Candel Therapeutics (CADL) AI Stock Analysis

• Market Cap: $322.25M
• Dividend Yield: N/A
• Average Volume (3M): 602.71K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.41
• Revenue Growth: N/A
• EPS Growth: 68.53%
• Country: US
• Employees: 38
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.21
• Shares Outstanding: 54,898,304
• 10 Day Avg. Volume: 668,185
• 30 Day Avg. Volume: 602,712
• PEG Ratio: -0.15
• Price to Book (P/B): 4.15
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -10.17
• Enterprise Value/Market Cap: 0.76
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -263.50
• Enterprise Value/Ebitda: -11.78
• 1Y Price Target: $19.00
• Price Target Upside: 220.95% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): -1.06
• Revenue Forecast (FY): N/A

• Rating: 56 Neutral
• Price Target: $6.50 ▲(9.80% Upside)

The score is primarily constrained by weak financial performance (no revenue, ongoing losses, and significant cash burn) despite a stronger, low-leverage balance sheet. Technicals are moderately favorable with price above major moving averages and positive momentum indicators. Valuation remains challenged due to negative earnings, while recent corporate events provide a modest positive offset via improved financing capacity and pipeline visibility.

Positive Factors

Low Leverage / Strong Balance Sheet

Very low debt relative to equity provides durable financial flexibility for a clinical-stage biotech. Low leverage reduces refinancing and interest burden risk, making it easier to fund trials or strategic moves via equity or modest debt rather than being constrained by high fixed obligations.

Secured Term Loan Improves Runway

A committed $130M facility with an initial draw materially boosts near- to medium-term liquidity, allowing continued R&D and pivotal trials without immediate equity raises. This structural financing reduces short-term fundraising risk and supports execution of development milestones over coming quarters.

Pipeline Progress & Regulatory Designations

Clinical progress plus regulatory designations increase development pathway clarity and potential for expedited review or support programs. These durable advantages can reduce time-to-market and enhance partnering or licensing leverage, improving long-term commercialization prospects if trials succeed.

Negative Factors

Pre-Revenue Profile

Lack of recurring product revenue means the company must rely on external funding for operations. This structural state limits margin sustainability and makes long-term viability contingent on future approvals or sustained financing, raising execution and dilution risk over months.

Persistent Cash Burn

Ongoing negative operating and free cash flow requires repeated capital raises or debt to fund development. Sustained cash burn pressures strategic optionality, increases the likelihood of dilution or restrictive financing terms, and constrains investments if clinical timelines extend.

Negative Returns on Equity

Negative ROE signals the company is not generating returns on shareholder capital, reflecting sizable losses. Persistently negative profitability can erode equity value, reduce investor support, and limit ability to raise favorable capital, making long-term growth harder without clinical success.

Candel Therapeutics Business Overview & Revenue Model

Company Description

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 is in Phase I clinical trials for the treatment of recurrent glioblastoma. The company was formerly known as Advantagene, Inc. and changed its name to Candel Therapeutics, Inc. in November 2020. The company was incorporated in 2003 and is based in Needham, Massachusetts.

How the Company Makes Money

Candel Therapeutics makes money primarily through the development and potential commercialization of its proprietary viral immunotherapy candidates. The company's revenue model is centered on advancing its product candidates through clinical trials to achieve regulatory approval, at which point they can be marketed and sold to healthcare providers and patients. Key revenue streams include potential milestone payments and royalties from licensing agreements with larger pharmaceutical companies, as well as potential future sales of approved therapies. Candel may also receive funding from partnerships and collaborations that support the research and development of its therapeutic candidates. However, as a clinical-stage company, current revenues may be limited, and the company often relies on raising capital through public or private offerings to fund its operations and ongoing research activities.

Candel Therapeutics Financial Statement Overview

Summary

Early-stage, pre-revenue profile with sizable ongoing losses and heavy cash burn (TTM operating cash flow and free cash flow around -$33.6M/-$33.7M). Offsetting factors include a comparatively solid, low-leverage balance sheet (debt-to-equity ~0.08) and improved net loss versus 2024, but the business remains far from breakeven and financing/dilution risk persists.

Income Statement

CADL remains a pre-revenue biotech with $0 revenue in TTM (Trailing-Twelve-Months) and annual periods, and profitability is weak with sizable operating losses (TTM EBIT of about -$40.7M and net loss of about -$22.8M). Losses improved versus 2024 on the bottom line (net loss narrowed from roughly -$55.2M in 2024 to about -$22.8M TTM), but the business is still far from breakeven and margins are not yet meaningful given the lack of recurring revenue.

Balance Sheet

The balance sheet looks comparatively solid for an early-stage biotech: leverage is low in TTM (Trailing-Twelve-Months) with debt-to-equity around 0.08 and total debt of about $6.2M against equity of about $80.1M. Importantly, equity has strengthened materially from 2023 (about $12.7M) to TTM (about $80.1M), improving financial flexibility. The key weakness is ongoing negative returns on equity (TTM ROE around -0.15), reflecting continued losses and the risk that equity could erode again if cash burn persists.

Cash Flow

Cash generation remains a clear pressure point: TTM (Trailing-Twelve-Months) operating cash flow is about -$33.6M and free cash flow is about -$33.7M, indicating continued cash burn to fund operations. Free cash flow improved versus 2024 (less negative), but it is still materially negative and will likely require ongoing financing support. Cash flow is broadly tracking net losses (free cash flow roughly in line with net income), which is typical for R&D-heavy biotech but underscores limited self-funding capacity today.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	125.00K	125.00K	125.00K
Gross Profit	-927.00K	-990.00K	-23.98M	125.00K	-14.47M	125.00K
EBITDA	-20.74M	-52.10M	-37.43M	-16.31M	-25.49M	-13.72M
Net Income	-22.76M	-55.18M	-37.94M	-18.79M	-36.12M	-17.68M
Balance Sheet
Total Assets	93.60M	106.87M	41.20M	78.52M	89.20M	38.28M
Cash, Cash Equivalents and Short-Term Investments	86.96M	102.65M	35.41M	70.06M	82.64M	35.05M
Total Debt	6.23M	13.47M	22.76M	22.80M	560.00K	946.00K
Total Liabilities	13.47M	40.54M	28.46M	30.80M	25.07M	61.84M
Stockholders Equity	80.12M	66.33M	12.74M	47.71M	64.14M	-23.56M
Cash Flow
Free Cash Flow	-33.74M	-27.04M	-34.70M	-32.72M	-24.05M	-10.55M
Operating Cash Flow	-33.56M	-27.02M	-34.24M	-31.42M	-22.22M	-9.07M
Investing Cash Flow	-154.00K	-16.00K	-280.00K	-1.30M	-1.83M	38.45M
Financing Cash Flow	104.12M	94.28M	-121.00K	19.97M	71.80M	490.00K

Candel Therapeutics Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 5.92
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CADL, the sentiment is Positive. The current price of 5.92 is below the 20-day moving average (MA) of 5.96, above the 50-day MA of 5.61, and above the 200-day MA of 5.52, indicating a neutral trend. The MACD of 0.07 indicates Positive momentum. The RSI at 51.03 is Neutral, neither overbought nor oversold. The STOCH value of 21.18 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CADL.

Candel Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GLUE	75 Outperform	$1.59B	68.53	9.28%	―	1112.27%	―
CADL	56 Neutral	$322.25M	―	-70.17%	―	―	68.53%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
QSI	50 Neutral	$237.04M	-1.65	-52.44%	―	40.20%	-4.07%
INBX	49 Neutral	$1.20B	-8.31	-144.07%	―	―	―
HUMA	45 Neutral	$196.86M	―	―	―	―	82.23%
TNXP	43 Neutral	$220.08M	-0.02	-64.99%	―	-8.79%	81.36%

Candel Therapeutics Corporate Events

Candel Therapeutics Hosts Virtual R&D Day on Immunotherapy

On December 5, 2025, Candel Therapeutics will host a virtual R&D Day to provide an overview of its viral immunotherapy approach and oncology pipeline. This event is significant as it highlights the company’s progress in developing therapies like CAN-2409 and CAN-3110, which have shown positive clinical trial results and received regulatory designations. The event underscores Candel’s strategic positioning in the oncology market and its potential impact on stakeholders by advancing its pipeline and preparing for commercialization.

The most recent analyst rating on (CADL) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on Candel Therapeutics stock, see the CADL Stock Forecast page.