Detailed financial statements for Candel Therapeutics, Inc. (CADL): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Candel Therapeutics, Inc. is a clinical-stage biopharmaceutical firm based in Needham, Massachusetts, dedicated to developing innovative immunotherapies for cancer patients. Its pipeline features CAN-2409, which is presently in Phase II clinical trials for pancreatic and lung cancers, and has progressed to Phase III for prostate cancer. This therapy also successfully completed Phase Ib/II trials for high-grade glioma.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $11.02, CADL has negative trailing earnings (P/E not meaningful) and an ROE of -89.38%. Market capitalisation stands at $807M.
Balance sheet quality for CADL: current ratio of 13.3, net cash position of $117.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $125000 | $125000 | $125000 | $125000 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | $125000 | $125000 | $125000 | $125000 | 0 | 0 | 0 |
| Research & Development | $6.6M | $8.8M | $15.2M | $20.8M | $24.5M | $19.3M | $30.5M |
| Selling, General & Admin | $2.6M | $5.2M | $10.7M | $14.1M | $13.9M | $14.1M | $17.8M |
| Operating Expenses | $9.2M | $13.9M | $25.9M | $34.8M | $38.4M | $33.4M | $48.3M |
| Operating Income | -$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 |
| Interest Expense | 0 | 0 | 0 | $1.7M | $2.6M | $2.1M | $2.1M |
| Pre-tax Income | -$8.2M | -$17.7M | -$36.1M | -$18.8M | -$37.9M | -$55.2M | -$38.2M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$8.2M | -$17.7M | -$36.1M | -$18.8M | -$37.9M | -$55.2M | -$38.2M |
| EPS | $-0.43 | $-1.18 | $-1.91 | $-0.10 | $-1.31 | $-1.74 | $-0.72 |
| EPS (Diluted) | $-0.43 | $-1.18 | $-1.91 | $-0.10 | $-1.31 | $-1.74 | $-0.72 |
| Shares Outstanding (Diluted) | $18.7M | $18.7M | $18.9M | $28.8M | $28.9M | $31.7M | $53.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$13.2M | -$15.8M | -$16.3M | -$26.7M |
| EBITDA | -$10.9M | -$27.9M | -$7.1M | -$37.0M |
| Net Income | -$11.3M | -$29.5M | -$8.9M | -$38.9M |
| EPS | $-0.21 | $-0.54 | $-0.14 | $-0.52 |
| EPS (Diluted) | $-0.21 | $-0.54 | $-0.14 | $-0.52 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $5.2M | $35.1M | $82.6M | $70.1M | $35.4M | $102.7M | $119.7M |
| Short-term Investments | $39.9M | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $45.2M | $35.1M | $84.9M | $71.9M | $36.8M | $103.8M | $119.7M |
| Property, Plant & Equipment | $425000 | $2.8M | $3.8M | $5.5M | $4.0M | $2.7M | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $45.9M | $38.3M | $89.2M | $78.5M | $41.2M | $106.9M | $125.2M |
| Accounts Payable | $218000 | $921000 | $1.6M | $380000 | $422000 | $237000 | $1.1M |
| Short-term Debt | 0 | $463000 | 0 | $464000 | $8.9M | $9.9M | $445000 |
| Total Current Liabilities | $1.4M | $4.7M | $5.4M | $5.6M | $14.2M | $37.5M | $9.0M |
| Long-term Debt | $420000 | $483000 | $560000 | $20.9M | $12.4M | $2.6M | $1.5M |
| Total Liabilities | $53.9M | $61.8M | $25.1M | $30.8M | $28.5M | $40.5M | $73.3M |
| Retained Earnings | -$26.5M | -$44.2M | -$80.3M | -$99.1M | -$137.0M | -$192.2M | -$230.4M |
| Total Equity | -$8.0M | -$23.6M | $64.1M | $47.7M | $12.7M | $66.3M | $51.9M |
| Total Debt | $420000 | $946000 | $560000 | $22.8M | $22.8M | $13.5M | $1.9M |
| Net Debt | -$44.6M | -$34.1M | -$82.1M | -$47.3M | -$12.7M | -$89.2M | -$117.8M |
| Working Capital | $43.8M | $30.4M | $79.6M | $66.3M | $22.6M | $66.3M | $110.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $87.0M | $119.7M | $194.8M | $201.6M |
| Total Assets | $93.6M | $125.2M | $201.9M | $208.1M |
| Total Liabilities | $13.5M | $73.3M | $63.9M | $82.0M |
| Total Equity | $80.1M | $51.9M | $138.0M | $126.1M |
| Total Debt | $6.2M | $1.9M | $1.8M | $49.5M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$8.2M | -$17.7M | -$36.1M | -$18.8M | -$37.9M | -$55.2M | -$38.2M |
| Depreciation & Amortization | $43000 | $91000 | $232000 | $778000 | $960000 | $990000 | $845000 |
| Stock-based Compensation | $400000 | $2.1M | $3.0M | $2.3M | $3.1M | $5.3M | $3.8M |
| Change in Working Capital | $513000 | $1.8M | -$876000 | $71000 | -$525000 | $346000 | $2.2M |
| Operating Cash Flow | -$5.2M | -$9.1M | -$22.2M | -$31.4M | -$34.2M | -$27.0M | -$38.3M |
| Capital Expenditure | -$159000 | -$1.5M | -$1.8M | -$1.3M | -$457000 | -$16000 | -$587000 |
| Acquisitions | -$846000 | 0 | 0 | 0 | 0 | 0 | $27000 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$5.3M | -$10.5M | -$24.1M | -$32.7M | -$34.7M | -$27.0M | -$38.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$10.2M | -$10.6M | -$18.0M | -$17.2M |
| Capital Expenditure | -$144000 | -$409000 | -$675000 | -$69000 |
| Free Cash Flow | -$10.4M | -$11.0M | -$18.7M | -$17.3M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.2M | $1.3M | $1.5M | $2.9M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +0.0% | +0.0% | +0.0% | -100.0% | | |
| Net Income Growth (YoY) | | -114.6% | -104.3% | +48.0% | -101.9% | -45.4% | +30.8% |
| EPS Growth (YoY) | | -174.4% | -61.9% | +94.8% | -1217.9% | -32.8% | +58.6% |
| Shares Change (YoY) | | +0.0% | +0.8% | +52.7% | +0.4% | +9.5% | +67.2% |
| FCF Growth (YoY) | | -97.7% | -128.1% | -36.0% | -6.1% | +22.1% | -43.9% |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | | | |
| Operating Margin | -7229.6% | -11048.0% | -20580.8% | -27739.2% | | | |
| EBITDA Margin | -6738.4% | -10476.0% | -28899.2% | -13046.4% | | | |
| Net Margin | -6592.0% | -14144.0% | -28899.2% | -15035.2% | | | |
| FCF Margin | -4268.8% | -8437.6% | -19242.4% | -26172.8% | | | |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.29 | $-0.56 | $-1.27 | $-1.14 | $-1.20 | $-0.85 | $-0.73 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $18.7M | $18.7M | $18.9M | $28.8M | $28.9M | $31.7M | $53.0M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -89.38% |
| Return on Invested Capital | -36.74% |
| Return on Assets | -42.53% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.39 |
| Current Ratio | 16.09 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -0.34 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -16.28 | -5.93 | -4.09 | -18.01 | -1.12 | -4.99 | -7.85 |
| P/B | -16.30 | -5.56 | 2.30 | 1.08 | 3.34 | 4.15 | 5.76 |
| P/S | 1048.00 | 1048.00 | 1180.70 | 412.75 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | -7229.6% | -11048.0% | -20580.8% | -27739.2% | 0.0% | 0.0% | 0.0% |
| Net Margin | -6592.0% | -14144.0% | -28899.2% | -15035.2% | 0.0% | 0.0% | 0.0% |