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Candel Therapeutics, Inc.

CADL Nasdaq Biological Products, (No Diagnostic Substances) Financials FY2020–FY2025

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Today
3.0%
Previous close
$8.03
Market cap
$577M
P/E
β€”
52-week range
$4.42 $13.75

Last close Β· Oct 26, 2026

$7.79

+$2.39 (+44.26%) past year

Share price

Candel Therapeutics, Inc.

What Candel Therapeutics, Inc. does

CADL Β· Biological Products, (No Diagnostic Substances)

From its latest annual report

No business description yet.

Filing details

Legal name
Candel Therapeutics, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K Β· Mar 12, 2026
Accession Β· CIK
0001193125-26-103134 Β· 0001841387

Earnings calendar Β· Candel Therapeutics, Inc.

Every quarter, companies publish how much they sold and earned. These are the days Candel Therapeutics, Inc. did it, and the next one. Share prices often move a lot on those days.

Next results

November 12, 2026

Thursday Β· in 16 days

Time
Time not announced
Covers
Period ended Sep 30, 2026
Expected EPS
βˆ’$0.30
Source
Earnings calendar
See who else reports that week β†’
Date Results for Time Source
Aug 13, 2026 Q2 '26 Before the market opens 8-K β†—
May 14, 2026 Q1 '26 Before the market opens 8-K β†—
Feb 19, 2026 Q4 '25 After the market closes 8-K β†—
Oct 14, 2025 Q3 '25 Before the market opens 8-K β†—
Aug 14, 2025 Q2 '25 Before the market opens 8-K β†—
May 13, 2025 Q1 '25 Before the market opens 8-K β†—
Jan 13, 2025 Q4 '24 Before the market opens 8-K β†—
Nov 14, 2024 Q3 '24 Before the market opens 8-K β†—

From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.

KIRA’s summary AI analyst

Hi! I read Candel Therapeutics, Inc.’s latest annual report (fiscal 2025). Here is what stands out:

1 strength 3 to watch

Candel Therapeutics, Inc. in 30 seconds

Good So-so Weak

Weak

Does it make a profit?

βˆ’$38.2M

No. It lost money last year.

Weak

How healthy are the accounts?

3 / 7

Weak. It passes 3 of 7 health tests.

For information

How is the share priced?

β€”

No P/E: it made no profit over the last four quarters.

Rules of thumb on reported numbers. A starting point, not a recommendation.

Key numbers, fiscal 2025

Market cap Last close times the latest diluted share count, so it is approximate.
$577M
Oct 26 close
P/E Last close divided by diluted earnings per share over the last four quarters.
β€”
On βˆ’$1.42 EPS (TTM)

Revenue

Total sales reported in the income statement.

See the full section β†’

Operating margin

Operating income as a share of revenue.

See the full section β†’

Net income

Profit after all expenses, interest and tax.

KIRA Β· Candel Therapeutics, Inc. lost $38.2M in fiscal 2025.

See the full section β†’

Free cash flow

Cash from operations minus capital spending.

KIRA Β· Free cash flow was βˆ’$38.9M in fiscal 2025, β€” of revenue.

See the full section β†’

Return on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

See the full section β†’
Charts by

Sales and profit

Is it selling more, and how much does it keep?

Revenue and margins

Revenue

Margins, % of revenue

Gross Operating Net FCF

In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).

Net income and earnings per share

Loss periods are shown in red.

KIRA summarises the numbers

  • Candel Therapeutics, Inc. lost $38.2M in fiscal 2025.

Net income

Net income

Diluted EPS

Diluted EPS

In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.

Cash and shareholders

How much cash comes in, and where does it go?

Cash flow

Cash from operations minus capital spending.

KIRA summarises the numbers

  • Free cash flow was βˆ’$38.9M in fiscal 2025, β€” of revenue.

Free cash flow

Free cash flow

Cash from operations vs capital spending

Cash from operations Capital spending

Cash from operations vs capital spending

Cash from operations Capital spending

In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.

Dividends, buybacks and share count

Dividends and buybacks

Dividends Buybacks

Diluted shares outstanding (annual)

In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. β€œPlan” marks trades under a pre-arranged Rule 10b5-1 plan.

KIRA summarises the numbers

  • In the last 12 months, insiders bought $3.0M and sold $3.6M of shares on the open market.

Bought, 12 months

$3.0M

1 insider

Sold, 12 months

$3.6M

3 insiders

Of sales under plans

100%

$3.6M

DateInsiderTradeSharesPriceValueFiling
Sep 11, 2026 Paul Peter TakChief Executive Officer, Director Sold plan 59,379 $10.46 $0.6M Form 4
Sep 10, 2026 Paul Peter TakChief Executive Officer, Director Sold plan 220,866 $11.50 $2.5M Form 4
Aug 17, 2026 Seshu TyagarajanChief Technology Officer Sold plan 7,000 $12.00 $0.1M Form 4
Jun 29, 2026 Francesca BaroneChief Scientific Officer Sold plan 23,447 $10.06 $0.2M Form 4
Jun 29, 2026 Seshu TyagarajanChief Technology Officer Sold plan 7,000 $10.02 $0.1M Form 4
Feb 23, 2026 Paul B ManningDirector Bought 550,458 $5.45 $3.0M Form 4

In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.

Financial health

Can it carry its debts, and how well does it use its money?

Balance sheet

Cash, debt and the ratios that show how comfortably Candel Therapeutics, Inc. can carry it.

KIRA summarises the numbers

  • Candel Therapeutics, Inc. has $120M more cash than debt.

Cash vs debt (incl. leases)

Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $82.6M$70.1M$35.4M$103M$120M
Debt incl. finance leases $0.6Mβ€”$20.5M$11.6M$0.0M
Debt / equity 0.0xβ€”1.6x0.2x0.0x
Interest coverage β€”βˆ’20.3xβ€”βˆ’16.0xβˆ’22.8x
Current ratio 15.8x12.8x2.6x2.8x13.5x
Quick ratio 15.8x12.8x2.6x2.8x13.5x
Total assets $89.2M$77.7M$41.2M$107M$125M
Total liabilities $25.1M$30.0M$28.5M$40.5M$73.3M
Shareholders' equity $64.1M$47.7M$12.7M$66.3M$51.9M
Net debt (βˆ’ = net cash) βˆ’$82.1Mβ€”βˆ’$14.9Mβˆ’$91.0Mβˆ’$120M

In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)

Return on capital Return on equity Return on assets

In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

KIRA summarises the numbers

  • Candel Therapeutics, Inc. passes 3 of 7 financial health tests (Piotroski F-score).

TestFY20FY21FY22FY23FY24FY25
Net income is positive βœ• βœ• βœ• βœ• βœ• βœ•
Cash from operations is positive βœ• βœ• βœ• βœ• βœ• βœ•
Return on assets rose β€” βœ“ βœ“ βœ• βœ“ βœ“
Cash from operations exceeds net income βœ“ βœ“ βœ• βœ“ βœ“ βœ•
Debt fell relative to assets β€” βœ“ β€” β€” βœ“ βœ“
Current ratio rose β€” βœ“ βœ• βœ• βœ“ βœ“
Share count didn't rise β€” βœ• βœ• βœ• βœ• βœ•
Gross margin rose β€” β€” β€” β€” β€” β€”
Revenue rose relative to assets β€” βœ• βœ“ β€” β€” β€”
F-score β€” / 34 / 82 / 7β€” / 64 / 73 / 7
Accruals ratio βˆ’22.5%βˆ’21.8%15.1%βˆ’6.2%βˆ’38.0%0.1%
Altman Z'' βˆ’2.913.670.11βˆ’13.03βˆ’2.18βˆ’1.96

In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.

All figures

Every number, year by year.

6 years of figures

Amounts in USD. Hover a ratio’s name for its definition.

Download CSV
Fiscal yearFY20FY21FY22FY23FY24FY25
Income statement
Revenue $0.1M $0.1M $0.1M β€” β€” β€”
Research and development $8.8M $15.2M $20.8M $24.5M $19.3M $30.5M
Operating income βˆ’$13.8M βˆ’$25.7M βˆ’$34.7M βˆ’$38.4M βˆ’$33.4M βˆ’$48.3M
Interest expense β€” β€” $1.7M βˆ’$2.6M $2.1M $2.1M
Pretax income β€” β€” β€” β€” βˆ’$55.2M βˆ’$38.2M
Income tax β€” $0.0M $0.0M $0.0M $0.0M $0.0M
Net income βˆ’$17.7M βˆ’$36.1M βˆ’$18.8M βˆ’$37.9M βˆ’$55.2M βˆ’$38.2M
Diluted EPS βˆ’$1.52 βˆ’$1.91 βˆ’$0.65 βˆ’$1.31 βˆ’$1.74 βˆ’$0.72
Diluted shares 0.01B 0.02B 0.03B 0.03B 0.03B 0.05B
Cash flow
Cash from operations βˆ’$9.1M βˆ’$22.2M βˆ’$31.4M βˆ’$34.2M βˆ’$27.0M βˆ’$38.3M
Capital expenditure $1.5M $1.8M $1.3M $0.5M $0.0M $0.6M
Free cash flow βˆ’$10.5M βˆ’$24.1M βˆ’$32.7M βˆ’$34.7M βˆ’$27.0M βˆ’$38.9M
Depreciation and amortization $0.1M $0.2M $0.8M $1.0M $1.0M $0.8M
Stock-based compensation $2.1M $3.0M $2.3M $3.1M $5.3M $3.8M
Balance sheet
Cash and short-term investments $35.1M $82.6M $70.1M $35.4M $103M $120M
Total debt $0.5M $0.6M β€” $20.5M $11.6M $0.0M
Current assets $35.1M $84.9M $71.9M $36.8M $104M $121M
Current liabilities $4.7M $5.4M $5.6M $14.2M $37.5M $9.0M
Property and equipment, net $2.8M $3.8M $4.4M $3.2M $2.2M $1.6M
Total assets $38.3M $89.2M $77.7M $41.2M $107M $125M
Total liabilities $12.8M $25.1M $30.0M $28.5M $40.5M $73.3M
Shareholders' equity βˆ’$23.6M $64.1M $47.7M $12.7M $66.3M $51.9M
Margins
Operating margin βˆ’11,048.0% βˆ’20,580.8% βˆ’27,777.6% β€” β€” β€”
EBITDA margin βˆ’10,975.2% βˆ’20,395.2% βˆ’27,155.2% β€” β€” β€”
Net margin βˆ’14,144.0% βˆ’28,899.2% βˆ’15,035.2% β€” β€” β€”
FCF margin βˆ’8,437.6% βˆ’19,242.4% βˆ’26,172.8% β€” β€” β€”
Returns
Return on capital employed βˆ’41.1% βˆ’30.7% βˆ’48.2% βˆ’142.1% βˆ’48.1% βˆ’41.5%
Return on equity β€” βˆ’178.1% βˆ’33.6% βˆ’125.5% βˆ’139.6% βˆ’64.6%
Return on assets βˆ’46.2% βˆ’56.7% βˆ’22.5% βˆ’63.8% βˆ’74.5% βˆ’32.9%
Return on tangible equity β€” βˆ’56.3% βˆ’39.4% βˆ’297.7% βˆ’83.2% βˆ’73.5%
Growth
Revenue growth β€” 0.0% 0.0% β€” β€” β€”
Share count change β€” 62.5% 52.7% 0.4% 9.5% 67.2%
Financial health
Debt / equity β€” 0.0x β€” 1.6x 0.2x 0.0x
Interest coverage β€” β€” βˆ’20.3x β€” βˆ’16.0x βˆ’22.8x
Current ratio 7.5x 15.8x 12.8x 2.6x 2.8x 13.5x
Quick ratio 7.5x 15.8x 12.8x 2.6x 2.8x 13.5x
Capital allocation
Capex / revenue 1,180.8% 1,468.0% 1,037.6% β€” β€” β€”
Stock comp / revenue 1,685.6% 2,370.4% 1,845.6% β€” β€” β€”
Quality scores
Piotroski F-score β€” 4.0 2.0 β€” 4.0 3.0
Altman Z'' βˆ’2.9 3.7 0.1 βˆ’13.0 βˆ’2.2 βˆ’2.0
Accruals ratio βˆ’22.5% βˆ’21.8% 15.1% βˆ’6.2% βˆ’38.0% 0.1%

In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.

Source: SEC EDGAR XBRL filings (CIK 0001841387). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β€” not investment advice. Check the original filings before relying on any figure.

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