Candel Therapeutics, Inc.

Candel Therapeutics, Inc. reported a net loss of $38.2 million for the fiscal year ended December 31, 2025, an improvement from a net loss of $55.2 million in the prior year. The company generated no product revenue, with total operating expenses of $48.3 million, primarily driven by research and development costs of $30.5 million and general and administrative expenses of $17.8 million. The reduced net loss was significantly aided by a $10.1 million net gain from other income, which included a favorable $8.2 million change in the fair value of warrant liabilities and $3.9 million in interest income. The company ended the period with $119.7 million in cash and cash equivalents and total assets of $125.2 million, supported by $56.1 million in net cash provided by financing activities, including a new term loan and equity offerings.

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