Candel Q3 net loss $11.3M; cash $87M; secures $130M debt facility with Trinity Capital

Candel Therapeutics, Inc.

2025-Q3 EPS reported -$0.17 vs consensus -$0.19 ▲ beat (+10.0%)

Net loss of $11.3M vs $10.6M in Q3 2024; R&D expenses $8.5M, G&A $4.7M.
Cash and equivalents $87.0M as of Sept 30, 2025; plus $50M upfront from Trinity Capital facility to fund operations into Q1 2027.
Entered $130M term loan with Trinity Capital Inc.; $50M drawn at closing, up to $80M additional subject to milestones.
BLA submission for CAN-2409 in localized prostate cancer planned Q4 2026; phase 3 NSCLC trial to start Q2 2026.
Pausing pancreatic cancer program (PDAC) unless external non-dilutive funding obtained.

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