CADL
Candel Therapeutics, Inc.Healthcare·Biotechnology
$8.30
$456M market cap
Revenue
$0.0M
Free Cash Flow
$-29.7M
Rev Growth
+0.0%
FCF Margin
0.0%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Candel Therapeutics, Inc., a clinical stage biopharmaceutical company, engages in the development immunotherapies for the cancer patients. The company develops CAN-2409, which is in Phase II clinical trails for the treatment of pancreatic cancer; Phase III clinical trials for the treatment of prostate cancer; and Phase II clinical trials for the treatment of lung cancer, as well as has completed Phase Ib/II clinical trials for the treatment of high-grade glioma. It also develops CAN-3110, which
2-Year Price History
$7.99+11.7%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 0.0 | -7.2 | -16.3 | -8.9 | -18.0 | -18.7 | -0.7 | 194.8 | 1.8 | 62.4 | -62.3% | -4.6x | -- |
| Act | 2025-Q4 | 0.0 | -27.9 | -15.8 | -29.5 | -10.6 | -11.0 | -0.4 | 119.7 | 1.9 | 54.9 | -335.6% | -19.7x | -- |
Valuation & Metrics
Market Stats
Price$8.30
Market Cap$456M
Enterprise Value$263M
P/S Ratio0.0x
P/FCF--
EV/FCF--
FCF Margin (TTM)0.0%
FCF Yield-6.5%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$0.0M
Net Income$-38.4M
Free Cash Flow$-29.7M
Revenue Growth (YoY)+0.0%
EBITDA Margin0.0%
Net Margin0.0%
FCF Margin0.0%
CapEx % of Revenue0.0%
SBC % of Revenue0.0%
ROIC-199.0%
WC Change % Rev0.0%
Interest Coverage-11.8x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares14.7M
Days to Cover6.4
Change (vs Prior)-2.6%
Need at least 2 settlement dates for chart
Employees
Headcount38
Revenue / Employee$0
Gross Profit / Employee$0
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
39.7%(+18.8% YoY)
102 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
9.4%(+2.9% YoY)
8 filers
Vanguard, iShares, SPDR
Market makers
0.1%(-0.2% YoY)
4 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| FMR LLC | $53.8M | $6.48 | +$13.5M | +$19.1M | -0.0% | $1.89T |
| RTW INVESTMENTS, LP | $31.5M | $4.90 | +$31.5M | +$31.5M | -2.2% | $9.26B |
| ACORN CAPITAL ADVISORS, LLC | $17.2M | $7.06 | +$4.5M | +$6.6M | +7.5% | $352M |
| BlackRock, Inc.Passive | $15.2M | $5.99 | +$1.2M | +$6.6M | -0.2% | $5.69T |
| Saturn V Capital Management LP | $14.2M | $4.90 | +$14.2M | +$14.2M | +1.6% | $552M |
| Portolan Capital Management, LLC | $14.2M | $5.95 | +$5.9M | +$9.9M | +1.2% | $1.88B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $12.1M | $4.90 | +$12.1M | +$12.1M | — | $4.04T |
| Vestal Point Capital, LP | $5.5M | $4.90 | +$5.5M | +$5.5M | -0.1% | $3.58B |
| MILLENNIUM MANAGEMENT LLC | $5.2M | $5.08 | +$4.5M | +$4.2M | -0.5% | $127.40B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $5.1M | $5.47 | +$284K | +$1.7M | +2.3% | $1.61T |
| Halter Ferguson Financial Inc. | $4.4M | $7.04 | +$764K | +$1.0M | +2.5% | $452M |
| STATE STREET CORPPassive | $4.0M | $6.14 | +$129K | +$1.3M | -0.2% | $2.89T |
| HEIGHTS CAPITAL MANAGEMENT, INC | $3.8M | $5.05 | +$3.7M | +$3.8M | -2.4% | $357M |
| Sands Capital Alternatives, LLC | $2.0M | $3.24 | +$0 | +$0 | -3.2% | $421M |
| NORTHERN TRUST CORPPassive | $1.6M | $5.94 | +$136K | +$429K | -0.2% | $755.34B |
| VANGUARD FIDUCIARY TRUST COPassive | $1.4M | $4.90 | +$1.4M | +$1.4M | — | $395.83B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $1.3M | $4.90 | +$1.3M | +$1.3M | — | $1.91T |
| GOLDMAN SACHS GROUP INC | $1.1M | $5.61 | +$796K | +$847K | -0.2% | $760.93B |
| ExodusPoint Capital Management, LP | $1.1M | $4.90 | +$1.1M | +$1.1M | -0.1% | $10.04B |
| Ghisallo Capital Management LLC | $980K | $4.90 | +$980K | +$980K | +1.5% | $2.56B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BEARISH
Holders
+0.30%
avg per quarter
Holders (ex-self)
+0.51%
excl. this stock
Buyers (this Q)
-0.48%
56 buyers · $0.10B in
Sellers (this Q)
+0.22%
28 sellers · $0.00B out
alpha coverage: 93% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-1.6%
how holders react when this stock falls
On quiet Qs
-0.4%
−10% to +10% baseline
On rallies (+10%+)
-6.5%
how they react when this stock rises
Holders' portfolio flow this Q
+3.7%
inflows — adds are organic
Sellers' portfolio flow this Q
+1.1%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-3.3%
Holder mid (any stock)
-3.1%
Holder rally (any stock)
-2.9%
Biggest decreases this quarter
New buyers this quarter
RTW INVESTMENTS, LP+$0.03Bα-2.2Saturn V Capital Management LP+$0.01Bα+1.6VANGUARD CAPITAL MANAGEMENT LLC+$0.01BVestal Point Capital, LP+$0.01Bα-0.1VANGUARD FIDUCIARY TRUST CO+$0.00BVANGUARD PORTFOLIO MANAGEMENT LLC+$0.00BExodusPoint Capital Management, LP+$0.00Bα-0.1Ghisallo Capital Management LLC+$0.00Bα+1.5Kynam Capital Management, LP+$0.00Bα+0.5JANUS HENDERSON GROUP PLC+$0.00Bα+1.2
Top-5 holders · 62.0%
FMR LLC--
RTW INVESTMENTS, LP--
ACORN CAPITAL ADVISORS, LLC--
BlackRock, Inc.--
Saturn V Capital Management LP--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
FMR LLC11.0MRTW INVESTMENTS, LP6.4MBAKER BROS. ADVISORS LP—ACORN CAPITAL ADVISORS, LLC3.5MNorthpond Ventures, LLC—Saturn V Capital Management LP2.9MPortolan Capital Management, LLC2.9MBRAIDWELL LP—FRANKLIN RESOURCES INC—Sands Capital Alternatives, LLC406K
Analyst Coverage
Analyst Coverage
Price Targets
Last Year (1 analysts)$15.008070.0%
Current Price$8.30
Analyst Ratings
9
1
Buy: 9Hold: 1Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$3.00M
1 txn · 1 insider · 550,458 sh
Sells ($, 12mo)
$10K
2 txns · 1 insider · 1,718 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-02-23 | BUY | Manning Paul B | director | 550,458 | $5.45 | $3.00M | $15.06M |
| 2025-07-28 | SELL | Nichols William Garrett | officer: Chief Medical Officer | 937 | $6.98 | $7K | $366K |
| 2025-06-30 | SELL | Nichols William Garrett | officer: Chief Medical Officer | 781 | $5.04 | $4K | $265K |
Order Flow (FINRA, ~3w lag)
37.4%retail-0.5pp
14.8%dark-4.9pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Candel Therapeutics: Paper Gains Masking Deep Operational Burn and Restrictive Debt Covenants
Overall Risk
7/10
Fraud
3/10
Dilution
8/10
Insolvency
6/10
Earnings Overstated
7/10
Hidden Liabilities
4/10
Legal
2/10
Audit Warnings
5/10
Hidden Upside
2/10
Contextually Acceptable
6/10