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Candel Therapeutics (CADL)

Market Price (6/22/2026): $8.44 | Market Cap: $526.3 MilSector: Health Care | Industry: Biotechnology

Candel Therapeutics (CADL)

Market Price (6/22/2026): $8.44
Market Cap: $526.3 Mil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -28%

Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more.

Weak multi-year price returns
2Y Excs Rtn is -28%

Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -56 Mil

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -15%

Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 23%

Key risks
CADL key risks include [1] its critical dependence on the clinical trial success and regulatory approval of its lead candidate, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -28%
1 Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -28%
3 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -56 Mil
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -15%
6 Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 23%
7 Key risks
CADL key risks include [1] its critical dependence on the clinical trial success and regulatory approval of its lead candidate, Show more.

CADL in ETFs

Weight = CADL's share of each fund

VTI0.00%
ITOT0.00%
IWM0.01%
IBB0.04%
IWO0.02%
VTWO0.01%
IWN0.00%

Valuation & Metrics

FYE: 12/31CADL [1]S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]$0.0 Mil—
FY 2026 Sales$92.5 Mil—
FY 2027 Sales$42.0 Mil—
FY 2026 Sales Growth——
FY 2027 Sales Growth-54.6%7.7%
EARNINGS
LTM Net Income (GAAP) [3]$-54.4 Mil—
FY 2026 Net Income (Non-GAAP)$-47.7 Mil—
FY 2027 Net Income (Non-GAAP)$-42.9 Mil—
FY 2027 Net Income Growth—15.0%
FY 2026 EPS (Non-GAAP)$-0.94—
FY 2027 EPS (Non-GAAP)$-0.67—
FY 2027 EPS Growth——
VALUATION
FY 2026 P/S5.73.2
FY 2027 P/S12.5—
FY 2026 P/E—20.5
FY 2027 P/E——

[1] CADL forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 6/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).
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MetricValueDateSource
Number of Clinical-Stage Platforms211042025Link
Number of Product Candidates in Clinical Trials29292025Link
Total Patients Dosed with CAN-2409 in Clinical TrialsMore than 1,0009292025Link
Patients Enrolled in Phase 3 Prostate Cancer Trial (CAN-2409)7459292025Link
Number of Discovery Platforms19292025Link
FDA Designations for CAN-2409Fast Track Designation and Regenerative Medicine Advanced Therapy (RMAT) Designation for prostate cancer, and Fast Track Designation and Orphan Drug Designation for pancreatic cancer.11042025Link
FDA Designations for CAN-3110Fast Track Designation and Orphan Drug Designation for recurrent high-grade glioma.9292025Link

Price Chart

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Upcoming
8/13/2026Earnings ReleaseRev: -
EPS: -

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/18/2026

Candel Therapeutics (CADL) stock has gained about 60% since 2/28/2026 because of the following key factors:

1. Positive extended follow-up data from the pivotal Phase 3 trial of aglatimagene besadenovec (CAN-2409) in prostate cancer demonstrated significant efficacy. The peer-reviewed publication in The Lancet Oncology in June 2026 detailed a 30% improvement in disease-free survival (DFS) and a 38% improvement in prostate cancer-specific DFS for patients with localized intermediate- to high-risk prostate cancer treated with aglatimagene combined with standard radiotherapy. Additionally, extended follow-up data presented in May 2026 at the American Urological Association 2026 Annual Meeting showed a 39% improvement in prostate-specific disease-free survival after a median follow-up of 58 months. This positive data supports the company's plan for a Biologics License Application (BLA) submission in fiscal Q4 2026.

2. Strengthened financial position through strategic capital raises provided a longer cash runway. Candel Therapeutics successfully completed a $100 million equity offering at $5.45 per share in February 2026. This, along with a $100 million royalty funding agreement contingent on FDA approval of aglatimagene, boosted the company's cash and cash equivalents to $194.8 million as of March 31, 2026 (fiscal Q1 2026). The company expects this capital to fund operations into fiscal Q1 2028.

Show more
Updated on 6/18/2026

Candel Therapeutics (CADL) stock has gained about 60% since 2/28/2026 because of the following key factors:

1. Positive extended follow-up data from the pivotal Phase 3 trial of aglatimagene besadenovec (CAN-2409) in prostate cancer demonstrated significant efficacy. The peer-reviewed publication in The Lancet Oncology in June 2026 detailed a 30% improvement in disease-free survival (DFS) and a 38% improvement in prostate cancer-specific DFS for patients with localized intermediate- to high-risk prostate cancer treated with aglatimagene combined with standard radiotherapy. Additionally, extended follow-up data presented in May 2026 at the American Urological Association 2026 Annual Meeting showed a 39% improvement in prostate-specific disease-free survival after a median follow-up of 58 months. This positive data supports the company's plan for a Biologics License Application (BLA) submission in fiscal Q4 2026.

2. Strengthened financial position through strategic capital raises provided a longer cash runway. Candel Therapeutics successfully completed a $100 million equity offering at $5.45 per share in February 2026. This, along with a $100 million royalty funding agreement contingent on FDA approval of aglatimagene, boosted the company's cash and cash equivalents to $194.8 million as of March 31, 2026 (fiscal Q1 2026). The company expects this capital to fund operations into fiscal Q1 2028.

3. Advancement and positive data from the non-small cell lung cancer (NSCLC) program generated investor confidence. The company reported an extended survival tail in a Phase 2a trial of aglatimagene in advanced NSCLC patients who had not adequately responded to prior immune checkpoint inhibitors, with 50% of the 46 per-protocol patients surviving beyond 24 months. This promising outcome is informing the design for a planned pivotal Phase 3 trial for aglatimagene in NSCLC, which is anticipated to begin in June 2026 (fiscal Q2 2026).

4. Positive analyst ratings and price target increases signaled strong market confidence. Throughout the period, Candel Therapeutics maintained a consensus "Strong Buy" rating from analysts. Multiple analysts issued price targets, with a median ranging from $18.67 to $25.50, implying a potential upside of approximately 111% to 197.9% from its trading price. For instance, Citigroup issued a $26 price target on March 18, 2026.

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Stock Movement Drivers

Fundamental Drivers

The 58.3% change in CADL stock from 2/28/2026 to 6/21/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)22820266212026Change
Stock Price ($)5.258.3158.3%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)5562-12.0%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/21/2026
ReturnCorrelation
CADL58.3% 
Market (SPY)9.2%36.5%
Sector (XLV)-6.4%21.7%

Fundamental Drivers

The 74.2% change in CADL stock from 11/30/2025 to 6/21/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)113020256212026Change
Stock Price ($)4.778.3174.2%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)5562-12.0%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/21/2026
ReturnCorrelation
CADL74.2% 
Market (SPY)9.9%36.3%
Sector (XLV)-4.4%21.7%

Fundamental Drivers

The 52.5% change in CADL stock from 5/31/2025 to 6/21/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)53120256212026Change
Stock Price ($)5.458.3152.5%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)5062-19.0%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/21/2026
ReturnCorrelation
CADL52.5% 
Market (SPY)28.1%35.7%
Sector (XLV)14.6%23.8%

Fundamental Drivers

The 450.3% change in CADL stock from 5/31/2023 to 6/21/2026 was primarily driven by a 9.2233720368547763E17% change in the company's P/S Multiple.
(LTM values as of)53120236212026Change
Stock Price ($)1.518.31450.3%
Change Contribution By: 
Total Revenues ($ Mil)00 
P/S Multiple469.6∞9.2233720368547763E17%
Shares Outstanding (Mil)2962-53.6%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/21/2026
ReturnCorrelation
CADL450.3% 
Market (SPY)85.7%8.6%
Sector (XLV)22.9%2.0%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CADL Return12%-77%-18%490%-35%41%14%
Peers Return-33%-22%9%-36%3%10%-58%
S&P 500 Return27%-19%24%23%16%8%98%

Monthly Win Rates [3]
CADL Win Rate67%33%33%50%42%50% 
Peers Win Rate25%36%40%38%45%50% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
CADL Max Drawdown--82%-75%-73%-64%-30% 
Peers Max Drawdown-64%-68%-68%-69%-70%-48% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: REPL, CGON, TOVX, GNLX, ONCY.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)

How Low Can It Go

EventCADLS&P 500
2024 Yen Carry Trade Unwind
  % Loss-16.2%-7.8%
  % Gain to Breakeven19.3%8.5%
  Time to Breakeven21 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-41.3%-9.5%
  % Gain to Breakeven70.3%10.5%
  Time to Breakeven40 days24 days
2023 SVB Regional Banking Crisis
  % Loss-42.9%-6.7%
  % Gain to Breakeven75.0%7.1%
  Time to Breakeven267 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-81.5%-24.5%
  % Gain to Breakeven440.5%32.4%
  Time to Breakeven560 days427 days

Compare to REPL, CGON, TOVX, GNLX, ONCY

In The Past

Candel Therapeutics's stock fell -16.2% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 19.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventCADLS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-41.3%-9.5%
  % Gain to Breakeven70.3%10.5%
  Time to Breakeven40 days24 days
2023 SVB Regional Banking Crisis
  % Loss-42.9%-6.7%
  % Gain to Breakeven75.0%7.1%
  Time to Breakeven267 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-81.5%-24.5%
  % Gain to Breakeven440.5%32.4%
  Time to Breakeven560 days427 days

Compare to REPL, CGON, TOVX, GNLX, ONCY

In The Past

Candel Therapeutics's stock fell -16.2% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 19.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Candel Therapeutics (CADL)

Candel Therapeutics (CADL) is a clinical-stage biopharmaceutical company dedicated to developing innovative immunotherapies for cancer patients. The company's core mission is to create new treatments that harness and enhance the body's own immune system to recognize and fight various types of cancer.

The company's primary product candidates are CAN-2409 and CAN-3110. CAN-2409 is an advanced immunotherapy currently undergoing multiple clinical trials, including Phase III for prostate cancer and Phase II for pancreatic and lung cancers. It has also completed earlier-stage trials for high-grade glioma. CAN-3110 is another immunotherapy in Candel Therapeutics' pipeline, currently in Phase I clinical trials for the treatment of recurrent glioblastoma.

Candel Therapeutics primarily serves the global oncology market, targeting patients afflicted with difficult-to-treat cancers such as prostate, pancreatic, and lung cancer, as well as specific brain cancers like high-grade glioma and recurrent glioblastoma. The company aims to provide novel therapeutic options for these patient populations who often have limited treatment alternatives.

AI Analysis | Feedback

Here are 1-3 brief analogies for Candel Therapeutics (CADL):

  • Moderna for cancer immunotherapies.
  • A clinical-stage biotech aiming to be the next Vertex Pharmaceuticals, but solely focused on developing novel cancer immunotherapies.

AI Analysis | Feedback

Candel Therapeutics' major product candidates are:

  • CAN-2409: An immunotherapy being developed for the treatment of pancreatic, prostate, lung cancer, and high-grade glioma.
  • CAN-3110: An immunotherapy in early-stage clinical trials for the treatment of recurrent glioblastoma.

AI Analysis | Feedback

Candel Therapeutics, Inc. (CADL) is a clinical-stage biopharmaceutical company focused on the development of immunotherapies for cancer patients. As such, its product candidates (CAN-2409 and CAN-3110) are currently in various stages of clinical trials (Phase I, II, and III).

At this stage of development, Candel Therapeutics does not have major customers in the traditional sense of selling approved products or services to other companies or individuals. The company's primary activities involve research, development, and conducting clinical trials to gather data for regulatory approval. Revenues for such companies typically come from equity financing, grants, or potential collaboration agreements, rather than product sales to customers.

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Rentschler Biopharma SE

Lonza Group AG (LONN.SW)

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Paul Peter Tak, M.D., Ph.D., FMedSci President & Chief Executive Officer Dr. Paul Peter Tak has served as President and Chief Executive Officer of Candel Therapeutics and as a board member since September 2020, during which he oversaw the company's IPO process on Nasdaq in 2021. He previously held the position of President and CEO of Tempero Pharmaceuticals, which was later acquired by GlaxoSmithKline (GSK). From 2018 to 2020, Dr. Tak was a venture partner at Flagship Pioneering and also served as President and CEO of Kintai Therapeutics, a company that subsequently merged with Senda Biosciences. His extensive career includes serving as Senior Vice President, Chief Immunology Officer, and Global Development Leader at GSK from 2011 to 2018. He has also been a board director for Galvani Bioelectronics, ViiV Healthcare, and Omega Therapeutics and currently serves on the Board of Sitryx Therapeutics (which he co-founded) and Levicept, in addition to being the Chair of the Board of Citryll. Charles Schoch Chief Financial Officer Charles Schoch was appointed permanent Chief Financial Officer of Candel Therapeutics effective June 23, 2025, after serving as interim CFO since January 2024. He joined Candel in November 2021, holding various financial reporting and accounting roles, including VP of Finance and Corporate Controller. As interim CFO, he played a crucial role in leading a capital raise that generated approximately $86 million in net proceeds for the company following positive Phase 3 clinical trial results. Prior to joining Candel, Mr. Schoch was the Corporate Controller at Corbus Pharmaceuticals from 2019 to 2021. He also spent seven years at PwC's Health Industry assurance practice, where he audited a diverse range of life sciences clients, including pre-IPO and multinational public companies. Earlier in his career, he worked as a financial and operational consultant for several Third Rock Venture portfolio companies, indicating experience with companies backed by private equity firms. Francesca Barone, M.D., Ph.D. Chief Scientific Officer Dr. Francesca Barone oversees the research and development of Candel Therapeutics' proprietary enLIGHTEN™ Discovery Platform. W. Garrett Nichols, M.D., M.S. Chief Medical Officer Dr. W. Garrett Nichols was named Chief Medical Officer of Candel Therapeutics on September 7, 2022. He brings extensive biopharmaceutical experience to the company. Seshu Tyagarajan, Ph.D., RAC Chief Technical and Development Officer Dr. Seshu Tyagarajan is a member of Candel Therapeutics' leadership team.

AI Analysis | Feedback

Candel Therapeutics (CADL), as a clinical-stage biopharmaceutical company, faces inherent risks primarily related to the development and commercialization of its product candidates.

Key Risks to the Business

  1. Clinical Trial and Regulatory Risk: The primary risk to Candel Therapeutics stems from the uncertainty of successfully completing clinical trials and obtaining regulatory approvals for its drug candidates. The company's lead candidates, CAN-2409 and CAN-3110, are in various stages of clinical development, including Phase II and Phase III trials. Despite positive interim or topline data, the success rate for drugs advancing from clinical trials to market approval is low, typically less than 12%. Even if clinical trials demonstrate efficacy and safety, there is no guarantee of FDA approval, and the regulatory process itself is complex and lengthy. Furthermore, even with approval, there remains a risk related to the effective execution of the commercial launch and market acceptance of these novel oncolytic viral immunotherapies.
  2. Financial Risk and Capital Dependence: As a clinical-stage company, Candel Therapeutics currently generates no revenue and operates at a net loss, relying heavily on external funding to finance its research and development activities and other operations. While the company has secured financing, including a term loan facility, to extend its cash runway, it continues to incur significant operating losses driven by rising R&D expenses. Future capital raises may be necessary, and there is a risk that such funding may not be available on favorable terms, or at all. Additionally, restrictive covenants in debt agreements could limit the company's financial and operational flexibility and increase the risk of default.
  3. Market Acceptance and Commercialization Risk: Even upon successful regulatory approval, Candel Therapeutics' products face the risk of not achieving significant market acceptance or generating substantial sales. The biopharmaceutical market is highly competitive, and Candel's viral-based immunotherapy approach may face skepticism or challenges in widespread adoption by healthcare providers and patients. For instance, while CAN-2409 has shown promising results in prostate cancer, questions remain regarding its differentiation and value proposition given existing treatment options. Pricing pressures and the need to demonstrate compelling value to justify the cost of novel therapies also pose significant commercialization challenges.

AI Analysis | Feedback

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AI Analysis | Feedback

Candel Therapeutics (symbol: CADL) focuses on developing immunotherapies for various cancers. The addressable markets for its main product candidates are outlined below:

Product/Service Disease Addressable Market Size Region
CAN-2409 Pancreatic Cancer USD 3.25 billion (in 2025) Global
CAN-2409 Prostate Cancer USD 17.0 billion (in 2024) Global
CAN-2409 Lung Cancer USD 35.1 billion (in 2024) Global
CAN-2409 High-Grade Glioma ~USD 830 million (in 2023) 7 Major Markets (US, EU4, UK, Japan)
CAN-3110 Recurrent Glioblastoma USD 380.6 million (in 2025) Global

AI Analysis | Feedback

Candel Therapeutics (CADL), a clinical-stage biopharmaceutical company, is expected to drive its future revenue growth over the next 2-3 years through the following key initiatives:

  1. Commercialization of CAN-2409 in Localized Prostate Cancer: The primary driver of future revenue growth is the anticipated commercial launch of CAN-2409 for the treatment of localized prostate cancer. Candel Therapeutics plans to submit a Biologics License Application (BLA) for CAN-2409 in this indication in the fourth quarter of 2026. If approved, this would mark the company's first commercial product, with analysts forecasting the commencement of revenue generation in 2027, significantly increasing in 2028.

  2. Advancement of CAN-2409 in Non-Small Cell Lung Cancer (NSCLC): The initiation of a pivotal Phase 3 clinical trial for CAN-2409 in metastatic non-squamous non-small cell lung cancer (NSCLC) is expected in the second quarter of 2026. Positive outcomes from this late-stage trial would significantly expand the potential market for CAN-2409, increasing the asset's value and laying the groundwork for substantial future revenue growth, potentially through commercialization or strategic partnerships beyond the immediate 2-3 year horizon.

  3. Strategic Collaborations and Licensing Agreements: As Candel Therapeutics progresses its lead therapeutic candidates through clinical development and toward potential commercialization, positive clinical data, particularly for CAN-2409, could lead to further strategic collaborations or out-licensing agreements. Such partnerships could generate upfront payments, milestone payments, or royalty streams, contributing to the company's revenue. Candel has already established a royalty funding agreement tied to the FDA approval of CAN-2409 in prostate cancer and a commercial collaboration for strategic input.

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Share Issuance

  • Candel Therapeutics completed its Initial Public Offering (IPO) in July 2021, raising $79.1 million by offering 9,000,000 shares of common stock.
  • In December 2024, the company closed an underwritten public offering, generating approximately $92 million in gross proceeds from the sale of common stock and pre-funded warrants.
  • Candel Therapeutics completed a follow-on equity offering in February 2026, raising approximately $100 million in gross proceeds from the issuance of 18,348,624 common shares at $5.45 per share.

Inbound Investments

  • In October 2025, Candel Therapeutics secured a five-year, $130 million term loan facility with Trinity Capital Inc., with an initial $50 million drawn at closing.
  • In February 2026, Candel announced a $100 million royalty funding agreement with RTW Investments, LP, contingent on FDA approval of aglatimagene in localized prostate cancer.
  • As of April 2025, institutional investors held approximately 41.99% of Candel Therapeutics' shares, reflecting significant external investment in the company's equity.

Capital Expenditures

  • Candel Therapeutics invested $16K in capital expenditures during fiscal year 2024.
  • For Q3 2025, capital expenditures amounted to $144K.

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Candel Therapeutics Earnings Notes12/16/2025
Title
0ARTICLES

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Peer Comparisons

Peers to compare with:

Financials

CADLREPLCGONTOVXGNLXONCYMedian
NameCandel T.ReplimuneCG Oncol.Theriva .Genelux Oncolyti. 
Mkt Price8.3110.1961.080.252.960.965.64
Mkt Cap0.50.95.20.00.10.10.3
Rev LTM0050000
Op Inc LTM-56-324-215-22-35-33-45
FCF LTM-49-283-160-14-28-23-38
FCF 3Y Avg-36-217-102-17-24-21-30
CFO LTM-48-278-160-14-26-23-37
CFO 3Y Avg-36-212-102-16-23-21-29

Growth & Margins

CADLREPLCGONTOVXGNLXONCYMedian
NameCandel T.ReplimuneCG Oncol.Theriva .Genelux Oncolyti. 
Rev Chg LTM--666.0%---666.0%
Rev Chg 3Y Avg-------
Rev Chg Q--1,982.7%---1,982.7%
QoQ Delta Rev Chg LTM--25.5%-0.0%-12.8%
Op Inc Chg LTM-67.6%-35.6%-59.9%-17.9%-10.1%-37.6%-36.6%
Op Inc Chg 3Y Avg-21.0%-29.7%-0.2%-120.4%-19.5%-21.0%
Op Mgn LTM---4,239.0%-7,254.0%-432,112.5%--7,254.0%
Op Mgn 3Y Avg---12,397.7%----12,397.7%
QoQ Delta Op Mgn LTM--483.1%--16,937.5%--8,227.2%
CFO/Rev LTM---3,155.4%-4,789.7%-323,650.0%--4,789.7%
CFO/Rev 3Y Avg---9,119.3%----9,119.3%
FCF/Rev LTM---3,163.8%-4,796.0%-348,512.5%--4,796.0%
FCF/Rev 3Y Avg---9,134.9%----9,134.9%

Valuation

CADLREPLCGONTOVXGNLXONCYMedian
NameCandel T.ReplimuneCG Oncol.Theriva .Genelux Oncolyti. 
Mkt Cap0.50.95.20.00.10.10.3
P/S--1,018.034.216,335.9-1,018.0
P/Op Inc-9.2-2.9-24.0-0.5-3.8-3.3-3.5
P/EBIT-10.2-3.1-24.0-0.5-3.8-3.3-3.5
P/E-9.5-3.0-27.6-0.5-3.9-3.2-3.6
P/CFO-10.9-3.4-32.3-0.7-5.0-4.8-4.9
Total Yield-10.5%-33.5%-3.6%-209.0%-25.7%-30.9%-28.3%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-31.8%-27.3%-3.4%-319.2%-20.8%-30.6%-28.9%
D/E0.10.10.00.40.00.00.1
Net D/E-0.3-0.2-0.2-1.0-0.2-0.0-0.2

Returns

CADLREPLCGONTOVXGNLXONCYMedian
NameCandel T.ReplimuneCG Oncol.Theriva .Genelux Oncolyti. 
1M Rtn4.0%107.5%-4.9%-20.0%1.5%18.6%2.8%
3M Rtn67.2%46.0%-6.1%29.6%23.5%1.1%26.6%
6M Rtn49.2%3.1%56.5%31.7%-29.4%-5.0%17.4%
12M Rtn74.9%9.9%139.1%-41.9%-0.2%39.1%24.5%
3Y Rtn592.5%-56.7%64.3%-98.5%-91.6%-61.9%-59.3%
1M Excs Rtn6.5%114.8%-5.5%-7.9%3.9%21.9%5.2%
3M Excs Rtn55.7%34.4%-20.8%21.8%3.2%-15.5%12.5%
6M Excs Rtn34.5%-4.3%51.1%11.1%-38.0%-18.0%3.4%
12M Excs Rtn42.8%-18.2%107.4%-71.4%-27.2%18.3%0.1%
3Y Excs Rtn354.3%-129.4%-7.4%-170.2%-162.4%-124.8%-127.1%

Comparison Analyses

null

Financials

$ Mil | FY: 12/312026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2
Period End3/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/2023
Filing Date5/14/20263/12/202611/13/20258/14/20255/13/20253/13/202511/14/20248/13/20245/14/20243/28/202411/9/20238/10/2023
Key Financials Quarterly            
Total Revenue000000000000
Ebitda-7-28-11-48-13-10-21-7-10-8-9
Operating Income-16-16-13-11-8-8-9-9-8-10-9-10
Net Income-9-29-11-57-14-11-22-8-11-8-10
EPS-0.14-0.54-0.21-0.090.15-0.40-0.33-0.74-0.28-0.38-0.29-0.33
Key Financials TTM            
Total Revenue TTM000000000000
Ebitda TTM-50-35-21-20-37-52-49-46-34-34-28-29
Operating Income TTM-56-48-41-36-34-33-36-36-37-38-36-36
Net Income TTM-54-38-23-22-40-55-52-50-37-38-32-32
Growth Rates Quarterly            
Total Revenue Growth----------100.0%-100.0%-100.0%
EBITDA Growth-190.1%-107.7%-10.1%79.8%208.3%-32.1%-31.8%-145.3%7.9%-137.5%5.6%-147.6%
Operating Income Growth-100.0%-92.4%-50.8%-30.4%-2.9%21.4%1.0%10.4%17.9%-28.6%0.4%-9.3%
Net Income Growth-220.1%-109.6%-5.9%78.4%189.8%-26.8%-26.2%-131.3%6.5%-118.3%2.9%-131.7%
Margins Quarterly            
EBITDA Margin------------
Operating Income Margin------------
Net Income Margin------------
Cash & Debt            
Total Cash1951208710192103172126354352
Total Debt4949781113161921232323
Net Debt / (Cash)-146-71-80-92-81-89-1-3-5-13-20-29
Cash Flows Quarterly            
FCF from Operations-18-11-10-9-9-6-7-6-8-7-9-7
Cash Flows TTM            
FCF from Operations TTM-48-38-34-30-27-27-29-31-32-34-34-34
Returns to Shareholders Quarterly            
Dividends000000000000
Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC-28.1%-29.7%-26.3%-23.9%-18.3%-19.3%-21.6%-22.2%-21.6%-30.3%-27.6%-32.2%
Return on Invested Capital (ROIC) TTM            
ROIC TTM-24.3%-22.8%-20.2%-19.4%-18.9%-19.8%-22.0%-23.1%-25.1%-28.1%-28.1%-30.4%

Segment Financials

Revenue by Segment
$ Mil2023202220212020
Development, and potential commercialization of off-the-shelf viral immunotherapies0000
Total0000


Operating Income by Segment
$ Mil202520242023
Development, and potential commercialization of off-the-shelf viral immunotherapies-48-33-38
Total-48-33-38


Net Income by Segment
$ Mil202520242023
Development, and potential commercialization of off-the-shelf viral immunotherapies-38-55-38
Total-38-55-38


Price Behavior

Price Behavior
Market Price$8.31 
Market Cap ($ Bil)0.5 
First Trading Date07/27/2021 
Distance from 52W High-10.4% 
   50 Days200 Days
DMA Price$7.52$5.89
DMA Trendupup
Distance from DMA10.5%41.0%
 3M1YR
Volatility85.9%73.4%
Downside Capture133.84221.58
Upside Capture243.90227.05
Correlation (SPY)32.4%34.4%
CADL Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta0.351.301.982.232.171.08
Up Beta-3.081.502.352.442.321.79
Down Beta-0.332.060.891.551.410.59
Up Capture385%273%337%419%426%330%
Bmk +ve Days13283667141432
Stock +ve Days13243364120361
Down Capture-70%-138%146%169%174%101%
Bmk -ve Days7132757109318
Stock -ve Days7152857119359

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CADL
CADL68.6%73.2%1.02-
Sector ETF (XLV)14.0%15.0%0.6623.0%
Equity (SPY)26.5%12.4%1.6134.6%
Gold (GLD)24.2%27.5%0.779.5%
Commodities (DBC)19.8%18.8%0.83-1.9%
Real Estate (VNQ)11.0%13.7%0.5214.5%
Bitcoin (BTCUSD)-40.0%42.4%-1.0832.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CADL
CADL3.5%166.7%0.51-
Sector ETF (XLV)5.4%14.7%0.196.0%
Equity (SPY)13.5%17.1%0.6212.1%
Gold (GLD)17.1%18.3%0.760.7%
Commodities (DBC)7.5%19.4%0.292.1%
Real Estate (VNQ)1.9%18.9%0.005.7%
Bitcoin (BTCUSD)11.0%54.2%0.4011.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CADL
CADL1.7%166.7%0.51-
Sector ETF (XLV)9.4%16.6%0.466.0%
Equity (SPY)15.3%18.0%0.7312.1%
Gold (GLD)12.3%16.1%0.630.7%
Commodities (DBC)5.9%18.0%0.262.1%
Real Estate (VNQ)5.3%20.7%0.225.7%
Bitcoin (BTCUSD)60.0%66.8%1.0011.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date5292026
Short Interest: Shares Quantity14.2 Mil
Short Interest: % Change Since 5152026-1.8%
Average Daily Volume1.9 Mil
Days-to-Cover Short Interest7.6 days
Basic Shares Quantity62.4 Mil
Short % of Basic Shares22.7%

Earnings Returns History

Updated 6/17/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/14/2026-0.3%-13.8%-4.3%
3/12/2026-2.4%-1.2%-5.3%
11/13/2025-6.3%-10.2%17.3%
8/14/2025-5.6%-13.1%-25.2%
5/13/20257.7%13.8%9.0%
3/13/202510.2%3.9%-37.4%
1/13/2025-5.0%-18.5%1.3%
11/14/20240.2%-7.2%57.3%
...
SUMMARY STATS   
# Positive1179
# Negative81210
Median Positive4.7%13.8%17.3%
Median Negative-4.3%-8.7%-13.7%
Max Positive12.6%315.6%314.9%
Max Negative-13.0%-18.5%-37.4%
 Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/14/2026-0.3%-13.8%-4.3%
3/12/2026-2.4%-1.2%-5.3%
11/13/2025-6.3%-10.2%17.3%
8/14/2025-5.6%-13.1%-25.2%
5/13/20257.7%13.8%9.0%
3/13/202510.2%3.9%-37.4%
1/13/2025-5.0%-18.5%1.3%
11/14/20240.2%-7.2%57.3%
8/13/20244.7%-5.9%18.1%
5/14/20244.9%17.5%-25.7%
3/28/20242.6%315.6%314.9%
11/9/2023-13.0%-2.3%-10.0%
8/10/2023-3.6%1.8%7.3%
5/11/2023-3.4%-12.4%-17.4%
11/10/202210.7%24.0%39.3%
8/5/20221.4%-5.8%-5.2%
5/12/20223.5%2.2%-9.3%
11/12/20210.8%-2.3%-31.5%
9/8/202112.6%-17.3%5.4%
SUMMARY STATS   
# Positive1179
# Negative81210
Median Positive4.7%13.8%17.3%
Median Negative-4.3%-8.7%-13.7%
Max Positive12.6%315.6%314.9%
Max Negative-13.0%-18.5%-37.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/14/202610-Q
12/31/202503/12/202610-K
09/30/202511/13/202510-Q
06/30/202508/14/202510-Q
03/31/202505/13/202510-Q
12/31/202403/13/202510-K
09/30/202411/14/202410-Q
06/30/202408/13/202410-Q
03/31/202405/14/202410-Q
12/31/202303/28/202410-K
09/30/202311/09/202310-Q
06/30/202308/10/202310-Q
03/31/202305/11/202310-Q
12/31/202203/30/202310-K
09/30/202211/10/202210-Q
06/30/202208/05/202210-Q
 Collapse to Preview
Report DateFiling DateFiling
03/31/202605/14/202610-Q
12/31/202503/12/202610-K
09/30/202511/13/202510-Q
06/30/202508/14/202510-Q
03/31/202505/13/202510-Q
12/31/202403/13/202510-K
09/30/202411/14/202410-Q
06/30/202408/13/202410-Q
03/31/202405/14/202410-Q
12/31/202303/28/202410-K
09/30/202311/09/202310-Q
06/30/202308/10/202310-Q
03/31/202305/11/202310-Q
12/31/202203/30/202310-K
09/30/202211/10/202210-Q
06/30/202208/05/202210-Q
03/31/202205/12/202210-Q
12/31/202103/29/202210-K
09/30/202111/12/202110-Q
06/30/202109/08/202110-Q
03/31/202107/28/2021424B4

Insider Activity

Updated 4/26/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Manning, Paul B Paul B. Manning Revocable TrustBuy22620265.45550,4582,999,99615,061,222Form
2Nichols, William GarrettChief Medical OfficerDirectSell73020256.989376,540366,401Form
3Nichols, William GarrettChief Medical OfficerDirectSell70220255.047813,936264,565Form
 Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Manning, Paul B Paul B. Manning Revocable TrustBuy22620265.45550,4582,999,99615,061,222Form
2Nichols, William GarrettChief Medical OfficerDirectSell73020256.989376,540366,401Form
3Nichols, William GarrettChief Medical OfficerDirectSell70220255.047813,936264,565Form

Industry Resources

External Quote Links


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