Candel Therapeutics (CADL) financial statements
Net income was -$38M.
Free cash flow was -$39M.
The diluted share count rose 356% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Candel Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $125,000 | $125,000 | $125,000 | — | — | — |
| Research and development | $9M | $15M | $21M | $25M | $19M | $30M |
| Selling, general and admin | $5M | $11M | $14M | $14M | $14M | $18M |
| Operating income | -$14M | -$26M | -$35M | -$38M | -$33M | -$48M |
| Interest expense | — | — | $2M | $3M | $2M | $2M |
| Pre-tax income | — | — | — | — | -$55M | -$38M |
| Income tax | — | $0 | $0 | $0 | $0 | $0 |
| Net income | -$18M | -$36M | -$19M | -$38M | -$55M | -$38M |
| EPS (diluted) | -$1.52 | -$1.91 | -$0.65 | -$1.31 | -$1.74 | -$0.72 |
| Diluted shares | 12M | 19M | 29M | 29M | 32M | 53M |
| Operating margin | -11048.0% | -20580.8% | -27777.6% | — | — | — |
| Net margin | -14144.0% | -28899.2% | -15035.2% | — | — | — |
Balance sheet
Fiscal years, from Candel Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $35M | $83M | $70M | $35M | $103M | $120M |
| Total current assets | $35M | $85M | $72M | $37M | $104M | $121M |
| Property, plant and equipment | $3M | $4M | $4M | $3M | $2M | $2M |
| Total assets | $38M | $89M | $78M | $41M | $107M | $125M |
| Total current liabilities | $5M | $5M | $6M | $14M | $38M | $9M |
| Long-term debt | — | — | — | $12M | $2M | — |
| Total liabilities | $13M | $25M | $30M | $28M | $41M | $73M |
| Shareholders' equity | -$24M | $64M | $48M | $13M | $66M | $52M |
| Net debt | -$35M | -$83M | -$70M | -$15M | -$91M | -$120M |
Cash flow
Fiscal years, from Candel Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$9M | -$22M | -$31M | -$34M | -$27M | -$38M |
| Capital spending | $1M | $2M | $1M | $457,000 | $16,000 | $587,000 |
| Free cash flow | -$11M | -$24M | -$33M | -$35M | -$27M | -$39M |
| Stock-based compensation | $2M | $3M | $2M | $3M | $5M | $4M |
| Net borrowing | — | — | — | — | — | $48M |
| Free cash flow margin | -8437.6% | -19242.4% | -26172.8% | — | — | — |
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How much free cash flow does Candel Therapeutics generate?
-$39M in fiscal 2025 (operating cash flow minus capital spending).
From Candel Therapeutics's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.