Director Joseph Papa receives 32,000 CADL stock options at $9.08 exercise price

Rhea-AI Filing Summary

Candel Therapeutics director Joseph C. Papa received a grant of stock options, giving him the right to buy 32,000 shares of common stock. The options have an exercise price of $9.08 per share and expire on June 23, 2036.

The award is subject to time-based vesting. All 32,000 underlying shares vest and become exercisable on the earlier of June 23, 2027 or the date of the next annual meeting of stockholders, as long as he continues serving on the board. Following this grant, he holds 32,000 stock options directly.

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)	32,000	$0.00	--

Holdings After Transaction: Stock Option (Right to Buy) — 32,000 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Option grant size: 32,000 options Exercise price: $9.08 per share Underlying shares: 32,000 shares +3 more

6 metrics

Option grant size 32,000 options Stock Option (Right to Buy) granted to director

Exercise price $9.08 per share Exercise price for underlying common stock

Underlying shares 32,000 shares Common Stock underlying the option

Expiration date June 23, 2036 Option term end date

Post-transaction options held 32,000 options Total derivative holdings after grant

Vesting date trigger June 23, 2027 or next annual meeting Earlier date determines vesting

Key Terms

Stock Option (Right to Buy), time-based vesting, Annual Meeting of Stockholders, exercise price, +1 more

5 terms

Stock Option (Right to Buy) financial

"security_title: Stock Option (Right to Buy)"

time-based vesting financial

"This option is subject to time-based vesting."

Time-based vesting is a schedule that gives employees or contractors ownership of granted stock or options gradually as they remain with a company, like unlocking rewards in a loyalty program the longer you stick around. For investors, it matters because it affects future share supply, management incentives and staff retention — all of which can influence company performance and dilution of existing shareholders.

Annual Meeting of Stockholders financial

"the date of the next Annual Meeting of Stockholders of the Issuer"

exercise price financial

"conversion_or_exercise_price: 9.0800"

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.

Board of Directors financial

"resigns from the Board of Directors (the "Board") of the Issuer"

The Board of Directors is a group of people chosen by a company's owners to help make big decisions and oversee how the company is run. They act like a team of advisors or managers, making sure the company stays on track and meets its goals. Their choices can influence the company's success and how it grows.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/24/2026 - 04:34 PM Accepted by SEC EDGAR 06/24/2026 - 04:33 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)
06/23/2026

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)	$9.08	06/23/2026		A		32,000		(1)	06/23/2036	Common Stock	32,000	$0	32,000	D

Explanation of Responses:

1. This option is subject to time-based vesting. The shares underlying this option shall vest and become exercisable upon the earlier of (i) June 23, 2027 or (ii) the date of the next Annual Meeting of Stockholders of the Issuer; provided, however, that all vesting shall cease if the Reporting Person resigns from the Board of Directors (the "Board") of the Issuer or otherwise ceases to serve as a director, unless the Board determines that the circumstances warrant continuation of vesting.

	/s/ Charles Schoch, as Attorney-In-Fact for Joseph C. Papa	06/24/2026
	** 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 Candel Therapeutics (CADL) report for Joseph C. Papa?

Candel Therapeutics reported that director Joseph C. Papa received a grant of 32,000 stock options. These options give him the right to buy common shares at a fixed exercise price, functioning as equity-based compensation for his board service.

How many Candel Therapeutics (CADL) shares are covered by Joseph Papa’s new options?

The new award covers 32,000 shares of Candel Therapeutics common stock. These shares are not issued immediately; they become available for purchase only if the options vest and he chooses to exercise them in the future.

What is the exercise price and expiration date of Joseph Papa’s CADL stock options?

The options have an exercise price of $9.08 per share and an expiration date of June 23, 2036. This means he can buy up to 32,000 shares at $9.08 any time after vesting and before that expiration date.

When do Joseph Papa’s Candel Therapeutics (CADL) options vest?

All 32,000 underlying shares vest on the earlier of June 23, 2027 or the date of the next annual meeting of stockholders. Vesting continues only while he remains on the board, unless the board decides to continue vesting despite a departure.

Is Joseph Papa’s Candel Therapeutics (CADL) option grant an open-market purchase?

No, this transaction is classified as a grant or award acquisition, not an open-market purchase. The company awarded stock options as compensation, with no cash changing hands until any future exercise of the vested options.