Candel Therapeutics, Inc.
CADLHealthcare|Biotechnology|US
$8.75
+0.71 (+8.83%)
DCF Value
$2.20
Tangible Book / Share
$1.70
Cash / Share
$2.72
Financials
Financial Snapshot
Market Cap
$669.5M
Enterprise Value
$517.5M
Revenue (TTM)
$0.00
Net Income (TTM)
-$88.5M
Cash & Investments
$201.6M
Net Cash
$152.0M
Free Cash Flow (TTM)
-$57.3M
Operating CF (TTM)
-$56.0M
Debt/Equity
0.39
Cash Runway & Burn Rate
Cash on Hand
$201.6M
Quarterly Burn
$14.0M
Monthly Burn
$4.7M
Est. Runway
~14.4 quarters
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $45.1M | $35.1M | $82.6M | $70.1M | $35.4M | $102.7M | $119.7M | $201.6M | |
| Operating Cash Flow | -$5.2M | -$9.1M | -$22.2M | -$31.4M | -$34.2M | -$27.0M | -$38.3M | -$56.0M | |
| Free Cash Flow | -$5.3M | -$10.5M | -$24.1M | -$32.7M | -$34.7M | -$27.0M | -$38.9M | -$57.3M | |
| Capital Expenditure | -$159.0K | -$1.5M | -$1.8M | -$1.3M | -$457.0K | -$16.0K | -$587.0K | -$1.3M | |
| Financing Cash Flow | $22.0M | $490.0K | $71.8M | $20.0M | -$121.0K | $94.3M | $56.1M | $158.3M |
R&D Spending
R&D (TTM)
$49.1M
R&D Intensity
—
R&D Growth vs Prior
+61.1%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $125.0K | $125.0K | $125.0K | $125.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $6.6M | $8.8M | $15.2M | $20.8M | $24.5M | $19.3M | $30.5M | $49.1M | |
| R&D % of Revenue | 5285.6% | 7003.2% | 12142.4% | 16629.6% | — | — | — | — | |
| SG&A | $2.6M | $5.2M | $10.7M | $14.1M | $13.9M | $14.1M | $17.8M | $22.9M |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $125.0K | $125.0K | $125.0K | $125.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $125.0K | $125.0K | $125.0K | $125.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D | $6.6M | $8.8M | $15.2M | $20.8M | $24.5M | $19.3M | $30.5M | $49.1M | |
| SG&A | $2.6M | $5.2M | $10.7M | $14.1M | $13.9M | $14.1M | $17.8M | $22.9M | |
| Operating Income | -$9.0M | -$13.8M | -$25.7M | -$34.7M | -$38.4M | -$33.4M | -$48.3M | -$72.0M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $1.7M | $2.6M | $2.1M | $2.1M | $4.7M | |
| Pretax Income | -$8.2M | -$17.7M | -$36.1M | -$18.8M | -$37.9M | -$55.2M | -$38.2M | -$88.5M | |
| Net Income | -$8.2M | -$17.7M | -$36.1M | -$18.8M | -$37.9M | -$55.2M | -$38.2M | -$88.5M | |
| EPS (Diluted) | -0.43 | -1.18 | -1.91 | -0.10 | -1.31 | -1.74 | -0.72 | -1.41 | |
| EBITDA | -$8.4M | -$13.1M | -$35.9M | -$16.3M | -$34.4M | -$52.1M | -$35.2M | -$83.1M | |
| Shares Out. (M) | 18.71 | 18.71 | 18.87 | 28.82 | 28.94 | 31.68 | 52.96 | 74.13 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.2M | $35.1M | $82.6M | $70.1M | $35.4M | $102.7M | $119.7M | $201.6M | |
| Short-Term Investments | $39.9M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $45.2M | $35.1M | $84.9M | $71.9M | $36.8M | $103.8M | $119.7M | $204.2M | |
| Total Assets | $45.9M | $38.3M | $89.2M | $78.5M | $41.2M | $106.9M | $125.2M | $208.1M | |
| Total Current Liabilities | $1.4M | $4.7M | $5.4M | $5.6M | $14.2M | $37.5M | $9.0M | $12.7M | |
| Long-Term Debt | $420.0K | $483.0K | $560.0K | $20.9M | $12.4M | $2.6M | $1.5M | $47.8M | |
| Total Liabilities | $53.9M | $61.8M | $25.1M | $30.8M | $28.5M | $40.5M | $73.3M | $82.0M | |
| Stockholders' Equity | -$8.0M | -$23.6M | $64.1M | $47.7M | $12.7M | $66.3M | $51.9M | $126.1M | |
| Retained Earnings | -$26.5M | -$44.2M | -$80.3M | -$99.1M | -$137.0M | -$192.2M | -$230.4M | -$278.2M |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.2M | -$9.1M | -$22.2M | -$31.4M | -$34.2M | -$27.0M | -$38.3M | -$56.0M | |
| Capital Expenditure | -$159.0K | -$1.5M | -$1.8M | -$1.3M | -$457.0K | -$16.0K | -$587.0K | -$1.3M | |
| Free Cash Flow | -$5.3M | -$10.5M | -$24.1M | -$32.7M | -$34.7M | -$27.0M | -$38.9M | -$57.3M | |
| Investing Cash Flow | -$35.7M | $38.5M | -$1.8M | -$1.3M | -$280.0K | -$16.0K | -$560.0K | -$1.3M | |
| Financing Cash Flow | $22.0M | $490.0K | $71.8M | $20.0M | -$121.0K | $94.3M | $56.1M | $158.3M | |
| Issuance of Stock | $0.00 | $0.00 | $71.3M | $0.00 | $0.00 | $101.8M | $19.9M | $117.1M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$522.0K | $460.0K | $0.00 | $19.9M | $0.00 | -$9.2M | $36.2M | $5.0M | |
| Stock Based Comp. | $400.0K | $2.1M | $3.0M | $2.3M | $3.1M | $5.3M | $3.8M | $6.8M | |
| Net Change in Cash | -$18.9M | $29.9M | $47.7M | -$12.7M | -$34.6M | $67.2M | $17.2M | $101.0M |
Dilution Tracker
Shares outstanding grew 183.0% over 5 years — significant dilution
Shares Outstanding
77M
5-Year Share Growth
+183.0%
Stock Issuance (TTM)
$117.1M
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 18.71 | 18.71 | 18.87 | 28.82 | 28.94 | 31.68 | 52.96 | 74.13 | |
| Change vs Prior % | — | 0.0% | 0.8% | 52.7% | 0.4% | 9.5% | 67.2% | 40.0% | |
| Stock Issuance | $0.00 | $0.00 | $71.3M | $0.00 | $0.00 | $101.8M | $19.9M | $117.1M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $400.0K | $2.1M | $3.0M | $2.3M | $3.1M | $5.3M | $3.8M | $6.8M |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 100.0% | 100.0% | 100.0% | 100.0% | — | — | — | — | |
| Operating Margin % | -7229.6% | -11048.0% | -20580.8% | -27739.2% | — | — | — | — | |
| Net Margin % | -6592.0% | -14144.0% | -28899.2% | -15035.2% | — | — | — | — | |
| EBITDA Margin % | -6738.4% | -10476.0% | -28713.6% | -13046.4% | — | — | — | — | |
| FCF Margin % | -4268.8% | -8437.6% | -19242.4% | -26172.8% | — | — | — | — | |
| ROE % | 102.5% | 75.0% | -56.3% | -39.4% | -297.7% | -83.2% | -73.5% | -89.4% | |
| ROA % | -18.0% | -46.2% | -40.5% | -23.9% | -92.1% | -51.6% | -30.5% | -42.5% | |
| ROIC % | -20.3% | -40.6% | -30.7% | -47.3% | -105.4% | -41.8% | -41.4% | -36.7% | |
| R&D / Revenue % | 5285.6% | 7003.2% | 12142.4% | 16629.6% | — | — | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | -100.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | 0.0% | 0.0% | 0.0% | -100.0% | 0.0% | 0.0% | |
| Operating Income | 0.0% | -52.8% | -86.3% | -34.8% | -10.7% | 13.1% | -44.6% | |
| Net Income | 0.0% | -114.6% | -104.3% | 48.0% | -101.9% | -45.4% | 30.8% | |
| EPS (Diluted) | 0.0% | -174.4% | -61.9% | 94.8% | -1217.9% | -32.8% | 58.6% | |
| Operating Cash Flow | 0.0% | -75.2% | -144.9% | -41.4% | -9.0% | 21.1% | -41.8% | |
| Free Cash Flow | 0.0% | -97.7% | -128.1% | -36.0% | -6.1% | 22.1% | -43.9% | |
| R&D Expense | 0.0% | 32.5% | 73.4% | 37.0% | 17.9% | -21.2% | 57.9% | |
| SG&A Expense | 0.0% | 102.8% | 106.0% | 31.7% | -1.2% | 1.2% | 26.4% | |
| Total Assets | 0.0% | -16.6% | 133.0% | -12.0% | -47.5% | 159.4% | 17.2% | |
| Book Value / Share | 0.0% | -193.1% | 369.9% | -51.3% | -73.4% | 375.4% | -53.2% | |
| Debt | 0.0% | 125.2% | -40.8% | 3971.4% | -0.2% | -40.8% | -85.9% | |
| Diluted Shares | 0.0% | 0.0% | 0.8% | 52.7% | 0.4% | 9.5% | 67.2% |
Valuation
P/E (TTM)At Loss
P/S0.00
10Y Low / Med / High412.75 / 1048.00 / 1180.70
P/B5.14
10Y Low / Med / High1.08 / 3.34 / 5.76
EV/EBITDAAt Loss
EV/Revenue0.00
10Y Low / Med / High34.69 / 775.15 / 1009.93
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$2.20
Tangible Book / Share
$1.70
Net Current Assets / Share
$1.60
Graham Net-Net
$1.61
Cash / Share
$2.72
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -16.28 | -5.93 | -4.09 | -18.01 | -1.12 | -4.99 | -7.85 | -6.21 | |
| P/S Ratio | 1048.00 | 1048.00 | 1180.70 | 412.75 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | -16.30 | -5.56 | 2.30 | 1.08 | 3.34 | 4.15 | 5.76 | 5.14 | |
| EV/EBITDA | -14.99 | -7.40 | -1.83 | -0.27 | -0.87 | -3.57 | -5.15 | -6.22 | |
| EV/Revenue | 1009.93 | 775.15 | 524.04 | 34.69 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
2.80
Grey Zone
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $92.5M | $41.9M | $183.8M |
| Net Income | -$68.0M | -$54.7M | -$81.6M |
| EPS | $-1.36 | $-1.11 | $0.12 |
| # Analysts (EPS) | 5 | 4 | 7 |