Candel Therapeutics (CADL) director receives fully vested option award

Rhea-AI Filing Summary

Candel Therapeutics director Joseph C. Papa received a new stock option award as part of his board compensation. The grant covers 1,331 options to buy common stock at an exercise price of $10.30 per share.

The award was granted in lieu of normal quarterly cash payments and is fully vested at the time of grant, so Papa can exercise all 1,331 options any time until their expiration if he chooses.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider PAPA JOSEPH C

Role null

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (Right to Buy)	1,331	$8.639	$11K

Holdings After Transaction: Stock Option (Right to Buy) — 1,331 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Option grant size: 1,331 options Exercise price: $10.30 per share Underlying shares: 1,331 shares +2 more

5 metrics

Option grant size 1,331 options Director stock option award

Exercise price $10.30 per share Stock option exercise price for the grant

Underlying shares 1,331 shares Common stock underlying the option award

Expiration date 2036-06-30 Option award expiration date

Post-transaction derivative holdings 1,331 options Total derivative securities following transaction

Key Terms

Stock Option (Right to Buy), Grant, award, or other acquisition, Common Stock

3 terms

Stock Option (Right to Buy) financial

"security_title: Stock Option (Right to Buy)"

Grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

Common Stock financial

"underlying_security_title: Common Stock"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/01/2026 - 04:21 PM Accepted by SEC EDGAR 07/01/2026 - 04:20 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^*

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)
06/30/2026

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)	$10.3	06/30/2026		A		1,331		07/01/2026(1)	06/30/2036	Common Stock	1,331	$8.639	1,331	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	07/01/2026
	** 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 insider transaction did CADL director Joseph C. Papa report?

Joseph C. Papa reported receiving a stock option grant for 1,331 shares of Candel Therapeutics common stock. The options were awarded as director compensation instead of cash and are fully vested at grant, giving him immediate exercisability over all granted options.

What is the exercise price of Joseph C. Papa’s new CADL stock options?

The new stock option award for Joseph C. Papa has an exercise price of $10.30 per share. This means he can buy up to 1,331 Candel Therapeutics shares at $10.30 each any time before the options expire, subject to plan terms.

How many CADL shares are covered by Joseph C. Papa’s stock option grant?

The grant covers options on 1,331 shares of Candel Therapeutics common stock. These options were issued as non-cash director compensation and are fully vested at the time of grant, allowing potential immediate exercise under the company’s equity plan rules.

Are Joseph C. Papa’s CADL stock options immediately vested?

Yes, the filing states the underlying award quantity is fully vested at the time of grant. This means Joseph C. Papa’s 1,331 stock options are not subject to additional service-based vesting conditions and can be exercised within the option term.

Was the CADL stock option grant to Joseph C. Papa in lieu of cash?

Yes, the footnote explains this award was granted in lieu of normal quarterly cash payments. Instead of receiving cash director fees, Joseph C. Papa received fully vested options on 1,331 Candel Therapeutics shares as equity-based compensation.