CADL Home Investment Highlights Valuation & Metrics Price Chart Why The Stock Moved Return vs. Risk About CADL Interactive Breakdown Better Bets vs. CADL Peer Outperformance Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Clinical Pipeline Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Investor Activity (13F) Trade Sentinel Investor Videos Industry Resource Links External Quote Links

    Candel Therapeutics (CADL)

    Market Price (10/1/2026): $10.28 | Market Cap: $762.1 MilSector: Health Care | Industry: Biotechnology

    Candel Therapeutics (CADL)

    Market Price (10/1/2026): $10.28
    Market Cap: $762.1 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 -20%

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

    Meaningful short interest
    Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.28, 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 17%

    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 -72 Mil

    Stock price has recently run up significantly
    6M Rtn6 month market price return is 110%, 12M Rtn12 month market price return is 105%

    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%

    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 -20%
    1 Megatrend and thematic drivers
    Megatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more.
    2 Meaningful short interest
    Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.28, 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 17%
    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 -72 Mil
    5 Stock price has recently run up significantly
    6M Rtn6 month market price return is 110%, 12M Rtn12 month market price return is 105%
    6 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%
    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%
    IWM0.02%
    IWN0.36%
    XBI0.24%
    IBB0.05%
    IWO0.04%
    VTWO0.03%
    +3 more covered ETFs

    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$44.3 Mil—
    FY 2026 Sales Growth——
    FY 2027 Sales Growth-52.1%12.8%
    EARNINGS
    LTM Net Income (GAAP) [3]$-88.5 Mil—
    FY 2026 Net Income (Non-GAAP)$-67.3 Mil—
    FY 2027 Net Income (Non-GAAP)$-52.6 Mil—
    FY 2027 Net Income Growth—18.3%
    FY 2026 EPS (Non-GAAP)$-1.34—
    FY 2027 EPS (Non-GAAP)$-1.07—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S8.21.6
    FY 2027 P/S17.2—
    FY 2026 P/E—7.6
    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 10/31/27 (~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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    AI Analysis | Feedback

    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

    null
    Upcoming
    11/12/2026Earnings ReleaseRev: -
    EPS: -

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 9/30/2026

    Candel Therapeutics (CADL) stock has remained largely at the same level since 6/30/2026 because of the following key factors:

    1. Mixed Financial Performance in Fiscal Q2 2026.

    Candel Therapeutics reported an earnings per share (EPS) of -$0.52 for fiscal Q2 2026 (ended June 30, 2026), significantly missing the consensus estimate of -$0.24 by $0.28, which likely tempered positive investor sentiment. Despite this, the company maintained a strong cash position of $201.6 million as of June 30, 2026, projected to fund operations into fiscal Q1 2028.

    2. Positive Clinical Trial Data and Upcoming Regulatory Milestones for Aglatimagene.

    The company announced robust positive data from its pivotal Phase 3 clinical trial of aglatimagene (CAN-2409) in localized prostate cancer, demonstrating a 39% improvement in prostate cancer-specific disease-free survival. Further supporting this, new biomarker data presented at the American Society for Radiation Oncology (ASTRO) Annual Meeting in September 2026 showed sustained immune changes. While a Biologics License Application (BLA) submission is planned for fiscal Q4 2026, signaling potential market entry, the therapy is not yet FDA approved, introducing inherent regulatory uncertainty.

    Show more
    Updated on 9/30/2026

    Candel Therapeutics (CADL) stock has remained largely at the same level since 6/30/2026 because of the following key factors:

    1. Mixed Financial Performance in Fiscal Q2 2026.

    Candel Therapeutics reported an earnings per share (EPS) of -$0.52 for fiscal Q2 2026 (ended June 30, 2026), significantly missing the consensus estimate of -$0.24 by $0.28, which likely tempered positive investor sentiment. Despite this, the company maintained a strong cash position of $201.6 million as of June 30, 2026, projected to fund operations into fiscal Q1 2028.

    2. Positive Clinical Trial Data and Upcoming Regulatory Milestones for Aglatimagene.

    The company announced robust positive data from its pivotal Phase 3 clinical trial of aglatimagene (CAN-2409) in localized prostate cancer, demonstrating a 39% improvement in prostate cancer-specific disease-free survival. Further supporting this, new biomarker data presented at the American Society for Radiation Oncology (ASTRO) Annual Meeting in September 2026 showed sustained immune changes. While a Biologics License Application (BLA) submission is planned for fiscal Q4 2026, signaling potential market entry, the therapy is not yet FDA approved, introducing inherent regulatory uncertainty.

    3. Pipeline Expansion with New Phase 3 Trial and Ongoing Development Costs.

    Candel Therapeutics initiated the global pivotal Phase 3 AURORA trial for aglatimagene (CAN-2409) in metastatic non-small cell lung cancer (NSCLC) on June 30, 2026, expanding its pipeline. This advancement, while promising for future growth, implies continued substantial research and development expenses, delaying potential commercialization and profitability in this indication, which can moderate immediate stock appreciation.

    4. Balancing Strong Analyst Confidence with Inherent Biotech Risks.

    Candel Therapeutics maintains a "Strong Buy" consensus rating from 8-9 analysts, with average 12-month price targets ranging from $16.57 to $21.75, suggesting significant upside. However, the inherent risks of a clinical-stage biotechnology company, including the capital-intensive nature of drug development, intense competition in the oncology market, and a 39.4% increase in shares outstanding due to dilution over the past year, contribute to investor caution and can limit more substantial stock movements until critical regulatory approvals are achieved.

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    Stock Movement Drivers

    Fundamental Drivers

    The 1.4% change in CADL stock from 6/30/2026 to 9/30/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
    (LTM values as of)63020269302026Change
    Stock Price ($)10.3010.441.4%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)6274-15.9%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 9/30/2026
    ReturnCorrelation
    CADL1.4% 
    Market (SPY)2.1%32.8%
    Sector (XLV)6.2%24.6%

    Fundamental Drivers

    The 113.1% change in CADL stock from 3/31/2026 to 9/30/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
    (LTM values as of)33120269302026Change
    Stock Price ($)4.9010.44113.1%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)5574-25.9%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 9/30/2026
    ReturnCorrelation
    CADL113.1% 
    Market (SPY)17.6%28.0%
    Sector (XLV)15.4%18.7%

    Fundamental Drivers

    The 104.7% change in CADL stock from 9/30/2025 to 9/30/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
    (LTM values as of)93020259302026Change
    Stock Price ($)5.1010.44104.7%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)5174-30.5%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 9/30/2026
    ReturnCorrelation
    CADL104.7% 
    Market (SPY)15.4%35.7%
    Sector (XLV)22.6%23.0%

    Fundamental Drivers

    The 1034.8% change in CADL stock from 9/30/2023 to 9/30/2026 was primarily driven by a 9.2233720368547763E17% change in the company's P/S Multiple.
    (LTM values as of)93020239302026Change
    Stock Price ($)0.9210.441034.8%
    Change Contribution By: 
    Total Revenues ($ Mil)00 
    P/S Multiple429.1∞9.2233720368547763E17%
    Shares Outstanding (Mil)2974-61.0%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2023 to 9/30/2026
    ReturnCorrelation
    CADL1034.8% 
    Market (SPY)84.5%9.0%
    Sector (XLV)37.0%2.5%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    CADL Return12%-77%-18%490%-35%93%55%
    Peers Return-33%-22%9%-36%3%7%-59%
    S&P 500 Return27%-19%24%23%16%12%104%

    Monthly Win Rates [3]
    CADL Win Rate67%33%33%50%42%56% 
    Peers Win Rate25%36%40%38%45%49% 
    S&P 500 Win Rate75%42%67%75%67%44% 

    Max Drawdowns [4]
    CADL Max Drawdown--82%-75%-73%-64%-30% 
    Peers Max Drawdown-64%-68%-68%-69%-70%-51% 
    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 9/30/2026 (YTD)

    How Low Can It Go

    EventCADLS&P 500
    2025 US Tariff Shock
      % Loss-58.0%-18.8%
      % Gain to Breakeven138.2%23.1%
      Time to Breakeven483 days79 days
    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 -58.0% during the 2025 US Tariff Shock. Such a loss loss requires a 138.2% 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
    2025 US Tariff Shock
      % Loss-58.0%-18.8%
      % Gain to Breakeven138.2%23.1%
      Time to Breakeven483 days79 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 -58.0% during the 2025 US Tariff Shock. Such a loss loss requires a 138.2% 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.

    AI Analysis | Feedback

    Rentschler Biopharma SE

    Lonza Group AG (LONN.SW)

    AI Analysis | Feedback

    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

    null

    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.

    AI Analysis | Feedback

    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.

    Peer Outperformance in Biotechnology

    CADL has outperformed 76% of its 365 Biotechnology peers over 5Y. Biotechnology ranks 10th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
    Share of Biotechnology constituents that CADL has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    87%
    of 455 industry peers · 104.7% return
    3Y
    98%
    of 405 industry peers · 1034.8% return
    5Y
    76%
    of 365 industry peers · -0.6% return
    null
    Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is CADL's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Health Care Distributors 6 3.9%42.1%85.6% CAH 390% · MCK 337% · COR 164%
    Health Care Services 20 17.4%33.7%5.5% HIMS 308% · RDNT 137% · DGX 79%
    Managed Health Care 8 31.8%-8.0%2.3% OSCR 75% · HQY 32% · ELV 11%
    Health Care Facilities 24 0.8%7.6%-4.7% THC 271% · NHC 256% · ENSG 130%
    Health Care Equipment 50 -5.5%-1.3%-16.0% POCI 10275% · UFPT 380% · GKOS 238%
    Pharmaceuticals 62 -7.6%-2.4%-30.4% INDV 1132% · LQDA 1000% · ETON 922%
    Health Care Supplies 12 24.9%-8.1%-38.3% LNTH 285% · HAE 46% · MMSI 19%
    Life Sciences Tools & Services 109 -2.6%-15.8%-66.2% SNWV 1822% · NTRA 268% · MEDP 219%
    Health Care Technology 21 -32.2%-53.6%-77.8% SPOK 69% · HSTM 3% · VEEV -1%
    Biotechnology ← 366 -10.8%-26.3%-78.3% CELZ 1235% · DNTH 1072% · ELVN 1037%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

    Latest Trefis Analyses

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

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    PEverpure43.319.3%95.3%
    WRBYWarby Parker3.419.0%27.5%

    Top Losers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    LQDALiquidia2.7-55.2%-12.3%
    QUREuniQure1.6-43.5%1.0%
    KDKKodiak AI0.4-35.4%-82.4%
    FICOFair Isaac13.4-32.6%-65.0%
    GLASGlass House Brands0.5-28.5%-36.6%
    ITGITG0.4-23.9%-74.3%
    EMATEvolution Metals & Technologies1.6-23.5%-88.0%
    OCULOcular Therapeutix1.7-23.3%-36.8%
    VKTXViking Therapeutics3.8-21.7%-7.3%
    SWMRSwarmer0.3-21.6%-42.5%

    Top Gainers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    KODKodiak Sciences5.9153.8%239.1%
    SECZSecuritize2.2125.9%18.6%
    IOVAIovance Biotherapeutics6.781.4%442.9%
    GRALGRAIL6.076.5%63.7%
    SDGRSchrodinger2.359.2%73.7%
    VICRVicor13.354.0%163.6%
    BALYBallys0.853.1%-16.9%
    MXLMaxLinear8.150.7%418.1%
    FORMFormFactor11.748.4%167.7%
    ACVAACV Auctions1.848.4%30.0%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    ADBTAdvasa0.1-97.3%-98.0%
    ALMSAlumis0.9-66.1%-24.3%
    XNDUXanadu Quantum Technologies1.4-57.4%-60.2%
    LQDALiquidia2.7-55.6%-12.3%
    QUREuniQure1.6-50.4%1.0%
    KDKKodiak AI0.4-49.2%-82.4%
    FICOFair Isaac13.4-48.4%-65.0%
    CTEVClaritev0.4-46.8%-50.5%
    SWMRSwarmer0.3-46.2%-42.5%
    METCRamaco Resources0.5-41.9%-54.1%

    More From Trefis

    Research & Analysis

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    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    CADLREPLCGONTOVXGNLXONCYMedian
    NameCandel T.ReplimuneCG Oncol.Theriva .Genelux Oncolyti. 
    Mkt Price10.2613.4869.240.232.500.656.38
    Mkt Cap0.81.36.10.00.10.10.4
    Rev LTM0060000
    Op Inc LTM-72-296-253-12-36-38-55
    FCF LTM-57-281-179-13-29-27-43
    FCF 3Y Avg-39-234-114-16-25-22-32
    CFO LTM-56-279-178-13-25-27-41
    CFO 3Y Avg-39-228-114-16-23-22-31

    Growth & Margins

    CADLREPLCGONTOVXGNLXONCYMedian
    NameCandel T.ReplimuneCG Oncol.Theriva .Genelux Oncolyti. 
    Rev Chg LTM--1,030.3%---1,030.3%
    Rev Chg 3Y Avg-------
    Rev Chg Q-------
    QoQ Delta Rev Chg LTM--22.8%0.0%0.0%-0.0%
    Op Inc Chg LTM-98.5%-1.1%-60.6%56.1%-12.8%-67.1%-36.7%
    Op Inc Chg 3Y Avg-32.9%-16.6%-11.7%-82.8%-26.7%-26.7%
    Op Mgn LTM---4,056.2%-3,975.0%-455,275.0%--4,056.2%
    Op Mgn 3Y Avg---15,058.2%----15,058.2%
    QoQ Delta Op Mgn LTM--182.8%3,279.0%-23,162.5%-182.8%
    CFO/Rev LTM---2,865.6%-4,247.3%-315,962.5%--4,247.3%
    CFO/Rev 3Y Avg---10,171.2%----10,171.2%
    FCF/Rev LTM---2,879.6%-4,253.7%-358,537.5%--4,253.7%
    FCF/Rev 3Y Avg---10,191.7%----10,191.7%

    Valuation

    CADLREPLCGONTOVXGNLXONCYMedian
    NameCandel T.ReplimuneCG Oncol.Theriva .Genelux Oncolyti. 
    Mkt Cap0.81.36.10.00.10.10.4
    P/S--980.636.214,049.8-980.6
    P/Op Inc-10.6-4.4-24.2-0.9-3.1-2.0-3.7
    P/EBIT-9.1-4.5-24.2-0.9-3.1-2.0-3.8
    P/E-8.6-4.4-27.2-0.9-3.2-2.0-3.8
    P/CFO-13.6-4.7-34.2-0.9-4.4-2.9-4.6
    Total Yield-11.4%-23.2%-3.6%-110.1%-31.3%-47.6%-27.2%
    Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
    FCF Yield 3Y Avg-11.9%-28.0%-3.6%-373.7%-26.8%-25.2%-26.0%
    D/E0.10.10.00.30.00.00.0
    Net D/E-0.2-0.1-0.2-0.7-0.1-0.0-0.2

    Returns

    CADLREPLCGONTOVXGNLXONCYMedian
    NameCandel T.ReplimuneCG Oncol.Theriva .Genelux Oncolyti. 
    1M Rtn-21.5%-11.9%-7.9%-7.3%-4.4%-23.0%-9.9%
    3M Rtn3.8%20.2%-2.3%-7.5%-13.8%-28.4%-4.9%
    6M Rtn106.0%77.2%3.7%2.3%-2.3%-30.7%3.0%
    12M Rtn101.2%221.8%71.9%-42.8%-40.5%-53.9%15.7%
    3Y Rtn1,015.2%-21.2%86.3%-98.3%-89.8%-70.4%-45.8%
    1M Excs Rtn-21.1%-11.4%-7.4%-6.8%-4.0%-22.6%-9.4%
    3M Excs Rtn1.6%17.9%-4.5%-9.8%-16.0%-30.6%-7.2%
    6M Excs Rtn92.5%58.8%-14.5%0.7%-13.7%-40.6%-6.5%
    12M Excs Rtn75.4%195.6%62.7%-57.1%-55.9%-68.6%3.4%
    3Y Excs Rtn741.0%-94.3%11.7%-176.9%-165.5%-143.5%-118.9%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/13/20265/14/20263/12/202611/13/20258/14/20255/13/20253/13/202511/14/20248/13/20245/14/20243/28/202411/9/2023
    Key Financials Quarterly            
    Total Revenue000000000000
    Ebitda-37-7-28-11-48-13-10-21-7-10-8
    Operating Income-27-16-16-13-11-8-8-9-9-8-10-9
    Net Income-39-9-29-11-57-14-11-22-8-11-8
    EPS-0.52-0.14-0.54-0.21-0.090.15-0.40-0.33-0.74-0.28-0.38-0.29
    Key Financials TTM            
    Total Revenue TTM000000000000
    Ebitda TTM-83-50-35-21-20-37-52-49-46-34-34-28
    Operating Income TTM-72-56-48-41-36-34-33-36-36-37-38-36
    Net Income TTM-89-54-38-23-22-40-55-52-50-37-38-32
    Growth Rates Quarterly            
    Total Revenue Growth-----------100.0%-100.0%
    EBITDA Growth-760.6%-190.1%-107.7%-10.1%79.8%208.3%-32.1%-31.8%-145.3%7.9%-137.5%5.6%
    Operating Income Growth-139.1%-100.0%-92.4%-50.8%-30.4%-2.9%21.4%1.0%10.4%17.9%-28.6%0.4%
    Net Income Growth-711.2%-220.1%-109.6%-5.9%78.4%189.8%-26.8%-26.2%-131.3%6.5%-118.3%2.9%
    Margins Quarterly            
    EBITDA Margin------------
    Operating Income Margin------------
    Net Income Margin------------
    Cash & Debt            
    Total Cash20219512087101921031721263543
    Total Debt5049497811131619212323
    Net Debt / (Cash)-152-146-71-80-92-81-89-1-3-5-13-20
    Cash Flows Quarterly            
    FCF from Operations-17-18-11-10-9-9-6-7-6-8-7-9
    Cash Flows TTM            
    FCF from Operations TTM-56-48-38-34-30-27-27-29-31-32-34-34
    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-42.5%-28.1%-29.7%-26.3%-23.9%-18.3%-19.3%-21.6%-22.2%-21.6%-30.3%-27.6%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-28.5%-24.3%-22.8%-20.2%-19.4%-18.9%-19.8%-22.0%-23.1%-25.1%-28.1%-28.1%

    Segment Financials

    Revenue by Segment
    $ Mil2023202220212020
    Discovery, development, and potential commercialization of off-the-shelf viral immunotherapies that0000
    Total0000


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


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


    Price Behavior

    Price Behavior
    Market Price$10.44 
    Market Cap ($ Bil)0.8 
    First Trading Date07/27/2021 
    Distance from 52W High-24.1% 
       50 Days200 Days
    DMA Price$11.43$7.90
    DMA Trendupup
    Distance from DMA-8.7%32.1%
     3M1YR
    Volatility64.7%72.6%
    Downside Capture235.19189.07
    Upside Capture238.30242.66
    Correlation (SPY)32.6%35.4%
    CADL Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta0.922.331.931.681.981.15
    Up Beta4.12-0.681.140.941.831.62
    Down Beta4.154.660.472.051.700.65
    Up Capture-83%327%271%339%474%824%
    Bmk +ve Days6162766132424
    Stock +ve Days8203066125365
    Down Capture260%279%229%112%145%103%
    Bmk -ve Days16263760120328
    Stock -ve Days13213356120360

    [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
    CADL93.8%72.7%1.20-
    Sector ETF (XLV)25.6%16.1%1.2221.5%
    Equity (SPY)15.9%13.0%0.8735.4%
    Gold (GLD)8.1%29.6%0.2614.2%
    Commodities (DBC)43.1%20.8%1.61-4.0%
    Real Estate (VNQ)2.2%13.6%-0.0915.6%
    Bitcoin (BTCUSD)-27.1%44.5%-0.5830.1%

    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
    CADL0.8%163.3%0.48-
    Sector ETF (XLV)6.7%15.2%0.256.7%
    Equity (SPY)13.2%17.2%0.5912.2%
    Gold (GLD)18.2%18.9%0.781.4%
    Commodities (DBC)10.6%19.6%0.421.1%
    Real Estate (VNQ)0.5%18.9%-0.086.0%
    Bitcoin (BTCUSD)13.9%52.3%0.4411.6%

    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
    CADL4.1%162.8%0.53-
    Sector ETF (XLV)10.7%16.7%0.526.4%
    Equity (SPY)15.4%17.9%0.7312.4%
    Gold (GLD)11.8%16.4%0.581.3%
    Commodities (DBC)8.4%18.1%0.381.8%
    Real Estate (VNQ)4.5%20.7%0.185.8%
    Bitcoin (BTCUSD)63.6%66.2%1.0311.2%

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

    Short Interest

    Short Interest: As Of Date9152026
    Short Interest: Shares Quantity12.3 Mil
    Short Interest: % Change Since 83120260.6%
    Average Daily Volume1.2 Mil
    Days-to-Cover Short Interest10.3 days
    Basic Shares Quantity74.1 Mil
    Short % of Basic Shares16.7%

    Earnings Returns History

    Updated 9/16/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/13/202610.5%26.4%-1.3%
    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%
    ...
    SUMMARY STATS   
    # Positive1289
    # Negative81211
    Median Positive4.8%15.6%17.3%
    Median Negative-4.3%-8.7%-10.0%
    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
    8/13/202610.5%26.4%-1.3%
    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   
    # Positive1289
    # Negative81211
    Median Positive4.8%15.6%17.3%
    Median Negative-4.3%-8.7%-10.0%
    Max Positive12.6%315.6%314.9%
    Max Negative-13.0%-18.5%-37.4%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/13/202610-Q
    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
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/13/202610-Q
    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

    Recent Forward Guidance

    Updated 9/28/2026

    Latest: Q2 2026 Earnings Reported 8/13/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2028 Cash RunwayReported      


    Prior: Q1 2026 Earnings Reported 5/14/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    Q1 2028 Cash RunwayReported      

    Q4 2025 Earnings Reported 3/12/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2028 Cash RunwayReported 2028   RaisedGuidance: 2027 for 2027

    Q3 2025 Earnings Reported 11/13/2025

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2027 Cash RunwayReported 2027    

    Insider Activity

    Updated 9/11/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Tak, Paul PeterChief Executive OfficerDirectSell911202610.4659,379620,8911,184,930Form
    2Tak, Paul PeterChief Executive OfficerDirectSell911202611.50220,8662,539,8931,985,998Form
    3Tyagarajan, SeshuChief Technology OfficerDirectSell819202612.007,00084,000922,380Form
    4Tyagarajan, SeshuChief Technology OfficerDirectSell701202610.027,00070,151840,461Form
    5Barone, FrancescaChief Scientific OfficerDirectSell701202610.0623,447235,769777,906Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Tak, Paul PeterChief Executive OfficerDirectSell911202610.4659,379620,8911,184,930Form
    2Tak, Paul PeterChief Executive OfficerDirectSell911202611.50220,8662,539,8931,985,998Form
    3Tyagarajan, SeshuChief Technology OfficerDirectSell819202612.007,00084,000922,380Form
    4Tyagarajan, SeshuChief Technology OfficerDirectSell701202610.027,00070,151840,461Form
    5Barone, FrancescaChief Scientific OfficerDirectSell701202610.0623,447235,769777,906Form
    6Manning, Paul B Paul B. Manning Revocable TrustBuy22620265.45550,4582,999,99615,061,222Form

    Investor Activity (13F)

    Updated Oct 1, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Acorn Capital Advisors, LLC$17.2 Mil4.9%22ADD +35.6%13F
    Saturn V Capital Management LP$14.2 Mil2.6%21New13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Saturn V Capital Management LP$14.2 Mil2.6%21New13F
    Acorn Capital Advisors, LLC$17.2 Mil4.9%22ADD +35.6%13F
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Acorn Capital Advisors, LLC$17.2 Mil4.9%22ADD +35.6%13F
    Saturn V Capital Management LP$14.2 Mil2.6%21New13F

    Candel Therapeutics — Investor Video Playlist

    Industry Resources

    External Quote Links


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