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Candel Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing highlights ongoing clinical trials for CAN-2409 and CAN-3110, with CAN-2409 in a pivotal phase 3 trial for prostate cancer and phase 2 trials for non-small cell lung cancer and pancreatic cancer.
Candel reported a net loss of $10.6 million for the quarter, compared to a net loss of $8.4 million in the same quarter the previous year. The increase in net loss is attributed to a change in the fair value of warrant liability.
Research and development expenses decreased to $5.4 million from $5.8 million, primarily due to a reduction in employee-related expenses following a corporate restructuring.
General and administrative expenses increased to $3.3 million from $3.0 million, primarily due to higher professional and consulting fees.
Interest income decreased to $0.2 million from $0.5 million, reflecting lower cash equivalents balance.
Interest expense decreased to $0.5 million from $0.7 million, related to outstanding debt obligations.
The company highlighted a decrease in cash and cash equivalents to $16.6 million as of September 30, 2024, from $35.4 million at the end of 2023, reflecting cash used in operations and investing activities.
Candel continues to focus on advancing its viral immunotherapy platforms and addressing its financial needs through potential equity or debt financings, collaborations, and strategic alliances.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Candel Therapeutics Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.