Estados financieros detallados de Candel Therapeutics, Inc. (CADL): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 0.0%, margen operativo 0.0%, margen neto 0.0%.
Al precio actual de $11.02, CADL presenta beneficios negativos (P/E no significativo) y un ROE del -89.38%. La capitalización bursátil es de $807M.
Cuenta de Resultados (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $125000 | $125000 | $125000 | $125000 | 0 | 0 | 0 |
| Coste de Ventas | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Bruto | $125000 | $125000 | $125000 | $125000 | 0 | 0 | 0 |
| I+D | $6.6M | $8.8M | $15.2M | $20.8M | $24.5M | $19.3M | $30.5M |
| Generales y Administrativos | $2.6M | $5.2M | $10.7M | $14.1M | $13.9M | $14.1M | $17.8M |
| Gastos Operativos | $9.2M | $13.9M | $25.9M | $34.8M | $38.4M | $33.4M | $48.3M |
| Beneficio Operativo | -$9.0M | -$13.8M | -$25.7M | -$34.7M | -$38.4M | -$33.4M | -$48.3M |
| EBITDA | -$8.4M | -$13.1M | -$36.1M | -$16.3M | -$34.4M | -$52.1M | -$35.2M |
| Gastos por Intereses | 0 | 0 | 0 | $1.7M | $2.6M | $2.1M | $2.1M |
| Beneficio Antes de Impuestos | -$8.2M | -$17.7M | -$36.1M | -$18.8M | -$37.9M | -$55.2M | -$38.2M |
| Impuestos | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$8.2M | -$17.7M | -$36.1M | -$18.8M | -$37.9M | -$55.2M | -$38.2M |
| BPA | $-0.43 | $-1.18 | $-1.91 | $-0.10 | $-1.31 | $-1.74 | $-0.72 |
| BPA Diluido | $-0.43 | $-1.18 | $-1.91 | $-0.10 | $-1.31 | $-1.74 | $-0.72 |
| Acciones en Circulación (Diluidas) | $18.7M | $18.7M | $18.9M | $28.8M | $28.9M | $31.7M | $53.0M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | 0 | 0 | 0 | 0 |
| Beneficio Bruto | 0 | 0 | 0 | 0 |
| Beneficio Operativo | -$13.2M | -$15.8M | -$16.3M | -$26.7M |
| EBITDA | -$10.9M | -$27.9M | -$7.1M | -$37.0M |
| Beneficio Neto | -$11.3M | -$29.5M | -$8.9M | -$38.9M |
| BPA | $-0.21 | $-0.54 | $-0.14 | $-0.52 |
| BPA Diluido | $-0.21 | $-0.54 | $-0.14 | $-0.52 |
Balance (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $5.2M | $35.1M | $82.6M | $70.1M | $35.4M | $102.7M | $119.7M |
| Inversiones a Corto | $39.9M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $45.2M | $35.1M | $84.9M | $71.9M | $36.8M | $103.8M | $119.7M |
| Inmovilizado Material | $425000 | $2.8M | $3.8M | $5.5M | $4.0M | $2.7M | 0 |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $45.9M | $38.3M | $89.2M | $78.5M | $41.2M | $106.9M | $125.2M |
| Cuentas por Pagar | $218000 | $921000 | $1.6M | $380000 | $422000 | $237000 | $1.1M |
| Deuda a Corto | 0 | $463000 | 0 | $464000 | $8.9M | $9.9M | $445000 |
| Pasivos Corrientes | $1.4M | $4.7M | $5.4M | $5.6M | $14.2M | $37.5M | $9.0M |
| Deuda a Largo | $420000 | $483000 | $560000 | $20.9M | $12.4M | $2.6M | $1.5M |
| Pasivos Totales | $53.9M | $61.8M | $25.1M | $30.8M | $28.5M | $40.5M | $73.3M |
| Reservas | -$26.5M | -$44.2M | -$80.3M | -$99.1M | -$137.0M | -$192.2M | -$230.4M |
| Patrimonio Neto | -$8.0M | -$23.6M | $64.1M | $47.7M | $12.7M | $66.3M | $51.9M |
| Deuda Total | $420000 | $946000 | $560000 | $22.8M | $22.8M | $13.5M | $1.9M |
| Deuda Neta | -$44.6M | -$34.1M | -$82.1M | -$47.3M | -$12.7M | -$89.2M | -$117.8M |
| Capital Circulante | $43.8M | $30.4M | $79.6M | $66.3M | $22.6M | $66.3M | $110.7M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $87.0M | $119.7M | $194.8M | $201.6M |
| Activos Totales | $93.6M | $125.2M | $201.9M | $208.1M |
| Pasivos Totales | $13.5M | $73.3M | $63.9M | $82.0M |
| Patrimonio Neto | $80.1M | $51.9M | $138.0M | $126.1M |
| Deuda Total | $6.2M | $1.9M | $1.8M | $49.5M |
Flujo de Caja (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$8.2M | -$17.7M | -$36.1M | -$18.8M | -$37.9M | -$55.2M | -$38.2M |
| Amortizaciones | $43000 | $91000 | $232000 | $778000 | $960000 | $990000 | $845000 |
| Compensación en Acciones | $400000 | $2.1M | $3.0M | $2.3M | $3.1M | $5.3M | $3.8M |
| Cambio en Capital Circulante | $513000 | $1.8M | -$876000 | $71000 | -$525000 | $346000 | $2.2M |
| Flujo de Caja Operativo | -$5.2M | -$9.1M | -$22.2M | -$31.4M | -$34.2M | -$27.0M | -$38.3M |
| Inversiones (CapEx) | -$159000 | -$1.5M | -$1.8M | -$1.3M | -$457000 | -$16000 | -$587000 |
| Adquisiciones | -$846000 | 0 | 0 | 0 | 0 | 0 | $27000 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$5.3M | -$10.5M | -$24.1M | -$32.7M | -$34.7M | -$27.0M | -$38.9M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$10.2M | -$10.6M | -$18.0M | -$17.2M |
| Inversiones (CapEx) | -$144000 | -$409000 | -$675000 | -$69000 |
| Flujo de Caja Libre | -$10.4M | -$11.0M | -$18.7M | -$17.3M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $1.2M | $1.3M | $1.5M | $2.9M |
Crecimiento y Márgenes (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +0.0% | +0.0% | +0.0% | -100.0% | | |
| Crecimiento Beneficio Neto (anual) | | -114.6% | -104.3% | +48.0% | -101.9% | -45.4% | +30.8% |
| Crecimiento BPA (anual) | | -174.4% | -61.9% | +94.8% | -1217.9% | -32.8% | +58.6% |
| Cambio en Acciones (anual) | | +0.0% | +0.8% | +52.7% | +0.4% | +9.5% | +67.2% |
| Crecimiento FCF (anual) | | -97.7% | -128.1% | -36.0% | -6.1% | +22.1% | -43.9% |
| Margen Bruto | 100.0% | 100.0% | 100.0% | 100.0% | | | |
| Margen Operativo | -7229.6% | -11048.0% | -20580.8% | -27739.2% | | | |
| Margen EBITDA | -6738.4% | -10476.0% | -28899.2% | -13046.4% | | | |
| Margen Neto | -6592.0% | -14144.0% | -28899.2% | -15035.2% | | | |
| Margen FCF | -4268.8% | -8437.6% | -19242.4% | -26172.8% | | | |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.29 | $-0.56 | $-1.27 | $-1.14 | $-1.20 | $-0.85 | $-0.73 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $18.7M | $18.7M | $18.9M | $28.8M | $28.9M | $31.7M | $53.0M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -89.38% |
| Rentabilidad sobre capital invertido | -36.74% |
| Rentabilidad sobre activos | -42.53% |
| Margen bruto | 0.00% |
| Margen operativo | 0.00% |
| Margen neto | 0.00% |
Salud financiera
| Deuda / Patrimonio | 0.39 |
| Ratio corriente | 16.09 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -0.34 |
Ratios Clave (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -16.28 | -5.93 | -4.09 | -18.01 | -1.12 | -4.99 | -7.85 |
| P/VC | -16.30 | -5.56 | 2.30 | 1.08 | 3.34 | 4.15 | 5.76 |
| P/V | 1048.00 | 1048.00 | 1180.70 | 412.75 | 0.00 | 0.00 | 0.00 |
| Margen Bruto | 100.0% | 100.0% | 100.0% | 100.0% | 0.0% | 0.0% | 0.0% |
| Margen Operativo | -7229.6% | -11048.0% | -20580.8% | -27739.2% | 0.0% | 0.0% | 0.0% |
| Margen Neto | -6592.0% | -14144.0% | -28899.2% | -15035.2% | 0.0% | 0.0% | 0.0% |