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

Core Insights - Candel Therapeutics, Inc. reported significant advancements in its clinical programs, particularly for CAN-2409, which received FDA RMAT Designation for prostate cancer treatment and was presented at ASCO [2][4][17] - The company is preparing for a Biologics License Application (BLA) submission for CAN-2409, expected in Q4 2026, and has strengthened its leadership team with new appointments [2][4][12] - Financial results indicate a net loss reduction, with cash reserves sufficient to fund operations into Q1 2027, supporting ongoing clinical development [11][12] Clinical Developments - Positive results from a phase 3 trial of CAN-2409 in localized prostate cancer showed a 30% improvement in disease-free survival compared to placebo [5][17] - CAN-2409 also demonstrated promising outcomes in phase 2a trials for non-small cell lung cancer (NSCLC) and pancreatic cancer, with median overall survival of 24.5 months and 31.4 months, respectively [8][9][17] - The FDA has granted multiple designations to CAN-2409, including Fast Track and Orphan Drug Designation for various cancer indications [4][17] Financial Performance - Research and development expenses increased to $7.0 million in Q2 2025 from $5.0 million in Q2 2024, primarily due to higher manufacturing costs [9] - General and administrative expenses rose to $4.2 million in Q2 2025, up from $3.6 million in Q2 2024, driven by increased commercial readiness costs [10] - The net loss for Q2 2025 was $4.8 million, a significant decrease from $22.2 million in Q2 2024, attributed to changes in the fair value of the company's warrant liability [11] Cash Position - As of June 30, 2025, cash and cash equivalents stood at $100.7 million, slightly down from $102.7 million at the end of 2024, expected to fund operations into Q1 2027 [12][24] - The company completed a direct offering in June 2025, raising approximately $15 million to support pre-commercialization activities [8][17] Corporate Updates - The appointment of Charles Schoch as CFO and Dr. Maha Radhakrishnan to the Board of Directors is expected to enhance the company's strategic direction and operational capabilities [2][8] - Candel plans to host a virtual R&D event in Q4 2025 to discuss ongoing clinical trials and future developments [8]