Candel Therapeutics secures $130M loan; reports positive CAN-3110 survival data

Candel Therapeutics, Inc.

Entered $130M term loan facility with Trinity Capital; $50M drawn at closing, up to $80M additional subject to milestones.
Cash and cash equivalents $87.2M as of Sept 30, 2025; loan carries 10.25% initial rate, 36-month interest-only period.
Phase 1b CAN-3110 interim data: median OS 11.8 months (arm A) and 12.0 months (arm B); two patients alive >40 months post-single injection.
Strategic pivot: seek external partnerships for CAN-2409 in PDAC; focus capital on early localized prostate cancer and NSCLC.
Proceeds to initiate phase 3 CAN-2409 trial in NSCLC in Q2 2026 and support BLA submission for prostate cancer planned Q4 2026.

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