[Form 4] Candel Therapeutics, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Candel Therapeutics Chief Scientific Officer Francesca Barone acquired 4,282 shares of common stock on June 25, 2025, through a registered direct offering at a price of $4.67 per share. The transaction was executed pursuant to a Securities Purchase Agreement dated June 23, 2025.

Following this acquisition, Barone now directly owns 100,809 shares of the company's common stock. The Form 4 filing indicates this was a direct ownership transaction, with no derivative securities involved.

• Transaction Type: Registered Direct Offering Purchase
• Total Transaction Value: $19,996.94
• Filing Status: Individual filing by reporting person
• Position: Chief Scientific Officer (Executive Officer)

Positive

• Chief Scientific Officer Francesca Barone purchased 4,282 shares at $4.67 per share through a registered direct offering, demonstrating insider confidence and alignment with shareholder interests

Negative

• None.

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).

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 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)

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

3. Date of Earliest Transaction (Month/Day/Year)
06/25/2025

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	06/25/2025		A(1)		4,282	A	$4.67	100,809	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. Represents shares acquired from the Issuer in a registered direct offering pursuant to the terms of a Securities Purchase Agreement dated as of June 23, 2025.

	/s/ Charles Schoch, as Attorney-In-Fact for Francesca Barone	06/26/2025
	** 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

How many shares of CADL did CSO Francesca Barone acquire on June 25, 2025?

According to the Form 4 filing, Francesca Barone, Chief Scientific Officer of Candel Therapeutics, acquired 4,282 shares of common stock at a price of $4.67 per share on June 25, 2025.

What is the total number of CADL shares owned by Francesca Barone after the June 2025 transaction?

Following the reported transaction, Francesca Barone beneficially owned 100,809 shares of Candel Therapeutics (CADL) common stock directly.

How did CADL's CSO Francesca Barone acquire the new shares in June 2025?

The shares were acquired from Candel Therapeutics in a registered direct offering pursuant to the terms of a Securities Purchase Agreement dated June 23, 2025, as explained in footnote 1 of the Form 4.

Does CADL's CSO Francesca Barone own any derivative securities of the company?

Based on Table II of the Form 4 filing, which reports derivative securities ownership, no derivative securities (such as options, warrants, or convertible securities) were reported as being owned or transacted by Francesca Barone.