CADL · Candel Therapeutics, Inc.

Candel Therapeutics reported a net loss of $8.9 million for the first quarter of 2026, compared to net income of $7.4 million in the same period of 2025. The swing was primarily driven by a $5.8 million increase in research and development expenses to $9.8 million, reflecting higher clinical trial and manufacturing costs for the aglatimagene programs, and a $2.3 million increase in general and administrative expenses to $6.4 million, largely due to commercial readiness costs. Net other income decreased to $7.4 million from $15.5 million, mainly due to changes in the fair value of warrant liabilities. Cash and cash equivalents stood at $194.8 million as of March 31, 2026, up from $119.7 million at year-end 2025, bolstered by a $100 million equity offering in February 2026. Management highlighted progress toward a BLA submission for aglatimagene in localized prostate cancer in Q4 2026 and plans to initiate a pivotal phase 3 trial in NSCLC in June 2026. The company also announced a commercial partnership with EVERSANA to support a potential U.S. launch. The extended survival tail observed in the NSCLC phase 2a trial, with 50% of patients surviving beyond 24 months, supports the rationale for the upcoming phase 3 trial. Overall, the quarter reflects increased investment in late-stage clinical development and pre-commercial activities, with a strong cash runway into Q1 2028.