Candel Therapeutics launches $100 million public offering

Candel Therapeutics Inc. (NASDAQ: CADL) announced the launch of an underwritten public offering of $100 million of its common stock. The clinical-stage biopharmaceutical company also intends to grant underwriters a 30-day option to purchase up to an additional $15 million in shares on the same terms.

The company plans to use net proceeds to complete launch readiness, medical affairs, pre-commercialization, and commercial activities for aglatimagene besadenovec in early, localized prostate cancer. Funds will also support ongoing development costs for the phase 3 trial of aglatimagene in non-small cell lung cancer and general corporate purposes.

Citigroup, Cantor, and Stifel are acting as joint bookrunning managers for the offering. LifeSci Capital serves as lead manager, while H.C. Wainwright & Co. and Brookline Capital Markets act as co-managers.

The offering is subject to market conditions, and the company noted there can be no assurance regarding whether or when the offering may be completed, or the actual size or terms. A shelf registration statement on Form S-3 was filed with the Securities and Exchange Commission on August 14, 2025 and declared effective on August 22, 2025.

Candel focuses on developing multimodal biological immunotherapies for cancer treatment. The company recently completed phase 2a clinical trials of aglatimagene in non-small cell lung cancer and pancreatic ductal adenocarcinoma, plus a pivotal phase 3 clinical trial in localized prostate cancer. The FDA has granted Fast Track Designation and Regenerative Medicine Advanced Therapy Designation to aglatimagene for newly diagnosed, localized prostate cancer in patients with intermediate- to high-risk disease.

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