Candel Therapeutics Reports First Quarter 2025 Financial Results and Recent Corporate Highlights

Core Insights - Candel Therapeutics, Inc. reported strong clinical evidence supporting its pipeline of pan solid tumor immunotherapies, with a primary focus on CAN-2409 for prostate cancer, which is expected to address significant unmet medical needs [2][4] Financial Results - Research and development expenses for Q1 2025 were $4.0 million, a slight decrease from $4.1 million in Q1 2024, primarily due to reduced employee-related expenses [8] - General and administrative expenses increased to $4.1 million in Q1 2025 from $3.8 million in Q1 2024, attributed to higher professional and consulting fees [9] - The company reported a net income of $7.4 million for Q1 2025, compared to a net loss of $8.2 million in Q1 2024, largely due to changes in the fair value of the company's warrant liability [10] - Cash and cash equivalents as of March 31, 2025, were $92.2 million, down from $102.7 million at the end of 2024, with expectations to fund operations into Q1 2027 [11] Clinical Developments - CAN-2409's phase 3 trial results for localized prostate cancer will be presented at the 2025 ASCO Annual Meeting, with a BLA submission anticipated in Q4 2026 [4][5] - In advanced non-small cell lung cancer (NSCLC), CAN-2409 demonstrated a median overall survival (mOS) of 24.5 months in patients inadequately responding to immune checkpoint inhibitors, significantly exceeding standard care outcomes [7] - For borderline resectable pancreatic adenocarcinoma (PDAC), CAN-2409 showed an mOS of 31.4 months compared to 12.5 months in the control group, indicating substantial survival benefits [7] Strategic Collaborations and Appointments - Candel entered a strategic collaboration with IDEA Pharma to enhance commercialization strategies for CAN-2409 [7] - Elizabeth M. Jaffee, M.D., an expert in cancer immunology, was appointed to the Research Advisory Board, strengthening the company's focus on pancreatic cancer [7] Product Overview - CAN-2409 is a multimodal biological immunotherapy designed to induce a systemic immune response against tumors, with potential applications across various solid tumors [12][18] - The FDA has granted Fast Track Designation for CAN-2409 in multiple indications, including localized prostate cancer and advanced NSCLC [13][18]