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

Rhea-AI Filing Summary

Insider Trading Alert: Gary J. Nabel, Director of Candel Therapeutics (NASDAQ: CADL), acquired 5,353 shares of common stock on June 25, 2025, at a price of $4.67 per share. The total transaction value amounts to approximately $25,000.

The shares were acquired through a registered direct offering pursuant to a Securities Purchase Agreement dated June 23, 2025. Following the transaction, Nabel directly owns 5,353 shares of Candel Therapeutics.

This Form 4 filing, submitted on June 28, 2025, represents a direct purchase of shares by a company insider, potentially signaling confidence in the company's prospects. The transaction was executed through an attorney-in-fact, Charles Schoch, who signed the filing on Nabel's behalf.

Positive

• Director Gary J. Nabel purchased 5,353 shares at $4.67 per share ($25,000 total) through a registered direct offering, 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^*

Nabel Gary J.

(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)		5,353	A	$4.67	5,353	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 Gary J. Nabel	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 Director Gary Nabel purchase on June 25, 2025?

Director Gary J. Nabel acquired 5,353 shares of CADL common stock on June 25, 2025, through a registered direct offering at a price of $4.67 per share.

What was the purchase price per share for CADL stock in the June 2025 insider transaction?

The purchase price was $4.67 per share for the CADL common stock acquired by Director Gary Nabel in the registered direct offering.

What type of transaction was CADL's June 25, 2025 insider purchase?

The transaction was a registered direct offering pursuant to a Securities Purchase Agreement dated June 23, 2025, where Director Gary Nabel acquired shares directly from Candel Therapeutics (CADL).

What is Gary Nabel's role at CADL and how many shares does he own after the June 2025 transaction?

Gary J. Nabel serves as a Director of Candel Therapeutics (CADL). Following the June 25, 2025 transaction, he directly owns 5,353 shares of CADL common stock.

Did CADL Director Gary Nabel's June 2025 stock purchase comply with Rule 10b5-1?

The Form 4 filing does not indicate this transaction was made pursuant to a Rule 10b5-1 trading plan, as the corresponding checkbox was not marked on the form.