Candel Therapeutics grants Papa 1,325 stock options

The options were fully vested when granted and substituted for normal quarterly cash payments.

Rhea-AI Filing Summary

Candel Therapeutics, Inc. director Joseph C. Papa received a grant of 1,325 stock options on September 30, 2026, in lieu of normal quarterly cash payments. The underlying award quantity was fully vested at grant. The options have an exercise price of $10.44 per share and expire September 30, 2036; Papa’s reported option position after the grant was 1,325.

Insider Trade Summary

Grant/Award: 1,325 shares

Grant/Award 1 txn

Insider PAPA JOSEPH C

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (Right to Buy) F1	1,325	$8.676	$11K

Holdings After Transaction: Stock Option (Right to Buy) — 1,325 contracts (Direct)

Footnotes (1)

1. F1. This award has been granted in lieu of normal quarterly cash payments. The underlying award quantity is fully vested at time of grant.

Key Figures

Stock options granted: 1,325 options Exercise price: $10.44 per share Underlying common stock: 1,325 shares +2 more

5 metrics

Stock options granted 1,325 options September 30, 2026

Exercise price $10.44 per share Granted options

Underlying common stock 1,325 shares Shares underlying the option award

Option position following grant 1,325 options Reported after the grant

Expiration date September 30, 2036 Granted options

Key Terms

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

3 terms

Stock Option (Right to Buy) financial

"Stock Option (Right to Buy)"

fully vested financial

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

exercise price financial

"conversion_or_exercise_price"

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.

FAQ

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

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

Joseph C. Papa received an award of 1,325 stock options on September 30, 2026. The award was granted in lieu of normal quarterly cash payments and was fully vested at grant.

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

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Available on EDGAR 10/02/2026 - 05:57 PM Accepted by SEC EDGAR 10/02/2026 - 05:56 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)
09/30/2026

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)	$10.44	09/30/2026		A		1,325		(1)	09/30/2036	Common Stock	1,325	$8.676	1,325	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	10/02/2026
	** 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)