Candel Therapeutics: Q4 2024 Financial Results and Corporate Update
NEEDHAM, Mass. – Candel Therapeutics, Inc. (Candel or the Company), a pioneering clinical stage biopharmaceutical company dedicated to advancing multimodal biological immunotherapies for cancer patients, recently released its financial results for the fourth quarter and full year ended December 31, 2024. In addition, the Company provided an update on its ongoing clinical trials and business developments.
Financial Highlights
For the fourth quarter of 2024, Candel reported a net loss of $49.2 million, or $0.73 per share, compared to a net loss of $36.5 million, or $0.55 per share, in the same period the previous year. The year-over-year increase in net loss was primarily due to increased research and development expenses and general and administrative expenses. Total revenues for the quarter were $1.2 million, compared to $nil in the fourth quarter of 2023, due to the recognition of milestone payments under collaborations.
For the full year 2024, Candel reported a net loss of $152.9 million, or $2.33 per share, compared to a net loss of $101.2 million, or $1.56 per share, in 2023. The increase in net loss was primarily due to increased research and development expenses and general and administrative expenses, partially offset by the recognition of milestone payments under collaborations. Total revenues for the year were $3.1 million, compared to $nil in 2023.
Clinical Trials and Business Developments
Candel continues to make significant progress in its clinical development programs. In the fourth quarter, the Company announced the initiation of a Phase 2 clinical trial of CDTX-106, its lead product candidate, in combination with checkpoint inhibitor therapy for the treatment of advanced solid tumors. The trial, which is being conducted in collaboration with Merck KGaA, Darmstadt, Germany, is designed to evaluate the safety, tolerability, and efficacy of the CDTX-106 and Merck’s KEYTRUDA® (pembrolizumab) in patients with advanced solid tumors who have progressed on or after prior standard therapy.
Additionally, Candel announced the initiation of a Phase 1b/2 clinical trial of CDTX-1307, its second-generation immunotherapy, in combination with Merck’s KEYTRUDA for the treatment of patients with advanced solid tumors. The trial is designed to evaluate the safety, tolerability, and efficacy of the combination therapy in patients with microsatellite stable colorectal cancer and other advanced solid tumors.
Impact on Individuals and the World
Individuals: The ongoing clinical trials of CDTX-106 and CDTX-1307 represent a potential breakthrough in the fight against cancer. For individuals diagnosed with advanced solid tumors, the combination of Candel’s immunotherapies with checkpoint inhibitor therapy could offer a more effective treatment approach, potentially improving outcomes and increasing survival rates.
World: The successful development and commercialization of Candel’s immunotherapies could revolutionize the cancer treatment landscape. By providing a more effective treatment option, the Company’s therapies could significantly reduce the burden of cancer on individuals and healthcare systems worldwide.
Conclusion
Candel Therapeutics’ fourth-quarter and full-year 2024 financial results and corporate update highlighted the Company’s continued progress in its clinical development programs. With the initiation of Phase 2 clinical trials for CDTX-106 and CDTX-1307 in combination with checkpoint inhibitor therapy, Candel is one step closer to offering a more effective treatment approach for individuals battling advanced solid tumors. The potential impact on individuals and the world could be significant, as these therapies have the potential to revolutionize the cancer treatment landscape.
As Candel continues to advance its clinical programs and collaborate with industry leaders like Merck KGaA, it remains committed to its mission of helping patients fight cancer through the development of multimodal biological immunotherapies.
