CANDEL THERAPEUTICS Business Summary

Candel Therapeutics Inc. (CADL) is a clinical-stage biopharmaceutical company that operates a high-stakes research and development business model focused on the commercialization of multimodal viral immunotherapies. The company primarily generates capital through strategic equity offerings, non-dilutive debt facilities—such as its $130 million term loan with Trinity Capital—and royalty-linked funding agreements, with a transition to product-based revenue contingent on the anticipated 2026 Biologics License Application (BLA) for its lead candidate, CAN-2409. Its operations are bifurcated into two primary technology segments: a genetically modified adenovirus platform (CAN-2409) targeting localized prostate, lung, and pancreatic cancers, and a herpes simplex virus (HSV) platform (CAN-3110) focused on recurrent high-grade glioma. Candel competes directly with oncolytic virus developers such as Replimune Group, Gritstone bio, and ImmVira, positioning itself as a late-stage leader in the viral immunotherapy market due to its advanced Phase 3 clinical milestones and FDA Regenerative Medicine Advanced Therapy (RMAT) designations. Founded by Dr. Estuardo Aguilar-Cordova, who remains an influential member of the Board of Directors, Candel is led by President and CEO Paul Peter Tak, M.D., Ph.D., a former Senior Vice President at GlaxoSmithKline with extensive pedigree in immunology and drug development. The executive suite includes Chief Financial Officer Charles Schoch, who was elevated to the permanent role in June 2025, Chief Scientific Officer Francesca Barone, and Chief Medical Officer Garrett Nichols. Technical operations are overseen by Seshu Tyagarajan, Ph.D., as Chief Technical and Development Officer. The company’s strategic direction is further bolstered by a high-profile Board of Directors chaired by Paul B. Manning of PBM Capital and featuring industry veterans like Dr. Maha Radhakrishnan, former Chief Medical Officer of Biogen, and Joseph Papa, former CEO of Bausch Health. Notable institutional backing includes PBM Capital, RTW Investments, and Sofinnova Investments, providing the financial runway necessary to sustain operations through its projected 2027 commercialization window.