Candel Therapeutics Inc (CADL) Reports Q3 2023 Financial Results and Clinical Progress
Candel Therapeutics Inc (NASDAQ:CADL) announces Q3 2023 results with promising clinical data and a solid cash position.
Significant clinical milestones achieved in the development of CAN-2409 and CAN-3110 for various cancers.
Financial discipline reflected in reduced G&A expenses and a net loss decrease compared to Q3 2022.
Company expects current cash reserves to fund operations into Q2 2024.
On November 9, 2023, Candel Therapeutics Inc (NASDAQ:CADL), a clinical stage biopharmaceutical company, released its financial results for the third quarter ended September 30, 2023, alongside updates on its clinical programs. The company is making significant strides in its viral immunotherapy platforms, with promising data from clinical trials in various cancers, including non-small cell lung cancer (NSCLC), pancreatic cancer, and high-grade glioma (HGG).
Clinical Program Highlights
Candel Therapeutics Inc (NASDAQ:CADL) reported encouraging initial survival data from phase 2 trials of CAN-2409 in NSCLC and pancreatic cancer. The company also published data in Nature showing that treatment with CAN-3110 nearly doubled the median overall survival in patients with recurrent HGG. These findings are supported by immunological changes in the tumor microenvironment and herpes simplex virus-1 seropositivity.
President and CEO Dr. Paul Peter Tak expressed optimism about the clinical and biomarker data, noting the potential for extended survival rates and favorable safety profiles. The company anticipates multiple data readouts in 2024, including overall survival data from the CAN-2409 NSCLC trial and disease-free survival data from the CAN-2409 prostate cancer trial.
Financial Performance
Research and development expenses for Q3 2023 were $5.8 million, a slight increase from $5.4 million in Q3 2022, primarily due to manufacturing and regulatory activities for CAN-2409 programs. General and administrative expenses decreased to $3.0 million from $3.5 million in the same period last year, reflecting lower professional service and consulting expenses.
The net loss for Q3 2023 was $8.4 million, a slight improvement from the net loss of $8.7 million in Q3 2022. The company's cash and cash equivalents stood at $43.0 million as of September 30, 2023, with expectations that these funds will support operations into the second quarter of 2024.
Looking Ahead
Candel Therapeutics Inc (NASDAQ:CADL) is poised for several anticipated milestones in the coming year, including reporting topline overall survival data for CAN-2409 in NSCLC and disease-free survival data for CAN-2409 in prostate cancer. The company also expects to report clinical and immunological biomarker data for recurrent HGG patients treated with CAN-3110.
The company's commitment to developing off-the-shelf viral immunotherapies is underscored by its clinical stage viral immunotherapy platforms and the enLIGHTEN Discovery Platform, which aims to create new viral immunotherapies for solid tumors.
For more detailed information on Candel Therapeutics Inc (NASDAQ:CADL) and its recent financial results, please visit www.candeltx.com.
Explore the complete 8-K earnings release (here) from Candel Therapeutics Inc for further details.
This article first appeared on GuruFocus.
