Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Candel Therapeutics, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0.13
0.13
0.13
Research and development
8.75
15.2
20.8
24.5
19.3
30.5
General and administrative
5.18
10.7
14.1
13.9
14.1
17.8
Operating expenses
13.9
25.9
34.8
38.4
33.4
48.3
Operating income
-13.8
-25.7
-34.7
-38.4
-33.4
-48.3
Interest expense
1.71
-2.6
2.09
2.12
Interest income
1.22
2.08
Other non-operating income
-3.87
-10.4
15.9
0.45
-21.8
10.1
Pre-tax income
-55.2
-38.2
Income tax
0
0
0
0
0
Net income
-17.7
-36.1
-18.8
-37.9
-55.2
-38.2
EBITDA
-13.7
-25.5
-33.9
-37.4
-32.4
-47.4
EPS, basic
-1.52
-1.91
-0.65
-1.31
-1.74
-0.72
EPS, diluted
-1.52
-1.91
-0.65
-1.31
-1.74
-0.72
Shares, basic (weighted)
11.6
18.9
28.8
28.9
31.7
53
Shares, diluted (weighted)
11.6
18.9
28.8
28.9
31.7
53
Balance sheet
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
35.1
82.6
70.1
35.4
103
120
Other current assets
0.09
2.3
1.89
1.38
1.15
1.66
Total current assets
35.1
84.9
71.9
36.8
104
121
Property, plant and equipment
2.79
3.84
4.42
3.21
2.19
1.64
Lease right-of-use assets
1.06
0.82
0.54
1.66
Other non-current assets
0.35
0.42
Total assets
38.3
89.2
77.7
41.2
107
125
Accounts payable
0.92
1.59
0.38
0.42
0.24
1.13
Accrued liabilities
3.14
3.44
4.72
4.36
5.11
7.33
Short-term debt
8.89
9.9
0
Total current liabilities
4.71
5.36
5.62
14.2
37.5
9
Long-term debt
11.6
1.73
Lease liabilities
1.49
0.97
0.41
1.46
Total liabilities
12.8
25.1
30
28.5
40.5
73.3
Total debt
0.48
0.56
20.5
11.6
0
Paid-in capital
20.5
144
147
150
259
282
Retained earnings
-44.2
-80.3
-99.1
-137
-192
-230
Treasury stock
-0.45
-0.45
-0.45
-0.45
Shareholders' equity
-23.6
64.1
47.7
12.7
66.3
51.9
Total equity
-23.6
64.1
47.7
12.7
66.3
51.9
Total liabilities and equity
38.3
89.2
77.7
41.2
107
125
Shares outstanding
11.6
28.7
28.9
29.1
46.8
54.9
Cash flow statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-17.7
-36.1
-18.8
-37.9
-55.2
-38.2
Depreciation and amortization
0.09
0.23
0.78
0.96
0.99
0.85
Stock-based compensation
2.11
2.96
2.31
3.09
5.31
3.82
Change in payables
0.29
0.67
-1.21
0.05
-0.19
0.8
Cash from operations
-9.07
-22.2
-31.4
-34.2
-27
-38.3
Capital expenditures
-1.48
-1.84
-1.3
-0.46
-0.02
-0.59
Purchases of investments
-0.01
Cash from investing
38.5
-1.84
-1.3
-0.28
-0.02
-0.56
Debt issued
47.9
Stock issued
0.03
0.04
0.06
1.69
0.52
Cash from financing
0.49
71.8
20
-0.12
94.3
56.1
Net change in cash
29.9
47.7
-12.7
-34.6
67.2
17.2
Free cash flow
-10.5
-24.1
-32.7
-34.7
-27
-38.9
Interest paid
1.15
2.15
1.8
1.28
Income taxes paid
0.09
0.03
0.18
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $11.02 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-70.2%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-42.5%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
-21.7%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
2.9%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
17.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
17.2%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
26.7%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
67.2%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
22.5%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
35.5%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
16.1x
Current assets / current liabilities.
Quick ratio
15.9x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
15.9x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share
-$0.77
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.76
Cash from operations / diluted weighted shares.
Book value per share
$1.66
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
6.69x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
6.69x
Market cap / tangible book value, when positive.
FCF yield
-6.8%
Free cash flow / market cap.
Earnings yield
-10.5%
Net income / market cap (the inverse of P/E).
Was Candel Therapeutics, Inc. profitable in fiscal 2025?
No. It reported a net loss of $38.2M.
How much free cash flow did Candel Therapeutics, Inc. generate in fiscal 2025?
Cash from operations of $38.3M minus capital expenditures of $587.0K left free cash flow of -$38.9M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.