Candel Therapeutics Raises $100M, Secures $130M Loan, Plans NSCLC Phase 3 Trial
Candel Therapeutics will start a pivotal phase 3 trial of CAN-2409 in metastatic non-squamous NSCLC in Q2 2026 and file a BLA for intermediate- to high-risk prostate cancer in Q4 2026. It raised about $100 million in equity and secured a $130 million term loan facility with $50 million drawn at closing.
1. Phase 3 Trial and BLA Plans
Candel plans to initiate a pivotal phase 3 clinical trial of CAN-2409 in patients with progressive metastatic non-squamous NSCLC who have failed immune checkpoint inhibitors in Q2 2026. The company also intends to submit a Biologics License Application for CAN-2409 in localized intermediate- to high-risk prostate cancer in Q4 2026, advancing its pre-commercial readiness.
2. Regulatory Milestones and Data Timeline
The FDA has granted Fast Track and RMAT designations for CAN-2409 in prostate cancer and Fast Track status for NSCLC. Follow-up clinical data from the NSCLC phase 2a trial is expected in Q1 2026, prostate cancer phase 3 data in Q2 2026, and biomarker results in Q3 2026, while an IND clearance for CAN-3110 supports future glioma studies.
3. Financial Strengthening Initiatives
In February 2026, Candel raised approximately $100 million through a follow-on equity offering and secured a $130 million term loan facility with Trinity Capital, drawing $50 million at closing and retaining access to an additional $80 million to fund trials and regulatory activities.