Candel Therapeutics Shares Tumble 39% After-Hours: Here's Why

Candel Therapeutics Inc. (NASDAQ:CADL) shares fell 39.09% to $5.11 in after-hours trading on Thursday after the company reported a wider third-quarter loss and said it currently plans to submit its prostate cancer regulatory application in mid-2027, pending ongoing discussions with the FDA.

The clinical-stage biopharmaceutical company focuses on developing immunotherapies for cancer patients.

Third-Quarter Results

Candel reported a net loss of $21.9 million for the third quarter of 2026, compared with a net loss of $11.3 million in the same quarter last year.

Research and development expenses increased to $15.6 million from $8.5 million a year earlier, primarily due to higher clinical trial, manufacturing and employee-related costs.

General and administrative expenses rose to $7.4 million from $4.7 million, reflecting higher employee-related expenses and commercial readiness costs.

CEO Paul Peter Tak said, "We believe we are well positioned to execute our operating plan into Q2 2028."

Updated BLA Timeline

Candel said it remains in discussions with the U.S. Food and Drug Administration regarding a Biologics License Application (BLA) for aglatimagene, its investigational prostate cancer treatment. Due to timelines associated with assay refinement, the company currently plans to submit the application in mid-2027, pending the outcome of those discussions.

The company held $203.1 million in cash and cash equivalents as of Sept. 30, 2026, compared with $119.7 million at Dec. 31, 2025. It expects its cash to fund operations into the second quarter of 2028.

Trading Metrics, Technical Analysis

Candel has a market capitalization of approximately $641.99 million.

The shares have traded between a 52-week high of $14 and a 52-week low of $4.35.

Over the past 12 months, shares have gained 82%.

Benzinga Edge Stock Rankings indicate negative price trends in the short and medium terms, with a positive long-term trend.

Price Action: Candel Therapeutics shares fell 9% to close at $8.39 during regular trading hours on Thursday.

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