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Candel Therapeutics (CADL) Financials

Candel Therapeutics logo
$9.88 +0.03 (+0.30%)
Closing price 07/8/2026 04:00 PM Eastern
Extended Trading
$9.78 -0.10 (-1.01%)
As of 07/8/2026 07:37 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Candel Therapeutics

Annual Income Statements for Candel Therapeutics

This table shows Candel Therapeutics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -18 -36 -19 -38 -55 -38
Consolidated Net Income / (Loss)		 -18 -36 -19 -38 -55 -38
Net Income / (Loss) Continuing Operations		 -18 -36 -19 -38 -55 -38
Total Pre-Tax Income 		-18 -36 -19 -38 -55 -38
Total Operating Income		 -14 -26 -35 -38 -33 -48
Total Gross Profit		 0.13 0.13 0.13 0.00 0.00 0.00
Total Revenue		 0.13 0.13 0.13 0.00 0.00 0.00
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 14 26 35 38 33 48
Selling, General & Admin Expense		 5.18 11 14 14 14 18
Research & Development Expense		 8.75 15 21 25 19 30
Total Other Income / (Expense), net		 -3.87 -10 16 0.45 -22 10
Interest Expense		 - - 1.71 2.60 2.09 2.12
Interest & Investment Income		 0.11 -0.05 1.22 2.08 1.09 3.92
Other Income / (Expense), net		 -3.98 -10 16 0.97 -21 8.29
Basic Earnings per Share		 ($1.52) ($1.91) ($0.65) ($1.31) ($1.74) ($0.72)
Weighted Average Basic Shares Outstanding		 11.62M 18.87M 28.82M 28.94M 31.68M 52.96M
Diluted Earnings per Share		 ($1.52) ($1.91) ($0.65) ($1.31) ($1.74) ($0.72)
Weighted Average Diluted Shares Outstanding		 11.62M 18.87M 28.82M 28.94M 31.68M 52.96M
Weighted Average Basic & Diluted Shares Outstanding		 11.62M 18.87M 28.92M 29.35M 47.24M 73.25M

Quarterly Income Statements for Candel Therapeutics

This table shows Candel Therapeutics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -8.44 -11 -8.22 -22 -11 -14 7.38 -4.80 -11 -29 -8.86
Consolidated Net Income / (Loss)		 -8.44 -11 -8.22 -22 -11 -14 7.38 -4.80 -11 -29 -8.86
Net Income / (Loss) Continuing Operations		 -8.44 -11 -8.22 -22 -11 -14 7.38 -4.80 -11 -29 -8.86
Total Pre-Tax Income 		-8.44 -11 -8.22 -22 -11 -14 7.38 -4.80 -11 -29 -8.86
Total Operating Income		 -8.86 -10 -7.90 -8.57 -8.76 -8.14 -8.13 -11 -13 -16 -16
Total Gross Profit		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 8.86 10 7.90 8.57 8.76 8.14 8.13 11 13 16 16
Selling, General & Admin Expense		 3.02 3.06 3.80 3.59 3.34 3.32 4.11 4.19 4.75 4.72 6.44
Research & Development Expense		 5.85 7.26 4.10 4.98 5.42 4.82 4.02 6.99 8.46 11 9.84
Total Other Income / (Expense), net		 0.43 -0.78 -0.32 -14 -1.89 -5.93 16 6.38 1.94 -14 7.42
Interest Expense		 0.67 0.67 0.65 0.57 0.49 0.39 0.31 0.24 0.16 1.42 1.56
Interest & Investment Income		 0.50 0.42 0.32 0.24 0.24 0.29 0.93 0.93 0.95 1.10 1.32
Other Income / (Expense), net		 0.59 -0.52 0.01 -13 -1.64 -5.83 15 5.69 1.15 -13 7.67
Basic Earnings per Share		 ($0.29) ($0.39) ($0.28) ($0.74) ($0.33) ($0.39) $0.15 ($0.09) ($0.21) ($0.57) ($0.14)
Weighted Average Basic Shares Outstanding		 28.92M 28.94M 29.20M 29.88M 32.01M 31.68M 50.48M 51.49M 54.89M 52.96M 62.36M
Diluted Earnings per Share		 ($0.29) ($0.39) ($0.28) ($0.74) ($0.33) ($0.39) $0.13 ($0.09) ($0.21) ($0.55) ($0.14)
Weighted Average Diluted Shares Outstanding		 28.92M 28.94M 29.20M 29.88M 32.01M 31.68M 54.77M 51.49M 54.89M 52.96M 62.36M
Weighted Average Basic & Diluted Shares Outstanding		 28.92M 29.35M 29.74M 32.08M 32.48M 47.24M 50.10M 54.90M 54.90M 73.25M 73.27M

Annual Cash Flow Statements for Candel Therapeutics

This table details how cash moves in and out of Candel Therapeutics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 30 48 -13 -35 67 17
Net Cash From Operating Activities		 -9.07 -22 -31 -34 -27 -38
Net Cash From Continuing Operating Activities		 -9.07 -22 -31 -34 -27 -38
Net Income / (Loss) Continuing Operations		 -18 -36 -19 -38 -55 -38
Consolidated Net Income / (Loss)		 -18 -36 -19 -38 -55 -38
Depreciation Expense		 0.09 0.23 0.78 0.96 0.99 0.85
Non-Cash Adjustments To Reconcile Net Income		 6.74 15 -13 2.80 27 -3.17
Changes in Operating Assets and Liabilities, net		 1.77 -0.88 0.07 -0.06 0.35 2.19
Net Cash From Investing Activities		 38 -1.84 -1.30 -0.28 -0.02 -0.56
Net Cash From Continuing Investing Activities		 38 -1.84 -1.30 -0.28 -0.02 -0.56
Purchase of Property, Plant & Equipment		 -1.48 -1.84 -1.30 -0.46 -0.02 -0.59
Sale of Property, Plant & Equipment		 - - 0.00 0.18 0.00 0.03
Net Cash From Financing Activities		 0.49 72 20 -0.12 94 56
Net Cash From Continuing Financing Activities		 0.49 72 20 -0.12 94 56
Repayment of Debt		 - - - 0.00 -9.17 -12
Issuance of Debt		 - 0.00 20 - 0.00 48
Issuance of Common Equity		 0.00 71 0.00 0.00 102 19
Other Financing Activities, net		 0.49 0.47 0.06 -0.12 1.69 0.52
Cash Interest Paid		 - 0.00 1.15 2.15 1.80 1.28

Quarterly Cash Flow Statements for Candel Therapeutics

This table details how cash moves in and out of Candel Therapeutics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -8.91 -7.57 -9.70 -4.26 -4.90 86 -10 8.52 -14 33 75
Net Cash From Operating Activities		 -8.81 -7.42 -8.44 -6.20 -6.57 -5.81 -8.62 -8.89 -10 -11 -18
Net Cash From Continuing Operating Activities		 -8.81 -7.42 -8.44 -6.20 -6.57 -5.81 -8.62 -8.89 -10 -11 -18
Net Income / (Loss) Continuing Operations		 -8.44 -11 -8.22 -22 -11 -14 7.38 -4.80 -11 -29 -8.86
Consolidated Net Income / (Loss)		 -8.44 -11 -8.22 -22 -11 -14 7.38 -4.80 -11 -29 -8.86
Depreciation Expense		 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.24 0.20 0.16 0.15
Non-Cash Adjustments To Reconcile Net Income		 0.32 1.71 1.09 15 3.23 7.65 -14 -4.40 0.48 15 -5.75
Changes in Operating Assets and Liabilities, net		 -0.94 1.72 -1.56 0.57 0.60 0.36 -1.83 0.07 0.36 3.60 -3.57
Net Cash From Investing Activities		 -0.10 -0.03 -0.01 -0.01 - -0.00 -0.00 -0.03 -0.12 -0.41 -0.68
Net Cash From Continuing Investing Activities		 -0.10 -0.03 -0.01 -0.01 - -0.00 -0.00 -0.03 -0.12 -0.41 -0.68
Purchase of Property, Plant & Equipment		 -0.10 -0.05 -0.01 -0.01 - -0.00 -0.00 -0.03 -0.14 -0.41 -0.68
Sale of Property, Plant & Equipment		 - 0.02 0.00 - - - 0.00 - 0.03 - 0.00
Net Cash From Financing Activities		 - -0.12 -1.26 1.95 1.68 92 -1.87 17 -3.37 44 94
Net Cash From Continuing Financing Activities		 - -0.12 -1.26 1.95 1.68 92 -1.87 17 -3.37 44 94
Repayment of Debt		 - - -1.67 -2.50 -2.50 -2.50 -2.50 -2.50 -2.68 -4.06 0.00
Issuance of Common Equity		 - - 0.19 3.46 4.07 94 0.38 20 -0.71 - 94
Other Financing Activities, net		 - -0.12 0.23 0.99 0.10 0.37 0.25 0.25 0.02 0.00 0.03
Cash Interest Paid		 0.56 0.56 0.55 0.49 0.42 0.33 0.25 0.19 0.13 0.71 1.22
Cash Income Taxes Paid		 -0.17 - 0.00 - - - 0.00 - - - 0.00

Annual Balance Sheets for Candel Therapeutics

This table presents Candel Therapeutics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 38 89 78 41 107 125
Total Current Assets		 35 85 72 37 104 121
Cash & Equivalents		 35 83 70 35 103 120
Prepaid Expenses		 0.09 2.30 1.89 1.38 1.15 1.66
Plant, Property, & Equipment, net		 2.79 3.84 4.42 3.21 2.19 1.64
Total Noncurrent Assets		 0.35 0.42 1.32 1.20 0.87 2.16
Other Noncurrent Operating Assets		 0.35 0.42 1.32 1.20 0.87 2.16
Total Liabilities & Shareholders' Equity		 38 89 78 41 107 125
Total Liabilities		 13 25 30 28 41 73
Total Current Liabilities		 4.71 5.36 5.62 14 38 9.00
Short-Term Debt		 - - 0.00 8.89 9.90 0.00
Accounts Payable		 0.92 1.59 0.38 0.42 0.24 1.13
Accrued Expenses		 3.14 3.44 4.72 4.36 5.11 7.33
Other Current Liabilities		 0.65 0.33 0.51 0.51 22 0.53
Total Noncurrent Liabilities		 8.07 20 24 14 3.01 64
Long-Term Debt		 0.48 0.56 21 12 2.60 47
Noncurrent Deferred Revenue		 0.76 0.89 0.14 0.00 0.00 0.09
Other Noncurrent Operating Liabilities		 6.83 18 3.37 1.89 0.41 17
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -24 64 48 13 66 52
Total Preferred & Common Equity		 -24 64 48 13 66 52
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -24 64 48 13 66 52
Common Stock		 21 144 147 150 259 283
Retained Earnings		 -44 -80 -99 -137 -192 -230
Treasury Stock		 - 0.00 -0.45 -0.45 -0.45 -0.45

Quarterly Balance Sheets for Candel Therapeutics

This table presents Candel Therapeutics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 59 50 31 26 22 96 106 94 202
Total Current Assets		 53 45 27 23 18 93 104 90 198
Cash & Equivalents		 52 43 26 21 17 92 101 87 195
Prepaid Expenses		 1.47 2.12 1.42 1.28 1.53 0.98 2.92 3.17 2.92
Plant, Property, & Equipment, net		 3.98 3.68 2.96 2.72 2.48 1.97 1.66 1.36 2.08
Total Noncurrent Assets		 1.37 1.28 1.12 1.03 0.96 0.79 0.70 2.10 2.09
Other Noncurrent Operating Assets		 1.37 1.28 1.12 1.03 0.96 0.79 0.70 2.10 2.09
Total Liabilities & Shareholders' Equity		 59 50 31 26 22 96 106 94 202
Total Liabilities		 28 27 25 36 37 21 16 13 64
Total Current Liabilities		 8.16 10 14 14 15 20 15 11 7.05
Short-Term Debt		 3.65 6.10 9.77 9.81 9.85 9.17 6.70 4.23 0.00
Accounts Payable		 0.48 0.25 0.47 0.43 0.30 0.76 1.95 1.12 3.04
Accrued Expenses		 3.50 3.43 2.77 3.22 4.57 2.72 4.32 5.15 3.47
Other Current Liabilities		 0.54 0.55 0.53 0.54 0.55 7.42 1.74 0.44 0.54
Total Noncurrent Liabilities		 20 17 12 22 22 1.16 1.04 2.55 57
Long-Term Debt		 17 15 9.96 7.52 5.07 0.90 0.94 0.97 47
Noncurrent Deferred Revenue		 0.12 0.11 0.00 - - - - - 0.07
Other Noncurrent Operating Liabilities		 2.25 1.54 1.75 15 16 0.26 0.10 1.57 9.30
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 31 23 5.98 -9.97 -15 75 90 80 138
Total Preferred & Common Equity		 31 23 5.98 -9.97 -15 75 90 80 138
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 31 23 5.98 -9.97 -15 75 90 80 138
Common Stock		 149 149 152 158 163 260 280 281 378
Retained Earnings		 -117 -126 -145 -167 -178 -185 -190 -201 -239
Treasury Stock		 -0.45 -0.45 -0.45 -0.45 -0.45 -0.45 -0.45 -0.45 -0.45

Annual Metrics And Ratios for Candel Therapeutics

This table displays calculated financial ratios and metrics derived from Candel Therapeutics' official financial filings.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 28,689,842.00 28,894,044.00 28,919,810.00 - 54,898,303.00
DEI Adjusted Shares Outstanding		 0.00 28,689,842.00 28,894,044.00 28,919,810.00 - 54,898,303.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 -1.26 -0.65 -1.31 - -0.70
Growth Metrics		 - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% -100.00% 0.00% 0.00%
EBITDA Growth		 0.00% -102.48% 50.96% -107.49% -45.85% 26.42%
EBIT Growth		 0.00% -102.75% 49.12% -103.93% -44.75% 26.20%
NOPAT Growth		 0.00% -86.29% -34.97% -10.57% 13.08% -44.63%
Net Income Growth		 0.00% -104.32% 47.97% -101.87% -45.44% 30.80%
EPS Growth		 0.00% -25.66% 65.97% -101.54% -32.82% 58.62%
Operating Cash Flow Growth		 0.00% -144.93% -41.41% -8.99% 21.09% -41.77%
Free Cash Flow Firm Growth		 0.00% 0.00% -346.15% 33.81% 96.58% -3,903.06%
Invested Capital Growth		 0.00% -97.81% 91.67% 6.83% -1,611.85% 13.22%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% -100.00% 0.00% 0.00%
EBITDA Q/Q Growth		 0.00% 0.00% -64.98% -17.58% -6.27% -64.13%
EBIT Q/Q Growth		 0.00% 0.00% -61.17% -17.15% -6.14% -61.40%
NOPAT Q/Q Growth		 0.00% 0.00% -1.06% -6.13% 6.12% -18.72%
Net Income Q/Q Growth		 0.00% 0.00% -55.13% -18.83% -5.71% -67.77%
EPS Q/Q Growth		 0.00% 0.00% -533.33% -19.09% 0.00% -28.57%
Operating Cash Flow Q/Q Growth		 0.00% -8.93% -5.53% -1.59% 5.62% -14.17%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 12.51% 86.39% 15.51%
Invested Capital Q/Q Growth		 0.00% 0.00% 65.32% -215.71% -41.01% -1,160.15%
Profitability Metrics		 - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 0.00% 0.00% 0.00%
EBITDA Margin		 -14,160.00% -28,671.20% -14,059.20% 0.00% 0.00% 0.00%
Operating Margin		 -11,048.00% -20,580.80% -27,777.60% 0.00% 0.00% 0.00%
EBIT Margin		 -14,232.80% -28,856.80% -14,681.60% 0.00% 0.00% 0.00%
Profit (Net Income) Margin		 -14,144.00% -28,899.20% -15,035.20% 0.00% 0.00% 0.00%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 99.38% 100.15% 102.41% 101.37% 101.85% 95.51%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -69.34% -80.60% -33.61% -125.50% -139.56% -64.58%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 -46.47% -56.59% -21.99% 0.00% 0.00% 0.00%
Return on Assets (ROA)		 -46.18% -56.67% -22.52% 0.00% 0.00% 0.00%
Return on Common Equity (ROCE)		 64.07% -36.49% -33.61% -125.50% -139.56% -64.58%
Return on Equity Simple (ROE_SIMPLE)		 75.04% -56.32% -39.39% -297.68% -83.19% 0.00%
Net Operating Profit after Tax (NOPAT)		 -9.67 -18 -24 -27 -23 -34
NOPAT Margin		 -7,733.60% -14,406.56% -19,444.32% 0.00% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 -23.18% -31.06% 8.40% -34.94% -61.02% -5.40%
Return On Investment Capital (ROIC_SIMPLE)		 - - - -78.99% -29.63% -34.11%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 4,144.80% 8,538.40% 11,248.00% 0.00% 0.00% 0.00%
R&D to Revenue		 7,003.20% 12,142.40% 16,629.60% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 11,148.00% 20,680.80% 27,877.60% 0.00% 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 -18 -36 -18 -37 -54 -40
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -18 -36 -18 -36 -53 -39
Valuation Ratios		 - - - - - -
Price to Book Value (P/BV)		 0.00 3.50 1.08 3.34 4.25 5.97
Price to Tangible Book Value (P/TBV)		 0.00 3.50 1.08 3.34 4.25 5.97
Price to Revenue (P/Rev)		 576.00 1,794.84 413.76 0.00 0.00 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 691.92 1,138.18 20.10 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - -
Debt to Equity		 0.02 0.01 0.44 1.67 0.19 0.91
Long-Term Debt to Equity		 0.02 0.01 0.44 0.97 0.04 0.91
Financial Leverage		 -1.36 -1.30 -1.17 -1.05 -1.32 -1.38
Leverage Ratio		 1.50 1.42 1.49 1.97 1.87 1.96
Compound Leverage Factor		 1.49 1.42 1.53 1.99 1.91 1.87
Debt to Total Capital		 1.86% 0.87% 30.41% 62.54% 15.86% 47.58%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 26.14% 12.55% 0.00%
Long-Term Debt to Total Capital		 1.86% 0.87% 30.41% 36.40% 3.30% 47.58%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 188.83% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -90.69% 99.13% 69.59% 37.46% 84.14% 52.42%
Debt to EBITDA		 -0.03 -0.02 -1.19 -0.58 -0.24 -1.20
Net Debt to EBITDA		 1.95 2.29 2.80 0.39 1.70 1.86
Long-Term Debt to EBITDA		 -0.03 -0.02 -1.19 -0.34 -0.05 -1.20
Debt to NOPAT		 -0.05 -0.03 -0.86 -0.79 -0.54 -1.39
Net Debt to NOPAT		 3.58 4.56 2.02 0.53 3.86 2.15
Long-Term Debt to NOPAT		 -0.05 -0.03 -0.86 -0.46 -0.11 -1.39
Altman Z-Score		 1.19 3.85 -0.50 -6.10 0.73 -0.01
Noncontrolling Interest Sharing Ratio		 192.41% 54.73% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - -
Current Ratio		 7.46 15.84 12.81 2.59 2.77 13.49
Quick Ratio		 7.44 15.41 12.48 2.50 2.74 13.31
Cash Flow Metrics		 - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -9.14 -41 -27 -0.92 -37
Operating Cash Flow to CapEx		 -614.57% -1,210.79% -2,422.44% -12,230.00% -168,893.75% -6,841.25%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 -23.86 -10.40 -0.44 -17.43
Operating Cash Flow to Interest Expense		 0.00 0.00 -18.40 -13.20 -12.93 -18.08
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 -19.15 -13.30 -12.94 -18.34
Efficiency Ratios		 - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.04 0.04 0.03 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - -
Invested Capital		 -9.07 -18 -1.49 -1.39 -24 -21
Invested Capital Turnover		 -0.01 -0.01 -0.01 0.00 0.00 0.00
Increase / (Decrease) in Invested Capital		 0.00 -8.87 16 0.10 -22 3.15
Enterprise Value (EV)		 86 142 2.51 28 192 238
Market Capitalization		 72 224 52 43 282 310
Book Value per Share		 ($2.03) $2.24 $1.65 $0.44 $2.04 $0.95
Tangible Book Value per Share		 ($2.03) $2.24 $1.65 $0.44 $2.04 $0.95
Total Capital		 26 65 69 34 79 99
Total Debt		 0.48 0.56 21 21 12 47
Total Long-Term Debt		 0.48 0.56 21 12 2.60 47
Net Debt		 -35 -82 -49 -14 -90 -73
Capital Expenditures (CapEx)		 1.48 1.84 1.30 0.28 0.02 0.56
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -4.62 -3.06 -3.73 -3.91 -26 -7.34
Debt-free Net Working Capital (DFNWC)		 30 80 66 32 76 112
Net Working Capital (NWC)		 30 80 66 23 66 112
Net Nonoperating Expense (NNE)		 8.01 18 -5.51 11 32 4.40
Net Nonoperating Obligations (NNO)		 -35 -82 -49 -14 -90 -73
Total Depreciation and Amortization (D&A)		 0.09 0.23 0.78 0.96 0.99 0.85
Debt-free, Cash-free Net Working Capital to Revenue		 -3,696.00% -2,447.20% -2,982.40% 0.00% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 24,346.40% 63,666.40% 53,064.00% 0.00% 0.00% 0.00%
Net Working Capital to Revenue		 24,346.40% 63,666.40% 53,064.00% 0.00% 0.00% 0.00%
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($1.91) ($0.65) ($1.31) ($1.74) ($0.72)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 28.69M 28.82M 28.94M 31.68M 52.96M
Adjusted Diluted Earnings per Share		 $0.00 ($1.91) ($0.65) ($1.31) ($1.74) ($0.72)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 28.69M 28.82M 28.94M 31.68M 52.96M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($1.91) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 18.87M 28.92M 29.35M 47.24M 73.25M
Normalized Net Operating Profit after Tax (NOPAT)		 -9.67 -18 -24 -27 -23 -34
Normalized NOPAT Margin		 -7,733.60% -14,406.56% -19,444.32% 0.00% 0.00% 0.00%
Pre Tax Income Margin		 -14,144.00% -28,899.20% -15,035.20% 0.00% 0.00% 0.00%
Debt Service Ratios		 - - - - - -
EBIT to Interest Expense		 0.00 0.00 -10.74 -14.42 -25.92 -18.87
NOPAT to Interest Expense		 0.00 0.00 -14.23 -10.36 -11.18 -15.94
EBIT Less CapEx to Interest Expense		 0.00 0.00 -11.50 -14.53 -25.93 -19.13
NOPAT Less CapEx to Interest Expense		 0.00 0.00 -14.99 -10.46 -11.18 -16.21
Payout Ratios		 - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Candel Therapeutics

This table displays calculated financial ratios and metrics derived from Candel Therapeutics' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 28,919,810.00 28,919,810.00 29,347,468.00 29,744,731.00 32,084,777.00 - 47,235,460.00 50,102,679.00 54,895,099.00 54,898,303.00 73,246,927.00
DEI Adjusted Shares Outstanding		 28,919,810.00 28,919,810.00 29,347,468.00 29,744,731.00 32,084,777.00 - 47,235,460.00 50,102,679.00 54,895,099.00 54,898,303.00 73,246,927.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.29 -0.38 -0.28 -0.75 -0.33 - 0.16 -0.10 -0.21 -0.54 -0.12
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Growth		 3.42% -106.15% 11.80% -135.78% -26.51% -29.66% 191.52% 75.79% -16.91% -111.39% -221.07%
EBIT Growth		 2.87% -102.30% 11.26% -132.52% -25.73% -28.94% 185.51% 74.96% -16.03% -108.85% -227.67%
NOPAT Growth		 0.23% -27.35% 17.97% 10.52% 1.17% 21.10% -46.98% -30.40% -50.82% -93.49% -40.21%
Net Income Growth		 2.91% -118.28% 6.53% -131.30% -26.21% -26.84% 189.76% 78.43% -5.85% -109.59% -220.08%
EPS Growth		 3.33% -116.67% 6.67% -124.24% -13.79% 0.00% 146.43% 87.84% 36.36% -41.03% -207.69%
Operating Cash Flow Growth		 6.14% -7.80% 22.01% 13.86% 25.37% 21.67% -2.11% -43.45% -55.73% -81.77% -109.34%
Free Cash Flow Firm Growth		 56.24% 66.89% 76.96% 163.18% 202.21% 328.52% 82.56% -337.63% -304.67% -184.69% -1,202.58%
Invested Capital Growth		 127.92% 6.83% -100.89% -20,638.24% -1,504.74% -1,611.85% -61,683.33% 79.90% 90.29% 13.22% -25.84%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 12.67% -31.97% 27.81% -183.37% 53.14% -35.25% 150.96% -174.96% -126.28% -144.56% 70.81%
EBIT Q/Q Growth		 12.26% -31.07% 27.15% -177.52% 52.56% -34.42% 148.31% -181.26% -119.85% -141.95% 70.46%
NOPAT Q/Q Growth		 7.50% -16.44% 23.42% -8.47% -2.17% 7.03% -42.66% 3.77% -18.16% -19.27% -3.38%
Net Income Q/Q Growth		 12.26% -31.54% 25.90% -170.49% 52.12% -32.19% 152.43% -165.00% -134.97% -161.74% 69.96%
EPS Q/Q Growth		 12.12% -34.48% 28.21% -164.29% 55.41% -18.18% 133.33% -169.23% -133.33% -161.90% 74.55%
Operating Cash Flow Q/Q Growth		 -22.42% 15.74% -13.69% 26.55% -6.05% 11.55% -48.19% -3.19% -15.13% -3.24% -70.68%
Free Cash Flow Firm Q/Q Growth		 7.89% 37.47% 42.99% 292.42% 49.01% 39.81% -104.35% -2,522.51% -28.34% 42.14% 33.11%
Invested Capital Q/Q Growth		 1,869.12% -215.71% 99.14% -117,416.67% -19.83% -41.01% 68.89% 61.78% 42.10% -1,160.15% 54.88%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBIT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 102.02% 102.38% 104.13% 101.49% 102.41% 100.72% 109.30% 87.42% 93.43% 101.08% 102.81%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -84.97% -125.50% -163.77% -480.68% -1,344.47% -139.56% -98.14% -55.18% -70.17% -64.58% -51.17%
Cash Return on Invested Capital (CROIC)		 -2,563.05% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Common Equity (ROCE)		 -84.97% -125.50% -163.77% -480.68% -1,344.47% -139.56% -98.14% -55.18% -70.17% -64.58% -51.17%
Return on Equity Simple (ROE_SIMPLE)		 -138.68% 0.00% -624.94% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -6.20 -7.22 -5.53 -6.00 -6.13 -5.70 -8.13 -7.82 -9.24 -11 -11
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 -5.71% -12.23% -12.14% -92.87% -38.50% -16.06% 35.22% 6.23% -4.85% -22.70% 2.21%
Return On Investment Capital (ROIC_SIMPLE)		 - -21.23% -21.52% -81.61% 1,797.62% -7.23% -9.59% -8.00% -10.84% -11.13% -6.14%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 -8.27 -11 -7.90 -22 -10 -14 6.75 -5.49 -12 -29 -8.62
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -8.02 -11 -7.64 -22 -10 -14 7.00 -5.24 -12 -29 -8.47
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.16 3.34 7.76 0.00 0.00 4.25 3.57 2.81 3.49 5.97 2.60
Price to Tangible Book Value (P/TBV)		 1.16 3.34 7.76 0.00 0.00 4.25 3.57 2.81 3.49 5.97 2.60
Price to Revenue (P/Rev)		 831.44 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 3.98 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 149.60 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.92 1.67 3.30 -1.74 -0.98 0.19 0.13 0.08 0.06 0.91 0.34
Long-Term Debt to Equity		 0.65 0.97 1.67 -0.75 -0.33 0.04 0.01 0.01 0.01 0.91 0.34
Financial Leverage		 -1.04 -1.05 -0.97 -1.68 -3.02 -1.32 -1.09 -1.21 -1.29 -1.38 -1.08
Leverage Ratio		 1.80 1.97 2.16 4.10 9.22 1.87 1.58 1.65 1.77 1.96 1.40
Compound Leverage Factor		 1.83 2.01 2.25 4.16 9.44 1.89 1.72 1.44 1.66 1.98 1.44
Debt to Total Capital		 47.90% 62.54% 76.74% 235.64% -4,374.19% 15.86% 11.89% 7.81% 6.09% 47.58% 25.59%
Short-Term Debt to Total Capital		 13.81% 26.14% 38.00% 133.42% -2,888.86% 12.55% 10.82% 6.85% 4.95% 0.00% 0.00%
Long-Term Debt to Total Capital		 34.09% 36.40% 38.73% 102.22% -1,485.34% 3.30% 1.07% 0.96% 1.14% 47.58% 25.59%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 52.10% 37.46% 23.26% -135.64% 4,474.19% 84.14% 88.11% 92.19% 93.91% 52.42% 74.41%
Debt to EBITDA		 -0.68 -0.58 -0.56 -0.36 -0.30 -0.24 -0.26 -0.35 -0.22 -1.20 -0.87
Net Debt to EBITDA		 0.70 0.39 0.17 0.09 0.03 1.70 2.13 4.21 3.43 1.86 2.70
Long-Term Debt to EBITDA		 -0.49 -0.34 -0.28 -0.16 -0.10 -0.05 -0.02 -0.04 -0.04 -1.20 -0.87
Debt to NOPAT		 -0.84 -0.79 -0.77 -0.69 -0.60 -0.54 -0.43 -0.30 -0.18 -1.39 -1.20
Net Debt to NOPAT		 0.86 0.53 0.23 0.17 0.07 3.86 3.49 3.67 2.87 2.15 3.73
Long-Term Debt to NOPAT		 -0.59 -0.46 -0.39 -0.30 -0.20 -0.11 -0.04 -0.04 -0.03 -1.39 -1.20
Altman Z-Score		 -2.64 -3.97 -5.72 -8.15 -9.40 1.97 5.99 7.98 10.05 0.27 2.70
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 4.37 2.59 2.00 1.62 1.18 2.77 4.64 7.04 8.25 13.49 28.05
Quick Ratio		 4.16 2.50 1.90 1.53 1.08 2.74 4.59 6.84 7.96 13.31 27.63
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -12 -7.32 -4.18 8.03 12 17 -0.73 -19 -25 -14 -9.48
Operating Cash Flow to CapEx		 -8,551.46% -27,488.89% -120,542.86% -103,300.00% 0.00% -193,800.00% -287,200.00% -28,680.65% -8,748.72% -2,583.86% -2,672.15%
Free Cash Flow to Firm to Interest Expense		 -17.51 -10.88 -6.46 14.17 24.58 42.92 -2.38 -80.90 -152.19 -10.01 -6.06
Operating Cash Flow to Interest Expense		 -13.17 -11.03 -13.06 -10.93 -13.50 -14.91 -28.16 -37.67 -63.58 -7.46 -11.53
Operating Cash Flow Less CapEx to Interest Expense		 -13.32 -11.07 -13.07 -10.94 -13.50 -14.92 -28.17 -37.81 -64.30 -7.75 -11.96
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1.20 -1.39 -0.01 -14 -17 -24 -7.41 -2.83 -1.64 -21 -9.33
Invested Capital Turnover		 -0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Increase / (Decrease) in Invested Capital		 5.51 0.10 -1.36 -14 -18 -22 -7.40 11 15 3.15 -1.92
Enterprise Value (EV)		 4.79 28 40 180 221 192 185 160 198 238 212
Market Capitalization		 27 43 46 184 222 282 267 254 280 310 359
Book Value per Share		 $0.80 $0.44 $0.20 ($0.34) ($0.48) $2.04 $1.58 $1.80 $1.46 $0.95 $1.88
Tangible Book Value per Share		 $0.80 $0.44 $0.20 ($0.34) ($0.48) $2.04 $1.58 $1.80 $1.46 $0.95 $1.88
Total Capital		 44 34 26 7.35 -0.34 79 85 98 85 99 186
Total Debt		 21 21 20 17 15 12 10 7.64 5.20 47 47
Total Long-Term Debt		 15 12 9.96 7.52 5.07 2.60 0.90 0.94 0.97 47 47
Net Debt		 -22 -14 -5.99 -4.13 -1.64 -90 -82 -93 -82 -73 -147
Capital Expenditures (CapEx)		 0.10 0.03 0.01 0.01 0.00 0.00 0.00 0.03 0.12 0.41 0.68
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -2.11 -3.91 -2.35 -2.91 -3.89 -26 -9.91 -5.09 -3.53 -7.34 -4.13
Debt-free Net Working Capital (DFNWC)		 41 32 23 19 13 76 82 96 83 112 191
Net Working Capital (NWC)		 35 23 14 8.74 2.82 66 73 89 79 112 191
Net Nonoperating Expense (NNE)		 2.23 3.87 2.69 16 4.52 8.37 -16 -3.03 2.02 18 -2.54
Net Nonoperating Obligations (NNO)		 -22 -14 -5.99 -4.13 -1.64 -90 -82 -93 -82 -73 -147
Total Depreciation and Amortization (D&A)		 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.24 0.20 0.16 0.15
Debt-free, Cash-free Net Working Capital to Revenue		 -6,590.63% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 127,731.25% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Working Capital to Revenue		 108,668.75% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.29) ($0.39) ($0.28) ($0.74) ($0.33) ($0.39) $0.15 ($0.09) ($0.21) ($0.57) ($0.14)
Adjusted Weighted Average Basic Shares Outstanding		 28.92M 28.94M 29.20M 29.88M 32.01M 31.68M 50.48M 51.49M 54.89M 52.96M 62.36M
Adjusted Diluted Earnings per Share		 ($0.29) ($0.39) ($0.28) ($0.74) ($0.33) ($0.39) $0.13 ($0.09) ($0.21) ($0.55) ($0.14)
Adjusted Weighted Average Diluted Shares Outstanding		 28.92M 28.94M 29.20M 29.88M 32.01M 31.68M 54.77M 51.49M 54.89M 52.96M 62.36M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 28.92M 29.35M 29.74M 32.08M 32.48M 47.24M 50.10M 54.90M 54.90M 73.25M 73.27M
Normalized Net Operating Profit after Tax (NOPAT)		 -6.20 -7.22 -5.53 -6.00 -6.13 -5.70 -5.69 -7.82 -9.24 -11 -11
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -12.36 -16.10 -12.22 -38.64 -21.35 -35.83 22.06 -23.25 -74.91 -20.61 -5.51
NOPAT to Interest Expense		 -9.27 -10.73 -8.56 -10.58 -12.59 -14.61 -26.57 -33.15 -57.42 -7.79 -7.29
EBIT Less CapEx to Interest Expense		 -12.51 -16.14 -12.23 -38.65 -21.35 -35.84 22.05 -23.38 -75.64 -20.90 -5.94
NOPAT Less CapEx to Interest Expense		 -9.43 -10.77 -8.57 -10.59 -12.59 -14.62 -26.58 -33.28 -58.15 -8.08 -7.72
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Candel Therapeutics (NASDAQ: CADL) continues to look like a classic clinical-stage biotech: no product revenue, heavy operating losses, and a balance sheet that is still being funded largely by equity financing. The good news is that the company ended Q1 2026 with a very strong cash position after a large capital raise, giving it more runway to keep advancing its pipeline.

For retail investors, the key story is not sales growth yet, but cash runway, dilution, and operating discipline. In Q1 2026, CADL reported no revenue and a net loss of $8.9 million, which was an improvement from the $29.5 million loss in Q4 2025. However, a meaningful portion of the change reflects volatile other income and financing activity rather than a clear turnaround in the core business.

  • CADL ended Q1 2026 with $194.8 million in cash and equivalents, up sharply from $86.9 million in Q3 2025.
  • The company raised $93.8 million through common equity issuance in Q1 2026, extending its cash runway.
  • Q1 2026 net loss of $8.9 million was much smaller than the $29.5 million loss in Q4 2025.
  • Operating cash burn improved on a year-over-year basis, with Q1 2026 operating cash outflow of $18.0 million versus $8.6 million in Q1 2025, but the company still has substantial liquidity.
  • Debt appears manageable relative to cash, with $47.5 million of long-term debt and no short-term debt at the end of Q1 2026.
  • CADL reported no revenue in every quarter shown, so the investment case remains entirely pipeline-driven.
  • Research and development spending remained elevated at $9.8 million in Q1 2026, which is typical for a development-stage biotech.
  • Other income was volatile: Q1 2026 included $7.7 million of other income, which helped offset losses but may not be recurring.
  • The company’s equity base expanded significantly over the past year, reflecting repeated financing activity rather than operating profitability.
  • CADL is still not profitable and generated a $18.0 million operating cash outflow in Q1 2026.
  • The company has relied heavily on share issuance, which creates ongoing dilution risk for existing shareholders.
  • Retained earnings remain deeply negative at -$239.2 million, underscoring cumulative losses over time.
  • Q1 2026 financing inflows were strong, but that also highlights that the company likely still depends on the capital markets to fund operations.

Bottom line: Candel Therapeutics has strengthened its balance sheet materially and likely has enough cash to continue advancing its programs in the near term. But with no revenue, ongoing losses, and dilution risk, CADL remains a high-risk, catalyst-driven biotech rather than a fundamentally self-sustaining business.

07/09/26 02:41 AM ETAI Generated. May Contain Errors.

Candel Therapeutics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Candel Therapeutics' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Candel Therapeutics' net income appears to be on an upward trend, with a most recent value of -$38.18 million in 2025, rising from -$17.68 million in 2020. The previous period was -$55.18 million in 2024. Check out Candel Therapeutics' forecast to explore projected trends and price targets.

Candel Therapeutics' total operating income in 2025 was -$48.27 million, based on the following breakdown:
  • Total Gross Profit: $0.00
  • Total Operating Expenses: $48.27 million

Over the last 5 years, Candel Therapeutics' total revenue changed from $125 thousand in 2020 to $0.00 in 2025, a change of -100.0%.

Candel Therapeutics' total liabilities were at $73.27 million at the end of 2025, a 80.7% increase from 2024, and a 473.2% increase since 2020.

In the past 5 years, Candel Therapeutics' cash and equivalents has ranged from $35.05 million in 2020 to $119.73 million in 2025, and is currently $119.73 million as of their latest financial filing in 2025.

Over the last 5 years, Candel Therapeutics' book value per share changed from -2.03 in 2020 to 0.95 in 2025, a change of -146.6%.


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Financial statements for NASDAQ:CADL last updated on 6/26/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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