026

Post-transaction holdings 77,362 shares Direct ownership after the sale

Price range of sales $10.00–$10.14 per share Multiple trades included in weighted average

10b5-1 plan adoption date March 16, 2026 Plan governing the June 29, 2026 sale

Key Terms

Rule 10b5-1 trading plan, weighted average price, open-market sale, non-derivative

4 terms

Rule 10b5-1 trading plan regulatory

"This transaction reported on this Form 4 was effected pursuant to a 10b5-1 trading plan adopted on 3/16/2026."

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

non-derivative financial

""transaction_type": "non-derivative""

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/01/2026 - 04:23 PM Accepted by SEC EDGAR 07/01/2026 - 04:22 PM Learn about SEC filing dates

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

X

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^*

Barone Francesca

(Last) (First) (Middle)

C/O CANDEL THERAPEUTICS, INC.

117 KENDRICK ST., SUITE 450

(Street)

NEEDHAM MASSACHUSETTS 02494

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/29/2026

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

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

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

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	06/29/2026		S(1)		23,447	D	$10.0554(2)	77,362	D

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. This transaction reported on this Form 4 was effected pursuant to a 10b5-1 trading plan adopted on 3/16/2026.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.00 to $10.14, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote 2 herein.

	/s/ Charles Schoch, as Attorney-in-Fact for Francesca Barone	07/01/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did CADL’s Chief Scientific Officer report?

Candel Therapeutics’ Chief Scientific Officer, Francesca Barone, reported an open-market sale of 23,447 shares of common stock. The sale occurred on June 29, 2026 at a weighted average price of $10.0554 per share, with multiple trades between $10.00 and $10.14.

At what price did Francesca Barone sell Candel Therapeutics (CADL) shares?

The reported sale used a weighted average price of $10.0554 per share. According to the filing, the transactions occurred in multiple trades at prices ranging from $10.00 to $10.14, and the insider can provide detailed breakdowns upon request to investors or regulators.

How many Candel Therapeutics (CADL) shares does the CSO hold after the sale?

Following the reported transaction, Chief Scientific Officer Francesca Barone directly owns 77,362 shares of Candel Therapeutics common stock. This figure reflects her holdings after selling 23,447 shares on June 29, 2026, as disclosed in the Form 4 insider trading report.

Was the CADL insider sale made under a Rule 10b5-1 trading plan?

Yes. The filing states that the transaction was effected pursuant to a Rule 10b5-1 trading plan adopted on March 16, 2026. These pre-arranged plans schedule trades in advance, so the timing of the sale is typically considered routine rather than discretionary.

What type of transaction did CADL’s CSO report in the Form 4?

The Form 4 reports an open-market sale of common stock, coded as “S” for sale. It is a non-derivative transaction, meaning it did not involve the exercise or conversion of options or other derivatives, and was executed directly in the market.

Does the Form 4 for Candel Therapeutics (CADL) mention trade price ranges?

Yes. A footnote explains that the reported price is a weighted average, with individual sales executed between $10.00 and $10.14 per share. The insider has committed to provide detailed trade-level price information on request to the issuer, shareholders, or SEC staff.