Candel Therapeutics (CADL) director receives 32,000 stock options grant

Rhea-AI Filing Summary

Candel Therapeutics, Inc. director Radhakrishnan Maha received a grant of stock options covering 32,000 shares of common stock. The options have an exercise price of $9.08 per share and expire on June 23, 2036.

The option is subject to time-based vesting. All 32,000 underlying shares vest and become exercisable on the earlier of June 23, 2027 or the date of the company’s next annual stockholder meeting, with vesting ending if the director leaves the board unless the board decides otherwise.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Radhakrishnan Maha

Role null

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (Right to Buy)	32,000	$0.00	--

Holdings After Transaction: Stock Option (Right to Buy) — 32,000 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Options granted: 32,000 options Underlying shares: 32,000 shares Exercise price: $9.08 per share +3 more

6 metrics

Options granted 32,000 options Stock Option (Right to Buy) granted to director

Underlying shares 32,000 shares Common Stock underlying the option grant

Exercise price $9.08 per share Option conversion or exercise price

Expiration date June 23, 2036 Option term end date

Vesting date trigger June 23, 2027 Latest vesting date, or earlier next annual meeting

Post-grant derivative holdings 32,000 options Total options held following this transaction

Key Terms

Stock Option (Right to Buy), time-based vesting, Annual Meeting of Stockholders, Board of Directors

4 terms

Stock Option (Right to Buy) financial

"security_title: Stock Option (Right to Buy)"

time-based vesting financial

"This option is subject to time-based vesting."

Time-based vesting is a schedule that gives employees or contractors ownership of granted stock or options gradually as they remain with a company, like unlocking rewards in a loyalty program the longer you stick around. For investors, it matters because it affects future share supply, management incentives and staff retention — all of which can influence company performance and dilution of existing shareholders.

Annual Meeting of Stockholders financial

"the date of the next Annual Meeting of Stockholders of the Issuer"

Board of Directors financial

"resigns from the Board of Directors (the "Board") of the Issuer"

The Board of Directors is a group of people chosen by a company's owners to help make big decisions and oversee how the company is run. They act like a team of advisors or managers, making sure the company stays on track and meets its goals. Their choices can influence the company's success and how it grows.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/24/2026 - 04:36 PM Accepted by SEC EDGAR 06/24/2026 - 04:36 PM Learn about SEC filing dates

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^*

Radhakrishnan Maha

(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)
06/23/2026

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)
			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)	$9.08	06/23/2026		A		32,000		(1)	06/23/2036	Common Stock	32,000	$0	32,000	D

Explanation of Responses:

1. This option is subject to time-based vesting. The shares underlying this option shall vest and become exercisable upon the earlier of (i) June 23, 2027 or (ii) the date of the next Annual Meeting of Stockholders of the Issuer; provided, however, that all vesting shall cease if the Reporting Person resigns from the Board of Directors (the "Board") of the Issuer or otherwise ceases to serve as a director, unless the Board determines that the circumstances warrant continuation of vesting.

	/s/ Charles Schoch, as Attorney-In-Fact for Maha Radhakrishnan	06/24/2026
	** 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)

FAQ

What did Candel Therapeutics (CADL) disclose in this Form 4?

Candel Therapeutics reported that director Radhakrishnan Maha received a grant of stock options for 32,000 shares of common stock. These options are part of director compensation and give the right to buy shares at a fixed exercise price.

How many Candel Therapeutics (CADL) options were granted to the director?

The director received stock options covering 32,000 shares of Candel Therapeutics common stock. Each option represents the right to purchase one share, subject to vesting conditions and the specified exercise price and expiration terms described in the grant.

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

The granted stock options carry an exercise price of $9.08 per share and expire on June 23, 2036. This means the director can buy shares at $9.08 once vested, any time before the expiration date if still serving.

When do the Candel Therapeutics (CADL) director options vest?

All 32,000 options vest and become exercisable on the earlier of June 23, 2027 or the date of the next annual stockholder meeting. Vesting stops if the director leaves the board, unless the board decides to continue vesting.

Is this Candel Therapeutics Form 4 a market purchase or sale?

This Form 4 reflects a grant of stock options as compensation, not a market purchase or sale of shares. The director acquires the right to buy shares in the future at $9.08, subject to vesting, rather than trading stock in the market.