Candel Therapeutics Q3 operating loss lower than expected

Overview

• US immunotherapy developer's Q3 net loss widened as R&D and admin costs rose

• Income from operations for Q3 beat analyst expectations

• Company expects cash reserves to fund operations into Q2 2028

Outlook

• Candel plans to submit BLA for aglatimagene in prostate cancer in mid-2027, pending FDA dialogue

• Company expects cash and cash equivalents to fund operations into Q2 2028

Result Drivers

• HIGHER CLINICAL AND MANUFACTURING COSTS - Co said increased R&D expenses were mainly due to higher clinical trial and manufacturing costs for aglatimagene programs and more employee-related expenses

• COMMERCIAL READINESS COSTS - Co said higher general and administrative expenses were mainly due to increased employee-related expenses and commercial readiness costs

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Candel Therapeutics Inc is $24.00, about 160.3% above its November 11 closing price of $9.22

Reuters Recommended Reads

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)