Director at Candel Therapeutics (NASDAQ: CADL) gets 2,795 options

Rhea-AI Filing Summary

Candel Therapeutics director Joseph C. Papa received a grant of 2,795 stock options as compensation. The options were awarded on March 31, 2026 with an exercise price of $4.90 per share and relate to 2,795 shares of common stock.

This award was granted in lieu of normal quarterly cash payments and is fully vested at the time of grant. Following this grant, Papa holds 2,795 derivative securities directly, and the options are scheduled to expire on March 31, 2036.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider PAPA JOSEPH C

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (Right to Buy)	2,795	$4.114	$11K

Holdings After Transaction: Stock Option (Right to Buy) — 2,795 shares (Direct)

Footnotes (1)

1. [object Object]

Key Figures

Options granted: 2,795 options Exercise price: $4.90 per share Underlying shares: 2,795 shares +3 more

6 metrics

Options granted 2,795 options Stock Option (Right to Buy) grant on March 31, 2026

Exercise price $4.90 per share Conversion or exercise price of stock options

Underlying shares 2,795 shares Common stock underlying the derivative award

Total derivatives after grant 2,795 options Total shares following transaction for this derivative security

Grant date March 31, 2026 Transaction date for option award

Expiration date March 31, 2036 Option expiration for this grant

Key Terms

Stock Option (Right to Buy), exercise price, fully vested

3 terms

Stock Option (Right to Buy) financial

"security_title: Stock Option (Right to Buy)"

exercise price financial

"conversion_or_exercise_price: 4.9000 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.

fully vested financial

"The underlying award quantity is fully vested at time of grant"

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^*

PAPA JOSEPH C

(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)
03/31/2026

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)	$4.9	03/31/2026		A		2,795		04/01/2026(1)	03/31/2036	Common Stock	2,795	$4.114	2,795	D

Explanation of Responses:

1. This award has been granted in lieu of normal quarterly cash payments. The underlying award quantity is fully vested at time of grant.

	/s/ Charles Schoch, as Attorney-In-Fact for Joseph C. Papa	04/02/2026
	** 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 filing?

Candel Therapeutics disclosed that director Joseph C. Papa received a grant of 2,795 stock options. These derivative securities relate to common stock and represent routine equity-based compensation documented through the insider trading report.

How many stock options did CADL director Joseph C. Papa receive?

Joseph C. Papa received 2,795 stock options. Each option represents the right to buy one share of Candel Therapeutics common stock, providing equity-based compensation instead of a comparable amount of quarterly cash fees.

What is the exercise price and term of the new CADL stock options?

The granted stock options have an exercise price of $4.90 per share and expire on March 31, 2036. This gives the director a long exercise window to purchase Candel Therapeutics common shares at that fixed price.

Is the Candel Therapeutics director option grant immediately vested?

Yes. The filing states the underlying award quantity is fully vested at the time of grant. This means all 2,795 options are exercisable immediately, rather than vesting over a multi-year schedule common in many equity plans.

Was this CADL stock option grant made instead of cash compensation?

Yes. The footnote explains the award was granted in lieu of normal quarterly cash payments. Instead of receiving cash director fees, Joseph C. Papa accepted fully vested stock options as his quarterly compensation.

How many derivative securities does Joseph C. Papa hold after this CADL transaction?

After this transaction, Joseph C. Papa holds 2,795 derivative securities. This total equals the number of options granted in the filing and reflects his direct holdings of these newly awarded stock options.