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what it is
Candel is a cancer biotech with 2 product candidates that use engineered viruses to attack tumors.
how it gets paid
Last year Candel Therapeutics made n/a in revenue.
what just happened
Candel posted -$0.17 EPS last quarter, and revenue stayed at $0M.
At a glance
B balance sheet — gets the job done, barely
-$1.74 fy2024 eps est
$0M fy2022 rev est
1.3 beta
~$342M market cap
xvary composite: 40/100 — below average
What they do
Candel is a cancer biotech with 2 product candidates that use engineered viruses to attack tumors.
Off-the-shelf viral immunotherapies → ready-made cancer-fighting viruses → you do not need a custom drug for every patient. Candel has 2 product candidates and 38 employees, so the company is a lean bet on trial data. Contrast that with $2M of long-term debt and $0M of revenue.
How they make money
n/a
annual revenue
The products that matter
lead cancer immunotherapy
CAN-2409
Phase 3 program · core value driver
This is the lead asset in Phase 3 for prostate and pancreatic cancer. At a $342M market cap, the stock is largely a running vote on this program.
the whole story
earlier-stage pipeline program
CAN-3110
pipeline optionality · not the main event
It gives you another shot on goal, but not enough to dilute the focus. Right now investors are still underwriting CAN-2409 first and almost everything else second.
optionality
Key numbers
$342M
market cap
That is the price tag on the whole company. With $0 trailing revenue, the market is paying for hope and trial data.
$2M
debt
Debt is just 1% of capital. That means leverage is tiny, but losses still have to be funded somehow.
1.3
beta
The stock has moved about 30% more than the market. That matters when the business has no sales cushion.
4/5
risk rank
calls the risk below average. In plain English, this is a rougher name than most.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $2M (1% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for CADL right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Candel posted -$0.17 EPS last quarter, and revenue stayed at $0M.
EPS improved 19% vs. prior year, but the business still has no meaningful sales. That keeps the story tied to pipeline news.
$0M
revenue
-$0.17
eps
n/a
n/a
the number that mattered
EPS of -$0.17 was the cleanest update available, because it shows the company is still losing money with $0M revenue.
source: company earnings report, 2026
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What could go wrong
The main risk is brutally simple: CAN-2409 fails, slips, or becomes less convincing. This company is still pre-revenue, so disappointment does not hit a mature income stream. It hits the reason most people own the stock.
med
CAN-2409 disappoints in Phase 3
The lead asset is the core value driver, and the company generated $0M in annual revenue. If the Phase 3 story weakens, there is no commercial business underneath the thesis to cushion the fall.
Impact: a large share of the current $342M valuation is tied to pipeline credibility, not cash flow.
med
Losses stay elevated and dilution comes back
Quarterly net loss hit $29.5M, up from $14.07M a year earlier. The February 2026 $200M funding package helps. But pre-revenue biotech math is blunt: if spending stays high and timelines stretch, shareholders usually fund the gap.
Impact: low debt does not protect you from dilution if the business still runs on external capital.
med
Readouts slip and the valuation sits in limbo
Interim prostate data is expected in H2 2026 and final pancreatic data in 2027. If those move right, the stock stays pre-revenue for longer and keeps trading on anticipation instead of evidence.
Impact: more waiting means more dependence on cash discipline, sentiment, and target-price optimism.
med
Thin coverage cuts both ways
The average price target is $18.38, but coverage is thin. On a small clinical-stage biotech, a small number of models can make upside look precise when it is really assumption-heavy.
Impact: analyst enthusiasm can reverse fast because the underlying model depends on a handful of trial assumptions, not a broad operating base.
With $0M annual revenue and a $29.5M quarterly loss, almost the entire valuation depends on clinical progress arriving before investor patience runs out.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
Phase 3 interim data in H2 2026
This is the clearest near-term catalyst for CAN-2409 in prostate cancer. On a $342M biotech with $0M annual revenue, data is the business update.
cash burn
Whether losses stay near the Q4 pace
Q4 net loss hit $29.5M. After a $200M funding package, the next question is simple: does burn stabilize, or does runway start shrinking faster than investors expected.
risk
Any signal that CAN-2409 stops being the whole story
Right now the lead asset dominates the narrative. If management starts giving the rest of the pipeline more weight, you should ask whether that is genuine progress or just diversification theater.
calendar
Q1 2026 earnings on the projected May 6, 2026 schedule
You are not looking for revenue acceleration. You are looking for spending discipline, financing commentary, and whether management keeps the clinical timeline intact.
Analyst rankings
average price target
$18.38
This sits far above the current $6.01 share price. in human-speak, analysts covering CADL are underwriting a lot of clinical success that has not shown up in revenue because there is no revenue.
coverage quality
thin
Small pre-revenue biotechs usually have fewer voices setting the narrative. That makes targets more fragile than they look because one trial update can rewrite the entire model.
source: institutional data
Institutional activity
institutional ownership data for CADL is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$6
current price
n/a
target midpoint · n/a from current
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