Candel Therapeutics Inc (CADL)

5 approved products already carry Non-squamous, Non-Small Cell Lung Cancer on label, including MVASI, PEMRYDI RTU, Pemetrexed, Pemetrexed disodium. Approval would enter an occupied market.

Registered design for NCT07660094: randomized, open-label, 500 participants (estimated). Primary outcome: Overall Survival.

Cash of $202M against operating outflow of $17M per quarter gives roughly 12.0 quarters of runway; the registered primary completion is 20.6 quarters out.

76,518,565 shares outstanding against 93,366,870 if every outstanding option, warrant and convertible were exercised. In that case 18.1% of a gain in enterprise value would accrue to those holders rather than to current shareholders.

Share count up 39% year over year to 76,518,565 as of 2026-08-06.

Designations disclosed: RMAT, Breakthrough Therapy, Fast Track, Orphan Drug. These accelerate review and, for Orphan, confer exclusivity if approved; none is evidence of efficacy.

3 distinct molecules in 5 active company-sponsored trials; Aglatimagene Besadenovec accounts for 3 of them at Phase 2/Phase 3.

Programs receiving under $250k of research spend in the quarter: Occupancy, and loss on the sale of fixed assets, Recruiting, Pre-clinical research.

Directors and executive officers as a group hold 14.3%.