Candel Therapeutics, Inc. reported its financial results for the second quarter of 2025, revealing a net loss of $4.8 million, a significant improvement compared to a net loss of $22.2 million in the same period of 2024. For the six months ended June 30, 2025, the company achieved a net income of $2.6 million, contrasting sharply with a net loss of $30.5 million for the first half of 2024. The improvement in net income for the six-month period was primarily driven by a $20.6 million decrease in the fair value of the warrant liability, alongside increased interest income from cash equivalents.
Total operating expenses for the second quarter of 2025 were $11.2 million, up from $8.6 million in the prior year, with research and development expenses rising to $7.0 million from $5.0 million. This increase was largely attributed to heightened clinical development costs associated with the company's lead product candidate, CAN-2409. General and administrative expenses also increased to $4.2 million from $3.6 million, reflecting higher professional fees and costs related to commercial readiness.
Candel Therapeutics has made notable strides in its clinical development programs, particularly with CAN-2409, which is currently in pivotal trials for prostate cancer. The company has received Fast Track and Regenerative Medicine Advanced Therapy designations from the FDA for this candidate. Additionally, CAN-3110, another product candidate, is being evaluated in a phase 1b trial for recurrent high-grade glioma, with promising early results reported. The company is also expanding its research efforts through collaborations, including a partnership with the University of Pennsylvania to enhance CAR-T cell therapies.
As of June 30, 2025, Candel Therapeutics had cash and cash equivalents totaling $100.7 million, which the company believes will fund its operations into the first quarter of 2027. The company has raised approximately $291.6 million since its inception, primarily through equity offerings and convertible notes. However, Candel anticipates the need for additional capital to support ongoing clinical trials and potential commercialization efforts. The company remains focused on advancing its product candidates while managing its financial resources prudently in a challenging biotechnology landscape.
About Candel Therapeutics, Inc.
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