Candel grants director options on 64,000 shares

Candel Therapeutics director Martine Zimmermann received a time-vested option grant for 64,000 shares at a $12.60 exercise price.

Rhea-AI Filing Summary

Candel Therapeutics, Inc. (CADL) reported that director Martine Zimmermann received a grant of stock options covering 64,000 shares of Common Stock on September 8, 2026. The options have an exercise price of $12.60 per share and expire on September 8, 2036. The award vests in thirty-six equal monthly installments, subject to her continued service, and represents her direct beneficial ownership of these derivative securities. No Rule 10b5-1 trading plan is reported for this grant.

Insider Trade Summary

Grant/Award: 64,000 shares

Grant/Award 1 txn

Insider Zimmermann Martine

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (Right to Buy) F1	64,000	$0.00	$0.00

Holdings After Transaction: Stock Option (Right to Buy) — 64,000 contracts (Direct)

Footnotes (1)

1. F1. The shares underlying this option shall vest and become exercisable in thirty-six (36) equal monthly installments, subject to the Reporting Person's continued service on each such vesting date.

Key Figures

Options granted: 64,000 derivative securities Exercise price: $12.60 per share Underlying Common Stock: 64,000 shares +3 more

6 metrics

Options granted 64,000 derivative securities Stock options awarded to Martine Zimmermann on September 8, 2026

Exercise price $12.60 per share Exercise price of the options covering Candel Therapeutics Common Stock

Underlying Common Stock 64,000 shares Number of Candel Therapeutics Common Stock shares underlying the option grant

Vesting schedule 36 monthly installments Equal monthly vesting over thirty-six months, subject to continued service

Expiration date September 8, 2036 Expiration date of the granted stock options

Post-grant derivative holdings 64,000 derivative securities Total options held directly by Martine Zimmermann after the reported grant

Key Terms

Stock Option, exercise price, vesting, underlying Common Stock

4 terms

Stock Option financial

"reported that a Stock Option grant was made to a director"

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.

exercise price financial

"The options have an exercise price stated in dollars per share"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

vesting financial

"the award vests in thirty-six equal monthly installments"

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

underlying Common Stock financial

"options covering shares of the underlying Common Stock"

FAQ

What equity award did Candel Therapeutics (CADL) grant to director Martine Zimmermann?

Candel Therapeutics granted Martine Zimmermann stock options on 64,000 shares of Common Stock on September 8, 2026, as a compensation-related award. The options were granted with a specified exercise price and multi-year vesting schedule.

What is the exercise price of Martine Zimmermann’s new Candel Therapeutics (CADL) stock options?

The stock options granted to Martine Zimmermann have an exercise price of $12.60 per share. This is the price she would pay per share to acquire Candel Therapeutics Common Stock upon exercising the options after they vest.

How do the new Candel Therapeutics (CADL) stock options granted to Martine Zimmermann vest?

The options granted to Martine Zimmermann vest in thirty-six equal monthly installments. Vesting on each monthly date is conditioned on her continued service, so the award becomes exercisable gradually over a three-year period.

When do Martine Zimmermann’s Candel Therapeutics (CADL) options expire?

Martine Zimmermann’s stock options are scheduled to expire on September 8, 2036. After that date, any unexercised portion of the award would no longer be exercisable under the terms disclosed.

Does Candel Therapeutics (CADL) report a Rule 10b5-1 trading plan for this option grant?

No. For this option grant to Martine Zimmermann, Candel Therapeutics reports that no Rule 10b5-1 trading plan applies. The transaction is disclosed as a compensation-related grant, not as a trade under a pre-arranged selling or buying plan.

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

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Available on EDGAR 09/10/2026 - 04:25 PM Accepted by SEC EDGAR 09/10/2026 - 04:24 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^*

Zimmermann Martine

(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)
09/08/2026

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)	$12.6	09/08/2026		A		64,000		(1)	09/08/2036	Common Stock	64,000	$0	64,000	D

Explanation of Responses:

1. The shares underlying this option shall vest and become exercisable in thirty-six (36) equal monthly installments, subject to the Reporting Person's continued service on each such vesting date.

	/s/ Charles Schoch, as Attorney-In-Fact for Martine Zimmermann	09/10/2026
	** 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)