Candel Therapeutics (CADL) director granted 4,618 fully vested stock options

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Candel Therapeutics director Paul B. Manning received a stock option grant covering 4,618 shares of Common Stock. The options have an exercise price of $4.90 per share, were fully vested at the time of grant, and expire on March 31, 2036. According to the filing, this award was given in lieu of normal quarterly cash payments, and following the grant he holds options for 4,618 shares directly.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Manning Paul B

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (Right to Buy)	4,618	$4.114	$19K

Holdings After Transaction: Stock Option (Right to Buy) — 4,618 shares (Direct)

Footnotes (1)

[object Object]

Key Figures

Option grant size: 4,618 options Exercise price: $4.90 per share Grant valuation reference: $4.1140 per option +3 more

6 metrics

Option grant size 4,618 options Stock Option (Right to Buy) underlying Common Stock shares granted

Exercise price $4.90 per share Conversion or exercise price of the stock options

Grant valuation reference $4.1140 per option Transaction price per derivative security reported for the award

Options after transaction 4,618 options Total derivative securities beneficially owned following transaction

Exercise date April 1, 2026 Exercise date associated with the stock option award

Expiration date March 31, 2036 Expiration of the stock option (Right to Buy)

Key Terms

Stock Option (Right to Buy), grant/award acquisition, derivative securities, Common Stock, +1 more

5 terms

Stock Option (Right to Buy) financial

"security_title: Stock Option (Right to Buy)"

grant/award acquisition financial

"transaction_action: grant/award acquisition"

derivative securities financial

"derivativeTransactionCount for all derivative-type records"

Financial contracts whose value is tied to the price or performance of another asset, such as a stock, bond, commodity, index, or currency; examples include options, futures and swaps. They matter to investors because they let you protect against price swings, bet on future moves or gain larger exposure with less upfront cash—like using a lever or insurance policy on an investment—so they can amplify gains and losses and help manage portfolio risk.

Common Stock financial

"underlying_security_title: Common Stock"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

fully vested at time of grant financial

"The underlying award quantity is fully vested at time of grant"

Form 4 Insider Transactions: What Each Field Means →

04/02/2026 - 05:17 PM

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

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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option (Right to Buy)	$4.9	03/31/2026		A		4,618		04/01/2026⁽¹⁾	03/31/2036	Common Stock	4,618	$4.114	4,618	D

Explanation of Responses:

1. This award has been granted in lieu of normal quarterly cash payments. The underlying award quantity is fully vested at time of grant.

	/s/ Charles Schoch, as Attorney-In-Fact for Paul B. Manning	04/02/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

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

Candel Therapeutics reported that director Paul B. Manning received a grant of stock options for 4,618 shares of Common Stock. The grant is recorded as an acquisition under a compensation award, not an open-market purchase or sale of existing shares.

How many stock options did the Candel Therapeutics director receive in this Form 4?

The director received a stock option award for 4,618 underlying shares of Candel Therapeutics Common Stock. These options were fully vested at the time of grant and represent his entire option position shown, with 4,618 derivative securities held following the transaction.

What is the exercise price and expiration date of the CADL stock options granted?

The stock options granted to the director have an exercise price of $4.90 per share and an expiration date of March 31, 2036. This means he can choose to buy shares at $4.90 any time before that expiration, subject to plan terms.

Was the Candel Therapeutics (CADL) option grant part of regular compensation?

Yes. The footnote states the award was granted in lieu of normal quarterly cash payments. This indicates the stock option grant functions as a form of routine director compensation rather than a discretionary open-market trade, and the options were fully vested when granted.

Did Paul B. Manning buy or sell CADL shares on the market in this filing?

No market buy or sell is reported. The Form 4 shows a derivative transaction coded as a grant or award, where the director acquired stock options instead of cash. There are no open-market purchase (P) or sale (S) transactions disclosed in this filing.

How many Candel Therapeutics option shares does the director hold after this grant?

Following the grant, the director holds stock options covering 4,618 shares of Candel Therapeutics Common Stock. The filing lists 4,618 derivative securities beneficially owned after the transaction, all held directly as a result of this compensation-related award.