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Candel Therapeutics filed a Form S-3 shelf registration to offer up to $300,000,000 of securities, including a separate sale-agreement prospectus to sell up to $50,000,000 of common stock under an at-the-market agreement with Jefferies LLC. The prospectus states the company is a clinical-stage developer of off-the-shelf viral immunotherapies. The lead adenovirus candidate, CAN-2409, recently completed a successful Phase 3 trial in localized prostate cancer and produced positive Phase 2a results in non-small cell lung cancer and borderline resectable pancreatic ductal adenocarcinoma. The HSV-based candidate CAN-3110 is in an ongoing investigator-sponsored Phase 1b trial for recurrent high-grade glioma.

The document discloses Nasdaq listing (ticker CADL) with a closing price of $6.35 on August 12, 2025, 54,895,099 shares outstanding as of August 1, 2025, and outstanding Series B warrants (3,672,484 unconditional and up to 3,672,484 conditional). Use of proceeds is described as working capital, R&D, manufacturing, clinical trials and potential acquisitions. The company identifies itself as an emerging growth company and a smaller reporting company and includes corporate governance provisions such as a classified board and broad preferred-stock authorization.

Candel Therapeutics, Inc. (CADL) reported interim results showing material clinical progress and a strengthened balance sheet as of June 30, 2025. Cash and cash equivalents totaled $100.7 million and total assets were $105.97 million. For the six months ended June 30, 2025 the company reported net income of $2.6 million, driven largely by a $20.6 million favorable change in the fair value of a warrant liability, compared with a net loss of $30.5 million in the prior-year period. The company recorded operating expenses of $19.3 million for the six months.

On the clinical front, CAN-2409 achieved a positive phase 3 result in intermediate-to-high-risk localized prostate cancer under an FDA SPA (p=0.0155; HR 0.70), with median DFS not reached vs. 86.1 months for placebo. Management expects to submit a biologics license application in Q4 2026. Additional positive clinical data were reported for CAN-2409 in NSCLC and pancreatic cancer and ongoing CAN-3110 data support repeat-dosing exploration. The filing also discloses an accumulated deficit of $189.6 million, a current term loan balance and the company鈥檚 statement that additional financing will be required to fund operations beyond the next 12 months if circumstances change.

Candel Therapeutics (CADL) reported a significant insider purchase by CEO and Director Paul Peter Tak on June 25, 2025. The transaction involved the acquisition of 42,826 shares at $4.67 per share through a registered direct offering, representing a total investment of approximately $200,000.

Following this transaction, Tak's direct beneficial ownership increased to 268,566 shares. The purchase was executed pursuant to a Securities Purchase Agreement dated June 23, 2025, demonstrating insider confidence in the company's prospects.

Key Transaction Details:

• Transaction Type: Direct Purchase (registered offering)
• Share Price: $4.67
• Total Shares Post-Transaction: 268,566
• Filing Date: June 28, 2025
• Transaction Form: Form 4 (Statement of Changes in Beneficial Ownership)

Paul B. Manning, Director of Candel Therapeutics (CADL), reported significant insider transactions on June 25, 2025. Manning acquired 1,070,663 shares at $4.67 per share through a registered direct offering, demonstrating substantial insider investment totaling approximately $5 million.

Following the transaction, Manning's beneficial ownership includes:

• 2,213,069 shares held indirectly through the Paul B. Manning Revocable Trust
• 1,303,752 shares held indirectly through BKB Growth Investments, LLC
• 1,681,000 shares held directly (jointly with spouse)

The total beneficial ownership amounts to 5,197,821 shares, indicating significant insider confidence in the company. The purchase was made pursuant to a Securities Purchase Agreement dated June 23, 2025, suggesting a planned strategic investment in the company's future.