Candel Therapeutics, Inc.
CADL · Biological Products, (No Diagnostic Substances) · 73.3M shares · +19%/yr ↑ dilution · EDGAR filings ↗
Reference price $5.45 · est. market cap ~$399M — last insider purchase, 2026-02-23 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C63Clinical-stage oncolytic viral immunotherapy company with a Phase 3 SPA asset and adequate runway but deep losses.
Strengths
- Lead asset in pivotal Phase 3 under FDA SPA with Fast Track for localized prostate cancer
- Strong liquidity: current/quick ratio 13.5 (91st pct), runway 12.3 quarters (74th pct)
Risks
- Deeply negative returns (ROE -73.5%, 29th pct) and carries RTW debt with restrictive covenants
- No revenue; only legacy single-arm Phase 2a safety data available, efficacy unproven
Notable findings
- High convictionHigh conviction — notable institutional holders, insider buying, and a strong balance sheet
- No interest coverageInterest coverage -22.78 (cannot cover interest)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Cash burnNegative free cash flow (-38.9M)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Chronic dilutionShare count +19%/yr over 3y (dilution, book value/share -35%)
- Strong balance sheetStrong balance sheet — $120M cash & investments, ~12 quarters of runway
- Insider buyingInsider buying — 1 open-market buy(s) by 1 insider(s) (~$3M, last 6mo) Form 4 ↗
- Trial readout soonUpcoming trial readout ~2026-08 — PHASE2 · Prostate Cancer Patients Treated by Radiotherapy
- Trial resultTrial topline data reported — see 8-K for outcome 8-K ↗
- Notable holderHeld by 5 notable fund(s): FMR LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
-73.5%
Return on assets
-30.5%
Revenue growth (QoQ)
0.0%
Interest coverage
-22.8×
Current ratio
13.5×
Free cash flow
-$39M
Tangible book value
$52M
Cash & investments
$120M
Cash runway
12q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-02-23 | Manning Paul B | Buy | 550K | $5.45 |
| 2025-07-28 | Nichols William Garrett | Sell | 937 | $6.98 |
| 2025-07-28 | Nichols William Garrett | Option exercise | 937 | $1.29 |
| 2025-06-30 | Nichols William Garrett | Option exercise | 781 | $1.29 |
| 2025-06-30 | Nichols William Garrett | Sell | 781 | $5.04 |
| 2025-06-25 | Manning Paul B | Grant | 1.1M | $4.67 |
| 2025-06-25 | Martell Christopher | Grant | 111K | $4.67 |
| 2025-06-25 | Tyagarajan Seshu | Grant | 5.4K | $4.67 |
| 2025-06-25 | Barone Francesca | Grant | 4.3K | $4.67 |
| 2025-06-25 | Schoch Charles | Grant | 5.4K | $4.67 |
| 2025-06-25 | Nabel Gary J. | Grant | 5.4K | $4.67 |
| 2025-06-25 | PAPA JOSEPH C | Grant | 64K | $4.67 |
| 2025-06-25 | Loggia Nicoletta | Grant | 2.1K | $4.67 |
| 2025-06-25 | Tak Paul Peter | Grant | 43K | $4.67 |
| 2025-03-19 | Tak Paul Peter | Sell | 400 | $9.00 |
| 2025-03-18 | Tak Paul Peter | Sell | 26K | $8.77 |
| 2025-03-18 | Nichols William Garrett | Option exercise | 4.6K | $3.75 |
| 2025-03-18 | Nichols William Garrett | Option exercise | 14K | $1.29 |
| 2025-03-18 | Nichols William Garrett | Sell | 45K | $8.76 |
| 2025-03-18 | Barone Francesca | Option exercise | 18K | $1.55 |
| 2025-03-18 | Barone Francesca | Sell | 32K | $8.76 |
| 2025-03-17 | Tyagarajan Seshu | Option exercise | 20K | $1.29 |
| 2025-03-17 | Tyagarajan Seshu | Sell | 31K | $8.82 |
| 2025-03-17 | Tyagarajan Seshu | Sell | 31K | $8.82 |
| 2025-03-17 | Schoch Charles | Sell | 5.0K | $8.83 |
| 2025-02-21 | Aguilar-Cordova Estuardo | Disposition | 11K | $12.02 |
| 2025-02-21 | Aguilar-Cordova Estuardo | Disposition | 11K | $12.02 |
| 2025-02-10 | Aguilar-Cordova Estuardo | Disposition | 31K | $8.61 |
| 2025-01-15 | Tyagarajan Seshu | Sell | 14K | $7.22 |
| 2025-01-15 | Barone Francesca | Sell | 14K | $7.22 |
| 2025-01-15 | Schoch Charles | Sell | 9.5K | $7.22 |
| 2025-01-15 | Tak Paul Peter | Sell | 22K | $7.22 |
| 2025-01-15 | Nichols William Garrett | Sell | 10K | $7.22 |
| 2025-01-08 | Barone Francesca | Sell | 14K | $8.22 |
| 2025-01-08 | Schoch Charles | Sell | 10.0K | $8.22 |
| 2025-01-08 | Tak Paul Peter | Sell | 21K | $8.22 |
| 2025-01-08 | Tyagarajan Seshu | Sell | 15K | $8.22 |
| 2025-01-08 | Nichols William Garrett | Sell | 11K | $8.22 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07660094 ↗ | Aglatimagene Besadenovec + Prodrug and Pembrolizumab vs Docetaxel for Stage IV Non-Squamous NSCLC Progressing on Pembrolizumab (AURORA) Non-squamous, Non-Small Cell Lung Cancer | PHASE3 | Recruiting | 2031-10-22 |
| NCT07332000 ↗ | A Biomarker Study in Men With Localized Prostate Cancer Treated With Aglatimagene Besadenovec Prostate Cancer Patients Treated by Radiotherapy, Prostate Cancer (Adenocarcinoma) | PHASE2 | Recruiting | 2026-08-01 |
| NCT02446093 ↗ | Neoadjuvant CAN-2409 in Combination With Chemoradiation or SBRT for Borderline Resectable Pancreatic Adenocarcinoma Borderline Resectable Pancreatic Adenocarcinoma | PHASE2 | Active Not Recruiting | 2025-12-01 |
| NCT04495153 ↗ | CAN-2409 Plus Prodrug With Standard of Care Immune Checkpoint Inhibitor for Stage III/IV NSCLC Non Small Cell Lung Cancer | PHASE2 | Active Not Recruiting | 2024-12-31 |
| NCT02768363 ↗ | Randomized Controlled Trial of CAN-2409 Immunotherapy During Active Surveillance for Prostate Cancer (ULYSSES) Prostate Cancer | PHASE2 | Active Not Recruiting | 2024-11-01 |
| NCT01436968 ↗ | Phase 3 Study of ProstAtak® Immunotherapy With Standard Radiation Therapy for Localized Prostate Cancer Prostate Cancer | PHASE3 | Active Not Recruiting | 2024-08-01 |
| NCT03576612 ↗ | GMCI, Nivolumab, and Radiation Therapy in Treating Patients With Newly Diagnosed High-Grade Gliomas Glioma, Malignant | PHASE1 | Completed | 2023-06-30 |
| NCT03131037 ↗ | Intratumoral Gene Mediated Cytotoxic Immunotherapy in Patients With Resectable Non-Small Cell Lung Cancer Lung Cancer | PHASE1 | Completed | 2021-12-01 |
| NCT01997190 ↗ | Intrapleural AdV-tk Therapy in Patients With Malignant Pleural Effusion Malignant Pleural Effusion, Lung Cancer | PHASE1 | Completed | 2015-12-01 |
| NCT00634231 ↗ | A Phase I Study of AdV-tk + Prodrug Therapy in Combination With Radiation Therapy for Pediatric Brain Tumors Malignant Glioma, Recurrent Ependymoma | PHASE1 | Completed | 2015-12-01 |
| NCT00589875 ↗ | Phase 2a Study of CAN-2409 With Standard Radiation Therapy for Malignant Glioma Malignant Glioma, Glioblastoma Multiforme | PHASE2 | Completed | 2015-12-01 |
| NCT00638612 ↗ | AdV-tk Therapy With Surgery and Chemoradiation for Pancreas Cancer (PaTK01) Pancreatic Adenocarcinoma, Pancreatic Cancer | PHASE1 | Completed | 2013-05-01 |
| NCT00751270 ↗ | Phase 1b Study of AdV-tk + Valacyclovir Combined With Radiation Therapy for Malignant Gliomas Malignant Glioma, Glioblastoma Multiforme | PHASE1 | Completed | 2010-01-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-24 | Shareholder vote | filing ↗ |
| 2026-06-16 | Exec/director changeExhibits | filing ↗ |
| 2026-05-15 | Reg FDExhibits | filing ↗ |
| 2026-05-14 | ResultsExhibits | filing ↗ |
| 2026-03-12 | ResultsExhibits | filing ↗ |
| 2026-02-23 | Material agreementOtherExhibits | filing ↗ |
| 2026-02-19 | Material agreementResultsReg FDOtherExhibits | filing ↗ |
| 2025-12-05 | Reg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-24 | 2026-06-23 | 0001841387-26-000009 ↗ |
| 8-K | 2026-06-16 | 2026-06-12 | 0001841387-26-000007 ↗ |
| 8-K | 2026-05-15 | 2026-05-15 | 0001193125-26-226751 ↗ |
| 10-Q | 2026-05-14 | 2026-03-31 | 0001193125-26-222904 ↗ |
| 8-K | 2026-05-14 | 2026-05-14 | 0001193125-26-222892 ↗ |
| 8-K | 2026-03-12 | 2026-03-12 | 0001193125-26-103126 ↗ |
| 10-K | 2026-03-12 | 2025-12-31 | 0001193125-26-103134 ↗ |
| 8-K | 2026-02-23 | 2026-02-19 | 0001193125-26-062490 ↗ |
| 8-K | 2026-02-19 | 2026-02-19 | 0001193125-26-059334 ↗ |
| 8-K | 2025-12-05 | 2025-12-05 | 0001193125-25-308719 ↗ |
| 10-Q | 2025-11-13 | 2025-09-30 | 0001193125-25-279086 ↗ |
| 8-K | 2025-11-13 | 2025-11-13 | 0001193125-25-279072 ↗ |