CADL

MKT CAP:$358M

Candel Therapeutics, Inc.

Market Cap

$358M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$7.04+$1.60 (+29.41%)

Apr 23, 2026

Company Details

Candel Therapeutics, Inc., a clinical stage biopharmaceutical company, engages in the development immunotherapies for the cancer patients. The company develops CAN-2409, which is in Phase II clinical trails for the treatment of pancreatic c...

CEO

Paul-Peter Tak

IPO Date

Jul 27, 2021

Website

www.candeltx.com

Key Metrics TTM

Revenue

$0

— YoY

Net Income

-$38M

EPS (Diluted)

-$0.61

Free Cash Flow

-$39M

Revenue / Share

$0.00

Gross Margin

—

Operating Margin

—

Net Margin

—

FCF Margin

—

P/S

—

P/E

—

Earnings Reports

Q1 2026

May 12, 2026

PENDING

FY 2025

Mar 12, 2026

$0EPS -$0.72

Q4 2025

Mar 12, 2026

$0EPS -$0.54

Q3 2025

Nov 13, 2025

$0EPS -$0.21

Q2 2025

Aug 14, 2025

$0EPS -$0.09

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$31.0K	-$5M	-$9M
Q2 22	$31.0K	-$5M	-$9M
Q3 22	$31.0K	-$5M	-$9M
Q4 22	$31.0K	-$5M	-$8M
Q1 23	$0	$0	-$10M
Q2 23	$0	-$6M	-$10M
Q3 23	$0	-$6M	-$9M
Q4 23	$0	-$312.0K	-$10M
Q1 24	$0	-$251.0K	-$8M
Q2 24	$0	-$5M	-$9M
Q3 24	$0	-$5M	-$9M
Q4 24	$0	-$245.0K	-$8M
Q1 25	$0	-$245.0K	-$8M
Q2 25	$0	-$242.0K	-$11M
Q3 25	$0	-$195.0K	-$13M
Q4 25	$0	-$163.0K	-$16M

Valuation

Quarter	P/S	P/E
Q1 22	1050.4x	—
Q2 22	810.9x	—
Q3 22	745.8x	—
Q4 22	461.8x	—
Q1 23	438.5x	—
Q2 23	583.1x	—
Q3 23	972.3x	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	—	—
Q1 25	—	—
Q2 25	—	—
Q3 25	—	—
Q4 25	—	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$8M	-$8M
Q2 22	-$7M	-$8M
Q3 22	-$9M	-$10M
Q4 22	-$7M	-$7M
Q1 23	-$11M	-$11M
Q2 23	-$7M	-$7M
Q3 23	-$9M	-$9M
Q4 23	-$7M	-$7M
Q1 24	-$8M	-$8M
Q2 24	-$6M	-$6M
Q3 24	-$7M	-$7M
Q4 24	-$6M	-$6M
Q1 25	-$9M	-$9M
Q2 25	-$9M	-$9M
Q3 25	-$10M	-$10M
Q4 25	-$11M	-$11M

Capital Expenditures

Quarter	CapEx
Q1 22	$171.0K
Q2 22	$635.0K
Q3 22	$215.0K
Q4 22	$276.0K
Q1 23	$138.0K
Q2 23	$169.0K
Q3 23	$103.0K
Q4 23	$47.0K
Q1 24	$7.0K
Q2 24	$6.0K
Q3 24	$0
Q4 24	$3.0K
Q1 25	$3.0K
Q2 25	$31.0K
Q3 25	$144.0K
Q4 25	$409.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+0.0%	+92.3%
Q2 22	+0.0%	+64.7%
Q3 22	+0.0%	+10.6%
Q4 22	+0.0%	+4.6%
Q1 23	-100.0%	+6.8%
Q2 23	-100.0%	+9.1%
Q3 23	-100.0%	-0.6%
Q4 23	-100.0%	+26.9%
Q1 24	—	-18.0%
Q2 24	—	-10.5%
Q3 24	—	-1.2%
Q4 24	—	-21.1%
Q1 25	—	+2.9%
Q2 25	—	+30.4%
Q3 25	—	+50.8%
Q4 25	—	+93.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$492.0K	1587.1%
Q2 22	$438.0K	1412.9%
Q3 22	$743.0K	2396.8%
Q4 22	$634.0K	2045.2%
Q1 23	$733.0K	—
Q2 23	$733.0K	—
Q3 23	$686.0K	—
Q4 23	$939.0K	—
Q1 24	$1M	—
Q2 24	$2M	—
Q3 24	$1M	—
Q4 24	$1M	—
Q1 25	$314.0K	—
Q2 25	$1M	—
Q3 25	$1M	—
Q4 25	$1M	—

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$5M	$4M	$162.0K	—
Q2 22	$5M	$4M	$149.0K	—
Q3 22	$5M	$3M	$169.0K	—
Q4 22	$5M	$3M	$141.0K	—
Q1 23	$5M	$4M	—	—
Q2 23	$6M	$4M	$161.0K	—
Q3 23	$6M	$3M	$175.0K	—
Q4 23	$7M	—	—	$3M
Q1 24	$4M	$4M	—	—
Q2 24	$5M	$4M	$178.0K	—
Q3 24	$5M	$3M	$195.0K	—
Q4 24	$5M	—	—	$3M
Q1 25	$4M	$4M	—	—
Q2 25	$7M	$4M	—	—
Q3 25	$8M	—	—	$5M
Q4 25	$11M	$5M	—	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$94M	$0	$94M
Q2 22	$87M	$0	$87M
Q3 22	$77M	$0	$77M
Q4 22	$70M	$0	$70M
Q1 23	$59M	$0	$59M
Q2 23	$52M	$0	$52M
Q3 23	$43M	$0	$43M
Q4 23	$35M	$0	$35M
Q1 24	$26M	$0	$26M
Q2 24	$21M	$0	$21M
Q3 24	$17M	$0	$17M
Q4 24	$103M	$0	$103M
Q1 25	$92M	$0	$92M
Q2 25	$101M	$0	$101M
Q3 25	$87M	$0	$87M
Q4 25	$120M	$0	$120M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	29M	+23.0%	+53.3%
Q2 22	29M	+0.4%	+16.2%
Q3 22	29M	+0.3%	+23.9%
Q4 22	29M	+0.0%	+23.9%
Q1 23	29M	+0.1%	+0.8%
Q2 23	29M	0.0%	+0.4%
Q3 23	29M	0.0%	+0.1%
Q4 23	29M	+0.2%	+0.3%
Q1 24	29M	+0.7%	+1.0%
Q2 24	30M	+2.3%	+3.3%
Q3 24	32M	+7.1%	+10.7%
Q4 24	36M	+11.1%	+22.7%
Q1 25	32M	-10.9%	+8.5%
Q2 25	51M	+62.6%	+72.3%
Q3 25	55M	+6.6%	+71.5%
Q4 25	55M	+0.0%	+54.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$477	65
Q2 22	$477	65
Q3 22	$477	65
Q4 22	$408	76
Q1 23	$0	76
Q2 23	$0	76
Q3 23	$0	76
Q4 23	$0	42
Q1 24	$0	42
Q2 24	$0	42
Q3 24	$0	42
Q4 24	$0	38
Q1 25	$0	38
Q2 25	$0	38
Q3 25	$0	38
Q4 25	$0	64K

Revenue / Employee