The firm exhibits a persistent free cash flow deficit, reaching -$18.7 million in 2026Q1, which underscores a structural reliance on external financing to sustain operations.
| Cash from Operations | -47.73M | -38.31M | -27.02M | -34.24M | -31.42M | -22.22M | -9.07M | -5.18M |
| Operating CF Margin % | - | - | - | - | -25135.2% | -17774.4% | -7256.8% | -4141.6% |
| Operating CF Growth % | -290.29% | -41.77% | 21.09% | -8.99% | -41.41% | -144.93% | -75.22% | - |
| Net Income | -54.42M | -38.18M | -55.18M | -37.94M | -18.79M | -36.12M | -17.68M | -8.24M |
| Depreciation & Amortization | 749K | 845K | 990K | 1.28M | 778K | 232K | 91K | 43K |
| Stock-Based Compensation | 3.5M | 3.82M | 5.31M | 3.09M | 2.31M | 2.96M | 2.11M | 400K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 11.51M | 0 | 0 |
| Other Non-Cash Items | 1.99M | -6.98M | 21.51M | -301K | -15.78M | 76K | 4.64M | 2.11M |
| Working Capital Changes | 447K | 2.19M | 346K | -378K | 71K | -876K | 1.77M | 513K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.99M | 802K | -185K | 0 | -1.21M | 669K | 289K | 13K |
| Cash from Investing | -1.23M | -560K | -16K | -280K | -1.3M | -1.83M | 38.45M | -35.74M |
| Capital Expenditures | -1.26M | -587K | -16K | -457K | -1.3M | -1.83M | -1.48M | -159K |
| CapEx % of Revenue | - | - | - | - | 1037.6% | 1468% | 1180.8% | 127.2% |
| Acquisitions | 0 | 27K | 0 | 0 | 0 | 0 | 0 | -846K |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 27K | 0 | 0 | 177K | 0 | 0 | 0 | 0 |
| Cash from Financing | 151.78M | 56.1M | 94.28M | -121K | 19.97M | 71.8M | 490K | 21.98M |
| Debt Issued (Net) | 2.5M | 36.21M | -9.17M | 0 | 19.91M | 0 | 460K | -522K |
| Equity Issued (Net) | 112.8M | 19.89M | 101.76M | -121K | 0 | 71.33M | 0 | 22.5M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -121K | 0 | 0 | 0 | 0 |
| Other Financing | 36.48M | 0 | 1.69M | 0 | 64K | 465K | 30K | 1K |
| Net Change in Cash | 102.82M | 17.23M | 67.24M | -34.65M | -12.74M | 47.75M | 29.87M | -18.94M |
| Free Cash Flow | -48.99M | -38.9M | -27.04M | -34.7M | -32.72M | -24.05M | -10.55M | -5.34M |
| FCF Margin % | - | - | - | - | -26172.8% | -19242.4% | -8437.6% | -4268.8% |
| FCF Growth % | -80.03% | -43.86% | 22.08% | -6.07% | -36.02% | -128.06% | -97.66% | - |
| FCF per Share | -0.79 | -0.73 | -0.85 | -1.20 | -1.14 | -0.84 | -0.56 | -0.29 |
| FCF Conversion (FCF/Net Income) | 0.90x | 1.00x | 0.49x | 0.90x | 1.67x | 0.62x | 0.51x | 0.63x |
| Interest Paid | -252K | 0 | 0 | 2.15M | 1.15M | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 183K | 29K | 93K | 59K |
Binary clinical trial outcomes
According to reported financial statements, Candel’s operating cash flow consistently trails net income, with the 2026Q1 OCF/NI ratio of 2.04 highlighting a significant divergence where cash outflows are accelerating despite accounting fluctuations that occasionally obscure the true magnitude of the company's ongoing operational cash consumption.
The persistent gap between net income and operating cash flow suggests that the company's accounting results are heavily influenced by non-cash items or timing differences that do not reflect the underlying cash requirements of the business. Investors should interpret this divergence as a signal that the firm's cash burn is the primary metric for viability, rather than the volatile net income figures.
As indicated by historical cash flow data, Candel’s free cash flow has remained deeply negative, reaching a quarterly low of -$18.7 million in 2026Q1, which underscores the company's structural reliance on external financing to sustain its intensive clinical development pipeline and ongoing research-related operational expenditures.
The trajectory of free cash flow confirms that the company is in a pure capital-consumption phase with no internal generation to offset R&D costs. This trend suggests that the firm's survival is entirely contingent on its ability to access capital markets, as there is no evidence of a path toward self-sustaining cash flow in the near term.
Based on quarterly filings, working capital changes have fluctuated significantly, including a $3.6 million outflow in 2026Q1, which suggests that the timing of clinical trial payments and vendor obligations creates unpredictable quarterly liquidity pressures that complicate the company's ability to manage its finite cash runway effectively.
The erratic nature of working capital movements may indicate that the company is managing its payables to preserve cash, which could lead to future volatility in cash outflows. Analysts should monitor these fluctuations as they may signal shifts in the intensity of clinical trial activity or potential bottlenecks in vendor management.
As reported in recent filings, the company’s cash flow statement reveals minimal capital expenditure, yet the reliance on stock-based compensation and other non-cash adjustments suggests that the true cost of talent and operational infrastructure is not fully captured by the headline operating cash flow figures alone.
The reliance on non-cash compensation to manage operating expenses may mask the true economic cost of maintaining the company's research capabilities. Investors should be wary that these adjustments effectively shift the burden of compensation to shareholders through dilution, rather than reflecting a reduction in the actual cash cost of operations.
Quick answers to the most common questions about buying CADL stock.
Candel Therapeutics, Inc. (CADL) generated $-38.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Candel Therapeutics, Inc. (CADL) reported negative free cash flow of $38.9M in 2025, indicating capital requirements exceeded cash from operations.
Candel Therapeutics, Inc. (CADL) spent $0.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.