Candel Therapeutics (Nasdaq: CADL) announced a proposed underwritten public offering of $100 million of common stock, with a 30-day underwriter option for an additional $15 million. The company intfinishs to apply net proceeds to support launch readiness and commercialization of CAN-2409 (aglatimagene) in early localized prostate cancer, fund ongoing phase 3 development in non-compact cell lung cancer (NSCLC), and for general corporate purposes.
The offering is subject to market conditions and will be built under a shelf registration declared effective by the SEC on August 22, 2025. Citigroup, Cantor, and Stifel are joint bookrunners.
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Positive
- $100M equity raise planned to fund clinical and commercial activities
- Underwriter option of $15M provides additional capital flexibility
- Proceeds earmarked for CAN-2409 launch readiness and phase 3 NSCLC
Negative
- Share issuance may caapply dilution to existing shareholders
- Completion is subject to market conditions, with no assurance of closing
-5.54%
Since News
-24.6%
Trough in 8 min
$5.62
Last Price
$4.79
$6.00
Day Range
-$19M
Valuation Impact
$327M
Market Cap
0.2x
Rel. Volume
Following this news, CADL has declined 5.54%, reflecting a notable negative market reaction.
Argus tracked a trough of -24.6% from its starting point during tracking.
Our momentum scanner has triggered 12 alerts so far, indicating notable trading interest and price volatility.
The stock is currently trading at $5.62.
This price relocatement has rerelocated approximately $19M from the company’s valuation.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.
Proposed offering size
$100 million
Underwritten public offering of common stock
Underwriters’ option
$15 million
30-day option to purchase additional common stock
Option window
30 days
Period for underwriters to exercise additional share option
$5.85
Last Close
Volume
Volume 240,272 is below the 20-day average of 578,815 ahead of the offering news.
low
Technical
Trading slightly above the 200-day MA of 5.56 prior to the proposed offering.
CADL’s relocate flagged as up in momentum data while only one peer (CAPR, about 0.51% up) appeared, indicating a stock-specific setup rather than a broad biotech relocate.
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jun 24 | Negative | +3.9% |
Registered direct equity raise to fund CAN-2409 pre-commercial work. |
|
| Dec 16 | Negative | +7.2% |
Closing of prior public offering with full exercise of underwriters’ option. |
|
| Dec 12 | Negative | -31.1% |
Pricing of large public equity and pre-funded warrant offering. |
|
| Dec 12 | Negative | -31.1% |
Announcement of proposed $80M underwritten public offering. |
Prior equity offerings produced mixed reactions: two events saw sharp declines around -31%, while two others traded positively, including a completed offering in December 2024.
Over the past year, Candel has repeatedly accessed equity markets to fund development and pre-commercialization of CAN-2409. A proposed $80M public offering and subsequent pricing in December 2024 led to large negative relocates on announcement but a positive reaction at closing. A $15M registered direct in June 2025 supported CAN-2409 launch preparation. Today’s proposed $100M underwritten offering continues this pattern of raising capital for prostate cancer and NSCLC programs.
-12.8%
Average Historical Move
offering
In the last four equity offering announcements, CADL’s average relocate was about -12.79%, with two sharply negative and two positive reactions, underscoring volatile responses to dilution news.
Candel has repeatedly applyd follow-on offerings and a direct sale to fund CAN-2409 commercialization, extfinishing a capital-raising pattern seen since late 2024.
$300,000,000
registered capacity
Candel has an effective Form S-3 shelf filed on August 14, 2025 to offer up to $300,000,000 of securities, including a sale-agreement prospectus for up to $50,000,000 of common stock via an at-the-market program with Jefferies LLC. The current proposed $100M underwritten offering is being conducted off this shelf.
The stock is down -5.5% following this news. A negative reaction to the proposed $100M underwritten offering would be consistent with prior dilution events, where the average relocate around offerings was about -12.79% and some announcements saw drops near -31%. The raise adds to capacity under the $300M shelf and may heighten dilution concerns. Future performance could depfinish on how efficiently proceeds advance CAN-2409 commercialization and whether further equity taps follow.
underwritten public offering
financial
“today announced the launch of an underwritten public offering of $100 million”
An underwritten public offering is when a company sells new shares of its stock to the public with the assist of a financial firm, called an underwriter. The underwriter agrees to purchase all the shares upfront, reducing the company’s risk, and then sells them to investors. This process assists companies raise money quickly and confidently from a wide range of purchaseers.
shelf registration statement
regulatory
“A shelf registration statement on Form S-3 relating to the shares of common stock”
A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act quick without going through lengthy paperwork each time they want to sell, building fundraising more flexible.
form s-3
regulatory
“A shelf registration statement on Form S-3 relating to the shares of common stock”
Form S-3 is a legal document companies apply to register their stock sales with the government, building it simpler and quicker for them to raise money by selling shares to investors. It’s like having a pre-approved shopping list that lets a company quickly sell new shares when they required funds, without going through a lengthy approval process each time.
prospectus supplement
regulatory
“A preliminary prospectus supplement and accompanying prospectus relating to the offering”
A prospectus supplement is an additional document provided alongside a company’s main offering details, offering updated or extra information about a specific financial product being sold. It assists investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before building a decision.
non-compact cell lung cancer
medical
“phase 3 trial of aglatimagene in non-compact cell lung cancer (NSCLC)”
A broad category of lung tumors that grow from the cells lining the airways and create up the majority of lung cancer cases; it includes several subtypes that behave and respond to treatment differently, like different models of the same car family. It matters to investors becaapply its large patient population and variety of treatment options — surgery, traditional chemo, tarreceiveed drugs and immunotherapies — create major markets where clinical trial results, drug approvals or modifying treatment guidelines can quickly affect a company’s revenue and stock value.
AI-generated analysis. Not financial advice.
NEEDHAM, Mass., Feb. 19, 2026 (GLOBE NEWSWIRE) — Candel Therapeutics, Inc. (Candel or the Company) (Nasdaq: CADL), a clinical-stage biopharmaceutical company focapplyd on developing multimodal biological immunotherapies to assist patients fight cancer, today announced the launch of an underwritten public offering of
Candel intfinishs to apply the net proceeds from the offering to complete critical launch readiness, medical affairs, pre-commercialization, and commercial activities for aglatimagene besadenovec (CAN-2409 or aglatimagene) in early, localized prostate cancer, ongoing development costs related to the phase 3 trial of aglatimagene in non-compact cell lung cancer (NSCLC), and for general corporate purposes.
Citigroup, Cantor, and Stifel are acting as joint bookrunning managers for the offering. LifeSci Capital is acting as lead manager for the offering. H.C. Wainwright & Co. and Brookline Capital Markets, a division of Arcadia Securities, LLC, are acting as co-managers for the offering.
A shelf registration statement on Form S-3 relating to the shares of common stock offered in the public offering described above was filed with the Securities and Exalter Commission (the “SEC”) on August 14, 2025 and declared effective by the SEC on August 22, 2025. The offering will be built only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus, when available, may also be obtained by contacting Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 1-800-831-9146; Cantor Fitzgerald & Co., Attention: Equity Capital Markets, 110 E. 59th Street, 6th Floor, New York, New York 10022, or by email at prospectus@cantor.com; or Stifel, Nicolaus & Company, Incorporated, Attention: Prospectus Department, One Montgomery Street, Suite 3700, San Francisco, California 94104, by telephone at (415) 364-2720 or by email at syndprospectus@stifel.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to purchase the securities being offered, nor shall there be any sale of the securities being offered in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Candel Therapeutics
Candel is a clinical-stage biopharmaceutical company focapplyd on developing off-the-shelf multimodal biological immunotherapies that elicit an individualized, systemic anti-tumor immune response to assist patients fight cancer. Candel has established two clinical-stage multimodal biological immunotherapy platforms based on novel, genetically modified adenovirus and herpes simplex virus (HSV) gene constructs, respectively. Aglatimagene is the lead product candidate from the adenovirus platform. The Company recently completed successful phase 2a clinical trials of aglatimagene in NSCLC and pancreatic ductal adenocarcinoma (PDAC), and a pivotal, placebo-controlled, phase 3 clinical trial of aglatimagene in localized prostate cancer, conducted under a Special Protocol Assessment agreed with the U.S. Food and Drug Administration (FDA). The FDA also granted Fast Track Designation and Regenerative Medicine Advanced Therapy Designation to aglatimagene for the treatment of newly diagnosed, localized prostate cancer in patients with intermediate- to high-risk disease, Fast Track Designation in NSCLC, and both Fast Track Designation and Orphan Drug Designation for the treatment of PDAC.
Linoserpaturev is the lead product candidate from the HSV platform and is currently in an ongoing phase 1b clinical trial in recurrent high-grade glioma. Finally, Candel’s enLIGHTEN™ Discovery Platform is a systematic, iterative HSV-based discovery platform leveraging human biology and advanced analytics to create new viral immunotherapies for solid tumors.
Forward-Looking Statements
Various statements in this release concerning the timing, size, structure and completion of the proposed public offering on the anticipated terms or at all may constitute forward-viewing statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, as amfinished, and other federal securities laws. All such forward-viewing statements are based on management’s current expectations of future events and are subject to a number of substantial risks and uncertainties, many of which are outside Candel’s control, that could caapply actual results to differ materially and adversely from those set forth in or implied by such forward-viewing statements. These risks and uncertainties include fluctuations in Candel’s stock price, alters in market conditions, the final terms of the public offering and satisfaction of customary closing conditions related to the public offering, as well as those risks more fully discussed in the section entitled “Risk Factors” in the prospectus supplement and registration statement referenced above, Candel’s Annual Report on Form 10-K for the year finished December 31, 2024, filed on March 13, 2025 with the SEC and subsequent filings with the SEC including Candel’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. There can be no assurance that Candel will be able to complete the public offering on the anticipated terms, or at all. Accordingly, you should not place undue reliance on these forward-viewing statements. All such statements speak only as of the date built, and Candel undertakes no obligation to update or revise publicly any forward-viewing statements, whether as a result of new information, future events or otherwise, unless required by law.
Investor Contact:
Theodore Jenkins
VP, Investor Relations and Business Development
Candel Therapeutics, Inc.
tjenkins@candeltx.com
Media Contact:
Ben Shannon
Vice President
ICR Westwicke
CandelPR@westwicke.com
FAQ
What offering did Candel Therapeutics (CADL) announce on February 19, 2026?
Candel announced a proposed underwritten public offering of $100 million of common stock. According to the company, there is also a 30-day underwriter option to purchase up to an additional $15 million on the same terms.
How does Candel plan to apply the proceeds from the CADL $100M offering?
Candel plans to apply net proceeds for launch readiness, medical affairs, and pre-commercialization of CAN-2409. According to the company, funds will also support the phase 3 NSCLC program and general corporate purposes.
Who is managing the CADL public offering and where is the shelf registration filed?
Citigroup, Cantor, and Stifel are joint bookrunning managers for the offering. According to the company, the related shelf registration was declared effective by the SEC on August 22, 2025.
Will the CADL offering definitely close and what are the risks?
The offering is not guaranteed to close and is subject to market conditions. According to the company, there can be no assurance as to whether or when the offering may be completed or on what terms.
Does the CADL offering include an option for more shares and how long is it valid?
Yes. The underwriters have a 30-day option to purchase up to an additional $15 million of common stock. According to the company, the option is exercisable on the same terms and conditions.
How might the CADL offering affect current shareholders of Candel Therapeutics?
Issuing new common stock may dilute existing shareholders’ percentage ownership. According to the company, all shares offered will be sold by Candel, potentially increasing share count if the offering closes.
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