Candel Therapeutics Reports $8.7 Million Net Loss for Nine Months Ended September 30, 2025

Candel Therapeutics, Inc. reported a net loss of $8.7 million for the nine months ended September 30, 2025, a significant decrease from the $41.1 million loss recorded during the same period in 2024. The company’s total operating expenses increased to $32.5 million from $25.2 million year-over-year, driven primarily by a rise in research and development costs, which reached $19.5 million compared to $14.5 million in the prior year. General and administrative expenses also rose to $13.0 million from $10.7 million, reflecting increased costs associated with commercial readiness and personnel.

In terms of financial position, Candel's cash and cash equivalents stood at $87.0 million as of September 30, 2025, down from $102.7 million at the end of 2024. The company’s total assets decreased to $93.6 million from $106.9 million, while total liabilities dropped significantly from $40.5 million to $13.5 million, largely due to the reduction of the term loan payable to Silicon Valley Bank. The accumulated deficit increased to $200.9 million, indicating ongoing challenges in achieving profitability.

Strategically, Candel has made notable advancements in its clinical programs, particularly with its lead product candidate, CAN-2409, which is undergoing pivotal phase 3 trials for localized prostate cancer. The company has also initiated a registered direct offering, raising approximately $15 million in June 2025, and has entered into a new loan agreement with Trinity Capital Inc. for up to $130 million, which is expected to support ongoing clinical trials and operational needs.

Operationally, Candel has focused on enhancing its research capabilities and expanding its clinical trial activities. The company reported an increase in clinical development expenses, reflecting heightened manufacturing and regulatory costs associated with its product candidates. As of September 30, 2025, Candel had 55 million shares outstanding, up from 46.9 million at the end of 2024, indicating a dilution of shares as part of its financing activities. The company anticipates that its existing resources, combined with the new financing, will be sufficient to fund operations into the first quarter of 2027, although it will require additional capital to continue its clinical development and commercialization efforts.