Candel Therapeutics drops after $100 mln equity offering

Candel Therapeutics

20/02/2026 11:46

** Candel Therapeutics CADL.O shares down 12.8% premarket at $5.19, an over two-month low, after $100 mln follow-on priced

** Needham, Massachusetts-based CADL late Thurs announced ~18.3 mln shares at $5.45, an 8.4% discount to last close

** Co intends to use net offering proceeds to complete launch readiness, along with commercial activities for CAN-2409, or aglatimagene, to treat prostate cancer, and ongoing development costs related to Phase 3 trial of aglatimagene in non-small cell lung cancer, among other purposes

** Citigroup, Cantor and Stifel joint bookrunners

** CADL after the bell Thurs announced a $100 mln royalty funding agreement with funds managed by RTW Investments, subject to US FDA approval of aglatimagene

** Co has ~54.9 mln shares outstanding

** Through Thurs, shares up 5% YTD and up 35% over the past three months

** Avg rating of 8 analysts is "buy"; median PT $19.50, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))