Candel Therapeutics (CADL) Q4 2025 earnings summary

Executive summary

• Advanced clinical pipeline with pivotal phase 3 trials planned for aglatimagene in NSCLC and BLA submission for prostate cancer in 2026.

• IND clearance for linoserpaturev in rHGG and encouraging survival data from phase 1b trial.

• Strengthened financial position through $130M term loan, $100M equity offering, and $100M royalty funding agreement.

Financial highlights

• Research and development expenses rose to $11.0M in Q4 2025 (from $4.8M in Q4 2024) and $30.5M for FY 2025 (from $19.3M in FY 2024).

• General and administrative expenses increased to $4.7M in Q4 2025 (from $3.3M in Q4 2024) and $17.8M for FY 2025 (from $14.1M in FY 2024).

• Net loss for Q4 2025 was $29.5M (vs. $14.1M in Q4 2024); FY 2025 net loss was $38.2M (vs. $55.2M in FY 2024).

• Cash and cash equivalents were $119.7M as of Dec 31, 2025, up from $102.7M at year-end 2024.

Outlook and guidance

• Cash runway expected to fund operations into Q1 2028, including commercial launch preparations for aglatimagene.

• Key data readouts for aglatimagene in NSCLC and prostate cancer, and linoserpaturev in rHGG, expected throughout 2026.

• BLA submission for aglatimagene in prostate cancer planned for Q4 2026.