Candel Therapeutics prices $100M public offering of 18.3M shares at $5.45/share

Candel Therapeutics, Inc.

Gross proceeds $100M from 18,348,624 shares at $5.45; net ~$93.5M base, up to ~$107.6M if option exercised.
Funds will support launch readiness, medical affairs, pre-commercialization for CAN-2409 in early localized prostate cancer and phase 3 trial in NSCLC.
Underwriters granted 30-day option to purchase up to 2,752,293 additional shares at same price.
Offering expected to close Feb 23, 2026; Citigroup, Cantor, Stifel are joint bookrunners.
Pro forma cash runway extended into Q1 2028 based on base net proceeds.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Candel Therapeutics, Inc. entered into Underwriting Agreement with Citigroup Global Markets Inc., Cantor Fitzgerald & Co., and Stifel, Nicolaus & Company, Incorporated valued at approximately $93.5 million (effective 2026-02-19).

Action: entry
Agreement: underwriting
Counterparty: Citigroup Global Markets Inc., Cantor Fitzgerald & Co., and Stifel, Nicolaus & Company, Incorporated
Value: approximately $93.5 million
Effective: 2026-02-19

Exact text from the filing

On February 19, 2026, Candel Therapeutics, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with Citigroup Global Markets Inc., Cantor Fitzgerald & Co., and Stifel, Nicolaus & Company, Incorporated, as representatives (the “Representatives”) of the underwriters named therein (the “Underwriters”), pursuant to which the Company agreed to issue and sell an aggregate of 18,348,624 shares (the “Firm Shares”) of its common stock, par value $0.01 per share (the “Common Stock”), at a price to the public of $5.45 per share (the “Offering”).

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Candel Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-26-062490

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