Washington, D.C. 20549


Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
Aguilar-Cordova Estuardo

(Last) (First) (Middle)

WABAN MA 02468

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Candel Therapeutics, Inc. [ CADL ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 05/06/2022 M 135,183 A $1.46 1,151,106(1) D
Common Stock 05/06/2022 F(2) 54,074 D $3.65 1,097,032(1) D
Common Stock 2,074,942 I By Estuardo Aguilar-Cordova 2020 Irrevocable Trust(3)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy) $1.46 05/06/2022 M 12,205 (4) 08/17/2028 Common Stock 12,205 $0.00 0 D
Stock Option (Right to Buy) $1.46 05/06/2022 M 76,717 (4) 11/13/2023 Common Stock 76,717 $0.00 0 D
Stock Option (Right to Buy) $1.46 05/06/2022 M 46,261(5) (4) 11/13/2023 Common Stock 46,261 $0.00 30,456 D
Explanation of Responses:
1. Includes 32,399 shares of common stock held jointly with spouse.
2. Represents a net exercise of outstanding stock options. These shares were resold to the Issuer as payment of the exercise price, based on the closing price of the Issuer's common stock on May 5, 2022 of $3.65 per share.
3. Shares held by the Estuardo Aguilar-Cordova 2020 Irrevocable Trust. The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein, if any.
4. This option is fully vested and exercisable as of the date hereof.
5. Includes options that were previously subject to performance vesting criteria. Upon the Reporting Person's termination as an officer of the Issuer, the vesting conditions were waived, and the shares underlying this option became fully vested and exercisable.
/s/ John Canepa, Attorney-in-Fact 05/10/2022
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.