Candel Therapeutics stock price drops due to $100 million secondary offering pricing

2026-02-20 18:11:20

Investing.com - Candel Therapeutics Inc (NASDAQ:CADL) stock dropped 9.9% in pre-market trading on Friday after the company announced a public offering of 18,348,624 shares at $5.45 per share. This clinical-stage biopharmaceutical company expects to raise a total of $100 million before deducting underwriting discounts and commissions.

The offering is expected to close around February 23, 2026, subject to customary closing conditions. Candel has granted the underwriters a 30-day option to purchase up to an additional 2,752,293 shares at the public offering price (less underwriting discounts).

Candel is dedicated to developing multi-modality immunotherapies for cancer treatment. The company plans to use the net proceeds to complete the filing preparations, medical affairs, pre-commercialization, and commercialization activities for aglatimagene besadenovec in early local prostate cancer treatment.

Proceeds will also fund ongoing development costs for aglatimagene in Phase 3 clinical trials for non-small cell lung cancer and for general corporate purposes. Aglatimagene besadenovec is also known as CAN-2409 or aglatimagene.

Citigroup, Cantor, and Stifel serve as joint book-running managers for the offering. LifeSci Capital is acting as the lead underwriter, with H.C. Wainwright & Co. and Brookline Capital Markets (a division of Arcadia Securities, LLC) serving as co-managers.

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