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Candel Therapeutics, Inc., a clinical stage biopharmaceutical company, develops immunotherapies for cancer patients. It develops CAN-2409, which is in Phase 2a clinical trials for the treatment of prostate cancer; and Phase 2a clinical trials for the treatment of non-small cell lung cancer (NSCLC). The company is also developing CAN-3110, which is in Phase Ib clinical trials for the treatment of recurrent high-grade glioma. In addition, it develops the enLIGHTEN Discovery Platform, a systematic, iterative herpes simplex virus based discovery platform leveraging human biology and advanced analytics to create new viral immunotherapy candidates for solid tumors. The company was formerly known as Advantagene, Inc. and changed its name to Candel Therapeutics, Inc. in November 2020. Candel Therapeutics, Inc. was incorporated in 2003 and is headquartered in Needham, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $0M | $-35M | $-38M | $-39M | -73.5% | - | - |
| 2024 | $0M | $-52M | $-55M | $-27M | -83.2% | - | - |
| 2023 | $0M | $-34M | $-38M | $-35M | -297.7% | -100.0% | - |
| 2022 | $0M | $-16M | $-19M | $-33M | -39.4% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 0.12 | 0 | 0 | 0 |
| Operating Expense | 34.80 | 38.39 | 33.37 | 48.18 |
| Operating Income | -34.67 | -38.39 | -33.37 | -48.18 |
| EBITDA | -16.31 | -34.38 | -52.10 | -35.22 |
| EBIT | -17.09 | -35.34 | -53.09 | -36.06 |
| Pretax Income | -18.79 | -37.94 | -55.18 | -38.18 |
| Net Income | -18.79 | -37.94 | -55.18 | -38.18 |
| Net Income Common Stockholders | -18.79 | -37.94 | -55.18 | -38.18 |
| Total Expenses | 34.80 | 38.39 | 33.37 | 48.18 |
| Interest Expense | 1.71 | 2.60 | 2.09 | 2.12 |
| Interest Income | 1.22 | 2.08 | 1.09 | 3.92 |
| Research And Development | 20.79 | 24.51 | 19.31 | 30.50 |
| Selling General And Administration | 14.06 | 13.88 | 14.06 | 17.77 |
| Normalized EBITDA | -32.68 | -35.35 | -31.30 | -43.42 |
| Normalized Income | -35.16 | -38.91 | -34.38 | -46.38 |
| Basic EPS | -0.65 | -1.31 | -1.74 | 0 |
| Diluted EPS | -0.65 | -1.31 | -1.74 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Total Unusual Items | 16.37 | 0.97 | -20.80 | 8.20 |
| Total Unusual Items Excluding Goodwill | 16.37 | 0.97 | -20.80 | 8.20 |
| Net Income From Continuing Operation Net Minority Interest | -18.79 | -37.94 | -55.18 | -38.18 |
| Reconciled Depreciation | 0.78 | 0.96 | 0.99 | 0.84 |
| Net Interest Income | -0.49 | -0.51 | -1 | 1.80 |
| Net Income From Continuing And Discontinued Operation | -18.79 | -37.94 | -55.18 | -38.18 |
| Rent Expense Supplemental | 0.18 | 0.16 | 0.19 | 0.19 |
| Total Operating Income As Reported | -34.72 | -38.39 | -33.37 | -48.27 |
| Diluted Average Shares | 28.82 | 28.94 | 31.68 | 0 |
| Basic Average Shares | 28.82 | 28.94 | 31.68 | 0 |
| Diluted NI Availto Com Stockholders | -18.79 | -37.94 | -55.18 | -38.18 |
| Net Income Including Noncontrolling Interests | -18.79 | -37.94 | -55.18 | -38.18 |
| Net Income Continuous Operations | -18.79 | -37.94 | -55.18 | -38.18 |
| Other Income Expense | 16.37 | 0.97 | -20.80 | 8.20 |
| Gain On Sale Of Security | 16.37 | 0.97 | -20.80 | 8.20 |
| Net Non Operating Interest Income Expense | -0.49 | -0.51 | -1 | 1.80 |
| Total Other Finance Cost | 0.49 | 0 | 0 | 0 |
| Interest Expense Non Operating | 1.71 | 2.60 | 2.09 | 2.12 |
| Interest Income Non Operating | 1.22 | 2.08 | 1.09 | 3.92 |
| Other Operating Expenses | -0.05 | 0 | 0 | -0.09 |
| General And Administrative Expense | 14.06 | 13.88 | 14.06 | 17.77 |
| Other Gand A | 4.26 | 4.39 | 5.85 | 8.94 |
| Insurance And Claims | 2.38 | 1.60 | 1.19 | 0.99 |
| Rent And Landing Fees | 0.18 | 0.16 | 0.19 | 0.19 |
| Salaries And Wages | 7.23 | 7.73 | 6.83 | 7.64 |
| Operating Revenue | 0.12 | 0 | 0 | 0 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Candel Therapeutics, Inc.this co. | CADL | $453M | - | 6.53 | -73.5% | -8.07 |
| Varex Imaging Corporation | VREX | $462M | - | 0.97 | -14.4% | 7.73 |
| Orthofix Medical Inc. | OFIX | $461M | - | 1.02 | -20.5% | -94.86 |
| 4D Molecular Therapeutics, Inc. | FDMT | $461M | - | 1.00 | -27.7% | -0.45 |
| MiMedx Group, Inc. | MDXG | $458M |
| 9.64 |
| 1.78 |
| 18.9% |
| 4.00 |
| Pacific Biosciences of California, Inc. | PACB | $456M | - | 81.67 | -10214.5% | -5.12 |
| Larimar Therapeutics, Inc. | LRMR | $451M | - | 4.62 | -212.2% | -1.85 |
| Perspective Therapeutics, Inc. | CATX | $448M | - | 1.41 | -49.8% | -2.78 |
| Myriad Genetics, Inc. | MYGN | $442M | - | 1.19 | -99.4% | -2.56 |
| Peer Median | - | 9.64 | 1.30 | -38.8% | -2.21 | |