On Oct 14 2025, Candel Therapeutics announced a five‑year, $130 million term loan facility with Trinity Capital Inc. The facility is structured in four tranches: a $50 million first tranche drawn at closing, a combined $50 million second and third tranche available upon achievement of regulatory, clinical, and operational milestones, and a final $30 million tranche at the lender’s discretion. The loan carries an initial annual interest rate of 10.25%, with a 36‑month interest‑only period that can be extended for an additional 12 months upon meeting a commercial milestone.
The proceeds will be used to refinance an existing loan, provide working capital, and fund Candel’s clinical development program. Specifically, the company plans to support the initiation of a pivotal Phase 3 trial of its lead candidate CAN‑2409 in non‑small cell lung cancer (NSCLC) in Q2 2026, and to prepare for a Biologics License Application (BLA) for CAN‑2409 in localized prostate cancer expected in Q4 2026. The financing also underpins pre‑commercial and launch readiness activities for the prostate cancer indication.
CFO Charles Schoch said the transaction "significantly strengthens" the company’s balance sheet and positions Candel for the pivotal Phase 3 trial in NSCLC and the potential launch in early localized prostate cancer. The loan’s flexible terms and milestone‑based tranches align with the company’s development timeline, providing financial flexibility while supporting its strategic growth objectives.
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