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

Rhea-AI Filing Summary

Insider Trading Alert: Joseph C. Papa, Director of Candel Therapeutics (NASDAQ: CADL), acquired 64,239 shares of common stock on June 25, 2025, through a registered direct offering at $4.67 per share. The transaction was executed through the Joseph C. Papa Revocable Living Trust.

Key Transaction Details:

• Total shares acquired: 64,239 shares
• Purchase price: $4.67 per share
• Transaction value: approximately $300,000
• Post-transaction holdings: 64,239 shares (indirect) + 38,032 shares (direct)

The acquisition was made pursuant to a Securities Purchase Agreement dated June 23, 2025. The shares are held indirectly through a trust arrangement, with Papa serving as trustee. This insider purchase may signal management's confidence in the company's prospects.

Positive

• Director Joseph C. Papa made a significant open market purchase of 64,239 shares at $4.67 per share, representing approximately $300,000 investment, demonstrating insider confidence in the company

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^*

PAPA JOSEPH C

(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)
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)		64,239	A	$4.67	64,239	I	By Joseph C. Papa Revocable Living Trust(2)
Common Stock								38,032	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.

2. Shares held by Joseph C. Papa Revocable Living Trust, which is wholly owned by a trust for which the Reporting Person serves as trustee. The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein, if any.

	/s/ Charles Schoch, as Attorney-In-Fact for Joseph C. Papa	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 stock did Joseph Papa acquire on June 25, 2025?

Joseph Papa acquired 64,239 shares of CADL common stock on June 25, 2025, at a price of $4.67 per share through the Joseph C. Papa Revocable Living Trust.

What was the total value of CADL shares purchased by Joseph Papa in the June 2025 transaction?

The total value of the transaction was approximately $300,000 (64,239 shares × $4.67 per share), acquired through a registered direct offering pursuant to a Securities Purchase Agreement dated June 23, 2025.

What is Joseph Papa's total CADL stock ownership after the June 2025 purchase?

After the June 2025 transaction, Joseph Papa beneficially owns a total of 102,271 shares of CADL, consisting of 38,032 shares held directly and 64,239 shares held indirectly through the Joseph C. Papa Revocable Living Trust.

What position does Joseph Papa hold at CADL according to the Form 4?

According to the Form 4 filing, Joseph Papa serves as a Director of Candel Therapeutics, Inc. (CADL). He is not listed as an officer or 10% owner of the company.

How was CADL insider Joseph Papa's June 2025 stock purchase executed?

The stock purchase was executed through a registered direct offering pursuant to a Securities Purchase Agreement dated June 23, 2025. The shares were acquired by the Joseph C. Papa Revocable Living Trust, for which Mr. Papa serves as trustee.