1. A clinical-stage Moderna or BioNTech for cancer therapies, but using oncolytic viruses instead of mRNA.

2. The Kite Pharma (Gilead Sciences) of viral immunotherapies for solid tumor cancers.

• CAN-2409: A viral immunotherapy designed to induce an individualized anti-tumor immune response, currently in clinical trials for various cancers including prostate, pancreatic, and non-small cell lung cancer.
• CAN-3110: An oncolytic viral immunotherapy engineered to selectively replicate within and destroy cancer cells while stimulating an immune response, currently in development for recurrent high-grade glioma.
• ENACT Platform: A proprietary adeno-associated virus (AAV) based platform for delivering therapeutic genes directly to cancer cells to generate localized and systemic anti-tumor immune responses.

Candel Therapeutics (CADL) is a clinical-stage biotechnology company focused on developing novel viral immunotherapies for cancer.

As of the current date, Candel Therapeutics does not have any commercially approved products available for sale to other companies or individuals. Therefore, the company does not currently generate revenue from product sales and does not have "major customers" in the traditional sense.

The company's primary activities are research and development, funded through equity financing, grants, and collaborations, rather than sales of commercial products.

Paul Peter Tak, M.D., Ph.D., FMedSci
President & Chief Executive Officer

Dr. Tak has served as President and Chief Executive Officer and a member of the board of directors of Candel Therapeutics since September 2020, overseeing the company's IPO on Nasdaq in 2021. He previously held the position of President and CEO at Tempero Pharmaceuticals, which was acquired by GlaxoSmithKline (GSK). He also served as President and CEO of Kintai Therapeutics, which later merged with Senda Biosciences. Dr. Tak was a venture partner at Flagship Pioneering and previously served as Senior Vice President, Chief Immunology Officer, and Global Development Leader at GSK from 2011 to 2018. He is also a co-founder and board director of Sitryx Therapeutics, a board director of Levicept, and the Chair of Citryll.

Charles Schoch
Chief Financial Officer

Mr. Schoch was appointed permanent Chief Financial Officer of Candel Therapeutics in June 2025, after serving as interim CFO since January 2024. He joined Candel in November 2021 and previously held roles as VP of Finance and Corporate Controller, and then Senior VP. During his tenure as interim CFO, he led a capital raise that generated approximately $86 million in net proceeds. Prior to Candel, Mr. Schoch was Corporate Controller at Corbus Pharmaceuticals from 2019 to 2021. He also spent seven years in PwC's Health Industry assurance practice, working with a diverse range of audit clients from pre-IPO to multinational public companies in the life sciences sector. Earlier in his career, Mr. Schoch worked for several Third Rock Venture portfolio companies, indicating a pattern of managing companies backed by private equity firms.

W. Garrett Nichols, M.D., M.S.
Chief Medical Officer

Dr. Nichols joined Candel Therapeutics as Chief Medical Officer in September 2022. From April 2020 to April 2022, he served as Chief Medical Officer for Istari Oncology, Inc., an oncolytic viral immunotherapy company. Before that, he was the Chief Medical Officer at Chimerix, Inc. from 2014-2020, where he was involved in the development of brincidofovir (TEMBEXA). Dr. Nichols led multiple global development programs in the United States and Europe for GlaxoSmithKline and ViiV Healthcare, Inc., including the Phase 2 and Phase 3 development and global regulatory submissions that led to the approval of dolutegravir (TIVICAY) and its fixed-dose combination product (TRIUMEQ) for HIV treatment.

Francesca Barone, M.D., Ph.D.
Chief Scientific Officer

Dr. Barone serves as Chief Scientific Officer at Candel Therapeutics, where she is responsible for overseeing scientific discovery, the development of the company's novel viral immunotherapies, and its biomarker strategy. Prior to joining Candel, Dr. Barone was Vice President and Head of Experimental Medicine at Flagship Pioneering's Kintai Therapeutics (now Senda Biosciences). Before her industry roles, she held academic positions as Reader in Translational Rheumatology and Academic Director of Business Engagement for the College of Medical and Dental Sciences at the University of Birmingham.

The rapid advancement and significant investment in messenger RNA (mRNA) based cancer vaccines by major pharmaceutical and biotechnology companies (e.g., Moderna, BioNTech) represent a clear emerging threat. While Candel Therapeutics focuses on oncolytic viral immunotherapies to stimulate anti-tumor immunity, mRNA vaccines offer an alternative, non-viral platform to achieve similar therapeutic goals. This emerging technology could potentially provide superior safety profiles, enhanced manufacturing scalability, and greater adaptability for personalized cancer treatments or broad-spectrum immune responses, challenging the market positioning and future adoption of oncolytic viral therapies.

Candel Therapeutics (CADL) is a clinical-stage biopharmaceutical company developing viral immunotherapies for various cancers. Their main product candidates, CAN-2409 and CAN-3110, target several significant addressable markets:

• CAN-2409 for Localized Prostate Cancer: The addressable market for CAN-2409 in localized prostate cancer is potentially over $10 billion in the U.S. alone. Approximately 65,000 patients in the U.S. per year are estimated to have intermediate-to-high-risk localized prostate cancer.
• CAN-2409 for Pancreatic Ductal Adenocarcinoma (PDAC): The global market for PDAC therapies was approximately $29.7 billion and is projected to increase to $38 billion by the end of 2030.
• CAN-2409 for Non-Small Cell Lung Cancer (NSCLC): The global non-small cell lung cancer therapeutics market size was estimated at $21.45 billion in 2024 and is projected to reach $43.89 billion by 2030, with a compound annual growth rate (CAGR) of 12.71% from 2025 to 2030. North America held a 35.41% market share in 2024 for NSCLC therapeutics.
• CAN-3110 for Recurrent High-Grade Glioma: The global glioblastoma market is estimated at $1.30 billion in 2025 and is expected to grow to $3.12 billion by 2032. Another estimate places the glioblastoma multiforme treatment market at $3.6 billion in 2024, with a projected increase to $8.3 billion by 2034.

Candel Therapeutics (CADL), a clinical-stage biopharmaceutical company, anticipates its future revenue growth over the next 2-3 years to be primarily driven by the advancement and potential commercialization of its lead immunotherapy candidates. As the company currently does not generate revenue from product sales, these drivers are contingent on successful clinical development and regulatory approvals.

Here are the key expected drivers of future revenue growth:

1. Regulatory Approval and Commercialization of CAN-2409 in Prostate Cancer: Candel Therapeutics has reported positive Phase 3 clinical trial data for CAN-2409 in localized prostate cancer, demonstrating a 30% reduction in cancer recurrence risk and an 80.4% pathological complete response rate. The company plans to submit a Biologics License Application (BLA) for CAN-2409 in prostate cancer in the fourth quarter of 2026. The U.S. FDA has granted CAN-2409 Regenerative Medicine Advanced Therapy (RMAT) and Fast Track designations, which could accelerate its regulatory review and enhance its commercial positioning.
2. Advancement of CAN-2409 in Pancreatic Ductal Adenocarcinoma (PDAC) and Non-Small Cell Lung Cancer (NSCLC): Beyond prostate cancer, CAN-2409 has shown promising clinical results in other indications. Updated overall survival data for CAN-2409 in pancreatic cancer indicates a median overall survival of 28.8 to 31.4 months compared to 12.5 months in the control group. The FDA has also granted Orphan Drug Designation to CAN-2409 for PDAC. In non-small cell lung cancer, Phase 2a data showed a median overall survival of 24.5 months in patients with advanced NSCLC who inadequately responded to immune checkpoint inhibitor (ICI) treatment, which is significantly longer than outcomes typically seen with standard chemotherapy. Continued positive data and subsequent regulatory pathways in these indications could open additional significant revenue streams.
3. Development and Clinical Progress of CAN-3110 in Recurrent High-Grade Glioma (rHGG): Candel is also advancing CAN-3110, a different oncolytic viral immunotherapy, in a Phase 1b clinical trial for recurrent high-grade glioma. The company expects to report additional clinical and biomarker activity data from this trial in the fourth quarter of 2025. Successful progression of CAN-3110 through clinical development could represent another substantial driver of future revenue, addressing a challenging and underserved tumor type.
4. Pipeline Expansion through the enLIGHTEN™ Discovery Platform: Candel Therapeutics is leveraging its proprietary enLIGHTEN™ Discovery Platform to generate new viral immunotherapies. This platform utilizes human biology and machine learning to design novel viral constructs. While candidates from this platform are in earlier stages, successful development of new experimental assets, such as those designed to interfere with pathways like CD47/SIRP1α, could contribute to a broader and deeper product pipeline, leading to long-term revenue growth beyond the immediate 2-3 year horizon.

Share Issuance

• Candel Therapeutics completed an initial public offering (IPO) on July 27, 2021, offering 9,000,000 shares of common stock at an expected price of $8.00 per share.
• In December 2024, Candel Therapeutics closed a public offering, generating approximately $92 million in gross proceeds from the sale of 12,000,001 shares of common stock at $6.00 per share and 3,333,333 pre-funded warrants at $5.99 per warrant.
• The company executed a $15 million registered direct offering of common stock in June 2025, involving the sale of 3.2 million shares.

Inbound Investments

• In October 2025, Candel Therapeutics secured a five-year, $130 million term loan facility with Trinity Capital, having already drawn the first tranche of $50 million.
• As of April 2025, institutional investors held approximately 41.99% of Candel Therapeutics' shares, with holdings valued at about $90 million.

Capital Expenditures

• Over the last 12 months, Candel Therapeutics reported capital expenditures of -$37,000.