Candel Therapeutics Q1 net loss $8.8M; cash runway into Q2 2024; fast track for CAN-2409 in NSCLC

Candel Therapeutics, Inc.

2023-Q1 EPS reported -$0.30

Net loss of $8.8M in Q1 2023 vs $0.9M in Q1 2022; includes $0.8M other income from warrant liability change.
Cash and equivalents $59.3M; expected to fund operations into Q2 2024.
FDA granted fast track designation for CAN-2409 in stage III/IV NSCLC resistant to PD-(L)1 therapy.
Paused enrollment in phase 2 pancreatic cancer trial pending additional funding; initial data still expected Q4 2023.
Upcoming data: CAN-3110 at ASGCT (May 19) and CAN-2409 NSCLC trial-in-progress at ASCO (June 4).

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Candel Therapeutics, Inc. reported the quarter ended March 31, 2023 results: net income Net loss for the first quarter of 2023 was $8.8 million.

Period: the quarter ended March 31, 2023
Net income: Net loss for the first quarter of 2023 was $8.8 million
Result: reported results

Exact text from the filing

Net loss for the first quarter of 2023 was $8.8 million compared to a net loss of $0.9 million for the first quarter of 2022, and included net other income of $0.8 million and $8.1 million, respectively, primarily related to the change in the fair value of the Company’s warrant liability.

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Source: SEC EDGAR

accession 0000950170-23-020869

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