---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-238254"
form_type: "8-K"
ticker: "CADL"
cik: "0001841387"
company_name: "Candel Therapeutics, Inc."
filed_at: "2025-10-14T23:59:59+00:00"
generated_at: "2026-05-17T03:58:26.784819+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-238254
- form_type: 8-K
- ticker: CADL
- cik: 0001841387
- company_name: Candel Therapeutics, Inc.
- filed_at: 2025-10-14T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.02, 2.03, 3.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1841387/000119312525238254/0001193125-25-238254-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1841387/000119312525238254/cadl-20251014.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-238254
- JSON: https://secwatch.observer/filing/0001193125-25-238254.json
- Plain text: https://secwatch.observer/filing/0001193125-25-238254.txt

## Key facts
- Debt Financings
  Candel Therapeutics, Inc. incurred term loan of aggregate principal amount of up to $130.0 million with lenders party thereto and Trinity Capital Inc., as administrative agent and collateral agent at the greater of (a) the sum of (i) The Wall Street Journal Prime Rate and (ii) 3. maturing October 1, 2030.
  - Instrument: term loan
  - Principal: aggregate principal amount of up to $130.0 million
  - Counterparty: lenders party thereto and Trinity Capital Inc., as administrative agent and collateral agent
  - Rate: the greater of (a) the sum of (i) The Wall Street Journal Prime Rate and (ii) 3.
  - Maturity: October 1, 2030
  - Event: incurrence
  source text: (the “Agent”). Under the LSA, the Lenders agreed to extend debt capital to the Company, in the form of a term loan, in tranches totaling an aggregate principal amount of up to $130.0 million as follows: (a) at closing, the aggregate principal amount of $50.0 million (the “First Tranche”), (b) until May 30, 2027, subject to the achievement of certain regulatory,
  evidence_url: https://www.sec.gov/Archives/edgar/data/1841387/000119312525238254/0001193125-25-238254-index.htm
- Equity Issuances
  Candel Therapeutics, Inc. issued 3.0% of the applicable draw of warrant to the Lenders (Trinity Capital Inc., as administrative agent and collateral agent).
  - Security: warrant
  - Shares: 3.0% of the applicable draw
  - Purchaser: the Lenders (Trinity Capital Inc., as administrative agent and collateral agent)
  source text: The issuance of the Lender Warrants are exempt from the requirements of the Securities Act of 1933, as amended, pursuant to an exemption provided by Section 4(a)(2) thereof and Rule 506(b) of Regulation D thereunder as transactions by an issuer not involving a public offering.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1841387/000119312525238254/0001193125-25-238254-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.