Market reaction and offering terms
Candel Therapeutics Inc (NASDAQ: CADL) experienced a 9.9% decline in premarket trading after the company priced a public offering of 18,348,624 shares at $5.45 per share. The clinical-stage biopharmaceutical firm stated the sale is expected to produce approximately $100 million in gross proceeds, before the deduction of underwriting discounts and commissions.
Closing schedule and over-allotment option
The company indicated the offering is anticipated to close on or about February 23, 2026, subject to customary closing conditions. In connection with the transaction, Candel has given the underwriters a 30-day option to purchase up to 2,752,293 additional shares at the public offering price, less the underwriting discount.
Intended use of proceeds
Candel said net proceeds from the offering will be directed toward completing launch readiness, medical affairs, pre-commercialization, and commercial activities for aglatimagene besadenovec in early, localized prostate cancer. The company also plans to apply funds to ongoing development costs for the phase 3 trial of aglatimagene in non-small cell lung cancer, as well as to general corporate purposes. The therapy is also referenced in company materials as CAN-2409 or aglatimagene.
Underwriting group
Citigroup, Cantor, and Stifel are named as joint bookrunning managers for the offering. LifeSci Capital is acting as lead manager, while H.C. Wainwright & Co. and Brookline Capital Markets, a division of Arcadia Securities, LLC, are serving as co-managers.
Context and implications
The announcement couples a defined timetable for closing with an underwriter over-allotment provision. The company framed the use of funds around both near-term commercial activities for aglatimagene besadenovec in early, localized prostate cancer and continued clinical investment for a phase 3 program in non-small cell lung cancer, in addition to general corporate needs.
Notable details
- The offering size: 18,348,624 shares at $5.45 each.
- Expected gross proceeds before fees: $100 million.
- Anticipated close date: on or about February 23, 2026, subject to customary closing conditions.
- Underwriters have a 30-day option for up to 2,752,293 additional shares at the offering price less underwriting discount.
All information above reflects the terms disclosed by the company in its offering announcement.