Candel Therapeutics (CADL) grants CSO option on 232,000 shares at $6.01

Rhea-AI Filing Summary

Candel Therapeutics Chief Scientific Officer granted stock options

Candel Therapeutics’ Chief Scientific Officer, Francesca Barone, received a stock option to buy 232,000 shares of common stock at an exercise price of $6.01 per share. The option was granted on January 26, 2026 and expires on January 26, 2036.

The option vests over time rather than all at once. The shares underlying the option vest and become exercisable in 48 equal monthly installments following January 26, 2026, as long as Barone continues serving the company on each vesting date. After this grant, she beneficially owns 232,000 stock options directly.

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
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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^*

Barone Francesca

(Last) (First) (Middle)

C/O CANDEL THERAPEUTICS, INC.

117 KENDRICK ST., SUITE 450

(Street)

NEEDHAM MA 02494

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Candel Therapeutics, Inc. [ CADL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Scientific Officer

3. Date of Earliest Transaction (Month/Day/Year)
01/26/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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)	$6.01	01/26/2026		A		232,000		(1)	01/26/2036	Common Stock	232,000	$0	232,000	D

Explanation of Responses:

1. This option is subject to time-based vesting. The shares underlying this option shall vest and become exercisable in forty-eight (48) equal monthly installments following January 26, 2026, subject to the Reporting Person's continued service on each vesting date.

	/s/ Charles Schoch, as Attorney-in-Fact for Francesca Barone	01/28/2026
	** 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.

FAQ

What insider transaction did Candel Therapeutics (CADL) report for January 26, 2026?

Candel Therapeutics reported that Chief Scientific Officer Francesca Barone received a stock option grant on January 26, 2026. The option covers 232,000 shares of common stock and is recorded as a derivative security held directly after the transaction.

How many Candel Therapeutics (CADL) shares are covered by the new stock option?

The new stock option granted to Chief Scientific Officer Francesca Barone covers 232,000 shares of Candel Therapeutics common stock. These shares are not issued immediately; they become exercisable over time as the option vests each month.

What is the exercise price of the Candel Therapeutics (CADL) stock option granted to the CSO?

The stock option granted to Chief Scientific Officer Francesca Barone has an exercise price of $6.01 per share. This means she can buy up to 232,000 shares of Candel Therapeutics common stock at $6.01 once the option vests.

How does the vesting schedule work for Francesca Barone’s Candel Therapeutics (CADL) option?

The option vests in forty-eight equal monthly installments after January 26, 2026. Each month, a portion of the 232,000 underlying shares becomes exercisable, provided Francesca Barone continues her service with Candel Therapeutics on each vesting date.

When does the newly granted Candel Therapeutics (CADL) stock option expire?

The stock option granted to Chief Scientific Officer Francesca Barone expires on January 26, 2036. If unexercised by that date, any remaining unexercised portion will lapse, based on the terms disclosed in the insider transaction report.

Is the Candel Therapeutics (CADL) stock option held directly or indirectly by the insider?

The Form 4 indicates that the 232,000 stock options are held directly by Chief Scientific Officer Francesca Barone. No indirect ownership through another entity or person is disclosed in the ownership fields or footnotes.