Candel Therapeutics reported its third‑quarter 2025 earnings on November 13, 2025, posting a net loss of $11.3 million, or $‑0.21 per share, a miss of $0.04 against the consensus estimate of $‑0.17. The miss reflects higher operating expenses, primarily driven by increased research and development spending as the company pushes its lead candidates toward regulatory milestones.
The company’s revenue remained negligible, consistent with its status as a clinical‑stage biopharmaceutical. The earnings release did not disclose any revenue figures, underscoring that cash burn, rather than sales, is the primary financial metric for Candel at this stage. The net loss widened slightly from $10.65 million in Q3 2024, but the nine‑month loss fell sharply from $41.1 million in the same period of 2024 to $8.7 million in 2025, largely due to a non‑cash gain on warrant liability changes.
Candel’s cash position was strengthened by a $130 million term‑loan facility with Trinity Capital, of which $50 million was drawn at closing on October 14, 2025. Combined with $87 million in cash and cash equivalents as of September 30, 2025, the company expects the financing to support operations through Q1 2027, giving it the runway to file a Biologics License Application for its prostate‑cancer candidate CAN‑2409 in Q4 2026 and to launch a pivotal Phase 3 trial of CAN‑2409 in metastatic non‑small‑cell lung cancer in Q2 2026.
Clinical highlights remained a key focus. The company presented statistically significant improvements in disease‑free survival from its Phase 3 trial of CAN‑2409 in localized prostate cancer at ASTRO 2025, reinforcing the candidate’s potential for regulatory approval. In the Phase 1b study of CAN‑3110 for recurrent high‑grade glioma, median overall survival ranged from 11.8 to 12 months across treatment arms, with a few patients surviving beyond three years, bolstering confidence in the candidate’s long‑term benefit profile.
Management emphasized the importance of disciplined capital allocation. CEO Paul Peter Tak noted that the company “continues to make strong progress across our clinical pipeline” and reiterated the planned BLA submission for CAN‑2409 in Q4 2026. CFO Charles Schoch highlighted the strategic financing as a “significant capital allocation” that will support the NSCLC Phase 3 launch and early‑stage prostate cancer commercialization, underscoring confidence in the company’s growth trajectory.
Investors reacted to the earnings miss, with the stock falling 4.07 % by 10:52 AM EST on the day of the release. The decline was attributed to the EPS miss and the widening quarterly net loss, which outweighed the positive clinical data and financing news. The market’s focus on earnings expectations highlights the sensitivity of the company’s valuation to financial performance, even as its clinical pipeline advances.
Overall, Candel’s Q3 2025 results demonstrate a company that is investing heavily in its pipeline while maintaining a solid cash runway. The EPS miss signals that operating expenses continue to outpace revenue growth, but the company’s strategic financing and strong clinical data position it well for future regulatory milestones.
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