Candel Therapeutics, Inc. ( (CADL) ) has released its Q3 earnings. Here is a breakdown of the information Candel Therapeutics, Inc. presented to its investors.
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Candel Therapeutics, Inc. is a clinical-stage biopharmaceutical company dedicated to developing multimodal biological immunotherapies for cancer treatment, specializing in the utilization of genetically modified adenovirus and herpes simplex virus constructs.
In its latest earnings report, Candel Therapeutics highlighted its continued progress in clinical trials, particularly focusing on its lead product candidates, CAN-2409 and CAN-3110, across various cancer types. The company remains optimistic about upcoming trial results expected in the fourth quarter of 2024.
Key financial metrics for the third quarter of 2024 reveal a decrease in research and development expenses to $5.4 million compared to the previous year, alongside an increase in general and administrative costs to $3.3 million. The company reported a net loss of $10.6 million, attributing this mainly to changes in warrant liabilities. Candel’s cash position stood at $16.6 million, anticipated to sustain operations until the end of the first quarter of 2025.
Strategically, Candel has received orphan drug designation for CAN-3110 in recurrent high-grade glioma and has presented promising preclinical data on its potential for melanoma treatment. The company is also advancing its enLIGHTEN™ Discovery Platform, aiming to innovate in cancer immunotherapy.
Looking forward, Candel Therapeutics is set to announce critical data from its ongoing clinical trials in prostate cancer by the end of 2024, with expectations to further advance its therapeutic offerings and potentially transform cancer treatment paradigms.