The company continues to report zero revenue while R&D expenditures have escalated to $9.8 million in 2026Q1, reflecting the high costs of late-stage clinical development.
| 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 | 56.42M | 48.27M | 33.37M | 38.39M | 34.8M | 24.77M | 13.94M | 9.16M |
| OpEx % of Revenue | - | - | - | - | 27839.2% | 19820% | 11148% | 7329.6% |
| Selling, General & Admin | 20.1M | 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 | 36.32M | 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 | -1.08M | 0 | 0 |
| Operating Income | -56.42M | -48.27M | -33.37M | -38.39M | -34.67M | -24.65M | -13.81M | -9.04M |
| Operating Margin % | - | - | - | - | -27739.2% | -19720% | -11048% | -7229.6% |
| Operating Income Growth % | - | -44.63% | 13.08% | -10.72% | -40.67% | -78.49% | -52.82% | - |
| EBITDA | -55.67M | -47.42M | -32.38M | -37.43M | -33.9M | -24.42M | -13.72M | -8.99M |
| EBITDA Margin % | - | - | - | - | -27116.8% | -19534.4% | -10975.2% | -7195.2% |
| EBITDA Growth % | -70.69% | -46.45% | 13.49% | -10.43% | -38.82% | -77.99% | -52.53% | - |
| D&A (Non-Cash Add-back) | 749K | 845K | 990K | 960K | 778K | 232K | 91K | 43K |
| EBIT | -51.05M | -36.06M | -53.09M | -35.34M | -17.09M | -24.65M | -13.19M | -8.47M |
| Net Interest Income | 926K | 1.8M | -1M | -514K | -490K | -53K | 111K | 1.07M |
| Interest Income | 4.3M | 3.92M | 1.09M | 2.08M | 1.22M | 0 | 111K | 1.07M |
| Interest Expense | 3.38M | 2.12M | 2.09M | 2.6M | 1.71M | 53K | 0 | 0 |
| Other Income/Expense | 2M | 10.08M | -21.81M | 452K | 15.93M | -10.4M | -3.87M | 797K |
| Pretax Income | -54.42M | -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 | -54.42M | -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 % | -37.51% | 30.8% | -45.44% | -101.87% | 47.97% | -104.32% | -114.56% | - |
| Net Income (Continuing) | -54.42M | -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) | -0.87 | -0.72 | -1.74 | -1.31 | -0.10 | -1.26 | -1.18 | -0.43 |
| EPS Growth % | 20.72% | 58.62% | -32.82% | -1217.91% | 92.11% | -6.78% | -174.42% | - |
| EPS (Basic) | - | -0.72 | -1.74 | -1.31 | -0.10 | -1.26 | -1.18 | -0.43 |
| Diluted Shares Outstanding | 62.36M | 52.96M | 31.68M | 28.94M | 28.82M | 28.69M | 18.71M | 18.71M |
| Basic Shares Outstanding | 62.36M | 52.96M | 31.68M | 28.94M | 28.82M | 28.69M | 18.71M | 18.71M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Binary clinical trial outcomes
As reported in recent financial statements, Candel’s quarterly research and development spending has trended upward to $9.8 million in 2026Q1, reflecting the intensified logistical and clinical demands of advancing the CAN-2409 program through late-stage trials and necessary Chemistry, Manufacturing, and Controls infrastructure development.
The consistent rise in R&D spending suggests that the company is prioritizing clinical velocity over near-term expense containment. Investors should monitor whether this trajectory remains sustainable without additional dilutive financing, as the current cost structure lacks the offset of commercial revenue.
Based on the company's reported income statements, operating losses have widened to $16.3 million in 2026Q1, indicating that the firm is currently in a phase of pure capital consumption rather than achieving any meaningful operating leverage or efficiency in its administrative and research overhead.
The lack of revenue generation means that every dollar spent on SG&A and R&D directly exacerbates the operating deficit. This structure implies that the company's financial health is entirely decoupled from operational efficiency until a potential commercial inflection point is reached.
According to historical data, Candel’s net income has exhibited significant quarterly fluctuations, including a notable $7.4 million profit in 2025Q1 that appears disconnected from core operational performance, suggesting that non-operating items or accounting adjustments are currently masking the underlying cash burn of the business.
The presence of these non-operating swings warrants further investigation, as they do not reflect the company's fundamental progress in its oncology pipeline. Analysts should focus on operating cash flow rather than net income to gauge the true rate of capital depletion.
As indicated by the quarterly income statement data, the company’s persistent operating losses and lack of commercial revenue streams create a structural reliance on external capital markets, which may expose shareholders to significant dilution risks if clinical milestones are not met within the projected timeframe.
Short-term capital availability appears to be the primary constraint on the company's ability to complete its ongoing Phase 3 trials. Any delay in clinical data readouts could force management to tap equity markets at unfavorable valuations, further pressuring the per-share value for existing investors.
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.