Candel Therapeutics Inc (NASDAQ:CADL) told investors on Thursday it has priced its previously disclosed public offering of about 18.3 million shares at $5.45 per share.
The clinical-stage biopharmaceutical company said the offering is expected to generate gross proceeds of about $100 million, before deducting underwriting discounts, commissions and other expenses. The transaction is expected to close on or about February 23, 2026, subject to customary closing conditions.
In addition, Candel has granted the underwriters a 30-day option to purchase up to approximately 2.75 million additional shares at the public offering price, less the underwriting discount.
Candel said it plans to use the net proceeds to support launch readiness, medical affairs, pre-commercialization and commercial activities for aglatimagene besadenovec (CAN-2409) in early, localized prostate cancer.
Proceeds will also fund ongoing development costs related to the Phase 3 trial of aglatimagene in non-small cell lung cancer (NSCLC), as well as general corporate purposes.
Citigroup, Cantor and Stifel are acting as joint bookrunning managers for the offering. LifeSci Capital is serving as lead manager, while H.C. Wainwright & Co. and Brookline Capital Markets, a division of Arcadia Securities, LLC, are acting as co-managers.