Candel Therapeutics Q3 operating loss lower than expected
CADL•Candel Therapeutics reported third-quarter operating expenses of $22.98 million, below the $25.36 million consensus estimate for operating loss. It expects cash and cash equivalents to fund operations into the second quarter of 2028.
1. Quarterly results
Candel Therapeutics reported a third-quarter net loss of $21.87 million, or $0.28 per basic share. Income from operations was a loss of $22.98 million, compared with analysts’ average estimate of a $25.36 million loss.
2. Costs and outlook
The company said higher research and development expenses reflected increased clinical trial and manufacturing costs for its aglatimagene programs, as well as employee-related expenses. General and administrative expenses rose due to employee-related and commercial readiness costs. Candel expects its cash and cash equivalents to fund operations into the second quarter of 2028 and plans to submit a biologics license application for aglatimagene in prostate cancer in mid-2027, pending discussions with the FDA.
