Candel Therapeutics, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | — | — | — | $125,000 | $125,000 |
| Research and development | $30.5M | $19.3M | $24.5M | $20.8M | $15.2M |
| Operating expenses | $48.3M | $33.4M | $38.4M | $34.8M | $25.9M |
| Operating income | -$48.3M | -$33.4M | -$38.4M | -$34.7M | -$25.7M |
| Interest expense | $2.1M | $2.1M | $2.6M | $1.7M | — |
| Pretax income | -$38.2M | -$55.2M | — | — | — |
| Income tax expense | $0 | $0 | $0 | $0 | $0 |
| Net income | -$38.2M | -$55.2M | -$37.9M | -$18.8M | -$36.1M |
| Balance Sheet | |||||
| Cash and equivalents | $119.7M | $102.7M | $35.4M | $70.1M | $82.6M |
| Current assets | $121.4M | $103.8M | $36.8M | $71.9M | $84.9M |
| Total assets | $125.2M | $106.9M | $41.2M | $77.7M | $89.2M |
| Current liabilities | $9.0M | $37.5M | $14.2M | $5.6M | $5.4M |
| Total liabilities | $73.3M | $40.5M | $28.5M | $30.0M | $25.1M |
| Total debt | $46.1M | $11.6M | $20.5M | — | — |
| Stockholders' equity | $51.9M | $66.3M | $12.7M | $47.7M | $64.1M |
| Cash Flow Statement | |||||
| Cash from operations | -$38.3M | -$27.0M | -$34.2M | -$31.4M | -$22.2M |
| Depreciation and amortization | $845,000 | $990,000 | $960,000 | $778,000 | $232,000 |
| Stock-based compensation | $3.8M | $5.3M | $3.1M | $2.3M | $3.0M |
| Capital expenditure | $587,000 | $16,000 | $457,000 | $1.3M | $1.8M |
| Free cash flow | -$38.9M | -$27.0M | -$34.7M | -$32.7M | -$24.1M |
| Impairments | $90,000 | $41,000 | $400,000 | — | — |
Shares outstanding 73.3M · Free float 82.0%
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.