Candel CEO sells 280K shares after option exercise

Candel Therapeutics’ CEO exercised stock options and sold common shares under a pre-arranged Rule 10b5-1 trading plan.

Rhea-AI Filing Summary

Candel Therapeutics, Inc. (CADL) reported that Chief Executive Officer and director Paul Peter Tak exercised options and sold shares of common stock. On September 10, 2026, he exercised options to acquire 125,000 shares at $1.55 per share, and on the same day sold 220,866 shares at a weighted average price of $11.4997 per share in multiple trades. On September 11, 2026, he sold an additional 59,379 shares at a weighted average price of $10.4564 per share in multiple trades. The option exercise related to an award expiring on October 10, 2030, and following that exercise 1,638,968 option-linked shares remained outstanding. All reported transactions were effected pursuant to a Rule 10b5-1 trading plan adopted on March 13, 2026 and modified on June 11, 2026.

Insider Trade Summary 10b5-1

Exercise and sale activity reported; no spread calculated

Exercise and Sale 4 txns

Insider Tak Paul Peter

Role Chief Executive Officer

Sold 280,245 shs ($3.16M)

Approx. gross sale proceeds $3.16M

Approx. exercise cost $194K

Type	Security	Shares	Price	Value
Sale	Common Stock F1, F3	59,379	$10.4564	$621K
Exercise	Stock Option (Right to Buy) F1, F4	125,000	$0.00	$0.00
Exercise	Common Stock F1	125,000	$1.55	$194K
Sale	Common Stock F1, F2	220,866	$11.4997	$2.54M

Holdings After Transaction: Stock Option (Right to Buy) — 1,638,968 contracts (Direct); Common Stock — 113,321 shares (Direct)

Footnotes (4)

1. F1. This transaction reported on this Form 4 was effected pursuant to a 10b5-1 plan adopted on 3/13/2026 and modified on 6/11/2026.
2. F2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $11.20 to $12.07, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote 2 herein.
3. F3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $9.86 to $11.39, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote 3 herein.
4. F4. 25% of this option vested and became exercisable on October 10, 2020, with another 25% vesting on September 14, 2021, and the remainder vesting in 36 substantially equal monthly installments thereafter.

Key Figures

Shares sold September 10, 2026: 220,866 shares Weighted average sale price September 10, 2026: $11.4997 per share Shares sold September 11, 2026: 59,379 shares +5 more

8 metrics

Shares sold September 10, 2026 220,866 shares Common stock sold in open-market transactions at a weighted average price

Weighted average sale price September 10, 2026 $11.4997 per share Common stock sales in multiple transactions between $11.20 and $12.07

Shares sold September 11, 2026 59,379 shares Common stock sold in open-market transactions at a weighted average price

Weighted average sale price September 11, 2026 $10.4564 per share Common stock sales in multiple transactions between $9.86 and $11.39

Options exercised 125,000 shares Common shares acquired through stock option exercise on September 10, 2026

Option exercise price $1.55 per share Exercise price for stock option converted into 125,000 common shares

Remaining option-linked shares 1,638,968 shares Shares underlying derivative securities held directly after the reported option exercise

Option expiration date October 10, 2030 Expiration for the stock option from which 125,000 shares were exercised

Key Terms

Rule 10b5-1 plan, weighted average price, stock option

3 terms

Rule 10b5-1 plan regulatory

"This transaction reported on this Form 4 was effected pursuant to a 10b5-1 plan adopted on 3/13/2026 and modified on 6/11/2026"

A Rule 10b5-1 plan is a prearranged, written schedule that lets corporate insiders buy or sell company stock at set times or amounts, even if they later learn material nonpublic information. Think of it like setting an automatic thermostat for trades: it creates a clear record that trades were planned in advance, reducing the risk of insider-trading accusations and helping investors trust that insider transactions are routine rather than based on secret information.

weighted average price financial

"The price reported in Column 4 is a weighted average price"

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

stock option financial

"25% of this option vested and became exercisable on October 10, 2020"

A stock option is a contract that gives you the right to buy or sell a company's stock at a specific price within a certain time frame. People use them to potentially make money if the stock's price moves favorably or to protect against losses. It's like holding a coupon that can be used to buy or sell stock at a set price later on.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did CADL’s CEO report on this Form 4?

Paul Peter Tak, CEO of CADL, reported exercising options for 125,000 shares of common stock on September 10, 2026 and selling a total of 280,245 shares of common stock over September 10–11, 2026 in open-market transactions at weighted average prices.

How many CADL shares did the CEO sell and at what prices?

He sold 220,866 shares of Candel Therapeutics common stock on September 10, 2026 at a weighted average price of $11.4997, and 59,379 shares on September 11, 2026 at a weighted average price of $10.4564, all in multiple transactions within disclosed price ranges.

What stock option exercise did the CADL CEO report?

On September 10, 2026, the CEO exercised a stock option covering 125,000 shares of Candel Therapeutics common stock at an exercise price of $1.55 per share. The underlying option is scheduled to expire on October 10, 2030, and was previously subject to a staged vesting schedule.

Were the CADL insider trades made under a Rule 10b5-1 plan?

Yes. The filing states that the transactions were effected pursuant to a Rule 10b5-1 trading plan that was adopted on March 13, 2026 and modified on June 11, 2026, indicating they followed a pre-arranged trading schedule.

How many option-linked shares remain for the CADL CEO after this exercise?

After the September 10, 2026 option exercise, the Form 4 reports that the CEO had 1,638,968 shares underlying derivative securities (stock options) remaining directly held, associated with the same type of option awards.

What price ranges applied to the CADL CEO’s share sales?

For the 220,866 shares sold on September 10, 2026, trades occurred between $11.20 and $12.07 per share. For the 59,379 shares sold on September 11, 2026, trades occurred between $9.86 and $11.39 per share, with each day’s average price disclosed.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/11/2026 - 06:12 PM Accepted by SEC EDGAR 09/11/2026 - 06:12 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).

X

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^*

Tak Paul Peter

(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
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/10/2026

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
Common Stock	09/10/2026		M(1)		125,000	A	$1.55	393,566	D
Common Stock	09/10/2026		S(1)		220,866	D	$11.4997(2)	172,700	D
Common Stock	09/11/2026		S(1)		59,379	D	$10.4564(3)	113,321	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
Stock Option (Right to Buy)	$1.55	09/10/2026		M(1)			125,000	(4)	10/10/2030	Common Stock	125,000	$0	1,638,968	D

Explanation of Responses:

1. This transaction reported on this Form 4 was effected pursuant to a 10b5-1 plan adopted on 3/13/2026 and modified on 6/11/2026.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $11.20 to $12.07, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote 2 herein.

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $9.86 to $11.39, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote 3 herein.

4. 25% of this option vested and became exercisable on October 10, 2020, with another 25% vesting on September 14, 2021, and the remainder vesting in 36 substantially equal monthly installments thereafter.

	/s/ Charles Schoch, as Attorney-In-Fact for Paul Peter Tak	09/11/2026
	** 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)