Candel Therapeutics (CADL) CMO granted 136,500 stock options

Rhea-AI Filing Summary

Candel Therapeutics Chief Medical Officer William Garrett Nichols received a stock option award reported on a Form 4. On January 26, 2026, he was granted an option to buy 136,500 shares of Candel common stock at an exercise price of $6.01 per share.

The option vests in 48 equal monthly installments following January 26, 2026, contingent on his continued service. The option expires on January 26, 2036. After this grant, Nichols directly beneficially owns 136,500 derivative securities linked to Candel common stock.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Nichols William Garrett

Role Chief Medical Officer

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (Right to Buy)	136,500	$0.00	--

Holdings After Transaction: Stock Option (Right to Buy) — 136,500 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

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^*

Nichols William Garrett

(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 Medical Officer

3. Date of Earliest Transaction (Month/Day/Year)
01/26/2026

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

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
Stock Option (Right to Buy)	$6.01	01/26/2026		A		136,500		(1)	01/26/2036	Common Stock	136,500	$0	136,500	D

Explanation of Responses:

1. This option is subject to time-based vesting. The shares underlying this option shall vest and become exercisable in forty-eight (48) equal monthly installments following January 26, 2026, subject to the Reporting Person's continued service on each vesting date.

	/s/ Charles Schoch, as Attorney-in-Fact for William Garrett Nichols	01/28/2026
	** 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.

FAQ

What insider transaction did Candel Therapeutics (CADL) report for its CMO?

Candel Therapeutics reported a Form 4 showing Chief Medical Officer William Garrett Nichols received a stock option. The grant covers 136,500 shares of common stock at a $6.01 exercise price, awarded on January 26, 2026, as equity-based compensation.

How many Candel Therapeutics (CADL) shares are covered by the new option grant?

The new stock option grant to Candel Therapeutics’ Chief Medical Officer covers 136,500 shares of common stock. These are underlying shares that may be purchased upon exercise of the option, subject to vesting and payment of the $6.01 per share exercise price.

What is the exercise price and term of the Candel (CADL) CMO stock option?

The stock option granted to Candel’s Chief Medical Officer has a $6.01 exercise price per share. It expires on January 26, 2036, giving a ten-year term during which, once vested, the option can potentially be exercised for Candel common stock.

How does the Candel Therapeutics (CADL) CMO option vest over time?

The option granted to Candel Therapeutics’ Chief Medical Officer vests in forty-eight equal monthly installments. Vesting starts after January 26, 2026, and each installment requires his continued service on the applicable vesting date to become exercisable.

What is the Candel (CADL) CMO’s holdings after this Form 4 transaction?

Following the reported transaction, Candel’s Chief Medical Officer beneficially owns 136,500 derivative securities. These represent stock options linked to Candel common stock, held directly, and reflect the full amount of the newly granted award reported on the Form 4.

Is the Candel Therapeutics (CADL) CMO option grant a direct or indirect holding?

The Form 4 indicates the Chief Medical Officer’s option grant is held as a direct ownership position. The filing lists the 136,500 derivative securities as directly owned, with no separate entity or indirect beneficial ownership structure disclosed in the footnotes.