Candel Therapeutics, Inc. (CADL) Income Statement
CADL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCADL revenue and net income
CADL profit margins
CADL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | — | — | — | — |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CADL quarterly EPS vs estimates
Candel Therapeutics beat the analyst EPS estimate in 2 of the last 7 quarters. Next report: November 12, 2026 (estimate $-0.30).
CADL income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $31,000 | $125,000 | $125,000 | $125,000 | $125,000 |
| Cost of revenue | $845,000 | $990,000 | $24.0M | $987,000 | $232,000 | $0 | $6.6M |
| Gross profit | −$845,000 | −$990,000 | −$24.0M | $125,000 | $125,000 | $125,000 | $125,000 |
| Research & development | $30.5M | $19.3M | $24.5M | $20.8M | $15.2M | $8.8M | $6.6M |
| Sales, general & admin | $17.8M | $14.1M | $14.6M | $14.1M | $10.7M | $5.2M | $2.6M |
| Total operating expenses | $48.3M | $33.4M | $38.4M | $34.8M | $25.9M | $13.9M | $9.2M |
| Operating income | −$48.3M | −$33.4M | −$38.4M | −$34.7M | −$25.7M | −$13.8M | −$9.0M |
| Interest income | $3.9M | $1.1M | $2.1M | $1.2M | — | $111,000 | $1.1M |
| Interest expense | $2.1M | $2.1M | $2.6M | $1.7M | $53,000 | $111,000 | $1.1M |
| Income before taxes | −$38.2M | −$55.2M | −$37.9M | −$18.8M | −$36.1M | −$17.7M | −$8.2M |
| Income taxes | — | — | — | −$15.9M | $10.4M | $4.5M | −$226,000 |
| Net income | −$38.2M | −$55.2M | −$37.9M | −$18.8M | −$36.1M | −$17.7M | −$8.2M |
| EBITDA | −$35.2M | −$52.1M | −$34.4M | −$16.3M | −$35.8M | −$13.1M | −$8.4M |
| EPS (diluted) | −$0.86 | −$1.75 | −$1.30 | −$1.13 | −$0.69 | −$1.52 | — |
| Gross margin | — | — | −77,354.8% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating margin | — | — | −123,841.9% | −27,739.2% | −20,580.8% | −11,048.0% | −7,229.6% |
| Net margin | — | — | −122,383.9% | −15,035.2% | −28,899.2% | −14,144.0% | −6,592.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $1.0M | $0 | $0 | $1.8M | $1.8M | $0 |
| Cost of revenue | — | $149,000 | $163,000 | $195,000 | $242,000 | $245,000 | $245,000 | $5.3M | $4.8M | $251,000 | $312,000 | $5.7M |
| Gross profit | — | −$149,000 | −$163,000 | −$195,000 | −$242,000 | −$245,000 | −$245,000 | −$5.3M | −$4.8M | −$251,000 | $1.5M | −$5.7M |
| Research & development | $19.8M | $9.8M | $11.0M | $8.5M | $7.0M | $4.0M | $4.8M | $5.4M | $5.0M | $4.1M | $6.9M | $5.8M |
| Sales, general & admin | $6.9M | $6.4M | $4.7M | $4.7M | $4.2M | $4.1M | $3.3M | $3.3M | $3.6M | $3.8M | $3.1M | $3.2M |
| Total operating expenses | $26.7M | $16.3M | $15.8M | $13.2M | $11.2M | $8.1M | $8.1M | $8.8M | $8.6M | $7.9M | $10.0M | $8.9M |
| Operating income | −$26.7M | −$16.3M | −$15.8M | −$13.2M | −$11.2M | −$8.1M | −$8.1M | −$8.8M | −$8.6M | −$7.9M | −$10.3M | −$8.9M |
| Interest income | $1.7M | $1.3M | $1.1M | $953,000 | $926,000 | $934,000 | $290,000 | $236,000 | $240,000 | $320,000 | $415,000 | $502,000 |
| Interest expense | $1.6M | $1.6M | $1.4M | $161,000 | $236,000 | $306,000 | $390,000 | $487,000 | $567,000 | $646,000 | $673,000 | $669,000 |
| Income before taxes | −$38.9M | −$8.9M | −$29.5M | −$11.3M | −$4.8M | $7.4M | −$14.1M | −$10.6M | −$22.2M | −$8.2M | −$11.1M | −$8.4M |
| Income taxes | — | — | — | — | — | — | — | — | $1 | $207,724 | $386,000 | −$90,000 |
| Net income | −$38.9M | −$8.9M | −$29.5M | −$11.3M | −$4.8M | $7.4M | −$14.1M | −$10.6M | −$22.2M | −$8.2M | −$11.1M | −$8.4M |
| EBITDA | −$37.2M | −$7.1M | −$27.9M | −$10.9M | −$4.3M | $7.9M | −$13.4M | −$9.9M | −$21.4M | −$7.3M | −$10.0M | −$7.5M |
| EPS (diluted) | −$0.35 | −$0.14 | −$0.29 | −$0.23 | −$0.20 | −$0.14 | −$0.40 | −$0.33 | −$0.74 | −$0.28 | −$0.38 | −$0.29 |
| Gross margin | — | — | — | — | — | — | −24.5% | — | — | −14.1% | 82.4% | — |
| Operating margin | — | — | — | — | — | — | −814.1% | — | — | −444.9% | −581.0% | — |
| Net margin | — | — | — | — | — | — | −1,407.3% | — | — | −462.9% | −624.7% | — |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CADL's financial statements (latest annual report filed March 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CADL financial results
Candel Therapeutics reported no revenue in fiscal year 2025 (ended December 31, 2025). It had a net loss of $38.2 million. Diluted earnings per share came to −$0.86.
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CADL income statement FAQ
Does Candel Therapeutics have revenue?
Candel Therapeutics reported no revenue for fiscal year 2025, which ended on December 31, 2025.
Is Candel Therapeutics profitable?
No. Candel Therapeutics reported a net loss of $38.2 million in fiscal 2025.
How much does Candel Therapeutics spend on research and development?
Candel Therapeutics spent $30.5 million on research and development in fiscal 2025.
What are Candel Therapeutics's earnings per share?
Candel Therapeutics earned $-0.86 per diluted share in fiscal 2025, compared with $-1.75 a year earlier.
When will Candel Therapeutics report its next earnings?
Candel Therapeutics is expected to report results for the quarter ending September 30, 2026 on November 12, 2026 before the market opens.
When does Candel Therapeutics's fiscal year end?
Candel Therapeutics's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 12, 2026.