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Candel Therapeutics, Inc. (CADL)·Q1 2024 Earnings Summary

Executive Summary

  • Q1 2024 narrowed operating loss (loss from operations $7.90M) and net loss ($8.22M) versus prior year, while cash declined to $25.7M; management reiterated cash runway into Q4 2024 .
  • No product revenue reported; diluted EPS was -$0.28; Street consensus for Q1 2024 was not available via S&P Global; MarketBeat also shows consensus EPS N/A .
  • Clinical catalysts advanced: updated positive survival in PDAC (mOS 28.8 vs 12.5), ASCO presentation in NSCLC on June 3, and phase 3 prostate cancer topline disease-free survival expected in Q4 2024—key potential stock catalysts .
  • Management emphasized differentiated long-term survival signals and progress on the enLIGHTEN platform; operational spend decreased post-Q4 2023 restructuring, supporting a leaner cost base .

What Went Well and What Went Wrong

What Went Well

  • PDAC phase 2 update showed notable survival benefit: median OS 28.8 months with CAN-2409 vs 12.5 months control; 24-month survival 71.4% vs 16.7% and 36-month 47.6% vs 16.7% .
  • “Catalyst-rich first quarter” with emerging differentiated long-term survival: “we are beginning to observe highly differentiated results in long-term survival of patients treated with our viral immunotherapies” — CEO Paul Peter Tak .
  • Operating expenses fell YoY: R&D $4.10M (vs $5.47M) and G&A $3.80M (vs $4.16M), reflecting restructuring and lower regulatory costs .

What Went Wrong

  • Cash declined to $25.7M (from $35.4M at YE2023); runway only into Q4 2024, highlighting near-term financing risk .
  • Net loss remains sizable at $8.22M with negative EPS (-$0.28), and no revenue reported, continuing dependence on external funding and clinical milestones .
  • No earnings call transcript available, limiting transparency on detailed Q&A or guidance nuances for investors .

Financial Results

MetricQ3 2023Q4 2023Q1 2024
Revenue ($USD Millions)$0.00 $0.00 $0.00
R&D Expense ($USD Millions)$5.80 $7.30 $4.10
G&A Expense ($USD Millions)$3.00 $3.10 $3.80
Loss from Operations ($USD Millions)——$7.90
Net Loss ($USD Millions)$8.40 $11.10 $8.22
Diluted EPS ($USD)-$0.29 -$0.38 -$0.28
Cash and Equivalents ($USD Millions)$43.00 $35.40 $25.71

Comparison vs estimates (Q1 2024):

MetricActualConsensusBeat/Miss
EPS ($USD)-$0.28 N/A N/A
Revenue ($USD Millions)$0.00 N/A N/A

KPIs and operating metrics:

KPIQ3 2023Q4 2023Q1 2024
Cash Runway Commentary“into Q2 2024” “into Q4 2024” “into Q4 2024”
Other Income (Expense), Net ($USD Millions)$0.40 -$0.80 -$0.32

Guidance Changes

MetricPeriodPrevious Guidance (Q4 2023 PR)Current Guidance (Q1 2024 PR)Change
Cash RunwayOperating plan fundingSufficient into Q4 2024 Sufficient into Q4 2024 Maintained
NSCLC (CAN-2409) Phase 2 topline OSQ2/Q3 2024Q2 2024 expected ASCO presentation June 3, 2024 Clarified timing (date set)
PDAC (CAN-2409) Phase 2 updated OSQ2 2024Q2 2024 expected Positive updated survival data announced (April) Delivered interim update
Prostate (CAN-2409) Phase 2 topline PFSQ4 2024Q4 2024 expected Q4 2024 expected Maintained
Prostate (CAN-2409) Phase 3 topline DFSQ4 2024Q4 2024 expected Q4 2024 expected Maintained
CAN-3110 rHGG Phase 1b Arm C updateH2 2024H2 2024 expected H2 2024 expected Maintained

Earnings Call Themes & Trends

Note: No Q1 2024 earnings call transcript found; analysis uses press releases across periods .

TopicPrevious Mentions (Q3 2023)Previous Mentions (Q4 2023)Current Period (Q1 2024)Trend
Product performance (PDAC)Interim phase 2 data: 36-month survival 71.4% vs 16.7% control Fast Track Designation; interim positive survival & immunology Updated mOS 28.8 vs 12.5; strong 24/36-month survival Strengthening
Product performance (NSCLC)Suggests increased tail on survival curve post-ICI Phase 2 topline OS expected Q2 2024 ASCO presentation June 3 confirmed Event crystallized
Prostate cancerMultiple planned toplines (phase 2 & phase 3) in Q4 2024 On track Q4 2024 phase 3 DFS On track Q4 2024 phase 3 DFS Steady
Regulatory/legalFast Track (CAN-3110); prior Fast Tracks in NSCLC/PDAC Additional Fast Track (CAN-3110) Orphan Drug Designation (PDAC) Positive
R&D executionImmunological activation and biomarker correlations Nature publication for CAN-3110 Continued multi-injection safety data (CAN-3110) Advancing
Platform/technologyenLIGHTEN analytics and Alpha-201-macro1 preclinical data Second candidate late-breaking at AACR planned Second candidate presented at AACR; TLS induction candidate Progressing

Management Commentary

  • “It was a catalyst-rich first quarter for Candel, marked by significant advances across both our clinical and preclinical programs… we are beginning to observe highly differentiated results in long-term survival of patients treated with our viral immunotherapies.” — Paul Peter Tak, President & CEO .
  • On PDAC: “a notable improvement in overall survival… was demonstrated compared to chemoradiation alone,” with FDA Fast Track and Orphan Drug designations .
  • On NSCLC: topline OS data presentation at ASCO June 3, 2024, indicating maturing clinical narrative .
  • On enLIGHTEN platform: second first-in-class multimodal candidate unveiled at AACR (TLS induction), reinforcing discovery momentum .

Q&A Highlights

  • No Q1 2024 earnings call transcript was available on IR or major transcript aggregators at time of review; MarketBeat lists press release and 10-Q resources and “check back for transcripts,” suggesting none published .
  • As a result, no management Q&A clarifications or tone shifts can be assessed for Q1 2024.

Guidance Changes

See table above for operational milestones; no formal financial guidance beyond cash runway was provided in the period .

Estimates Context

  • S&P Global consensus estimates were unavailable for Q1 2024 due to data access limits; our GetEstimates call returned an error indicating daily request limit exceeded. Therefore, comparison to S&P consensus cannot be provided for this quarter.
  • MarketBeat indicates “Consensus EPS N/A” for Q1 2024, reinforcing limited Street coverage; actual EPS was -$0.28 and revenue $0.00 .

Key Takeaways for Investors

  • Cost discipline evident: OpEx down YoY with restructuring benefits; net loss narrowed vs prior year, offering incremental financial flexibility through Q4 2024 runway .
  • Clinical catalysts are the primary stock drivers near term: ASCO NSCLC topline OS (June 3) and phase 3 prostate DFS in Q4 2024—both can materially shape narrative and valuation; positive PDAC survival update adds confidence to CAN-2409’s platform .
  • Funding risk remains: cash $25.7M and runway into Q4 2024 implies potential capital raise timing; watch for financing structures (equity, debt, partnerships) .
  • Lack of revenue and continued negative EPS underscore dependency on trial outcomes; absence of a call transcript reduces visibility into trial operational nuances and timelines .
  • Strategic differentiation: immunotherapy-induced survival tails and biomarker correlations (e.g., immune aggregates in PDAC; HSV-1 seropositivity in HGG) support the scientific thesis behind CAN-2409 and CAN-3110 .
  • Trading implications: Near-term event risk (ASCO NSCLC data) could increase volatility; positioning may hinge on expectations for OS improvement and safety/tolerability updates, with follow-through into Q4 prostate readouts .

Citations:
Q1 2024 8-K and exhibit press release:
Q4 2023 press release:
Q3 2023 press release:
IR Q1 2024 press release page and table:
ASCO mention and milestones:
MarketBeat Q1 page and transcript note:
InvestorPlace Q1 revenue note:
StockTitan Q1 balance sheet data: