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

Rhea-AI Filing Summary

Paul B. Manning, Director of Candel Therapeutics (CADL), reported significant insider transactions on June 25, 2025. Manning acquired 1,070,663 shares at $4.67 per share through a registered direct offering, demonstrating substantial insider investment totaling approximately $5 million.

Following the transaction, Manning's beneficial ownership includes:

• 2,213,069 shares held indirectly through the Paul B. Manning Revocable Trust
• 1,303,752 shares held indirectly through BKB Growth Investments, LLC
• 1,681,000 shares held directly (jointly with spouse)

The total beneficial ownership amounts to 5,197,821 shares, indicating significant insider confidence in the company. The purchase was made pursuant to a Securities Purchase Agreement dated June 23, 2025, suggesting a planned strategic investment in the company's future.

Positive

• Director Paul Manning acquired 1,070,663 shares at $4.67 per share through a registered direct offering, representing a significant $5 million investment and demonstrating insider confidence
• Manning maintains substantial total holdings of over 5.1 million shares across direct and indirect ownership, indicating long-term commitment to 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^*

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)
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)		1,070,663	A	$4.67	2,213,069	I	By Paul B. Manning Revocable Trust(2)
Common Stock								1,303,752	I	By BKB Growth Investments, LLC(3)
Common Stock								1,681,000	D(4)

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. 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.

3. 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.

4. Includes shares held jointly with spouse.

	/s/ Charles Schoch, as Attorney-In-Fact for Paul B. Manning	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 Paul Manning acquire on June 25, 2025?

Paul Manning acquired 1,070,663 shares of CADL common stock at a price of $4.67 per share through a registered direct offering on June 25, 2025.

What is Paul Manning's total beneficial ownership of CADL stock after the June 2025 transaction?

After the transaction, Paul Manning beneficially owns a total of 5,197,821 shares of CADL, consisting of: 1,681,000 shares held directly, 2,213,069 shares through the Paul B. Manning Revocable Trust, and 1,303,752 shares through BKB Growth Investments, LLC.

What positions does Paul Manning hold at CADL?

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

How was Paul Manning's June 2025 CADL stock acquisition structured?

The stock acquisition was made through a registered direct offering pursuant to a Securities Purchase Agreement dated June 23, 2025. The shares were acquired at $4.67 per share and held through the Paul B. Manning Revocable Trust.

What is the breakdown of Paul Manning's indirect ownership of CADL stock?

Paul Manning's indirect ownership consists of 2,213,069 shares held through the Paul B. Manning Revocable Trust (where he serves as trustee with sole voting and investment power) and 1,303,752 shares held through BKB Growth Investments, LLC (where he is co-manager of Tiger Lily Capital, LLC with shared voting and investment power).