Candel Therapeutics, Inc. (CADL)

Price$12.78Cached quoteAs of 2026-09-05 01:27 UTC

AI: Fair-priced

Valuation reflects a substantially de-risked lead asset but still assumes regulaAt the latest $11.12 after-hours price and 76.52 million shares outstanding in August, Candel has an equity value near $851 million and an enterprise value around $697 million after June cash and SEC-reported debt.

Candel has no product revenue, so conventional earnings multiples are not meaningful. June cash was $201.6 million, while the SEC balance sheet showed $47.8 million of term and other debt, including a $50 million Trinity facility principal balance; the supplied $1.7 million debt metric excludes that term loan. The resulting valuation assigns roughly $650 million of value beyond net cash to the pipeline. Positive pivotal prostate-cancer data and a planned Q4 2026 BLA submission materially reduce development risk, but FDA approval, manufacturing validation, reimbursement and commercial uptake remain uncertain, supporting a Fair-priced assessment.

Aglatimagene has positive pivotal prostate-cancer data and a near-term BLA catalAglatimagene besadenovec, formerly CAN-2409, is an off-the-shelf adenoviral immunotherapy being developed first for intermediate- to high-risk localized prostate cancer.

The randomized Phase 3 study showed a 30% improvement in disease-free survival when aglatimagene plus valacyclovir was added to curative-intent radiotherapy, with no increase in clinically significant toxicity; extended follow-up later showed a 39% improvement in prostate-cancer-specific DFS. FDA has granted Fast Track and RMAT designations, and aspects of the pivotal trial were conducted under a Special Protocol Assessment. Candel plans its BLA submission in Q4 2026 and has partnered with EVERSANA for a potential 2027 U.S. launch.

Pipeline optionality extends into NSCLC and recurrent glioblastomaCandel is testing the same lead platform in advanced lung cancer while advancing HSV-based linoserpaturev in recurrent glioblastoma.

The global Phase 3 AURORA study opened enrollment in June for metastatic non-squamous NSCLC progressing despite pembrolizumab; FDA previously acknowledged that the study could support registration if successful. Earlier Phase 2a data showed a long survival tail, including 50% of per-protocol patients alive beyond 24 months, but the program remains unproven in a randomized pivotal setting. Linoserpaturev, formerly CAN-3110, has FDA-cleared development work toward a potential randomized Phase 2 dose-regimen study in recurrent glioblastoma, with mature Arm C survival data expected in Q4 2026.

Cash runway reaches 2028, but commercialization and pipeline expansion may requiCandel says $201.6 million of June cash can fund its current operating plan into Q1 2028, including preparation for a potential prostate launch.

FY2025 had no revenue, a $48.3 million operating loss, a $38.2 million net loss and $38.3 million of operating cash burn. Q2 2026 again had no revenue, a $26.7 million operating loss, a $38.9 million net loss and approximately $17.2 million of quarterly operating cash burn using the supplied figures. Liquidity was boosted by a February follow-on offering that raised $93.5 million net and continued ATM issuance; shares outstanding rose from 54.90 million at year-end to more than 76 million. Candel also has a $130 million Trinity facility, with $50 million drawn at a 13.91% effective rate, and RTW has agreed to provide $100 million upon FDA prostate approval in exchange for future U.S. royalties. Additional clinical development or commercialization could therefore create further debt, royalty or equity dilution.

AI: News

Regulatory expertise added as prostate BLA preparation enters its final stretchCandel appointed former Ipsen executive Martine Zimmermann to its board on September 10 specifically as the company prepares its planned Q4 2026 aglatimagene BLA and potential commercial transition.

Zimmermann brings regulatory, quality and product-development experience relevant to filing and launch readiness. The appointment follows hiring oncology commercial leadership and the EVERSANA commercialization partnership. The pivotal prostate dataset has already been peer reviewed, but the BLA still faces manufacturing, CMC, FDA review and labeling risks before a 2027 launch can occur.

Q2 update confirmed runway, AURORA enrollment and upcoming clinical catalystsThe August corporate update reported $201.6 million of cash, initiation of the pivotal NSCLC program and continued preparation for the prostate BLA.

Candel expects its current cash to support operations into Q1 2028. Near-term catalysts include additional prostate biomarker data at ASTRO on September 29, the Q4 2026 BLA submission and mature linoserpaturev recurrent-glioma survival data in Q4. The ASTRO presentation occurs after the September 17 cutoff, so its results are not yet known. These catalysts can materially change valuation, while negative regulatory, clinical or manufacturing outcomes could sharply reduce pipeline value.

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Revenue

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2021

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2025

Net income

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Free cash flow

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$0	$0	$0	$125,000	$125,000	$125,000
Research & development	$30.5M	$19.3M	$24.5M	$20.8M	$15.2M	$8.8M
Operating expenses	$48.3M	$33.4M	$38.4M	$34.8M	$25.9M	$13.9M
Operating income	−$48.3M	−$33.4M	−$38.4M	−$34.7M	−$25.7M	−$13.8M
Operating margin	—	—	—	−27,777.60%	−20,580.80%	−11,048.00%
EBITDA	−$47.4M	−$32.4M	−$37.4M	−$33.9M	−$25.5M	−$13.7M
EBITDA margin	—	—	—	−27,155.20%	−20,395.20%	−10,975.20%
Net income	−$38.2M	−$55.2M	−$37.9M	−$18.8M	−$36.1M	−$17.7M
Net profit margin	—	—	—	−15,035.20%	−28,899.20%	−14,144.00%
Basic EPSper basic share	-$0.72	-$1.74	-$1.31	-$0.65	-$1.91	-$1.52
Diluted EPSper diluted share	-$0.72	-$1.74	-$1.31	-$0.65	-$1.91	-$1.52

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Owners

Reported shareholders

Reference date Jun 30, 2026

14.44%of listed shares

FMR LLC10.99M shares · Jun 30, 2026

View holders

Top 20 reported holders of CADL
Holder	% owned
FMR LLC	14.44%10.99M shares
RTW INVESTMENTS, LP	8.44%6.42M shares
Manning Paul B	≈7.55%5.75M shares
BlackRock, Inc.	6.53%4.97M shares
STATE STREET CORP	4.66%3.55M shares
ACORN CAPITAL ADVISORS, LLC	4.60%3.5M shares
Portolan Capital Management, LLC	4.59%3.49M shares
Saturn V Capital Management LP	4.34%3.3M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.54%2.69M shares
GEODE CAPITAL MANAGEMENT, LLC	2.06%1.57M shares
MILLENNIUM MANAGEMENT LLC	1.44%1.09M shares
Halter Ferguson Financial Inc.	1.01%772.46K shares
Martell Christopher	≈0.72%546.86K shares
NORTHERN TRUST CORP	0.65%492.47K shares
KENNEDY CAPITAL MANAGEMENT LLC	0.64%488.29K shares
VANGUARD PORTFOLIO MANAGEMENT LLC	0.57%437.15K shares
VANGUARD FIDUCIARY TRUST CO	0.54%412.11K shares
Sands Capital Alternatives, LLC	0.53%405.84K shares
GOLDMAN SACHS GROUP INC	0.40%305.22K shares
MARSHALL WACE, LLP	0.39%300.64K shares

Percentages use 76.12M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys3$10.50M disclosed value

Sells (SEC code S)39$4.41M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Feb 23, 2026Form 4	Manning Paul BDirector	BuyCommon Stock · indirect	550.5K	$5.45	$3.00M	2.76M
Jul 28, 2025Form 4 · 10b5-1	Nichols William GarrettChief Medical Officer	SellCommon Stock	937	$6.98	$6.5K	52.5K
Jun 30, 2025Form 4 · 10b5-1	Nichols William GarrettChief Medical Officer	SellCommon Stock	781	$5.04	$3.9K	52.5K
Mar 19, 2025Form 4 · 10b5-1	Tak Paul PeterChief Executive Officer	SellCommon Stock	400	$9.00	$3.6K	225.7K
Mar 18, 2025Form 4 · 10b5-1	Nichols William GarrettChief Medical Officer	SellCommon Stock	45.3K	$8.76	$397.0K	52.5K