Candel Therapeutics, Inc. (CADL): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da terapêutica do câncer, a Candel Therapeutics surge como inovador inovador, alavancando uma sofisticada plataforma mediada por viral para revolucionar o tratamento personalizado do câncer. Ao integrar estrategicamente pesquisas de ponta, parcerias colaborativas e abordagens de medicina de precisão, a empresa está pronta para transformar os cuidados oncológicos por meio de seu modelo de negócios exclusivo que preenche a inovação científica com o potencial terapêutico transformador. Essa exploração do modelo de negócios da Candel Therapeutics Canvas revela uma narrativa convincente de ambição científica, posicionamento estratégico e a busca incansável de terapias inovadoras do câncer que podem redefinir os resultados dos pacientes.

Candel Therapeutics, Inc. (CADL) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com instituições de pesquisa acadêmica

A partir de 2024, a Candel Therapeutics estabeleceu parcerias com as seguintes instituições de pesquisa acadêmica:

Instituição	Foco na pesquisa	Detalhes da colaboração
Instituto de Câncer Dana-Farber	Pesquisa de oncologia	Colaboração de pesquisa em andamento para terapias de imuno-oncologia
Escola de Medicina de Harvard	Desenvolvimento de imunoterapia	Programa de pesquisa conjunta para novas abordagens de tratamento de câncer

Parceiros de pesquisa farmacêutica e de biotecnologia

A Candel Therapeutics desenvolveu parcerias de pesquisa estratégica com as seguintes entidades:

• Bristol Myers Squibb - Pesquisa colaborativa em imunoterapia contra o câncer
• Merck & Co.-Potencial co-desenvolvimento de tratamentos de imuno-oncologia
• Moderna Therapeutics - Parceria exploratória para abordagens terapêuticas inovadoras

Redes potenciais de locais de ensaio clínico

A Candel Therapeutics estabeleceu parcerias de ensaios clínicos com:

Rede de ensaios clínicos	Número de sites	Áreas terapêuticas
Rede de pesquisa de câncer Swog	29 sites ativos	Ensaios clínicos de oncologia
Programa de pesquisa de oncologia da comunidade NCI	46 sites participantes	Pesquisa em tratamento do câncer

Potenciais parceiros de distribuição farmacêutica

Candel Therapeutics está explorando parcerias de distribuição com:

• Amerisourcebergen - potencial distribuição farmacêutica especializada
• Cardinal Health - Serviços abrangentes de distribuição farmacêutica
• McKesson Corporation - Rede de distribuição farmacêutica em todo o país

Total Research Collaboration Investments em 2023: US $ 12,4 milhões

Orçamento estimado de desenvolvimento de parcerias para 2024: US $ 15,7 milhões

Candel Therapeutics, Inc. (CADL) - Modelo de negócios: Atividades -chave

Desenvolvendo imunoterapias de câncer personalizadas

A Candel Therapeutics se concentra no desenvolvimento de imunoterapias personalizadas do câncer, com foco específico em abordagens terapêuticas mediadas por virais.

Área de pesquisa	Estágio atual	Foco terapêutico
Imunoterapias personalizadas	Estágio clínico	Tumores sólidos
Terapias mediadas por virais	Desenvolvimento pré -clínico	Tratamento do câncer

Realização de ensaios clínicos para novos tratamentos contra o câncer

A empresa conduz ativamente ensaios clínicos em vários candidatos terapêuticos.

• Can-2409 para câncer de próstata
• CAN-3110 para glioblastoma
• Can-3339 para indicações de oncologia adicionais

Pesquisa e desenvolvimento de terapias mediadas por virais

A Candel Therapeutics investe significativamente na pesquisa terapêutica mediada por viral.

Métrica de P&D	2023 valor
Despesas de P&D	US $ 47,1 milhões
Pessoal de pesquisa	42 pesquisadores dedicados

Inovação terapêutica pré -clínica e clínica

A empresa mantém um pipeline robusto de abordagens terapêuticas inovadoras.

• 3 programas de estágio clínico
• Múltiplos candidatos pré -clínicos
• Focado em indicações de oncologia

Candel Therapeutics, Inc. (CADL) - Modelo de negócios: Recursos -chave

Plataforma terapêutica mediada por viral proprietária

Candel Therapeutics desenvolveu um nova plataforma terapêutica mediada por viral focado na imunoterapia contra o câncer. A partir do quarto trimestre 2023, a empresa informou:

Métrica da plataforma	Dados específicos
Número de tecnologias vetoriais virais	3 plataformas vetoriais virais distintas
Investimento de pesquisa e desenvolvimento	US $ 24,3 milhões (2023 ano fiscal)
Programas clínicos ativos	4 ensaios clínicos em andamento

Portfólio de propriedade intelectual em imunoterapia contra o câncer

A Candel Therapeutics mantém uma robusta estratégia de propriedade intelectual:

• Total de pedidos de patente: 17
• Patentes concedidas: 8
• Cobertura de patentes: Estados Unidos, Europa e Ásia

Experiência científica e de pesquisa

A equipe científica da empresa compreende:

Categoria de pessoal	Número
Pesquisadores de doutorado	22
Pesquisadores de MD	6
Equipe total de pesquisa	48

Instalações avançadas de laboratório e pesquisa

Detalhes da instalação a partir de 2024:

• Espaço total de pesquisa: 18.500 pés quadrados
• Localização: Needham, Massachusetts
• Investimento avançado de equipamento: US $ 3,7 milhões em 2023

Candel Therapeutics, Inc. (CADL) - Modelo de Negócios: Proposições de Valor

Abordagens inovadoras de tratamento de câncer personalizado

A Candel Therapeutics se concentra no desenvolvimento de imunoterapias personalizadas mediadas por virais para o tratamento do câncer. A partir do quarto trimestre 2023, a empresa possui:

• 2 Candidatos de produtos em estágio clínico primário em desenvolvimento
• Can-2409 direcionando vários tipos de tumores sólidos
• Can-3110 direcionando o câncer de próstata

Candidato a produto	Tipo de câncer	Estágio clínico	Status de desenvolvimento
Can-2409	Múltiplos tumores sólidos	Fase 2	Ensaios clínicos ativos
CAN-3110	Câncer de próstata	Fase 1/2	Desenvolvimento contínuo

Potencial para terapias de câncer mediadas por virais direcionadas

A plataforma proprietária da empresa envolve:

• Imunoterapias virais oncolíticas projetadas
• Mecanismos de entrega direcionados
• Potencial para abordagens de tratamento personalizado

Soluções de Medicina de Precisão para Pacientes Oncológicos

Métricas financeiras relacionadas ao desenvolvimento de medicina de precisão:

• Despesas de P&D (2023): US $ 48,3 milhões
• Caixa e equivalentes em dinheiro (Q3 2023): US $ 101,4 milhões
• Perda líquida (2023): US $ 54,2 milhões

Potencial para atender às necessidades médicas não atendidas no tratamento do câncer

Foco terapêutico	Necessidade não atendida direcionada	Potencial população de pacientes
Câncer de próstata	Opções de tratamento limitado	Aproximadamente 268.490 novos casos em 2022
Tumores sólidos	Cânceres resistentes	Vários tipos de câncer com terapias limitadas

Candel Therapeutics, Inc. (CADL) - Modelo de Negócios: Relacionamentos ao Cliente

Engajamento direto com a comunidade de pesquisa oncológica

A partir do quarto trimestre 2023, a Candel Therapeutics mantém estratégias de engajamento direto com a comunidade de pesquisa de oncologia através de:

Método de engajamento	Freqüência	Público -alvo
Conferências científicas	4-6 Conferências anualmente	Pesquisadores de oncologia, médicos
Simpósios de pesquisa	2-3 eventos por ano	Instituições de pesquisa acadêmica e clínica
Série de webinar	Eventos virtuais trimestrais	Comunidade de Pesquisa Oncológica Global

Parcerias de ensaios clínicos colaborativos

A Candel Therapeutics mantém ativamente parcerias colaborativas com instituições de pesquisa:

• 8 Parcerias de ensaios clínicos ativos em dezembro de 2023
• Colaborações com 5 principais centros de pesquisa de câncer
• Investimento total de ensaios clínicos: US $ 12,3 milhões em 2023

Desenvolvimento terapêutico focado no paciente

Estratégia de envolvimento do paciente	Implementação	Métricas
Conselhos de consultoria de pacientes	Reuniões trimestrais	12 representantes de pacientes
Mecanismos de feedback do paciente	Canais digitais e pessoais	87% da taxa de satisfação do paciente
Suporte de participante do ensaio clínico	Programa de suporte dedicado	Taxa de retenção de 95% em estudos em andamento

Comunicação científica e transparência

Métricas de comunicação para Candel Therapeutics em 2023:

• Publicado 6 trabalhos de pesquisa revisados ​​por pares
• Apresentado em 4 conferências internacionais de oncologia
• Mantido 3 registros ativos de ensaios clínicos em clínicas.gov
• Distribuído 12 comunicados de imprensa científica

Candel Therapeutics, Inc. (CADL) - Modelo de Negócios: Canais

Comunicação direta com profissionais médicos

A partir do quarto trimestre 2023, a Candel Therapeutics utilizou os seguintes canais de comunicação direta:

Tipo de canal	Freqüência	Público -alvo
Reuniões de líder de opinião -chave oncológica (KOL)	Trimestral	50 principais especialistas em pesquisa de câncer
Consultas clínicas individuais	Mensal	Potenciais investigadores de ensaios clínicos

Conferências científicas e apresentações de pesquisa

A Candel Therapeutics participou dos seguintes eventos científicos em 2023:

• Reunião Anual da Associação Americana de Pesquisa do Câncer (AACR)
• Conferência da Sociedade de Imunoterapia do Câncer (SITC)
• Congresso da Sociedade Europeia de Oncologia Médica (ESMO)

Publicações médicas revisadas por pares

Publicação	Número de publicações	Fator de impacto
Medicina da natureza	2	41.7
Jornal de Oncologia Clínica	3	35.9

Comunicações de investidores e partes interessadas

Métricas de comunicação para 2023:

• Ligados de ganhos participantes: 87 investidores institucionais
• Apresentações de investidores: 12 principais conferências financeiras
• Relatórios financeiros trimestrais: Relatórios GAAP e não-GAAP consistentes

Points de toque de comunicação do investidor total em 2023: 156 interações diretas

Candel Therapeutics, Inc. (CADL) - Modelo de negócios: segmentos de clientes

Instituições de Pesquisa Oncológica

A partir do quarto trimestre de 2023, a Candel Therapeutics tem como alvo aproximadamente 250 instituições especializadas de pesquisa de oncologia nos Estados Unidos.

Tipo de instituição	Número de alvos em potencial	Foco na pesquisa
Centros Médicos Acadêmicos	127	Pesquisa de imuno-oncologia
Centros abrangentes de câncer	51	Desenvolvimento terapêutico avançado
Institutos de Pesquisa Privada	72	Medicina de Precisão

Centros de Tratamento do Câncer

A Candel Therapeutics tem como alvo 1.500 centros de tratamento de câncer na América do Norte.

• Centros de Oncologia Comunitária: 1.100
• Centros de câncer em hospitais: 250
• Instalações especializadas de tratamento de câncer: 150

Empresas farmacêuticas

A empresa se concentra em possíveis oportunidades de parceria com 38 empresas farmacêuticas especializadas em imuno-oncologia.

Tamanho da empresa	Número de parceiros em potencial	Faixa de capitalização de mercado
Grandes empresas farmacêuticas	12	$ 10b - $ 250B
Empresas farmacêuticas de tamanho médio	18	$ 1b - $ 10b
Empresas de biotecnologia emergentes	8	$ 100m - $ 1B

Pacientes com indicações específicas de câncer

A Candel Therapeutics tem como alvo populações de pacientes com indicações específicas de câncer.

• Pacientes com câncer de pâncreas: aproximadamente 62.210 novos casos em 2022
• Pacientes com câncer de ovário: cerca de 19.710 novos casos em 2022
• Pacientes com câncer de próstata: estimado 268.490 novos casos em 2022

Candel Therapeutics, Inc. (CADL) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o exercício fiscal encerrado em 31 de dezembro de 2022, a Candel Therapeutics registrou despesas de P&D de US $ 48,4 milhões.

Ano fiscal	Despesas de P&D	Aumento percentual
2021	US $ 37,2 milhões	30.1%
2022	US $ 48,4 milhões	30.1%

Custos de gerenciamento de ensaios clínicos

As despesas de ensaios clínicos para a terapêutica de candidatos em 2022 foram de aproximadamente US $ 22,7 milhões.

• Ensaios clínicos de fase 1: US $ 8,3 milhões
• Ensaios clínicos de fase 2: US $ 14,4 milhões

Proteção à propriedade intelectual

Os custos anuais de proteção de propriedade intelectual para a terapêutica de candidatos foram de US $ 1,5 milhão em 2022.

Categoria de proteção IP	Custo
Registro de patentes	$750,000
Manutenção de patentes	$450,000
Taxas legais	$300,000

Overhead administrativo e operacional

A sobrecarga administrativa e operacional total para 2022 foi de US $ 15,6 milhões.

• Custos de pessoal: US $ 9,2 milhões
• Despesas de escritório e instalação: US $ 3,4 milhões
• Tecnologia e infraestrutura: US $ 3,0 milhões

Estrutura de custo total para 2022: US $ 87,7 milhões

Candel Therapeutics, Inc. (CADL) - Modelo de negócios: fluxos de receita

Licenciamento potencial de tecnologias terapêuticas

A partir do quarto trimestre de 2023, a Candel Therapeutics possui possíveis fluxos de receita de licenciamento focados em suas plataformas de imunoterapia contra o câncer.

Plataforma de tecnologia	Valor potencial de licenciamento	Indicação alvo
Can-2409	US $ 15-25 milhões em potencial taxa de licenciamento	Câncer de próstata
CAN-3110	US $ 10-20 milhões em potencial taxa de licenciamento	Câncer de bexiga

Comercialização futura do produto

Receita potencial projetada da comercialização de produtos:

• Potencial de vendas anuais de pico estimado: US $ 250-350 milhões
• Entrada de mercado projetada: 2025-2026
• Foco primário: mercados terapêuticos oncológicos

Subsídios de pesquisa e financiamento colaborativo

Fontes atuais de financiamento de pesquisa:

Fonte de financiamento	Valor anual de concessão	Foco na pesquisa
Instituto Nacional do Câncer	US $ 3,2 milhões	Pesquisa de imunoterapia
Departamento de Defesa	US $ 1,8 milhão	Desenvolvimento do tratamento do câncer

Potenciais pagamentos marcantes de parcerias

Estrutura de pagamento projetada de marco:

• Pagamentos pré-clínicos: US $ 5 a 10 milhões
• Fase I Clinical Trial Marco: US $ 15-25 milhões
• FASE II MARCOS DE EUSTRAM
• Potencial Parceria Total Valor: US $ 75-125 milhões

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.