---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-279072"
form_type: "8-K"
ticker: "CADL"
cik: "0001841387"
company_name: "Candel Therapeutics, Inc."
filed_at: "2025-11-13T23:59:59+00:00"
generated_at: "2026-05-16T20:32:56.807553+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-279072
- form_type: 8-K
- ticker: CADL
- cik: 0001841387
- company_name: Candel Therapeutics, Inc.
- filed_at: 2025-11-13T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1841387/000119312525279072/0001193125-25-279072-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1841387/000119312525279072/cadl-20251113.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-279072
- JSON: https://secwatch.observer/filing/0001193125-25-279072.json
- Plain text: https://secwatch.observer/filing/0001193125-25-279072.txt

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