Candel Therapeutics, Inc. CADL
We are a clinical stage biopharmaceutical company focused on developing off-the-shelf viral immunotherapies that elicit an individualized, systemic anti-tumor immune response to help patients fight cancer. Our engineered viruses are designed to induce a systemic anti-tumor response due to induction of immunogenic cell death within the tumor microenvironment, thus releasing tumor neo-antigens and creating a pro-inflammatory microenvironment at the site of injection. This is intended to lead to in-situ immunization against the injected tumor and uninjected distant metastases. Local administration is designed to achieve these therapeutic effects while minimizing systemic exposure and associated toxicity.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | $125.0K | $125.0K | $125.0K | — |
| R&D | $30.5M | $19.3M | $24.5M | $20.8M | $15.2M | $8.8M | — |
| SG&A | $17.8M | $14.1M | $13.9M | $14.1M | $10.7M | $5.2M | — |
| Total 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 | — |
| Interest expense | $2.1M | $2.1M | $2.6M | $1.7M | — | — | — |
| Pre-tax income | -$38.2M | -$55.2M | -$37.9M | -$18.8M | -$36.1M | — | — |
| Income tax | $0 | $0 | $0 | $0 | $0 | — | — |
| Net income | -$38.2M | -$55.2M | -$37.9M | -$18.8M | -$36.1M | -$17.7M | — |
| EPS, basic | -0.72 | -1.74 | -1.31 | -0.65 | -1.91 | — | — |
| EPS, diluted | -0.72 | -1.74 | -1.31 | -0.65 | -1.91 | -1.52 | — |
| Shares, diluted (wtd. avg.) | $53.0M | $31.7M | $28.9M | $28.8M | $18.9M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $119.7M | $102.7M | $35.7M | $70.3M | $83.1M | $35.3M | $5.4M |
| Total current assets | $121.4M | $103.8M | $36.8M | $71.9M | $84.9M | $35.1M | — |
| Property, plant and equipment | $1.6M | $2.2M | $3.2M | $4.4M | $3.8M | $2.8M | — |
| Total assets | $125.2M | $106.9M | $41.2M | $77.7M | $89.2M | $38.3M | — |
| Accounts payable | $1.1M | $237.0K | $422.0K | $380.0K | $1.6M | $921.0K | — |
| Short-term debt | $0 | $9.9M | $8.9M | — | — | — | — |
| Total current liabilities | $9.0M | $37.5M | $14.2M | $5.6M | $5.4M | $4.7M | — |
| Long-term debt | — | $1.7M | $11.6M | — | $560.0K | $483.0K | — |
| Total liabilities | $73.3M | $40.5M | $28.5M | $30.0M | $25.1M | $12.8M | — |
| Retained earnings | -$230.4M | -$192.2M | -$137.0M | -$99.1M | -$80.3M | -$44.2M | — |
| Total equity | $51.9M | $66.3M | $12.7M | $47.7M | $64.1M | -$23.6M | -$8.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$38.3M | -$27.0M | -$34.2M | -$31.4M | -$22.2M | -$9.1M | — |
| Depreciation and amortisation | $845.0K | $990.0K | $960.0K | $778.0K | $232.0K | $91.0K | — |
| Stock-based compensation | $3.8M | $5.3M | $3.1M | $2.3M | $3.0M | $2.1M | — |
| Capital expenditure | $587.0K | $16.0K | $457.0K | $1.3M | $1.8M | $1.5M | — |
| Investing cash flow | -$560.0K | -$16.0K | -$280.0K | -$1.3M | -$1.8M | $38.5M | — |
| Financing cash flow | $56.1M | $94.3M | -$121.0K | $20.0M | $71.8M | $490.0K | — |
| Buybacks | — | — | — | $448.0K | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-103134.
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