Candel Therapeutics Reports Fourth Quarter and Full Year 2024 Financial Results and Recent Corporate Highlights

Core Insights - Candel Therapeutics, Inc. reported a transformational year in 2024, achieving significant clinical milestones and preparing for regulatory submissions in 2025 [2][4] - The company is focused on advancing its lead product candidate, CAN-2409, for prostate cancer and exploring its efficacy in other indications such as pancreatic cancer and non-small cell lung cancer [2][4][14] Clinical Developments - Positive topline phase 3 data for CAN-2409 in localized prostate cancer demonstrated a 30% reduction in the risk of recurrence or death compared to the control group [6][8] - CAN-2409 showed a median overall survival of 31.4 months in patients with borderline resectable pancreatic cancer, significantly higher than the 12.5 months in the control group [5][14] - The company is preparing to submit a Biologics License Application (BLA) for CAN-2409 in prostate cancer by Q4 2026 [4][11] Financial Performance - Research and development expenses decreased to $4.8 million in Q4 2024 from $7.3 million in Q4 2023, and for the full year, expenses were $19.3 million compared to $24.5 million in 2023 [9] - General and administrative expenses slightly increased to $3.3 million in Q4 2024 from $3.1 million in Q4 2023, with full-year expenses at $14.1 million compared to $13.9 million in 2023 [10] - The net loss for Q4 2024 was $14.1 million, up from $11.1 million in Q4 2023, with a full-year net loss of $55.2 million compared to $37.9 million in 2023 [11] Cash Position - As of December 31, 2024, cash and cash equivalents were $102.7 million, a significant increase from $35.4 million at the end of 2023, providing a runway into Q1 2027 [12][26] Corporate Updates - Candel completed a public offering in December 2024, raising approximately $85.9 million through the sale of 12 million shares at $6.00 each [4][10] - The company is also advancing its enLIGHTEN Discovery Platform, which aims to develop new multimodal biological immunotherapies for solid tumors [17][18]