Ctrl K
Candel remains entirely pre-revenue, with its financial performance dominated by an accelerating R&D cost base that consumed $19.8M in 2026Q2, resulting in a quarterly operating loss of -$26.7M.
Candel Therapeutics, Inc. (CADL) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 125K | 125K | 125K | 125K |
| Revenue Growth % | - | - | - | -100% | 0% | 0% | 0% | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 125K | 125K | 125K | 125K |
| Gross Margin % | - | - | - | - | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | - | - | -100% | 0% | 0% | 0% | - |
| Operating Expenses | 71.99M | 48.27M | 33.37M | 38.39M | 34.8M | 25.85M | 13.94M | 9.16M |
| OpEx % of Revenue | - | - | - | - | 27839.2% | 20680.8% | 11148% | 7329.6% |
| Selling, General & Admin | 22.86M | 17.77M | 14.06M | 13.88M | 14.06M | 10.67M | 5.18M | 2.56M |
| SG&A % of Revenue | - | - | - | - | 11248% | 8538.4% | 4144.8% | 2044% |
| Research & Development | 49.13M | 30.5M | 19.31M | 24.51M | 20.79M | 15.18M | 8.75M | 6.61M |
| R&D % of Revenue | - | - | - | - | 16629.6% | 12142.4% | 7003.2% | 5285.6% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | -48K | 0 | 0 | 0 |
| Operating Income | -71.99M | -48.27M | -33.37M | -38.39M | -34.67M | -25.73M | -13.81M | -9.04M |
| Operating Margin % | - | - | - | - | -27739.2% | -20580.8% | -11048% | -7229.6% |
| Operating Income Growth % | - | -44.63% | 13.08% | -10.72% | -34.78% | -86.29% | -52.82% | - |
| EBITDA | -71.16M | -47.42M | -32.38M | -37.43M | -33.9M | -36.12M | -13.72M | -8.99M |
| EBITDA Margin % | - | - | - | - | -27116.8% | -28899.2% | -10975.2% | -7195.2% |
| EBITDA Growth % | -102% | -46.45% | 13.49% | -10.43% | 6.17% | -163.31% | -52.53% | - |
| D&A (Non-Cash Add-back) | 827K | 845K | 990K | 960K | 778K | 0 | 91K | 43K |
| EBIT | -83.81M | -36.06M | -53.09M | -35.34M | -17.09M | -36.12M | -13.19M | -8.47M |
| Net Interest Income | 333K | 1.8M | -1M | -514K | -490K | 0 | 111K | 1.07M |
| Interest Income | 5.05M | 3.92M | 1.09M | 2.08M | 1.22M | 0 | 111K | 1.07M |
| Interest Expense | 4.72M | 2.12M | 2.09M | 2.6M | 1.71M | 0 | 0 | 0 |
| Other Income/Expense | -16.54M | 10.08M | -21.81M | 452K | 15.93M | -10.4M | -3.87M | 797K |
| Pretax Income | -88.53M | -38.18M | -55.18M | -37.94M | -18.79M | -36.12M | -17.68M | -8.24M |
| Pretax Margin % | - | - | - | - | -15035.2% | -28899.2% | -14144% | -6592% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -88.53M | -38.18M | -55.18M | -37.94M | -18.79M | -36.12M | -17.68M | -8.24M |
| Net Margin % | - | - | - | - | -15035.2% | -28899.2% | -14144% | -6592% |
| Net Income Growth % | -299.94% | 30.8% | -45.44% | -101.87% | 47.97% | -104.32% | -114.56% | - |
| Net Income (Continuing) | -88.53M | -38.18M | -55.18M | -37.94M | -18.79M | -36.12M | -17.68M | -8.24M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.19 | -0.72 | -1.74 | -1.31 | -0.10 | -1.91 | -1.18 | -0.43 |
| EPS Growth % | -137.73% | 58.62% | -32.82% | -1217.91% | 94.8% | -61.86% | -174.42% | - |
| EPS (Basic) | - | -0.72 | -1.74 | -1.31 | -0.10 | -1.91 | -1.18 | -0.43 |
| Diluted Shares Outstanding | 74.13M | 52.96M | 31.68M | 28.94M | 28.82M | 18.87M | 18.71M | 18.71M |
| Basic Shares Outstanding | 74.13M | 52.96M | 31.68M | 28.94M | 28.82M | 18.87M | 18.71M | 18.71M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CADL stock.
For fiscal year 2025, Candel Therapeutics, Inc. (CADL) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.1M in 2019.
Candel Therapeutics, Inc. (CADL) reported a net loss of $38.2M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Clinical trial failure and cash burn
Metrics are mathematically derived from official filings.
Pre-Revenue Trajectory with Accelerating R&D Spend
Candel remains a pre-revenue entity, with its operational trajectory defined by a sharp acceleration in R&D investment, which surged to $19.8M in 2026Q2 from $4.1M in 2024Q1, as reported in its financial statements.
The absence of revenue means the company's growth signal is entirely forward-looking, tied to clinical milestones. The significant ramp in R&D spending, particularly the near-doubling from 2025Q4 to 2026Q2, suggests a major increase in clinical trial activity, likely for its Phase 3 prostate and Phase 2 pancreatic programs. This acceleration indicates management is aggressively pursuing its key value drivers, but it also compresses the cash runway, making the timing of data readouts and potential partnership deals critical.
R&D Dominance and Expanding Cost Base
Research and development is the overwhelming cost driver, consuming over 70% of total operating expenses in recent quarters, with the quarterly R&D bill rising from $4.0M to $19.8M over the past two years.
The cost structure is typical for a clinical-stage biotech, but the magnitude and pace of the R&D increase warrant scrutiny. The jump in 2026Q2 suggests a specific, high-cost event, possibly related to manufacturing scale-up or the initiation of a pivotal trial. SG&A expenses have also grown, but at a more moderate pace, indicating that the primary operational focus is on clinical execution rather than commercial build-out at this stage.
Negative Operating Leverage from Clinical Investment
Operating losses have expanded significantly, with the quarterly operating deficit growing from -$7.9M in 2024Q1 to -$26.7M in 2026Q2, demonstrating a clear negative operating leverage as R&D costs scale ahead of any revenue.
This is not the typical operating leverage analysis for a revenue-generating company. Here, the 'leverage' is the inverse: each incremental dollar of R&D spend is directly increasing the operating loss without any offset from gross profit. The trend implies that the company is in a phase of heavy investment, and the path to profitability is entirely dependent on successful clinical outcomes and subsequent commercialization or licensing, not on incremental operational efficiency.
Net Losses Driven by Non-Cash Charges
Reported net losses are consistently larger than operating losses, with 2026Q2 showing a $38.9M net loss versus a $26.7M operating loss, indicating significant non-operating charges likely related to financing activities.
The persistent gap between operating and net income suggests the impact of non-cash items, such as the fair value adjustments of warrants or convertible instruments, which are common in biotech financing. The stock-based compensation expense, while growing from $1.0M to $2.9M quarterly, is a smaller component of this gap. Investors should focus on the operating loss as the core measure of cash burn, as the net loss figure is heavily influenced by accounting treatments of the company's capital structure.
Cash Runway vs. Clinical Timeline Risk
The primary analytical challenge is the sustainability of the current burn rate, with 2026Q2's $26.7M operating loss implying a quarterly cash consumption that could pressure the $119.7M cash position before key data readouts.
A short-seller would focus on the accelerating cash burn and the lack of revenue visibility. The company's cash position, while substantial, is being depleted at an increasing rate. If clinical trials experience delays or if the next data readout is not until late 2027, the company may need to raise capital in a potentially unfavorable market, leading to significant dilution. The absence of explicit forward guidance in the latest report adds uncertainty, making it difficult to model the precise runway to the next catalyst.