Candel Therapeutics, Inc. (CADL): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de la thérapeutique contre le cancer, Candel Therapeutics émerge comme un innovateur révolutionnaire, tirant parti d'une plate-forme sophistiquée à médiation virale pour révolutionner le traitement personnalisé du cancer. En intégrant stratégiquement les recherches de pointe, les partenariats collaboratifs et les approches de médecine de précision, la société est prête à transformer les soins en oncologie grâce à son modèle commercial unique qui pose l'innovation scientifique avec un potentiel thérapeutique transformateur. Cette exploration de la toile du modèle commercial de Candel Therapeutics révèle un récit convaincant de l'ambition scientifique, du positionnement stratégique et de la poursuite incessante des thérapies contre le cancer de la percée qui pourraient redéfinir les résultats des patients.

Candel Therapeutics, Inc. (CADL) - Modèle commercial: partenariats clés

Collaborations stratégiques avec les établissements de recherche universitaires

Depuis 2024, Candel Therapeutics a établi des partenariats avec les établissements de recherche universitaires suivants:

Institution	Focus de recherche	Détails de collaboration
Dana-Farber Cancer Institute	Recherche en oncologie	Collaboration de recherche en cours pour les thérapies par immuno-oncologie
École de médecine de Harvard	Développement d'immunothérapie	Programme de recherche conjoint pour les nouvelles approches de traitement du cancer

Partenaires de recherche pharmaceutique et biotechnologie

Candel Therapeutics a développé des partenariats de recherche stratégique avec les entités suivantes:

• Bristol Myers Squibb - Recherche collaborative en immunothérapie contre le cancer
• Miserrer & Co. - Co-développement potentiel des traitements d'immuno-oncologie
• Moderna Therapeutics - Partenariat exploratoire pour les approches thérapeutiques innovantes

Réseaux de sites d'essai cliniques potentiels

Candel Therapeutics a établi des partenariats d'essais cliniques avec:

Réseau d'essais cliniques	Nombre de sites	Zones thérapeutiques
Swog Cancer Research Network	29 sites actifs	Essais cliniques en oncologie
Programme de recherche sur l'oncologie de la communauté NCI	46 sites participants	Recherche sur le traitement du cancer

Partenaires potentiels de distribution pharmaceutique

Candel Therapeutics explore les partenariats de distribution avec:

• Amerisourcebergen - Distribution pharmaceutique de spécialité potentielle
• Cardinal Health - Services de distribution pharmaceutique complets
• McKesson Corporation - Nationwide Pharmaceutical Distribution Network

Investissements totaux de collaboration de recherche en 2023: 12,4 millions de dollars

Budget de développement de partenariat estimé pour 2024: 15,7 millions de dollars

Candel Therapeutics, Inc. (CADL) - Modèle commercial: activités clés

Développer des immunothérapies de cancer personnalisées

Candel Therapeutics se concentre sur le développement d'immunothérapies de cancer personnalisées avec un accent spécifique sur les approches thérapeutiques à médiation virale.

Domaine de recherche	Étape actuelle	Focus thérapeutique
Immunothérapies personnalisées	Étape clinique	Tumeurs solides
Thérapies à médiation virale	Développement préclinique	Traitement du cancer

Effectuer des essais cliniques pour de nouveaux traitements contre le cancer

La société mène activement des essais cliniques sur plusieurs candidats thérapeutiques.

• Can-2409 pour le cancer de la prostate
• Can-3110 pour le glioblastome
• Can-3339 pour des indications d'oncologie supplémentaires

Recherche et développement de thérapies à médiation virale

Candel Therapeutics investit considérablement dans la recherche thérapeutique à médiation virale.

Métrique de R&D	Valeur 2023
Dépenses de R&D	47,1 millions de dollars
Personnel de recherche	42 chercheurs dédiés

Innovation thérapeutique de scène préclinique et clinique

La société maintient un pipeline robuste d'approches thérapeutiques innovantes.

• 3 programmes de stade clinique
• Multiples candidats précliniques
• Axé sur les indications d'oncologie

Candel Therapeutics, Inc. (CADL) - Modèle commercial: Ressources clés

Plate-forme thérapeutique à médiation virale propriétaire

Candel Therapeutics a développé un nouvelle plate-forme thérapeutique à médiation virale axé sur l'immunothérapie contre le cancer. Au quatrième trimestre 2023, la société a rapporté:

Métrique de la plate-forme	Données spécifiques
Nombre de technologies vectorielles virales	3 plates-formes vectorielles virales distinctes
Investissement de la recherche et du développement	24,3 millions de dollars (2023 exercices)
Programmes cliniques actifs	4 essais cliniques en cours

Portefeuille de propriété intellectuelle dans l'immunothérapie contre le cancer

Candel Therapeutics maintient une solide stratégie de propriété intellectuelle:

• Demandes totales de brevets: 17
• Brevets accordés: 8
• Couverture des brevets: États-Unis, Europe et Asie

Expertise scientifique et de recherche

L'équipe scientifique de l'entreprise comprend:

Catégorie de personnel	Nombre
Chercheurs de doctorat	22
Chercheurs MD	6
Personnel de recherche total	48

Installations avancées de laboratoire et de recherche

Détails de l'installation à partir de 2024:

• Espace de recherche total: 18 500 pieds carrés
• Emplacement: Needham, Massachusetts
• Investissement d'équipement avancé: 3,7 millions de dollars en 2023

Candel Therapeutics, Inc. (CADL) - Modèle d'entreprise: propositions de valeur

Approches innovantes de traitement du cancer personnalisé

Candel Therapeutics se concentre sur le développement d'immunothérapies personnalisées à médiation virale pour le traitement du cancer. Au quatrième trimestre 2023, la société a:

• 2 Produits de stade clinique primaires en développement
• CAN-2409 Cibler plusieurs types de tumeurs solides
• CAN-3110 ciblant le cancer de la prostate

Produit candidat	Type de cancer	Étape clinique	Statut de développement
Can-2409	Multiples tumeurs solides	Phase 2	Essais cliniques actifs
Can-3110	Cancer de la prostate	Phase 1/2	Développement continu

Potentiel de thérapies cancer à médiation virale ciblée

La plate-forme propriétaire de l'entreprise implique:

• Immunothérapies virales oncolytiques conçues
• Mécanismes de livraison ciblés
• Potentiel d'approches de traitement personnalisées

Solutions de médecine de précision pour les patients en oncologie

Mesures financières liées au développement de la médecine de précision:

• Dépenses de R&D (2023): 48,3 millions de dollars
• Equivalents en espèces et en espèces (T3 2023): 101,4 millions de dollars
• Perte nette (2023): 54,2 millions de dollars

Potentiel pour répondre aux besoins médicaux non satisfaits dans le traitement du cancer

Focus thérapeutique	Un besoin non satisfait ciblé	Population potentielle de patients
Cancer de la prostate	Options de traitement limitées	Environ 268 490 nouveaux cas en 2022
Tumeurs solides	Cancers résistants	Plusieurs types de cancer avec des thérapies limitées

Candel Therapeutics, Inc. (CADL) - Modèle d'entreprise: relations clients

Engagement direct avec la communauté de recherche en oncologie

Depuis le quatrième trimestre 2023, Candel Therapeutics maintient des stratégies d'engagement directes avec la communauté de recherche en oncologie à travers:

Méthode d'engagement	Fréquence	Public cible
Conférences scientifiques	4-6 conférences par an	Chercheurs en oncologie, cliniciens
Symposiums de recherche	2-3 événements par an	Institutions de recherche académique et clinique
Webinaire Series	Événements virtuels trimestriels	Communauté mondiale de recherche en oncologie

Partenariats collaboratifs d'essais cliniques

Candel Therapeutics maintient activement des partenariats collaboratifs avec les institutions de recherche:

• 8 partenariats d'essais cliniques actifs en décembre 2023
• Collaborations avec 5 grands centres de recherche sur le cancer
• Investissement total des essais cliniques: 12,3 millions de dollars en 2023

Développement thérapeutique axé sur les patients

Stratégie d'engagement des patients	Mise en œuvre	Métrique
Boards consultatifs des patients	Réunions trimestrielles	12 représentants des patients
Mécanismes de rétroaction des patients	Canaux numériques et en personne	Taux de satisfaction des patients à 87%
Soutien des participants à l'essai clinique	Programme de support dédié	Taux de rétention de 95% dans les essais en cours

Communication scientifique et transparence

Métriques de communication pour Candel Therapeutics en 2023:

• Publié 6 articles de recherche évalués par des pairs
• Présenté à 4 conférences internationales en oncologie
• Maintenu 3 enregistrements d'essais cliniques actifs sur ClinicalTrials.gov
• Distribué 12 communiqués de presse scientifiques

Candel Therapeutics, Inc. (CADL) - Modèle commercial: canaux

Communication directe avec les professionnels de la santé

Depuis le quatrième trimestre 2023, Candel Therapeutics a utilisé les canaux de communication directs suivants:

Type de canal	Fréquence	Public cible
Réunions de leader d'opinion clé en oncologie (KOL)	Trimestriel	Top 50 des spécialistes de la recherche sur le cancer
Consultations cliniques individuelles	Mensuel	Enquêteurs potentiels d'essais cliniques

Conférences scientifiques et présentations de recherche

Candel Therapeutics a participé aux événements scientifiques suivants en 2023:

• Réunion annuelle de l'American Association for Cancer Research (AACR)
• Conférence de la Society for Immunotherapy of Cancer (SITC)
• Congrès de la Société européenne pour l'oncologie médicale (ESMO)

Publications médicales évaluées par des pairs

Publication	Nombre de publications	Facteur d'impact
Médecine de la nature	2	41.7
Journal of Clinical Oncology	3	35.9

Communications des investisseurs et des parties prenantes

Métriques de communication pour 2023:

• Géré dans les participants: 87 investisseurs institutionnels
• Présentations des investisseurs: 12 conférences financières majeures
• Rapports financiers trimestriels: Rapports cohérents de PCGR et non-GAAP

Points de contact de la communication totale des investisseurs en 2023: 156 interactions directes

Candel Therapeutics, Inc. (CADL) - Modèle d'entreprise: segments de clientèle

Institutions de recherche en oncologie

Au quatrième trimestre 2023, Candel Therapeutics cible environ 250 institutions de recherche en oncologie spécialisées aux États-Unis.

Type d'institution	Nombre de cibles potentielles	Focus de recherche
Centres médicaux académiques	127	Recherche d'immuno-oncologie
Centres de cancer complets	51	Développement thérapeutique avancé
Instituts de recherche privés	72	Médecine de précision

Centres de traitement du cancer

Candel Therapeutics cible 1 500 centres de traitement du cancer à travers l'Amérique du Nord.

• Centres d'oncologie communautaire: 1 100
• Centres de cancer en milieu hospitalier: 250
• Installations spécialisées de traitement du cancer: 150

Sociétés pharmaceutiques

La société se concentre sur des opportunités de partenariat potentielles avec 38 sociétés pharmaceutiques spécialisées en immuno-oncologie.

Taille de l'entreprise	Nombre de partenaires potentiels	Gamme de capitalisation boursière
Grandes sociétés pharmaceutiques	12	10 milliards de dollars - 250 $
Sociétés pharmaceutiques de taille moyenne	18	1 milliard de dollars - 10 milliards de dollars
Entreprises de biotechnologie émergentes	8	100 millions de dollars - 1 milliard de dollars

Patients avec des indications de cancer spécifiques

Candel Therapeutics cible les populations de patients avec des indications spécifiques de cancer.

• Patients atteints de cancer du pancréas: environ 62 210 nouveaux cas en 2022
• Patients atteints de cancer de l'ovaire: environ 19 710 nouveaux cas en 2022
• Patients atteints de cancer de la prostate: estimé 268 490 nouveaux cas en 2022

Candel Therapeutics, Inc. (CADL) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice clos le 31 décembre 2022, Candel Therapeutics a déclaré des frais de R&D de 48,4 millions de dollars.

Exercice fiscal	Dépenses de R&D	Pourcentage d'augmentation
2021	37,2 millions de dollars	30.1%
2022	48,4 millions de dollars	30.1%

Coûts de gestion des essais cliniques

Les dépenses des essais cliniques pour Candel Therapeutics en 2022 étaient d'environ 22,7 millions de dollars.

• Essais cliniques de phase 1: 8,3 millions de dollars
• Essais cliniques de phase 2: 14,4 millions de dollars

Protection de la propriété intellectuelle

Les coûts annuels de protection de la propriété intellectuelle pour Candel Therapeutics ont été de 1,5 million de dollars en 2022.

Catégorie de protection IP	Coût
Dépôt de brevet	$750,000
Entretien de brevets	$450,000
Frais juridiques	$300,000

Surfaçon administratives et opérationnelles

Les frais généraux administratifs et opérationnels totaux pour 2022 étaient de 15,6 millions de dollars.

• Coûts de personnel: 9,2 millions de dollars
• Frais de bureau et d'installation: 3,4 millions de dollars
• Technologie et infrastructure: 3,0 millions de dollars

Structure totale des coûts pour 2022: 87,7 millions de dollars

Candel Therapeutics, Inc. (CADL) - Modèle commercial: Strots de revenus

Licence potentielle des technologies thérapeutiques

Depuis le quatrième trimestre 2023, Candel Therapeutics a des flux de revenus de licence potentiels axés sur leurs plateformes d'immunothérapie contre le cancer.

Plate-forme technologique	Valeur de licence potentielle	Indication cible
Can-2409	15-25 millions de dollars sur les frais de licence initiale potentiels	Cancer de la prostate
Can-3110	10-20 millions de dollars sur les frais de licence initiaux potentiels	Cancer de la vessie

Future commercialisation des produits

Revenus potentiels projetés à partir de la commercialisation des produits:

• Potentiel de vente annuel de pointe estimé: 250 à 350 millions de dollars
• Entrée du marché projeté: 2025-2026
• Focus primaire: marchés thérapeutiques en oncologie

Subventions de recherche et financement collaboratif

Sources de financement de la recherche actuelles:

Source de financement	Montant de la subvention annuelle	Focus de recherche
Institut national du cancer	3,2 millions de dollars	Recherche d'immunothérapie
Ministère de la Défense	1,8 million de dollars	Développement du traitement du cancer

Payments de jalons potentiels à partir de partenariats

Structure de paiement des étapes projetée:

• Paiements de jalons précliniques: 5 à 10 millions de dollars
• Phase I Jalons d'essai cliniques: 15-25 millions de dollars
• Phase II Jalons d'essai cliniques: 30 à 50 millions de dollars
• Valeur de jalons de partenariat total potentiel: 75 à 125 millions de dollars

Candel Therapeutics, Inc. (CADL) - Canvas Business Model: Value Propositions

The core value Candel Therapeutics, Inc. offers centers on its proprietary viral immunotherapy platform, designed to turn 'cold' tumors 'hot' by eliciting a systemic anti-tumor immune response.

For intermediate-to-high-risk localized prostate cancer, the value proposition is anchored by the Phase 3 trial results for CAN-2409 combined with standard of care radiation therapy.

Metric	CAN-2409 Arm (N=496)	Placebo Arm (N=249)	Statistical Significance
Disease-Free Survival (DFS) Improvement	30% Improvement (HR 0.70)	Reference	P = .0155
Prostate Cancer-Specific DFS Improvement	38% Improvement (HR 0.62)	Reference	P = .0046
Pathological Complete Response (pCR) at 2 Years	80.4%	63.6%	P = .0015
PSA Nadir < 0.2 ng/mL Achieved	67.1%	58.6%	P = .0164

This clinical data supports the potential to redefine the standard-of-care for intermediate-to-high-risk prostate cancer, representing the first potential advancement in this setting in over two decades.

The technology itself is positioned as off-the-shelf viral immunotherapies, specifically an investigational, replication-defective adenovirus designed to deliver the herpes simplex virus thymidine kinase (HSV-tk) gene to induce an individualized, systemic immune response against the tumor.

For difficult-to-treat solid tumors, Candel Therapeutics, Inc. is demonstrating a durable survival benefit with CAN-2409 in ongoing and prior studies:

• In stage III/IV Non-Small Cell Lung Cancer (NSCLC) patients who progressed despite Immune Checkpoint Inhibitor (ICI) treatment, median overall survival (mOS) reached 24.5 months.
• For the subset of NSCLC patients with progressive disease despite ICI, mOS was 21.5 months, compared to historical SoC chemotherapy mOS of less than 12 months.
• In that difficult NSCLC subset, 37% of patients were still alive two years after CAN-2409 treatment.
• Positive topline overall survival data has also been reported from the Phase 2a randomized controlled clinical trial of CAN-2409 in borderline resectable Pancreatic Ductal Adenocarcinoma (PDAC).

Financially, the company is resourced to advance these value propositions, reporting cash and cash equivalents of $87.0 million as of September 30, 2025, bolstered by a $130 million loan facility, expected to fund operations into Q1 2027.

Candel Therapeutics, Inc. (CADL) - Canvas Business Model: Customer Relationships

You're looking at how Candel Therapeutics, Inc. manages its critical relationships as it pushes toward a Biologics License Application (BLA) submission, which is currently targeted for the fourth quarter of 2026 for CAN-2409 in prostate cancer. These relationships are the lifeblood of a clinical-stage company, moving from regulatory bodies to scientific peers and finally to capital providers.

High-touch, collaborative relationship with the FDA via RMAT designation

The relationship with the U.S. Food and Drug Administration (FDA) is highly prioritized due to the Regenerative Medicine Advanced Therapy (RMAT) designation granted to CAN-2409 in May 2025 for newly diagnosed localized prostate cancer. This designation signals a commitment to an expedited development and review path, which is a direct result of the positive Phase 3 data demonstrating a 30% reduction in the risk for prostate cancer recurrence or death compared to placebo. Furthermore, the Phase 3 trial itself was conducted under a Special Protocol Assessment (SPA) agreed upon with the FDA, showing deep, early collaboration on trial design. This regulatory pathway is the primary driver for the anticipated Q4 2026 BLA submission. Candel Therapeutics is also actively designing a supportive, mechanistic clinical trial in collaboration with the FDA.

• RMAT Designation Granted for CAN-2409: May 2025.
• Prior Regulatory Status: Previously granted FDA Fast Track designation.
• Phase 3 Trial Basis: Conducted under an FDA Special Protocol Assessment (SPA).
• Planned BLA Submission: Expected in Q4 2026.

Direct communication with key opinion leaders (KOLs) and oncologists at major conferences

Candel Therapeutics actively engages the oncology community by presenting data directly at major medical meetings, which is how KOLs and treating oncologists validate the science. The company presented the full positive Phase 3 data for CAN-2409 at the 2025 American Society of Clinical Oncology (ASCO) Annual Meeting in May/June 2025. Following this, management hosted a call on June 3, 2025, to discuss the results with expert clinical perspectives. Engagement continued through the fall of 2025, with presentations at the Association of Radiation Oncology (ASTRO) Annual Meeting and an invited lecture at the Prostate Cancer Foundation Annual Meeting. The company also showcased its leadership at the SITC 2025 meeting and planned participation in investor-focused healthcare conferences like the Jefferies Global Healthcare Conference in London in November 2025.

Event/Communication	Date/Period	Focus/Data Presented
2025 ASCO Annual Meeting	May 30 - June 3, 2025	Oral presentation of Phase 3 CAN-2409 data
ASTRO Annual Meeting	2025	Additional supportive data on CAN-2409 DFS independent of radiation type
Prostate Cancer Foundation Annual Meeting	2025	Data presented during an invited lecture
SITC 2025	November 2025	Showcased Immunotherapy Leadership
Virtual R&D Event	December 5, 2025	Pipeline update event

Investor relations and corporate updates to maintain capital access

Maintaining a strong financial footing is a constant relationship management task, especially leading up to a BLA submission. Candel Therapeutics executed a registered direct offering in June 2025, raising approximately $15.0 million in gross proceeds by selling about 3.2 million shares at $4.67 per share. This capital, which included investment from existing healthcare-focused institutional investors, executives, and Board members, is earmarked for pre-commercialization and launch readiness activities. As of September 30, 2025, the company held $87.0M in cash and cash equivalents, bolstered by the upfront proceeds from the Trinity Capital debt facility. The cash burn for the first half of 2025 was $17.5 million, which management projects provides enough runway to fund operations into Q1 2027. Overall, Candel Therapeutics has raised a total of $81.6M across 14 funding rounds to date.

The company reports its financial progress regularly, with the Third Quarter 2025 results released on November 13, 2025.

Future direct engagement with payers for market access post-approval

While direct, specific payer negotiations are typically reserved for post-approval or late-stage pre-commercialization, the current capital strategy clearly supports this future engagement. The $15.0 million raised in June 2025 is explicitly intended to support pre-commercialization and launch readiness activities for CAN-2409. This readiness inherently includes building the necessary infrastructure and data packages required for successful market access discussions with major payers and health technology assessment bodies, which will become a primary focus following the anticipated Q4 2026 BLA submission.

Finance: draft 13-week cash view by Friday.

Candel Therapeutics, Inc. (CADL) - Canvas Business Model: Channels

You're hiring before product-market fit, so your channels right now are all about generating high-quality data and building professional credibility. For Candel Therapeutics, Inc. (Candel Therapeutics), the channels are heavily weighted toward scientific dissemination and clinical site management as they push for regulatory approval for CAN-2409.

Scientific publications and presentations at major oncology meetings (ASCO, ASTRO)

This is your primary channel for validating the science and reaching key opinion leaders. You've had a very active 2025 in this area, which is crucial for establishing the value proposition of CAN-2409. The data presented are the product itself at this stage.

Candel Therapeutics presented key findings from its pivotal phase 3 clinical trial of CAN-2409 in intermediate-to-high-risk localized prostate cancer at two major meetings:

• Oral presentation at the 2025 American Society of Clinical Oncology (ASCO) Annual Meeting (May 30 to June 3, 2025).
• Subgroup analyses presented at the 2025 Annual Meeting of the American Society for Radiation Oncology (ASTRO) (September 27 to October 1, 2025).

The data from the phase 3 trial (NCT01436968), which enrolled 745 patients randomized 2:1 to CAN-2409 plus standard of care versus standard of care alone, showed significant efficacy improvements. Also, more than 1,000 patients have been dosed with CAN-2409 across all clinical trials to date, supporting a favorable tolerability profile. Furthermore, a scientific publication, "Serial Multiomics Uncovers Anti-Glioblastoma Responses Not Evident by Routine Clinical Analyses," appeared in Science Translational Medicine.

Here's a quick look at the key statistical outcomes from the prostate cancer Phase 3 trial:

Metric	Result	Statistical Value
Primary Endpoint Improvement (DFS)	Improvement in Disease-Free Survival	30% (HR 0.7, p=0.0155)
Secondary Endpoint Improvement (PC-Specific DFS)	Improvement in Prostate Cancer-Specific DFS	38% (HR 0.62, p=0.0046)
Trial Population Size	Patients Enrolled in Phase 3 (NCT01436968)	745 patients
Total Dosing Milestone	Total Patients Dosed with CAN-2409	More than 1,000 patients

You're also planning to present data for CAN-3110 in recurrent high-grade glioma in Q4 2025 and participate in the SITC 2025 Annual Meeting.

Clinical trial sites and research institutions for product delivery and data generation

The clinical trial infrastructure is the physical channel for generating the data that feeds your scientific presentations. The phase 3 trial for prostate cancer was a multicenter effort. For the NSCLC trial (NCT04495153), research facilities are located across multiple countries. These sites are the direct points of contact for your investigational product, CAN-2409, and the source of all primary efficacy and safety data.

The continued operation of these sites is supported by your recent financing activity; you secured a $130 million term loan facility in October 2025, and your cash reserves are projected to cover operations into Q1 2027. This runway is essential for managing the ongoing data collection and the design of future trials, such as the planned pivotal phase 3 trial for NSCLC in Q2 2026.

Future specialized pharmaceutical distribution channels for CAN-2409

This channel is currently in the planning phase, directly tied to your regulatory milestones. The primary focus is on achieving the Biologics License Application (BLA) submission for CAN-2409 in prostate cancer in Q4 2026. Once approved, you'll need specialized channels, likely involving third-party logistics (3PL) providers experienced in handling oncolytic viral therapies, which often require specific cold-chain management.

The FDA's Regenerative Medicine Advanced Therapy (RMAT) Designation for CAN-2409 in prostate cancer suggests a pathway that might allow for earlier engagement with the FDA on manufacturing and distribution standards, which will shape these future channels.

Direct engagement with the medical community through a future commercial team

While you don't have a commercial sales force yet, the groundwork for direct engagement is being laid now. The appointment of Maha Radhakrishnan, M.D., to the Board of Directors in June 2025, bringing expertise in product development and commercialization, signals a clear intent to build this channel.

The engagement strategy for late 2025/early 2026 is focused on medical affairs and scientific exchange, rather than sales. This includes:

• Presenting data at major conferences like SITC 2025.
• Hosting a Virtual Research and Development event on December 5, 2025.
• Following up on the positive phase 3 data to educate oncologists and radiation oncologists on the 30% risk reduction seen with CAN-2409.

This scientific engagement is the precursor to building out a commercial team that will eventually drive adoption post-BLA submission. Your Q3 2025 net loss was USD 11.27 million, showing the current investment level required to support this scientific-first channel strategy.

Finance: draft the Q1 2026 budget allocation for Medical Affairs vs. R&D by Friday.

Candel Therapeutics, Inc. (CADL) - Canvas Business Model: Customer Segments

You're looking at the core groups Candel Therapeutics, Inc. (CADL) needs to satisfy to turn its pipeline into a commercial success, and honestly, the focus is sharp: late-stage oncology patients and the capital markets funding the journey.

Customer Segment	Primary Indication/Focus	Key Statistical/Clinical Data Point (Late 2025)
Patients with intermediate-to-high-risk localized prostate cancer	CAN-2409 (Adjuvant to Radiation Therapy)	The eligible patient pool is estimated at 116,726 new patients per year, based on 62% of the 313,780 new 2025 prostate cancer cases receiving the relevant therapy modality.
Patients with metastatic NSCLC refractory to immune checkpoint inhibitors	CAN-2409 (Monotherapy/Combination)	Pivotal Phase 3 trial initiation planned for Q2 2026.

The company has already dosed over 1,000 patients with CAN-2409, showing a history of patient engagement across its trials.

For the professional segment, Candel Therapeutics, Inc. is clearly aligning its commercial readiness with clinical milestones, evidenced by the engagement with external experts.

• Oncology specialists, urologists, and radiation oncologists (prescribers)
• Planned Biologics License Application (BLA) submission for prostate cancer in Q4 2026.
• Held discussions with community urologists regarding clinical integration of its treatment.
• Entered a strategic, commercial collaboration with IDEA Pharma in March 2025 for commercial input on CAN-2409.

The financial backers are a distinct segment, as Candel Therapeutics, Inc. is still in the pre-commercial phase, meaning funding is the lifeblood.

• Institutional investors and debt providers funding the pipeline
• Secured a $130 million term loan facility with Trinity Capital Inc. in October 2025.
• The initial draw on the loan was $50 million.
• The facility carries an initial interest rate of 10.25% per annum.
• This financing extends the projected cash runway into Q1 2027.
• Cash and cash equivalents stood at $87.0 million as of September 30, 2025.
• Prior to the loan, total debt was minimal at roughly $5.2 million, yielding a debt-to-equity ratio of about 6.5% (or 0.065) as of September 30, 2025.
• Historically, Candel Therapeutics, Inc. has raised a total of $81.6 million over 14 funding rounds.
• The company has a total of 5 investors, with 5 being institutional investors.

Candel Therapeutics, Inc. (CADL) - Canvas Business Model: Cost Structure

You're looking at the core spending areas for Candel Therapeutics, Inc. as of late 2025, which is heavily weighted toward advancing their pipeline toward potential commercialization. The spending profile reflects a clinical-stage biopharma company preparing for pivotal trial readouts and regulatory submissions.

The largest operational costs are concentrated in getting their lead candidates, like CAN-2409, through late-stage development. This is where the bulk of the capital goes, so you need to watch these line items closely.

Expense Category	Period	Reported Amount (USD)
Dominant Research and Development (R&D) expenses	Q3 2025	$8.5 million
General and Administrative (G&A) expenses	Q3 2025	$4.7 million
Total Operating Expenses (for context)	Q3 2025	$13.2 million

The increase in R&D spending in Q3 2025, up from $5.4 million in Q3 2024, directly points to escalating costs associated with late-stage development activities. Honestly, this is expected as you move closer to a potential Biologics License Application (BLA).

Key drivers within the cost structure include:

• High clinical trial and regulatory compliance costs for CAN-2409 programs.
• Increased employee-related expenses supporting pipeline advancement.
• Manufacturing scale-up and quality control costs for BLA readiness, targeting a planned BLA submission in Q4 2026.

To support these near-term needs, Candel Therapeutics secured non-dilutive funding in October 2025. This introduces a new, significant financial obligation to the cost structure, though the interest expense itself won't fully hit the P&L until the drawn amount starts accruing interest over a full quarter.

Here's the quick math on the new debt structure, which you need to model going forward:

• Total Term Loan Facility: $130 million.
• Initial Drawdown (October 14, 2025): $50.0 million.
• Initial Stated Interest Rate: 10.25% per annum.
• Interest-Only Period: 36 months.

While the $50.0 million tranche was drawn after Q3 2025 ended, the interest expense on this debt is a critical component of the cost structure moving into Q4 2025 and beyond. At the initial rate, the annual interest on the drawn amount is approximately $5.125 million, or about $427,000 per month, which you should factor into your 13-week cash view. What this estimate hides is the potential for drawing additional tranches based on milestones, which would increase this interest burden.

Finance: draft 13-week cash view by Friday.

Candel Therapeutics, Inc. (CADL) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Candel Therapeutics, Inc. as of late 2025. Honestly, for a clinical-stage company like Candel Therapeutics, Inc., the revenue picture right now is less about product sales and more about financing and non-operating income while they push their lead candidates through late-stage trials. It's a common setup for biotechs in this phase.

Here's the quick math on what's keeping the lights on and funding the pipeline right now:

Product Sales Revenue

• $0 in product revenue for the 2025 fiscal year, as the lead candidate, CAN-2409, is still in late-stage clinical development and has not yet received regulatory approval for commercial sale.

Financing and Non-Operating Income

The most significant recent cash event was securing non-dilutive capital to extend the runway well into 2027. This is crucial for funding the upcoming pivotal trials.

• Financing activities included the initial draw of the term loan facility with Trinity Capital Inc., which amounted to $50.0 million drawn upon closing in October 2025.

• The total facility size is $130 million, with up to an additional $80 million available subject to certain milestones.

• The initial tranche was used to refinance a prior loan and provide working capital for general corporate purposes and the initiation of the NSCLC phase 3 trial.

• Interest income from cash reserves was $0.95 million for the three months ended September 30, 2025, up from $0.24 million for the same period in 2024, reflecting higher cash balances.

• For the nine months ended September 30, 2025, total interest income reached $2.8 million.

The current cash position as of September 30, 2025, was $87.0 million before the term loan draw, which significantly strengthened the balance sheet.

Future Potential Revenue Streams

The long-term revenue model hinges entirely on successful clinical outcomes and subsequent commercialization or strategic partnerships. You defintely want to watch these milestones.

Potential Revenue Source	Key Program	Expected Timeline/Status	Financial Implication
Future Product Sales	CAN-2409 (Localized Prostate Cancer)	Biologics License Application (BLA) submission planned for Q4 2026.	Primary source of future product revenue post-approval.
Future Product Sales	CAN-2409 (NSCLC)	Pivotal phase 3 trial initiation planned for Q2 2026.	Second major potential revenue stream, contingent on phase 3 success.
Milestone Payments	New Licensing/Collaboration Deals	Seeking external partnerships for CAN-2409 in pancreatic ductal adenocarcinoma.	Non-dilutive upfront payments and future development/regulatory milestones.

The company is also focusing internal resources on early localized prostate cancer and NSCLC, while seeking partnerships for other indications like pancreatic ductal adenocarcinoma.