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The balance sheet has been transformed by a major equity infusion, resulting in a robust cash position of $201.6M and a current ratio of 16.09, though this liquidity is offset by a cumulative retained earnings deficit of -$278.2M.
Candel Therapeutics, Inc. (CADL) balance sheet — 7-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Total Current Assets | 204.16M | 119.73M | 103.8M | 36.8M | 71.94M | 84.94M | 35.15M | 45.21M |
| Cash & Short-Term Investments | 201.56M | 119.73M | 102.65M | 35.41M | 70.06M | 82.64M | 35.05M | 45.06M |
| Cash Only | 201.56M | 119.73M | 102.65M | 35.41M | 70.06M | 82.64M | 35.05M | 5.18M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 39.88M |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 1.38M | 1.89M | 2.3M | 0 | 0 |
| Total Non-Current Assets | 3.99M | 5.46M | 3.06M | 4.4M | 6.57M | 4.26M | 3.14M | 691K |
| Property, Plant & Equipment | 3.48M | 0 | 2.73M | 4.02M | 5.48M | 3.84M | 2.79M | 425K |
| Fixed Asset Turnover | 0.00x | - | - | - | 0.02x | 0.03x | 0.04x | 0.29x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 416K | 416K | 0 | 0 | 266K | 424K | 0 | 266K |
| Other Non-Current Assets | 514K | 5.05M | 329K | 382K | 0 | 0 | 349K | 0 |
| Total Assets | 208.15M | 125.19M | 106.87M | 41.2M | 78.52M | 89.2M | 38.28M | 45.9M |
| Asset Turnover | 0.00x | - | - | - | 0.00x | 0.00x | 0.00x | 0.00x |
| Asset Growth % | 559.12% | 17.15% | 159.38% | -47.53% | -11.98% | 133.02% | -16.6% | - |
| Total Current Liabilities | 12.69M | 9M | 37.53M | 14.18M | 5.62M | 5.36M | 4.71M | 1.41M |
| Accounts Payable | 5.15M | 1.13M | 237K | 422K | 380K | 1.59M | 921K | 218K |
| Days Payables Outstanding | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 445K | 9.89M | 8.89M | 464K | 0 | 463K | 0 |
| Deferred Revenue (Current) | 67K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 89K | 7.42M | 22.11M | 2.34M | 2.12M | 1.68M | 187K | 615K |
| Current Ratio | 16.09x | 13.31x | 2.77x | 2.59x | 12.81x | 15.84x | 7.46x | 32.06x |
| Quick Ratio | 16.09x | 13.31x | 2.77x | 2.59x | 12.81x | 15.84x | 7.46x | 32.06x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 69.33M | 64.28M | 3.01M | 14.27M | 25.19M | 19.71M | 57.13M | 52.53M |
| Long-Term Debt | 47.83M | 1.46M | 2.6M | 12.38M | 20.85M | 560K | 483K | 420K |
| Capital Lease Obligations | 1.23M | 0 | 407K | 973K | 1.49M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 828K | 0 | 0 | 0 |
| Other Non-Current Liabilities | 20.23M | 62.82M | 0 | 916K | 1.88M | 19.15M | 56.52M | 51.86M |
| Total Liabilities | 82.02M | 73.27M | 40.54M | 28.46M | 30.8M | 25.07M | 61.84M | 53.94M |
| Total Debt | 49.52M | 1.9M | 13.47M | 22.76M | 22.8M | 560K | 946K | 420K |
| Net Debt | -152.05M | -117.83M | -89.18M | -12.65M | -47.26M | -82.08M | -34.11M | -4.76M |
| Debt / Equity | 0.39x | 0.04x | 0.20x | 1.79x | 0.48x | 0.01x | - | - |
| Debt / EBITDA | -0.70x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 2.14x | - | - | - | - | - | - | - |
| Interest Coverage | -17.77x | -17.02x | -25.40x | -13.62x | -10.00x | - | - | - |
| Total Equity | 126.13M | 51.92M | 66.33M | 12.74M | 47.71M | 64.14M | -23.56M | -8.04M |
| Equity Growth % | 728.1% | -21.72% | 420.42% | -73.29% | -25.61% | 372.21% | -193.13% | - |
| Book Value per Share | 1.70 | 0.98 | 2.09 | 0.44 | 1.66 | 3.40 | -1.26 | -0.43 |
| Total Shareholders' Equity | 126.13M | 51.92M | 66.33M | 12.74M | 47.71M | 64.14M | -23.56M | -8.04M |
| Common Stock | 761K | 550K | 469K | 290K | 290K | 286K | 116K | 116K |
| Retained Earnings | -278.15M | -230.39M | -192.21M | -137.03M | -99.09M | -80.3M | -44.17M | -26.49M |
| Treasury Stock | -448K | -448K | -448K | -448K | -448K | 0 | 0 | -18.19M |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | -89.2M | 0 | -19K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying CADL stock.
As of 2025, Candel Therapeutics, Inc. (CADL) had total assets of $125.2M including $119.7M in current assets.
Candel Therapeutics, Inc. (CADL) carries total debt of $1.9M, offset by $119.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Candel Therapeutics, Inc. (CADL) has total shareholders' equity (book value) of $51.9M ($0.98 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Candel Therapeutics, Inc. (CADL) reported a current ratio of 13.31x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Clinical trial failure and cash burn
Metrics are mathematically derived from official filings.
Cash Infusion Transforms Solvency Profile
Candel's balance sheet has undergone a dramatic transformation, with total assets surging from $31.2M in 2024Q1 to $208.1M in 2026Q2, driven by a massive equity raise that has fundamentally altered its capital structure and extended its operational runway.
The shift from negative equity in mid-2024 to a $126.1M equity base in 2026Q2 indicates a successful capital raise that has provided critical funding for late-stage trials. This infusion has allowed the company to transition from a position of potential insolvency to one with a substantial cash buffer, though the underlying operational losses remain a persistent drag on equity accumulation.
Exceptional Liquidity Buffer for Clinical Execution
As of 2026Q2, Candel holds $201.6M in cash against minimal current liabilities, resulting in a current ratio of 16.09, which provides a substantial runway to fund its Phase 3 prostate and Phase 2 pancreatic cancer trials without immediate financing pressure.
The cash position represents nearly 97% of total assets, underscoring the company's pre-revenue, asset-light model where financial resources are the primary asset. This level of liquidity appears designed to cover multiple years of clinical operations, but investors should monitor the quarterly cash burn rate to assess whether this runway aligns with key data readout timelines.
Minimal Leverage Amid Equity-Funded Growth
Candel's debt-to-equity ratio stands at a conservative 0.39 in 2026Q2, with total debt of $49.5M, a significant increase from near-zero levels in early 2026, suggesting a strategic use of debt to supplement equity funding for clinical development.
The recent increase in debt from $1.8M in 2026Q1 to $49.5M in 2026Q2 appears to be a deliberate capital structure decision, possibly to avoid further equity dilution at current valuations. However, for a pre-revenue company, any debt service requirements could accelerate cash consumption, making the terms and maturity profile of this debt a critical factor for future financial flexibility.
Equity Base Built on Persistent Accumulated Deficits
Despite a positive equity balance of $126.1M, Candel's retained earnings show a cumulative deficit of $278.2M, indicating that the entire equity base is derived from external capital raises rather than operational profitability.
The widening deficit from -$145.2M in 2024Q1 to -$278.2M in 2026Q2 quantifies the substantial capital consumed by R&D activities without any offsetting revenue. This structure means shareholder value is entirely dependent on the future commercial success of its pipeline, as the balance sheet provides no cushion from historical earnings.
Deferred Revenue as a Potential Partnership Signal
The emergence of $45.0K in deferred revenue in 2026Q2, after multiple quarters of zero, may indicate the receipt of a small upfront payment or grant, which warrants investigation as a potential early validation of its technology platform.
While immaterial in dollar terms, the appearance of deferred revenue for a pre-revenue biotech is a notable data point that could signal the beginning of a collaboration or licensing arrangement. Investors should scrutinize the footnotes of the next financial filing to understand the nature of this liability, as it could represent a non-dilutive funding source or a milestone payment that provides incremental validation.