Candel Therapeutics, Inc.
For the period ended Dec 31, 2025. Filed Mar 12, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 12, 2026
CADL$9.35-1.5%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| YEAR ENDEDDECEMBER 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash Flows from Operating Activities: | ||
| Net loss | $(38,182) | $(55,177) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation expense | 845 | 990 |
| Impairment of fixed assets | 90 | 41 |
| Loss on the sale and disposal of fixed assets | 306 | — |
| Non-cash stock compensation expense | 3,817 | 5,312 |
| Non-cash lease expense | 321 | 274 |
| Non-cash interest expense | 138 | 119 |
| Change in fair value of warrant liabilities | (8,199) | 20,802 |
| Accretion of debt discount | 360 | 270 |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses and other current assets | (508) | 234 |
| Other assets | (24) | 53 |
| Accounts payable | 802 | (185) |
| Accrued expenses | 2,254 | 757 |
| Deferred income | 178 | — |
| Lease liability | (509) | (513) |
| Net cash used in operating activities | (38,311) | (27,023) |
| Cash Flows from Investing Activities: | ||
| Purchase of fixed assets | (587) | (16) |
| Proceeds from the sale of fixed assets | 27 | — |
| Net cash used in investing activities | (560) | (16) |
| Cash Flows from Financing Activities: | ||
| Proceeds from term loan, net of issuance costs | 47,946 | — |
| Proceeds from issuance of common stock in registered direct offering, net of issuance costs | 14,331 | — |
| Proceeds from sale of common stock through at-the-market offerings, net of issuance costs | 5,038 | 15,830 |
| Proceeds from option exercises | 516 | 1,689 |
| Proceeds from issuance of common stock and accompanying pre-funded warrants in public offering, net of issuance costs | — | 85,928 |
| Principal payments on term loan payable to a bank | (11,733) | (9,167) |
| Net cash provided by financing activities | 56,098 | 94,280 |
| Net increase in cash, cash equivalents and restricted cash | 17,227 | 67,241 |
| Cash, cash equivalents and restricted cash at beginning of period | 102,920 | 35,679 |
| Cash, cash equivalents and restricted cash at end of period | $120,147 | $102,920 |
| Supplemental cash flow information: | ||
| Cash paid for interest | $1,280 | $1,795 |
| Supplemental disclosures of non-cash information: | ||
| Change in right of use asset and lease liability due to lease amendment | $1,440 | $— |
| Initial fair value of warrant liability in connection with debt financing | $2,079 | $— |
| Capital expenditures in accounts payable and accrued expenses | $132 | $— |
| Deferred offering issuance costs in accounts payable and accrued expenses | $93 | $— |
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