Candel Therapeutics (CADL) Q3 2026 earnings summary

Executive summary

• Phase 3 prostate trial met its primary DFS endpoint (HR 0.70, p=0.0155); updated data showed a 41% reduction in recurrence or prostate cancer-specific death risk at median 58-month follow-up.

• Aglატimagene prostate BLA submission is planned for mid-2027, subject to ongoing FDA dialogue and assay refinement.

• Three SITC posters highlighted aglatimagene immune biomarker findings and linoserpaturev survival data.

Financial highlights

• Q3 2026 operating expenses were $23.0M vs. $13.2M YoY; net loss was $21.9M vs. $11.3M.

• Q3 R&D was $15.6M vs. $8.5M, reflecting higher clinical, manufacturing and regulatory costs, headcount and stock compensation.

• Q3 G&A was $7.4M vs. $4.7M, mainly due to higher employee-related and commercial-readiness costs.

• 9M 2026 operating expenses were $66.0M vs. $32.5M; net loss was $69.6M vs. $8.7M.

• 9M operating cash use was $58.3M; financing cash inflow was $142.6M, lifting cash, cash equivalents and restricted cash to $203.5M.

Outlook and guidance

• Cash and cash equivalents of $203.1M at September 30, 2026, are expected to fund the current operating plan into Q2 2028.

• R&D and G&A costs are expected to rise as clinical programs advance, manufacturing capabilities develop and commercial-readiness work continues.

• Additional capital will be required for aglatimagene commercialization, the NSCLC Phase 3 trial and further linoserpaturev development; potential sources include equity, debt, collaborations or licensing.