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Commitments and Contingencies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Office space noncancelable operating lease expiration date	2029
Loss related to indemnification obligations	$ 0

Fair Value of Financial Assets and Liabilities - Schedule of Aggregate Fair Values of Warrant Liabilities, for Which Fair Value Determined by Level 3 Inputs (Details) - Series B Warrant Liability - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance	$ 21,718	$ 916
Change in fair value	(8,199)	20,802
Lender warrants in connection with debt financing	2,079
Balance	$ 15,598	$ 21,718

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b51 Arr Modified Flag	false
Non Rule 10b51 Arr Modified Flag	false

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (38,182)	$ (55,177)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Stock Options, Restricted Stock and Stock-Based Compensation - Schedule of Fair Value of Stock Options Granted Was Estimated on Black-Scholes Options (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, Minimum	3.69%	3.98%
Risk-free interest rate, Maximum	4.52%	4.32%
Expected volatility, Minimum	117.03%	99.30%
Expected volatility, Maximum	121.09%	114.68%
Expected dividend yield	0.00%	0.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected option life (years)	5 years 6 months	5 years 6 months
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected option life (years)	6 years 29 days	6 years 29 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-Publisher FASB
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Subparagraph (e)(1)
-Publisher FASB
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Income Taxes - Summary of Changes in Valuation Allowance for Deferred Tax Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Valuation allowance	$ 52,185	$ 40,548
Increases recorded to income tax provision	13,083	11,637
Decreases recorded to income tax provision	0	0
Valuation allowance	$ 65,268	$ 52,185

Segment Reporting - Additional Information (Details)	12 Months Ended
Segment Reporting - Additional Information (Details)	Dec. 31, 2025 Segment
Segment Reporting [Abstract]
Number of operating segment	1
Segment Reporting, CODM, Individual Title and Position or Group Name	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	who reviews and evaluates consolidated net loss for purposes of assessing performance, making operating decisions, allocating resources, and planning and forecasting for future periods.

Fixed Assets, Net - Summary of Fixed Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property Plant And Equipment [Line Items]
Total fixed assets	$ 5,200	$ 5,267
Less accumulated depreciation	(3,558)	(3,076)
Fixed assets, net	1,642	2,191
Laboratory Equipment
Property Plant And Equipment [Line Items]
Total fixed assets	1,506	1,219
Manufacturing Equipment
Property Plant And Equipment [Line Items]
Total fixed assets	300	695
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total fixed assets	159	159
Networking and Computer Equipment
Property Plant And Equipment [Line Items]
Total fixed assets	227	85
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total fixed assets	$ 3,008	$ 3,109

Fixed Assets, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Fixed Assets, Net

4. Fixed Assets, Net

Fixed assets, net consisted of the following (in thousands):


	DECEMBER 31,
	2025			2024
Laboratory equipment	$	1,506		$	1,219
Manufacturing equipment		300			695
Furniture and fixtures		159			159
Networking and computer equipment		227			85
Leasehold improvements		3,008			3,109
Total fixed assets	$	5,200		$	5,267
Less: accumulated depreciation		(3,558	)		(3,076	)
Fixed assets, net	$	1,642		$	2,191

Depreciation expense was $0.8 million and $1.0 million for the years ended December 31, 2025 and 2024. The Company recorded a $0.3 million loss on the sale and disposal of fixed assets for the year ended December 31, 2025. The Company did not record any loss on the sale and disposal of fixed assets for the year ended December 31, 2024.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

15. Commitments and Contingencies

Guarantees

The Company has identified the guarantees described below as disclosable, in accordance with ASC 460, Guarantees.

As permitted under Delaware law, the Company indemnifies its officers and directors for certain events or occurrences while the officer or director is, or was, serving at the Company’s request in such capacity. The maximum potential

amount of future payments the Company could be required to make is unlimited; however, the Company has directors’ and officers’ insurance coverage that should limit its exposure and enable it to recover a portion of any future amounts paid.

The Company is a party to a number of agreements entered into in the ordinary course of business that contain typical provisions that obligate the Company to indemnify the other parties to such agreements upon the occurrence of certain events. Such indemnification obligations are usually in effect from the date of execution of the applicable agreement for a period equal to the applicable statute of limitations. The aggregate maximum potential future liability of the Company under such indemnification provisions is uncertain.

The Company leases office space under a noncancelable operating lease expiring in 2029. The Company has standard indemnification arrangements under this lease that require it to indemnify the landlord against all costs, expenses, fines, suits, claims, demands, liabilities, and actions directly resulting from any breach, violation, or nonperformance of any covenant or condition of the lease.

As of December 31, 2025, the Company had not experienced any losses related to these indemnification obligations, and no material claims with respect thereto were outstanding. The Company does not expect significant claims related to these indemnification obligations and, consequently, concluded that the fair value of these obligations is negligible, and no related reserves have been established.

Legal Proceedings

From time to time, we may become involved in litigation or other legal proceedings. We are not currently a party to any litigation or legal proceedings that, in the opinion of our management, are probable to have a material adverse effect on our business. Regardless of outcome, litigation can have an adverse impact on our business, financial condition, results of operations and prospects because of defense and settlement costs, diversion of management resources and other factors.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Property and Equipment Estimated Useful Lives

Property and equipment are recorded at cost, and depreciated using the straight-line method over the estimated useful lives of the respective assets:


ASSET		ESTIMATED USEFUL LIFE
Networking and computer equipment		5 years
Laboratory equipment		5 years
Manufacturing equipment		5 years
Furniture and fixtures		5 years
Leasehold improvements		Shorter of the useful life or remaining lease term

Organization and Basis of Presentation - Additional Information (Details)							2 Months Ended	12 Months Ended
	Feb. 23, 2026 shares	Aug. 14, 2025 USD ($)	Aug. 12, 2025 USD ($) shares	Jun. 25, 2025 USD ($) $ / shares shares	Dec. 16, 2024 $ / shares shares	Aug. 05, 2022 USD ($)	Mar. 05, 2026 shares	Dec. 31, 2025 USD ($) Candidate shares	Dec. 31, 2024 USD ($) shares
Organization And Basis Of Presentation [Line Items]
Number of product candidates \| Candidate								2
Net Income (Loss)								$ (38,182,000)	$ (55,177,000)
Accumulated deficit								(230,387,000)	(192,205,000)
Stock Issued During Period, Value, New Issues								5,038,000	15,830,000
Common Stock
Organization And Basis Of Presentation [Line Items]
Stock Issued During Period, Value, New Issues								$ 10,000	$ 29,000
Shares of common stock sold and issued \| shares								987,772	2,936,057
Underwriters’ Overallotment Option \| Common Stock
Organization And Basis Of Presentation [Line Items]
Shares of common stock sold and issued \| shares					2,000,000
Underwriters’ Overallotment Option \| Common Stock \| Subsequent Event
Organization And Basis Of Presentation [Line Items]
Shares of common stock sold and issued \| shares	2,752,293
December 2024 Public Offering
Organization And Basis Of Presentation [Line Items]
Gross proceeds before deducting underwriting discounts and commissions, and offering expenses								$ 92,000,000
December 2024 Public Offering \| Common Stock
Organization And Basis Of Presentation [Line Items]
Shares of common stock sold and issued \| shares					12,000,001
Public offering price \| $ / shares					$ 6
Common stock, public offering price \| $ / shares					0.01
December 2024 Public Offering \| Pre-funded Warrants
Organization And Basis Of Presentation [Line Items]
Class of warrants issued per share \| $ / shares					$ 5.99
Number of warrants outstanding \| shares					3,333,333
Combination of Common Stock, Preferred Stock, Debt Securities, Warrants and/or Units \| Maximum [Member]
Organization And Basis Of Presentation [Line Items]
Stock Issued During Period, Value, New Issues		$ 300,000,000				$ 200,000,000
2022 ATM Program
Organization And Basis Of Presentation [Line Items]
Shares of common stock sold and issued \| shares			3,923,829
Net proceeds			$ 20,900,000
2022 ATM Program \| Maximum [Member]
Organization And Basis Of Presentation [Line Items]
Stock Issued During Period, Value, New Issues						75,000,000
2025 ATM Program \| Common Stock \| Subsequent Event
Organization And Basis Of Presentation [Line Items]
Shares of common stock sold and issued \| shares							0
2025 ATM Program \| Maximum [Member]
Organization And Basis Of Presentation [Line Items]
Stock Issued During Period, Value, New Issues		50,000,000
ATM Program
Organization And Basis Of Presentation [Line Items]
Shares of common stock sold and issued \| shares			3,923,829
Net proceeds			$ 20,900,000					$ 5,038,000	$ 15,830,000
ATM Program \| Maximum [Member]
Organization And Basis Of Presentation [Line Items]
Stock Issued During Period, Value, New Issues		$ 50,000,000				$ 75,000,000
Registered Direct Offering \| Common Stock
Organization And Basis Of Presentation [Line Items]
Shares of common stock sold and issued \| shares				3,221,395
Public offering price \| $ / shares				$ 4.67
Gross proceeds before deducting underwriting discounts and commissions, and offering expenses				$ 15,000,000

Lease (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Other Information


	YEAR ENDED DECEMBER 31,
Other Information	2025			2024
Operating cash flows used for operating leases (in thousands)	$	613		$	598
Weighted-average remaining lease term (years)		3.7			1.7
Weighted-average incremental borrowing rate		7.31	%		7.02	%

Summary of Future Lease Payments Under Non-cancelable Leases

The future lease payments under non-cancelable leases at December 31, 2025, are as follows (in thousands):


2026	$	618
2027		613
2028		628
2029		426
Total future lease payments		2,285
Less: imputed interest		(381	)
Total lease liability	$	1,904

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Net Loss Before Income Tax Expense

The components of net loss before income tax expense are as follows (in thousands):


	YEAR ENDED DECEMBER 31,
	2025			2024
Domestic	$	(38,182	)	$	(55,177	)
Total	$	(38,182	)	$	(55,177	)

Reconciliation of Effective Income Tax Rate

A reconciliation of the Company's statutory income tax rate to the Company’s effective income tax rate is as follows (in thousands):


	YEAR ENDED DECEMBER 31,						YEAR ENDED DECEMBER 31,
	2025						2024
	Amount			Percent			Amount			Percent
Pretax Loss	$	(38,182	)				$	(55,177	)

US Federal Statutory Tax Rate		(8,018	)		21.0	%		(11,587	)		21.0	%
Tax Credits:
Tax Credits - Orphan Drug		(7	)		—			(30	)		0.1	%
Tax Credits - Federal R&D		(662	)		1.7	%		(508	)		0.9	%
Change in valuation allowance		10,219			(26.7	)%		9,521			(17.3	)%
Nontaxable or Nondeductible Items:
Mark to Market		(1,722	)		4.5	%		4,368			(7.9	)%
Equity Compensation		41			(0.1	)%		(1,843	)		3.3	%
Other		149			(0.4	)%		79			(0.1	)%
Total	$	—			0.0	%	$	—			0.0	%

Schedule of Net Deferred Tax Assets

Net deferred tax assets as of December 31, 2025 and 2024 consist of the following (in thousands):


	YEAR ENDED DECEMBER 31,
	2025			2024
Deferred tax assets:
Net operating losses	$	37,934		$	29,876
Intangibles		362			422
Accrued expenses and other		756			591
Lease liability		502			257
Stock compensation		1,375			987
Capitalized R&D expenditures		17,008			13,456
Credits		7,736			6,873
Other		33			—
Total deferred tax assets		65,706			52,462
Valuation allowance		(65,268	)		(52,185	)
Net deferred tax assets		438			277
Deferred tax liabilities:
Right of use asset		(438	)		(143	)
Other		—			(134	)
Total deferred tax liabilities		(438	)		(277	)
Net deferred tax assets (liabilities)	$	—		$	—

Summary of Changes in Valuation Allowance for Deferred Tax Assets

A summary of changes in the valuation allowance for deferred tax assets during the years ended December 31, 2025 and 2024 were as follows (in thousands):


	YEAR ENDED DECEMBER 31,
	2025		2024
Valuation allowance	$	52,185	$	40,548
Increases recorded to income tax provision		13,083		11,637
Decreases recorded to income tax provision		—		—
Valuation allowance	$	65,268	$	52,185

Capital Stock (Tables)

12 Months Ended

Dec. 31, 2025

Capital Stock [Abstract]

Schedule of Common Stock Reserved For Future Issuance

Common Stock Reserved

The Company has reserved the following shares of common stock for future issuance as of:


	DECEMBER 31,
	2025		2024
Stock options outstanding		6,246,920		4,486,181
Unvested restricted stock		—		330,779
Shares available for future grant under stock option plan		2,900,246		2,008,379
Warrants		7,762,350		7,507,708
Pre-funded warrants		—		3,333,333
		16,909,516		17,666,380

Common Stock (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Common Stock Reserved For Future Issuance

Common Stock Reserved

The Company has reserved the following shares of common stock for future issuance as of:


	DECEMBER 31,
	2025		2024
Stock options outstanding		6,246,920		4,486,181
Unvested restricted stock		—		330,779
Shares available for future grant under stock option plan		2,900,246		2,008,379
Warrants		7,762,350		7,507,708
Pre-funded warrants		—		3,333,333
		16,909,516		17,666,380

Subsequent Events - Additional Information (Details) - Common Stock - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	Feb. 23, 2026	Dec. 16, 2024	Dec. 31, 2025	Dec. 31, 2024
Subsequent Event [Line Items]
Shares of common stock sold and issued			987,772	2,936,057
Underwriters’ Overallotment Option
Subsequent Event [Line Items]
Shares of common stock sold and issued		2,000,000
Subsequent Event \| 2026 Follow-On Offering
Subsequent Event [Line Items]
Shares of common stock sold and issued	18,348,624
Class of warrants issued per share	$ 5.45
Gross proceeds from issuance of common stock	$ 100.0
Net proceeds from issuance of common stock after deducting underwriting discounts and commissions and offering expenses	$ 93.5
Subsequent Event \| Underwriters’ Overallotment Option
Subsequent Event [Line Items]
Shares of common stock sold and issued	2,752,293

Cybersecurity Risk Management, Strategy, and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy, and Governance	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Abstract]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. Cybersecurity. Cybersecurity Risk Management and Strategy Candel has implemented cybersecurity risk management processes that are informed by industry standards in accordance with the scale of our business. Our quality assurance organization has implemented a risk management program for our company at large, and our IT team is responsible for ensuring alignment between our overall risk management processes and our cybersecurity risk management processes. Our cybersecurity risk management processes are designed to assess, identify and mitigate risks from current and emerging cybersecurity threats. We use various tools and processes to accomplish these objectives, including policies and procedures, risk assessments, and testing. Further, we require our employees to participate in cybersecurity risk awareness trainings and phishing exercises. Our cybersecurity risk management processes are supported by third-party service providers, including a managed services provider that assists the Company with, among other things, threat monitoring and cybersecurity incident response and escalation services. We rely on a third-party service provider to assist us with our cybersecurity practices, including for vulnerability assessments, penetration testing, and managing IT environments. Our process for onboarding new vendors with access to critical systems or data includes vendor questionnaires, contractual obligations, and if deemed appropriate, review of vendor audit reports. Our incident management processes include reporting to senior management, including the Chief Financial Officer (CFO), Chief Executive Officer, Senior Vice President Quality Assurance and, where appropriate, to the board of directors. To date, we have not identified any cybersecurity incidents or threats that have materially affected us or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. However, like other companies in our industry, we and our third-party vendors have from time-to-time experienced threats that could affect our information or systems. For more information, please refer to Item 1A, “Risk Factors,” in this Annual Report on Form 10-K. Cybersecurity Governance The board of directors has delegated oversight of the Company’s cybersecurity risk management program to the Audit Committee, including responsibilities for reviewing and discussing cybersecurity risks, implementing risk management programs, controls and procedures, and performing high level reviews of the threat landscape. Our Vice President, Information Technology (VP, IT) is responsible for the strategic leadership and day-to-day management of our cybersecurity risk management program. The individual occupying this role has over thirty years of experience with information technology management and over five years of cybersecurity risk management. Our VP, IT engages in regular meetings with our third-party managed IT service provider and the Director, IT Infrastructure and Operations to review and assess our cybersecurity risk management processes. The VP, IT reports such findings to our CFO who annually presents updates on cybersecurity risks, mitigation strategies, and, if necessary, incident response activities to our Audit Committee. Further, our Audit Committee updates the full board of directors on matters relating to cybersecurity risk management, as necessary.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Cybersecurity Governance The board of directors has delegated oversight of the Company’s cybersecurity risk management program to the Audit Committee, including responsibilities for reviewing and discussing cybersecurity risks, implementing risk management programs, controls and procedures, and performing high level reviews of the threat landscape. Our Vice President, Information Technology (VP, IT) is responsible for the strategic leadership and day-to-day management of our cybersecurity risk management program. The individual occupying this role has over thirty years of experience with information technology management and over five years of cybersecurity risk management. Our VP, IT engages in regular meetings with our third-party managed IT service provider and the Director, IT Infrastructure and Operations to review and assess our cybersecurity risk management processes. The VP, IT reports such findings to our CFO who annually presents updates on cybersecurity risks, mitigation strategies, and, if necessary, incident response activities to our Audit Committee. Further, our Audit Committee updates the full board of directors on matters relating to cybersecurity risk management, as necessary.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The board of directors has delegated oversight of the Company’s cybersecurity risk management program to the Audit Committee, including responsibilities for reviewing and discussing cybersecurity risks, implementing risk management programs, controls and procedures, and performing high level reviews of the threat landscape.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our VP, IT engages in regular meetings with our third-party managed IT service provider and the Director, IT Infrastructure and Operations to review and assess our cybersecurity risk management processes. The VP, IT reports such findings to our CFO who annually presents updates on cybersecurity risks, mitigation strategies, and, if necessary, incident response activities to our Audit Committee.
Cybersecurity Risk Role of Management [Text Block]	Cybersecurity Risk Management and Strategy Candel has implemented cybersecurity risk management processes that are informed by industry standards in accordance with the scale of our business. Our quality assurance organization has implemented a risk management program for our company at large, and our IT team is responsible for ensuring alignment between our overall risk management processes and our cybersecurity risk management processes. Our cybersecurity risk management processes are designed to assess, identify and mitigate risks from current and emerging cybersecurity threats. We use various tools and processes to accomplish these objectives, including policies and procedures, risk assessments, and testing. Further, we require our employees to participate in cybersecurity risk awareness trainings and phishing exercises. Our cybersecurity risk management processes are supported by third-party service providers, including a managed services provider that assists the Company with, among other things, threat monitoring and cybersecurity incident response and escalation services. We rely on a third-party service provider to assist us with our cybersecurity practices, including for vulnerability assessments, penetration testing, and managing IT environments. Our process for onboarding new vendors with access to critical systems or data includes vendor questionnaires, contractual obligations, and if deemed appropriate, review of vendor audit reports. Our incident management processes include reporting to senior management, including the Chief Financial Officer (CFO), Chief Executive Officer, Senior Vice President Quality Assurance and, where appropriate, to the board of directors. To date, we have not identified any cybersecurity incidents or threats that have materially affected us or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. However, like other companies in our industry, we and our third-party vendors have from time-to-time experienced threats that could affect our information or systems. For more information, please refer to Item 1A, “Risk Factors,” in this Annual Report on Form 10-K.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The board of directors has delegated oversight of the Company’s cybersecurity risk management program to the Audit Committee, including responsibilities for reviewing and discussing cybersecurity risks, implementing risk management programs, controls and procedures, and performing high level reviews of the threat landscape.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The individual occupying this role has over thirty years of experience with information technology management and over five years of cybersecurity risk management.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our incident management processes include reporting to senior management, including the Chief Financial Officer (CFO), Chief Executive Officer, Senior Vice President Quality Assurance and, where appropriate, to the board of directors.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Fixed Assets, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Summary of Fixed Assets, Net

Fixed assets, net consisted of the following (in thousands):


	DECEMBER 31,
	2025			2024
Laboratory equipment	$	1,506		$	1,219
Manufacturing equipment		300			695
Furniture and fixtures		159			159
Networking and computer equipment		227			85
Leasehold improvements		3,008			3,109
Total fixed assets	$	5,200		$	5,267
Less: accumulated depreciation		(3,558	)		(3,076	)
Fixed assets, net	$	1,642		$	2,191

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders

Basic and diluted net loss per share attributable to common stockholders was computed by dividing net loss by the weighted-average common shares outstanding for the period, including the pre-funded warrants given their nominal exercise price for the year ended December 31, 2024 (in thousands, except share and per share data):


	YEAR ENDED DECEMBER 31,
	2025			2024
Numerator:
Net loss	$	(38,182	)	$	(55,177	)
Denominator:
Weighted-average shares of common stock outstanding, basic and diluted		52,958,644			31,675,076
Net loss per share, basic and diluted	$	(0.72	)	$	(1.74	)

Schedule of Potential Shares of Common Stock Excluded from Computation of Diluted Net Loss Per Share

The Company excluded the following potential shares of common stock from the computation of diluted net loss per share because including them would have had an anti-dilutive effect.


	YEAR ENDED DECEMBER 31,
	2025		2024
Outstanding warrants for common stock		7,762,350		7,507,708
Outstanding stock options (as converted to common stock)		6,246,920		4,486,181
Unvested restricted stock		—		330,779
		14,009,270		12,324,668

Fair Value of Financial Assets and Liabilities - Schedule of Information About Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Liabilities:
Warrant liability	$ 15,598	$ 21,718
Total	15,598	21,718
Level 3
Liabilities:
Warrant liability	15,598	21,718
Total	$ 15,598	$ 21,718

- Definition

Fair value of financial obligations, including, but not limited to, debt instruments, derivative liabilities, federal funds purchased and sold under agreements to repurchase, securities loaned or sold under agreements to repurchase, financial instruments sold not yet purchased, guarantees, line of credit, loans and notes payable, servicing liability, and trading liabilities.

+ References + Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting standards set by the Financial Accounting Standards Board (FASB). The FASB sets generally accepted accounting principles (GAAP) that the Company follows to ensure its financial condition, results of operations, and cash flows are consistently reported. References to GAAP issued by the FASB in these notes to the consolidated financial statements are to the FASB Accounting Standards Codification (ASC).

Principles of Consolidation

The consolidated financial statements include the accounts of Candel Therapeutics, Inc. and its wholly owned subsidiary Candel Therapeutics Securities Corporation. All intercompany transactions and balances have been eliminated.

Emerging Growth Company

The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the Jobs Act). Under the Jobs Act emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the Jobs Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that is (i) no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the Jobs Act. As a result, these consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

Use of Estimates

The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and related disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. On an ongoing basis, the Company’s management evaluates its estimates, which include but are not limited to management’s judgments of accrued expenses, valuation of stock-based option awards, valuations of warrants, and income taxes. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with original final maturities of three months or less from the date of purchase to be cash equivalents. Cash and cash equivalents comprise marketable securities with maturities of less than three months when purchased. Cash equivalents are reported at fair value.

Restricted Cash

The Company had $0.4 million and $0.3 million of restricted cash as of December 31, 2025 and 2024, respectively, which represents cash held as a security deposit under the terms of the Company’s Needham, Massachusetts facility lease and as security for the Company credit card program.

Fair Value Measurements

Certain assets and liabilities of the Company are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

•

Level 1—Quoted prices in active markets for identical assets or liabilities.

•

Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

•

Level 3—Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

The carrying values of cash and cash equivalents (considered as Level 1 measurements), accounts payable, and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities. The carrying value of the Company's term loan approximates fair value due to the variable interest rate. The Company’s warrant liabilities are carried at fair value and are classified as Level 3 measurement.

Property and Equipment

Property and equipment consist of laboratory and manufacturing equipment, networking and computer equipment, furniture and fixtures and leasehold improvements. Property and equipment are recorded at cost, and depreciated using the straight-line method over the estimated useful lives of the respective assets:


ASSET		ESTIMATED USEFUL LIFE
Networking and computer equipment		5 years
Laboratory equipment		5 years
Manufacturing equipment		5 years
Furniture and fixtures		5 years
Leasehold improvements		Shorter of the useful life or remaining lease term

Leases

Lease right of use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Lease right of use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments to be made over the lease term. The lease right of use asset is equal to the lease liability and adjusted for prepaid rent, initial direct costs, and incentives. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term. The Company has elected to not apply the recognition requirements of ASC 842 for short-term leases, which is defined as a lease that, at the lease commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the Company is reasonably certain to exercise.

For real estate lease agreements entered into or modified after the adoption of ASC 842 that include lease and non-lease components, the Company has elected to account for the lease and non-lease components, such as common area maintenance charges, as a single lease component term.

Concentrations of Credit Risk

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. Periodically, the Company maintains deposits in accredited financial institutions in-excess of the federally insured limits. The Company deposits its cash in financial institutions with a high credit quality and has not experienced any losses on such accounts and does not believe it is exposed to any unusual credit risk beyond the normal risk associated with commercial banking relationships.

Impairment of Long-lived Assets

Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset group for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset group to its carrying value. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset group are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset group over its fair value, determined based on discounted cash flows. Long-lived assets consist of fixed assets and operating lease assets.

During the years ended December 31, 2025 and 2024, the Company recorded impairment charges totaling approximately $90,000 and $41,000, respectively, related to manufacturing equipment that the Company has determined it does not plan to use for its intended use, and the Company recorded an impairment to reduce the carrying value to its estimated fair value. The Company has not recorded any other impairment losses on such long-lived assets.

Revenue Recognition

The Company applies ASC Topic 606, Revenue from Contracts with Customers, (ASC 606). This standard applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations, and then assesses whether or not each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

Research and Development Costs and Accruals

Research and development expenses include salaries and benefits, materials and supplies, preclinical and clinical trial expenses, stock-based compensation expense, depreciation of equipment, contract services and other outside expenses. The Company has entered into various research and development-related contracts with clinical and research institutions, contract research organizations, and other companies. These agreements are generally cancelable, and related payments are recorded as research and development expenses as incurred. Costs of certain development activities, such as manufacturing, pre-clinical and clinical trial expenses, are recognized based on an evaluation of the progress to completion of specific tasks. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the financial statements as prepaid or accrued research and development costs. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are performed. Costs incurred in obtaining technology licenses and intellectual property are charged to research and development expenses as acquired in-process research and development if the technology licensed or intellectual property acquired has not reached technological feasibility and has no alternative future use.

Patent Costs

All patent-related costs incurred in connection with preparing, filing, maintaining and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified in general and administrative expenses.

Stock-Based Compensation

The Company accounts for its stock-based compensation in accordance with ASC Topic 718, Compensation—Stock Compensation (ASC 718). ASC 718 requires all share-based payments to employees and directors to be recognized as expense in the consolidated statements of operations based on their grant date fair values. In addition, in accordance with FASB Accounting Standards Update (ASU) 2016-09 which identifies areas for simplification of several areas of share-based payment transactions, the Company treats non-employee grants the same as employee grants. The Company estimates the fair value of options granted using the Black-Scholes option pricing model for stock option grants to both employees and non-employees. The Company believes the fair value of the stock options granted to non-employees is more reliably determinable than the fair value of the services provided.

The Black-Scholes option pricing model requires inputs based on certain subjective assumptions, including (a) the expected stock price volatility, (b) the expected term of the award, (c) the risk-free interest rate and (d) expected dividends. Due to a lack of company-specific historical and implied volatility data, the Company has based its computation of expected volatility on a combination of the historical volatility of the Company and of a representative group of public companies with similar characteristics to the Company, including stage of product development and life science industry focus. The historical volatility is calculated based on a period of time commensurate with the expected term assumption. The Company uses the simplified method as prescribed by the SEC Staff Accounting Bulletin No.

107, Share-Based Payment, to calculate the expected term for options granted to employees as it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The expected term is applied to the stock option grant group as a whole, as the Company does not expect substantially different exercise or post-vesting termination behavior among its employee population. For options granted to non-employees, the Company utilizes the contractual term of the share-based payment as the basis for the expected term assumption. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected term of the stock options. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on its common stock.

The Company generally expenses the fair value of its share-based compensation awards to employees and non-employees on a straight-line basis over the requisite service period, which is generally the vesting period.

Government Grants

The Company has applied for grants for the reimbursement of expenditures with the Massachusetts Life Sciences Center for certain qualified operating expenditures, including employee related costs. The Company recognizes government grants when there is reasonable assurance that the Company will comply with the conditions attached to the grant arrangement and the grant will be received.

Government grants are recorded as grant income and classified in other income in the consolidated statements of operations. The Company recognized government grant income of $88,800 and zero for the years ended December 31, 2025 and 2024, respectively.

Income Taxes

The Company accounts for income taxes using the asset and liability method in accordance with ASC Topic 740, Income Taxes (ASC 740) which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. At December 31, 2025 and 2024, the Company has concluded that a full valuation allowance is necessary for its deferred tax assets (see Note 12).

The Company accounts for uncertainty in income taxes, by applying the two-step process to determine the amount of tax benefit to be recognized in the financial statements. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax is then assessed as the amount of benefits to be recognized in the consolidated financial statements. The amount of benefits that may be used are the largest amounts that have a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves or unrecognized tax benefits that are considered appropriate as well as the related net interest received. As of December 31, 2025, the Company did not record any unrecognized benefits from uncertain tax positions in its consolidated financial statements.

Net Loss Per Share

Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, including the pre-funded warrants given their nominal exercise price. Diluted net loss per share is computed using the weighted-average number of shares of common stock outstanding during the period, including the pre-funded warrants given their nominal exercise price and, if dilutive, the weighted-average number of potential shares of common stock. In periods where the Company reports a net loss attributable to common stockholders, diluted net loss per share is the same as basic net loss per share, since dilutive shares of common stock are not assumed to have been issued if their effect is anti-dilutive. Diluted net loss per share is the same as basic net loss per share for the years ended December 31, 2025 and 2024 since all potential shares of common stock instruments are anti-dilutive as a result of the loss for such periods.

Recently Adopted and Issued Accounting Standards

Recently Adopted Accounting Standards

In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures, which amends guidance in ASC 280, Segment Reporting. The amendments in this ASU expand segment disclosure requirements, including new segment disclosure requirements for entities with a single

reportable segment, among other disclosure requirements. The ASU’s amendments are effective for public business entities for interim periods beginning after December 15, 2024. The Company adopted ASU 2023-07 on an interim basis beginning on January 1, 2025 (see Note 17).

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on the rate reconciliation and income taxes paid. ASU No. 2023-09 requires a public business entity (PBE) to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. For PBEs, the new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. For entities other than PBEs, the requirements will be effective for annual periods beginning after December 15, 2025. An entity may apply the amendments in this ASU prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods, or may apply the amendments retrospectively by providing the revised disclosures for all period presented. As of December 31, 2025, the Company adopted this new ASU retrospectively (see Note 12) and it only impacts the Company's income tax disclosures with no impact to its operations, cash flows, or financial condition.

Recently Issued Accounting Standards

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative, which modifies the disclosure or presentation requirements related to a variety of FASB Accounting Standard Codification topics. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K is effective, with early adoption prohibited. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the associated amendment will be removed from the Codification and will not become effective for any entities. The Company is currently evaluating the potential impact that ASU 2023-06 may have on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires additional disclosure in the notes to the financial statements of the nature of certain expenses included in the income statement. The ASU's amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. Adoption can be either prospectively or retrospectively applied. The Company is currently evaluating the potential impact that ASU 2024-03 may have on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which removes references to prescriptive and sequential development stages, requiring companies to capitalize internal-use software costs when management commits to funding the software project and it is probable the project will be completed. The ASU's amendments are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. Adoption can be applied prospectively, retrospectively or with a modified transition approach. The Company is currently evaluating the potential impact that ASU 2025-06 may have on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which provides recognition, measurement, presentation, and disclosure requirements for government grants. The ASU's amendments are effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods. Adoption can be applied with a modified prospective approach, a modified retrospective approach or retrospectively. The Company is currently evaluating the potential impact that ASU 2025-10 may have on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which is intended to clarify and improve certain aspects of interim financial reporting, including the requirements for interim disclosures and the application of recognition and measurement guidance in interim periods. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. Adoption can be applied prospectively or retrospectively. The Company is currently evaluating the potential impact that ASU 2025-11 may have on its consolidated financial statements and related disclosures.

Stock Options, Restricted Stock and Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Number of Stock Options, Shares Outstanding	4,486,181
Number of Stock Options, Shares, Granted	2,185,750
Number of Stock Options, Shares, Exercised	(219,813)
Number of Stock Options, Shares, Cancelled, forfeited or expired	(205,198)
Number of Stock Options, Shares Outstanding	6,246,920	4,486,181
Exercisable as of December 31, 2025	4,099,302
Unvested as of December 31, 2025	2,147,618
Weighted-Average Exercise Price, Outstanding	$ 2.54
Weighted-Average Exercise Price, Granted	7.65
Weighted-Average Exercise Price, Exercised	2.34
Weighted-Average Exercise Price, Cancelled, forfeited or expired	6.25
Weighted-Average Exercise Price, Outstanding	4.21	$ 2.54
Exercisable as of December 31, 2025	2.99
Unvested as of December 31, 2025	$ 6.55
Weighted- Average Remaining Contractual Term (In Years), Outstanding	6 years 9 months 14 days	6 years 7 months 9 days
Exercisable as of December 31, 2025	5 years 9 months 3 days
Unvested as of December 31, 2025	8 years 9 months 3 days
Aggregate Intrinsic Value, Outstanding	$ 13,695	$ 27,599
Exercisable as of December 31, 2025	12,121
Unvested as of December 31, 2025	$ 1,574

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Taxes [Line Items]
Income tax expense (benefit)	$ 0	$ 0
Income tax examination, description	The federal and state tax returns are generally subject to examination for the years ended December 31, 2014 through December 31, 2025. There are currently no pending tax examinations
Federal
Income Taxes [Line Items]
Operating loss carryforwards	$ 141,100,000
Operating loss carryforwards subject to expiration	8,800,000
Operating loss carryforwards indefinite	$ 132,300,000
Operating loss carryforwards, begin to expire year	2027
Tax credit carryforward	$ 131,200,000
Tax credit carryforward, begin to expire year	2036
State
Income Taxes [Line Items]
Operating loss carryforwards	$ 5,700,000
Operating loss carryforwards, begin to expire year	2032
Tax credit carryforward	$ 2,600,000
Tax credit carryforward, begin to expire year	2030

Technology License Agreement

12 Months Ended

Dec. 31, 2025

Technology License Agreement [Abstract]

Technology License Agreement

14. Technology License Agreement

On January 20, 2018 the Company entered into an exclusive option agreement (Option Agreement) with MGB. Pursuant to the Option Agreement, the Company has obtained the exclusive right from MGB to negotiate an exclusive license to make, develop and commercialize rQNestin, a genetically modified oncolytic herpes simplex virus for the treatment of certain types of cancers. Pursuant to the Option Agreement, the Company will support a clinical trial to be conducted at MGB pursuant to the terms of a clinical trial agreement to be negotiated and the Company has committed to remitting $0.8 million in support of such clinical trial over the course of approximately three years. Upon execution of the Option Agreement, the Company remitted a non-refundable fee of $40,000 to MGB to be applied toward the Company’s on-going obligations to reimburse patent expenses. During the years ended December 31, 2025 and 2024, the Company did not expense any startup and patient fees for clinical trials performed by MGB.

On September 15, 2020, the Company exercised the Option Agreement with MGB and entered into an exclusive worldwide patent license agreement with MGB (the MGB License). In connection with the MGB License, the Company paid a fee of $0.1 million and agreed to reimburse patent costs incurred by MGB, including $0.1 million paid at the time of entering into the MGB License. Prior to the first commercial sale, the Company is required to pay MGB an annual license fee of $50,000 beginning following the fourth anniversary of the effective date. The MGB License contains cumulative milestone payments equaling a maximum amount of $39.0 million upon the achievement of various clinical, commercial and sales milestones of both primary and secondary products. Following the first commercial sale, the Company is required to pay royalties to MGB, which are paid at an increasing rate as net sales increase, ranging from low single digits to high single digits. In addition, after the first commercial sale, the Company is required to pay MGB a pre-determined fixed annual minimum royalty, which amount may be credited against earned royalties starting in the fourth year following the first commercial sale. The Company also agreed to pay a single digit royalty rate on net sales of any derived products.

Stock Options, Restricted Stock and Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

Stock option activity is summarized as follows:


	NUMBER OF STOCK OPTIONS			WEIGHTED- AVERAGE EXERCISE PRICE		WEIGHTED- AVERAGE REMAINING CONTRACTUAL TERM (IN YEARS)		AGGREGATE INTRINSIC VALUE (IN THOUSANDS)
Outstanding as of December 31, 2024		4,486,181		$	2.54		6.61	$	27,599
Granted		2,185,750			7.65
Exercised		(219,813	)		2.34
Cancelled, forfeited or expired		(205,198	)		6.25
Outstanding as of December 31, 2025		6,246,920		$	4.21		6.79	$	13,695
Exercisable as of December 31, 2025		4,099,302		$	2.99		5.76	$	12,121
Unvested as of December 31, 2025		2,147,618		$	6.55		8.76	$	1,574

Schedule of Fair Value of Stock Options Granted Was Estimated on Black-Scholes Options

The fair value of stock options granted was estimated on the grant date using the Black-Scholes option pricing model based on the following range of assumptions:


	YEAR ENDED DECEMBER 31,
	2025			2024
Expected option life (years)	5.50 - 6.08			5.50 - 6.08
Risk-free interest rate	3.69% - 4.52%			3.98% - 4.32%
Expected volatility	117.03% - 121.09%			99.30% - 114.68%
Expected dividend yield		0	%		0	%

Summary of Restricted Stock Activity

Restricted stock activity is summarized as follows:


	NUMBER OF SHARES OPTIONS			WEIGHTED- AVERAGE GRANT DATE FAIR VALUE
Unvested at December 31, 2024		330,779		$	0.98
Granted		—		$	—
Vested		(330,779	)	$	0.98
Forfeited		—		$	—
Unvested at December 31, 2025		—		$	—

Schedule of Stock-based Compensation Expense

Stock-based compensation expense for the years ended December 31, 2025 and 2024 was classified in the consolidated statements of operations as follows (in thousands):


	YEAR ENDED DECEMBER 31,
	2025		2024
Research and development	$	1,494	$	3,276
General and administrative		2,323		2,036
Total stock-based compensation expense	$	3,817	$	5,312

Stock Options, Restricted Stock and Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock Units	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares Options, Unvested \| shares	330,779
Number of Shares Options, Granted \| shares	0
Number of Shares Options, Vested \| shares	(330,779)
Number of Shares Options, Forfeited \| shares	0
Number of Shares Options, Unvested \| shares	0
Weighted-Average Grant Date Fair Value, Unvested \| $ / shares	$ 0.98
Weighted-Average Grant Date Fair Value, Granted \| $ / shares	0
Weighted-Average Grant Date Fair Value, Vested \| $ / shares	0.98
Weighted-Average Grant Date Fair Value, Forfeited \| $ / shares	0
Weighted-Average Grant Date Fair Value, Unvested \| $ / shares	$ 0

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Payroll and employee related expenses	$ 3,384	$ 3,038
Third-party research and development expenses	2,681	765
Professional fees	805	920
Other	464	390
Accrued expenses	$ 7,334	$ 5,113

Other Long-Term Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Other Long-Term Debt

7. Other Long-Term Debt

Periphagen Note

On December 9, 2019, the Company entered into a series of asset purchase agreements with Periphagen, Inc. (Periphagen), a biopharmaceutical company focused on the development of gene therapy vectors. Under the terms of the asset purchase agreements, the Company assumed a $1.0 million promissory note (the Periphagen Note) bearing a contractual interest rate of 2% compounded annually, with the outstanding balance and accrued interest due upon maturity in November 2027, with no interim installments due. The estimated market rate for the Company for an unsecured loan with a maturity in November 2027 was determined to be 15.83% as of December 9, 2019. Although the Company does not have a public credit rating, management estimates a CCC credit rating based on the Company’s financial position and stage of development. Using the commensurate rate for a CCC rated company and based on the amount due at maturity, the present value of the future cash outflow was determined to be $0.4 million at the transaction date. As of December 31, 2025, the carrying value of the note is $1.0 million. The carrying value of the note approximates fair value. Upon maturity, the Company will pay Periphagen $1.4 million for the outstanding balance and accrued interest due.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) Segment	Dec. 31, 2024 USD ($)
Significant Accounting Policies [Line Items]
Restricted cash	$ 400,000	$ 300,000
Long-lived assets, impairment charge	$ 90,000	$ 41,000
Impairment long lived asset held for use statement of income or comprehensive income extensible enumeration not disclosed flag	true	true
Expected dividend assumed	$ 0
Grant income	$ 89,000
Percentage income taxes benefits upon ultimate settlement	50.00%
Number of reportable segment \| Segment	1
ASU 2023-07
Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2025
ASU 2023-09
Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Dec. 31, 2025
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
Govenment
Significant Accounting Policies [Line Items]
Grant income	$ 88,800	$ 0

Warrants - Summary of Warrants Outstanding for Purchase of Common Stock (Details) - $ / shares		12 Months Ended
	Jun. 24, 2021	Dec. 31, 2025	Dec. 31, 2024	Oct. 14, 2025	Mar. 20, 2019	Nov. 13, 2018
Series B Warrants
Class Of Warrant Or Right [Line Items]
SHARES OF COMMON STOCK SUBJECT TO WARRANTS		3,672,484	3,672,484
EXERCISE PRICE PER SHARE		$ 6.81	$ 6.81			$ 6.81
EXPIRATION DATES	2023-11	2027-09	2025-11
Conditional Series B Warrants
Class Of Warrant Or Right [Line Items]
SHARES OF COMMON STOCK SUBJECT TO WARRANTS		3,672,484	3,672,484
EXERCISE PRICE PER SHARE		$ 6.81	$ 6.81
EXPIRATION DATES		2027-09	2025-11
NC Ohio Trust
Class Of Warrant Or Right [Line Items]
SHARES OF COMMON STOCK SUBJECT TO WARRANTS		162,740	162,740		162,740
EXERCISE PRICE PER SHARE		$ 1.46	$ 1.46		$ 1.46
EXPIRATION DATES		2029-03	2029-03
Lender Warrants
Class Of Warrant Or Right [Line Items]
SHARES OF COMMON STOCK SUBJECT TO WARRANTS		254,642
EXERCISE PRICE PER SHARE		$ 5.89		$ 5.89
EXPIRATION DATES		2035-10
Pre-Funded Warrants
Class Of Warrant Or Right [Line Items]
SHARES OF COMMON STOCK SUBJECT TO WARRANTS			3,333,333
EXERCISE PRICE PER SHARE			$ 0.01

Lease - Additional Information (Details) $ in Thousands			12 Months Ended
Lease - Additional Information (Details) $ in Thousands	Aug. 18, 2025	Feb. 04, 2019 Squrefoot	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease cost			$ 400	$ 400
Variable lease cost			200	100
Total lease expense			600	500
Cash paid for amounts included in measurement of lease liability			$ 613	$ 598
Corporate, Clinical and Manufacturing Operations \| Massachusetts
Lessee, Lease, Description [Line Items]
Area of lease property \| Squrefoot		15,197
Lease expiration date	Aug. 31, 2029	Aug. 31, 2026

Common Stock - Additional Information (Details) - USD ($)						2 Months Ended	12 Months Ended
	Feb. 23, 2026	Aug. 14, 2025	Aug. 12, 2025	Dec. 16, 2024	Aug. 05, 2022	Mar. 05, 2026	Dec. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Sale of stock under Shelf							$ 5,038,000	$ 15,830,000
Common Stock
Class of Stock [Line Items]
Sale of stock under Shelf							$ 10,000	$ 29,000
Shares of common stock sold and issued							987,772	2,936,057
Underwriters’ Overallotment Option \| Common Stock
Class of Stock [Line Items]
Shares of common stock sold and issued				2,000,000
Underwriters’ Overallotment Option \| Common Stock \| Subsequent Event
Class of Stock [Line Items]
Shares of common stock sold and issued	2,752,293
ATM Program
Class of Stock [Line Items]
Shares of common stock sold and issued			3,923,829
Net proceeds			$ 20,900,000				$ 5,038,000	$ 15,830,000
2025 ATM Program \| Common Stock \| Subsequent Event
Class of Stock [Line Items]
Shares of common stock sold and issued						0
Maximum \| Combination of Common Stock, Preferred Stock, Debt Securities, Warrants and/or Units
Class of Stock [Line Items]
Sale of stock under Shelf		$ 300,000,000			$ 200,000,000
Maximum \| ATM Program
Class of Stock [Line Items]
Sale of stock under Shelf		50,000,000			$ 75,000,000
Maximum \| 2025 ATM Program
Class of Stock [Line Items]
Sale of stock under Shelf		$ 50,000,000

Term Loan - Schedule of Principal Payments and Net Carrying Amount of Term Loan (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
2026	$ 0
2027	0
2028	3,806
2029	24,175
2030	22,019
Total principal	50,000
Final payment fee	2,125
Less: debt discount	(6,258)
Accretion of debt discount	255
Net carrying amount	$ 46,122

Term Loan

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Term Loan

6. Term Loan

On February 24, 2022, the Company entered into a four-year loan and security agreement (the SVB Loan Agreement) with Silicon Valley Bank (SVB) pursuant to which SVB has agreed to provide term loans to the Company in an aggregate principal amount of up to $25.0 million. The Company borrowed $20.0 million upon entering into the SVB Loan Agreement. The term loan was secured by substantially all of the Company’s properties, rights and assets, except for its intellectual property, which was subject to a negative pledge under the Loan Agreement.

The term loan bore interest at a floating rate per annum equal to the greater of (A) 5.75% and (B) the prime rate (as published in the money rates section of The Wall Street Journal) plus 2.50%. The Company was required to make monthly interest payments, and commencing on February 1, 2024, 24 consecutive installments of principal plus monthly payments of accrued interest. The term loan had a maturity date of January 1, 2026. Upon repayment in full of the term loans, the Company was required to pay a final payment fee equal to 4.50% of the original principal amount of any funded term loan being repaid. The SVB Loan Agreement permitted voluntary prepayment of all, but not less than all, of the SVB term loan, subject to a prepayment premium of 1% to 3% based upon the timing of the repayment.

During the years ended December 31, 2025 and 2024, the Company recorded interest expense relating to the SVB Loan Agreement of $0.6 million and $2.0 million, respectively.

The Company incurred $89,000 of debt issuance costs and a $0.9 million final payment fee, which were recorded as debt discount and amortized over the term of the SVB Loan Agreement. The Company used a portion of the proceeds from the First Tranche of the Trinity LSA to repay the SVB Loan Agreement on October 14, 2025 (see below).

On October 14, 2025, the Company entered into a Loan and Security Agreement, as amended by that certain First Amendment to Loan and Security Agreement dated as of March 10, 2026 (the Trinity LSA), with the lenders party thereto (the Lenders) and Trinity Capital Inc., as administrative agent and collateral agent (the Agent).

Under the Trinity LSA, the Lenders agreed to extend debt capital to the Company, at the Company's request, in the form of a term loan, in tranches totaling an aggregate principal amount of up to $130.0 million as follows: (a) at closing, the aggregate principal amount of $50.0 million (the First Tranche), (b) until May 30, 2027, subject to the achievement of certain regulatory, clinical and operational milestones by March 31, 2027, the aggregate principal amount of $20.0 million (the Second Tranche), (c) following funding of the Second Tranche, until February 29, 2028, subject to the

achievement of certain regulatory and operational milestones by December 31, 2027, the aggregate principal amount of $30.0 million (the Third Tranche), and (d) following funding of the Third Tranche, in Lenders’ sole discretion, the aggregate principal amount of $30.0 million (the Fourth Tranche and collectively with the First Tranche, the Second Tranche and the Third Tranche, the Tranches). The obligations of the Lenders to extend such debt capital are subject to certain conditions precedent described in the Trinity LSA. The Company is required to pay a commitment fee of 1.0% of the amount drawn, plus related documentation and funding fees, in connection with each drawdown. On October 14, 2025 (the Closing Date), the Company drew down the First Tranche. The Company’s obligations under the facility are secured by a first priority security interest in substantially all assets of the Company.

All Tranches will mature on October 1, 2030 (the Maturity Date), unless earlier accelerated under the terms of the Trinity LSA. At maturity, the Company is required to repay the then-outstanding principal amount, together with any accrued and unpaid interest thereon. In addition, at maturity or early termination of the Trinity LSA, the Company is required to pay the Lenders a 4.25% final payment fee of the amounts drawn down by the Company under the Trinity LSA.

Interest accrues on the Tranches that the Company has drawn down at a floating rate per annum, calculated based on a 360-day year, equal to the greater of (a) the sum of (i) The Wall Street Journal Prime Rate and (ii) 3.0%, and (b) 9.75%. For the first 36 months after the Closing Date, the Company is required to make monthly payments of interest only in arrears. Upon the achievement of a certain commercial milestone by June 30, 2028, the Interest Only Period will be extended by twelve months. In the event of such extension of the Interest Only Period, the duration of the Amortization Period will decrease by the same amount. In any event, the total term of all Tranches shall not exceed 60 months.

The Company may voluntarily prepay the outstanding loan balance at any time, in whole or in part, subject to the payment of prepayment premiums and payment of the Exit Fee on the principal amount then prepaid. If prepayment occurs on or before the first anniversary of the Closing Date, the premium shall equal 3.0% of the principal being repaid. Thereafter, if prepayment occurs on or before the second anniversary of the Closing Date, the premium shall equal 2.0% of the principal being repaid. Thereafter, if prepayment occurs on or before the Maturity Date, the premium shall equal 1.0% of the principal being repaid.

The Trinity LSA contains customary affirmative and negative covenants, including with respect to notice obligations, limitations on new indebtedness, liens, investments and transactions with affiliates of the Company, restrictions on the payment of dividends, maintenance of collateral and accounts and maintenance of insurance. The Trinity LSA also contains financial covenants requiring, if the Company’s market capitalization is less than $550 million, the Company to maintain minimum cash and cash equivalents pledged to secure the obligations under the Trinity LSA, less certain accounts payable, of at least (i) beginning from July 1, 2026 through the date, that the Company has raised at least $93.5 million in unrestricted net cash proceeds from one or more bona fide equity financings and/or upfront proceeds from business development after the Closing Date, 67.5% of all of the aggregate principal amount of outstanding obligations under the Trinity LSA, and (ii) beginning from the earlier of (x) October 1, 2027 and (ii) the date upon which the Company receives written notice of certain regulatory outcomes, through the date that the Company obtains certain regulatory approvals, 75% of the aggregate outstanding principal amount of the obligations under the Trinity LSA.

During the year ended December 31, 2025, the Company recorded interest expense relating to the Trinity LSA of $1.3 million and zero, respectively. The weighted average effective interest rate as of December 31, 2025 was 14.08%.

The Company incurred $2.1 million of financing costs and a $2.1 million final payment fee, which were recorded as debt discount and are being amortized to interest expense over the term of the Trinity LSA. The scheduled principal payments and net carrying amount of the Trinity LSA are as follows (in thousands):


YEAR ENDING DECEMBER 31,
2026	$	—
2027		—
2028		3,806
2029		24,175
2030		22,019
Total principal		50,000
Final payment fee		2,125
Less: debt discount		(6,258	)
Accretion of debt discount		255
Net carrying amount	$	46,122

The carrying value of the Company's term loan approximates fair value.

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2025	Mar. 05, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Registrant Name	CANDEL THERAPEUTICS, INC.
Entity Central Index Key	0001841387
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		73,246,927
Entity Public Float			$ 245.3
Entity File Number	001-40629
Entity Tax Identification Number	52-2214851
Entity Address, Address Line One	117 Kendrick St
Entity Address, Address Line Two	Suite 450
Entity Address, City or Town	Needham
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02494
Entity Incorporation, State or Country Code	DE
City Area Code	617
Local Phone Number	916-5445
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CADL
Security Exchange Name	NASDAQ
Document Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for its 2026 Annual Meeting of Stockholders (the Proxy Statement) are incorporated by reference in Part III of this Annual Report on Form 10-K. Such Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates. Except with respect to information specifically incorporated by reference in this Form 10-K, the Proxy Statement is not deemed to be filed as part of this Form 10-K
Auditor Name	KPMG LLP
Auditor Location	Boston, Massachusetts
Auditor Firm ID	185
Auditor Opinion	Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Candel Therapeutics, Inc. and subsidiary (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations, stockholders’ equity, and cash flows for each of the years then ended, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years then ended, in conformity with U.S. generally accepted accounting principles.

Fixed Assets, Net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 845	$ 990
Loss on the sale and disposal of fixed assets	$ 306	$ 0

Common Stock

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Common Stock

9. Common Stock

Common Stock

Common shares are voting and dividends may be paid when, as and if declared by the board of directors.

Common Stock Reserved

The Company has reserved the following shares of common stock for future issuance as of:


	DECEMBER 31,
	2025		2024
Stock options outstanding		6,246,920		4,486,181
Unvested restricted stock		—		330,779
Shares available for future grant under stock option plan		2,900,246		2,008,379
Warrants		7,762,350		7,507,708
Pre-funded warrants		—		3,333,333
		16,909,516		17,666,380

Shelf Registration and At-the-Market Offerings

On August 5, 2022, the Company filed the 2022 Shelf with the SEC, which covers the offering, issuance, and sale by us of up to an aggregate of $200.0 million of our common stock, preferred stock, debt securities, warrants and/or units of any combination thereof. We simultaneously entered into a sales agreement with Jefferies LLC, as sales agent, to provide for the issuance and sale by us of up to $75.0 million of our common stock from time to time in “at-the-market” offerings under the 2022 Shelf. The 2022 Shelf was declared effective by the SEC on August 12, 2022 and expired on August 12, 2025. As of August 12, 2025, the Company had sold and issued 3,923,829 shares of common stock under the 2022 ATM Program, with total net proceeds of $20.9 million.

On August 14, 2025, the Company filed the 2025 Shelf with the SEC, which covers the offering, issuance, and sale by the Company of up to an aggregate of $300.0 million of our common stock, preferred stock, debt securities, warrants and/or units of any combination thereof. The Company simultaneously entered into a sales agreement with Jefferies LLC, as sales agent, to provide for the issuance and sale by the Company of up to $50.0 million of our common stock from time to time in “at-the-market” offerings under the 2025 Shelf. The 2025 Shelf was declared effective by the SEC on August 22, 2025. As of December 31, 2025 and through March 5, 2026, the Company has not sold any shares of common stock under the 2025 ATM Program.

- Definition

The entire disclosure for equity.

+ References

+ Details

Term Loan - Additional Information (Details)			12 Months Ended
Term Loan - Additional Information (Details)	Oct. 14, 2025 USD ($)	Feb. 24, 2022 USD ($) Installment	Dec. 31, 2025 USD ($) $ / shares	Dec. 31, 2024 USD ($) $ / shares
Debt Instrument [Line Items]
Long-term debt			$ 46,122,000
Final payment fee			$ 2,125,000
Common stock, par value \| $ / shares			$ 0.01	$ 0.01
Loan Agreement
Debt Instrument [Line Items]
Debt issuance costs			$ 2,100,000
Final payment fee			2,100,000
Loan Agreement \| Silicon Valley Bank
Debt Instrument [Line Items]
Loan agreement date		Feb. 24, 2022
Loan, maximum borrowing capacity		$ 25,000,000
Long-term debt		$ 20,000,000
Loan agreement period		4 years
Number of consecutive \| Installment		24
Interest expense			600,000	$ 2,000,000
Debt issuance costs			89,000
Final payment fee			900,000
Loan Agreement \| Silicon Valley Bank \| Term Loan
Debt Instrument [Line Items]
Debt instrument, payment		monthly
Debt instrument, commencing date		Feb. 01, 2024
Debt instrument, maturity date		Jan. 01, 2026
Debt instrument final payment fee percentage		4.50%
Loan Agreement \| Trinity Capital Inc
Debt Instrument [Line Items]
Loan agreement date	Oct. 14, 2025
Percentage required to pay commitment fee	1.00%
Interest expense			$ 1,300,000	$ 0
Weighted average effective interest rate			14.08%
Debt prepayment premium percentage	3.00%
Percentage of upfront proceeds of the aggregate principal amount	67.50%
Loan Agreement \| Trinity Capital Inc \| Term Loan
Debt Instrument [Line Items]
Loan, maximum borrowing capacity	$ 130,000,000
Additional percentage required to pay lenders	4.25%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Prime Rate [Member]
Debt instrument, payment	monthly
Debt instrument, maturity date	Oct. 01, 2030
Percentage of regulatory approvals of the aggregate outstanding principal amount	75.00%
Loan Agreement \| Trinity Capital Inc \| First Tranche Term Loan
Debt Instrument [Line Items]
Loan, maximum borrowing capacity	$ 50,000,000
Debt prepayment premium percentage	2.00%
Loan Agreement \| Trinity Capital Inc \| Second Tranche Term Loan
Debt Instrument [Line Items]
Loan, maximum borrowing capacity	$ 20,000,000
Debt prepayment premium percentage	1.00%
Loan Agreement \| Trinity Capital Inc \| Third Tranche Term Loan
Debt Instrument [Line Items]
Loan, maximum borrowing capacity	$ 30,000,000
Loan Agreement \| Trinity Capital Inc \| Fourth Tranche Term Loan
Debt Instrument [Line Items]
Loan, maximum borrowing capacity	30,000,000
Loan Agreement \| Minimum \| Silicon Valley Bank
Debt Instrument [Line Items]
Debt instrument subject to prepayment premium percentage		1.00%
Loan Agreement \| Minimum \| Silicon Valley Bank \| Term Loan
Debt Instrument [Line Items]
Interest rate		2.50%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Prime Rate [Member]
Loan Agreement \| Minimum \| Trinity Capital Inc
Debt Instrument [Line Items]
Unrestricted net cash proceeds	$ 93,500,000
Loan Agreement \| Minimum \| Trinity Capital Inc \| Term Loan
Debt Instrument [Line Items]
Interest rate	3.00%
Loan Agreement \| Maximum \| Silicon Valley Bank
Debt Instrument [Line Items]
Debt instrument subject to prepayment premium percentage		3.00%
Loan Agreement \| Maximum \| Silicon Valley Bank \| Term Loan
Debt Instrument [Line Items]
Interest rate		5.75%
Loan Agreement \| Maximum \| Trinity Capital Inc
Debt Instrument [Line Items]
Market capitalization	$ 550,000,000
Loan Agreement \| Maximum \| Trinity Capital Inc \| Term Loan
Debt Instrument [Line Items]
Interest rate	9.75%
Loan agreement period	60 months

Exclusive Licensing Agreement with a Related Party

12 Months Ended

Dec. 31, 2025

License Agreement [Abstract]

Exclusive Licensing Agreement with a Related Party

13. Exclusive Licensing Agreement with a Related Party

In March 2014, the Company entered into an exclusive licensing agreement with Ventagen, LLC (Ventagen) which provides Ventagen the right to develop products for commercial sale and distribution within Mexico, Belize, Guatemala, Honduras, El Salvador, Costa Rica, Nicaragua, Panama, Colombia, and Bolivia (the Territory). Ventagen paid the Company $1.0 million upon the signing of the agreement and agreed to a fixed future payment to the Company of $2.5 million. The future payment will be made upon the achievement of $5.0 million of sales of an approved product by Ventagen and is subject to reduction if Ventagen’s costs to develop an approved product exceeds $4.0 million. In addition to the upfront payment and the future payment, Ventagen agreed to purchase from the Company all manufactured product that is required for clinical or commercial purposes at a price of cost plus 25% of the wholesale price of the approved product, subject to a minimum or maximum price. In the event the Company is unable or unwilling to manufacture supply under the terms of the agreement, Ventagen has the right to manufacture its own supply and will be required to pay a fixed fee per dose sold. The Company also agreed to provide certain services to Ventagen related to Ventagen’s development plan.

The Company recognized the $1.0 million upfront license fee as research and development service revenue as of December 31, 2022.

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Summary of Disaggregated Amounts that Comprise Research and Development and General and Administrative Expenses

In addition to the significant expense categories included within consolidated net loss presented on the Company's consolidated statements of operations, see below for disaggregated amounts that comprise research and development and general and administrative expenses:


	YEAR ENDED DECEMBER 31,
	2025			2024
Operating expenses:
Research and development:
Clinical development	$	14,738		$	5,196
Employee-related		12,308			11,669
Facility and equipment costs		1,879			1,566
Pre-clinical research		634			384
Other research and development segment expenses		937			499
Total research and development		30,496			19,314
General and administrative:
Employee-related		7,624			6,831
Professional and consulting fees		5,609			5,263
Commercial readiness		2,689			—
Other general and administrative segment expenses (1)		1,848			1,963
Total general and administrative		17,770			14,057
Total operating expenses		48,266			33,371
Loss from operations		(48,266	)		(33,371	)
Grant income		89			—
Interest income		3,915			1,086
Interest expense		(2,119	)		(2,090	)
Change in fair value of warrant liabilities		8,199			(20,802	)
Net loss	$	(38,182	)	$	(55,177	)

(1) Other general and administrative segment expenses primarily consist of insurance, occupancy, and information technology costs.

Summary of Significant Accounting Policies - Property and Equipment Estimated Useful Lives (Details)	Dec. 31, 2025
Significant Accounting Policies [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	Leasehold Improvements
Networking and Computer Equipment
Significant Accounting Policies [Line Items]
Estimated Useful Life	5 years
Laboratory Equipment
Significant Accounting Policies [Line Items]
Estimated Useful Life	5 years
Manufacturing Equipment
Significant Accounting Policies [Line Items]
Estimated Useful Life	5 years
Furniture and Fixtures
Significant Accounting Policies [Line Items]
Estimated Useful Life	5 years

Warrants

12 Months Ended

Dec. 31, 2025

Warrants and Rights Note Disclosure [Abstract]

Warrants

10. Warrants

The Company has the following warrants outstanding for the purchase of common stock as of December 31, 2025:


WARRANTS	SHARES OF COMMON STOCK SUBJECT TO WARRANTS		EXERCISE PRICE PER SHARE		EXPIRATION DATES
Series B Warrants		3,672,484	$	6.81	September 2027
Conditional Series B Warrants		3,672,484	$	6.81	September 2027
NC Ohio Trust		162,740	$	1.46	March 2029
Lender Warrants		254,642	$	5.89	October 2035

The Company has the following warrants outstanding for the purchase of common stock as of December 31, 2024:


WARRANTS	SHARES OF COMMON STOCK SUBJECT TO WARRANTS		EXERCISE PRICE PER SHARE		EXPIRATION DATES
Series B Warrants		3,672,484	$	6.81	November 2025
Conditional Series B Warrants		3,672,484	$	6.81	November 2025
NC Ohio Trust		162,740	$	1.46	March 2029
Pre-Funded Warrants		3,333,333	$	0.01	No expiration

Series B Warrants

In connection with the November 13, 2018 issuance of Series B convertible preferred stock (the Series B Preferred), the Company issued to the purchaser of the Series B Preferred warrants to purchase 3,672,484 shares of common stock

for $6.81 per share (the Series B Warrants), which became fully exercisable upon issuance. The Series B Warrants contain provisions allowing cashless exercise.

In addition, the Company issued to the same stockholder additional five-year warrants for the purchase of 3,672,484 shares of common stock for $6.81 per share (the Conditional Series B Warrants), which become exercisable in the event that the Company completes a future financing that meets certain financial milestones or achieves certain share prices as follows:

•

918,121 shares vest upon (1) a financing event effected through the sale of our equity securities to third parties resulting in at least $20,000,000 in gross proceeds with a per share price of $12.47, or (2) an average market price (determined over a consecutive 10-day period) of $12.47 per share;

•

an additional 918,121 shares vest upon (1) a financing event with a price per share of $13.20, or (2) an average market price (determined over a consecutive 10-day period) of, $13.20 per share;

•

an additional 918,121 shares vest upon (1) a financing event with a per share price of $13.94, or (2) an average market price (determined over a consecutive 10-day period) of, $13.94 per share; and

•

an additional 918,121 shares vest upon (1) a financing event with a per share price of $14.68, or (2) an average market price (determined over a consecutive 10-day period) of, $14.68 per share.

On June 24, 2021, the Company’s board of directors approved and on July 14, 2021 the stockholders approved, effective upon the closing of the Company's initial public offering (IPO), an amendment to the terms of the Series B Warrants and the Conditional Series B Warrants to extend the expiration date from November 2023 to November 2025. In addition, the exercise period for the Conditional Series B Warrants was amended such that in the event the future financing milestones or certain share price targets described above are achieved, the Conditional Series B Warrants can only be exercised in conjunction with the sale of the Company, on a cash or cashless exercise basis, or otherwise in November 2025 through a cashless exercise. On October 14, 2025, the Company entered into an amendment (the Warrant Amendment) with holders, including affiliates of Paul Manning and Chris Martell, who are directors of the Company, of the Series B Warrants and the Conditional Series B Warrants. Pursuant to the Warrant Amendment, the holders agreed (i) to extend the expiration date of the Series B Warrants and the Conditional Series B Warrants from November 2025 to September 2027; (ii) to irrevocably release the Company and its directors, officers and affiliates (collectively, the Releasees) from any and all claims that the holders may have against the Releasees related to any alleged breach of or wrongful act under that certain Series B Preferred Stock Purchase Agreement dated November 13, 2018 by and between the Company and PBM ADV Holdings, LLC (the Purchase Agreement) and the issuance of shares of the Company’s Series B preferred stock or existing warrants under the Purchase Agreement; (iii) to not, during the six months following the Warrant Amendment, (x) transfer or dispose of any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock, or (y) enter into any swap or other arrangement that transfers to another any of the economic consequences of ownership of such securities, subject to certain exceptions set forth in the Warrant Amendment; and (iv) that, if requested by the underwriters in any equity financing transaction undertaken by the Company prior to September 30, 2027, to execute a standard lock-up agreement in connection with such equity financing.

The Company recorded the Series B Warrants as a component of stockholder’s equity at the time of issuance at their estimated fair value of $2.1 million and recorded the Conditional Series B Warrants as a liability on the consolidated balance sheet as the number of shares used to calculate the settlement is not a fixed number of shares. The Conditional Series B Warrants are remeasured to their fair value at each reporting date with changes in the fair value recognized as a component of other income (expense), net in the consolidated statements of operations. The Company will continue to recognize changes in the fair value of the Conditional Series B Warrants until each Conditional Series B Warrant is exercised, expires or qualifies for equity classification. The warrant liability fair value was $13.6 million and $21.7 million as of December 31, 2025 and 2024, respectively.

NC Ohio Trust Warrants

On March 20, 2019, the Company established the NC Incorporated Ohio Trust, an irrevocable trust funded by the Company. The beneficiary in the trust agreement has provided past services to the Company for more than 15 years and is a non-employee. The warrant provides the beneficiary the right to purchase 162,740 shares of the Company’s common stock, $0.01 par value at an exercise price of $1.46 per share, subject to adjustments as specified in the warrant agreement. The Company recognizes the warrants as compensation expense within the consolidated statements of operations when the warrants are granted or at the service inception date if the service inception date precedes the grant date. In the period in which the grant date occurs, cumulative compensation cost shall be adjusted to reflect the cumulative effect of measuring compensation cost based on the fair value at the grant date rather than the fair value previously used at the service inception date or subsequent reporting dates. As of December 31, 2025 and 2024, a grant date was not established as there was not a mutual understanding of key terms. The Company remeasures the fair value of the award at each reporting date, as the service date preceded the grant date. The value of

the warrants for 162,740 shares of common stock was $0.8 million and $1.3 million as of December 31, 2025 and 2024, respectively. The value of the warrants at each reporting date is recorded as stock compensation expense within research and development expense and to stockholders’ equity in the consolidated financial statements.

Pre-Funded Warrants

In connection with the public offering on December 16, 2024 (see Note 1), the Company has issued pre-funded warrants to purchase common stock in lieu of common stock. As the pre-funded warrants are indexed to the Company’s common stock (and otherwise meet the requirements to be classified in equity), the Company recorded the consideration received from the issuance of the pre-funded warrants as additional paid-in capital on the Company’s consolidated balance sheet. The pre-funded warrants are exercisable at any time. The holders of Pre-Funded Warrants may not exercise the warrant if the holder, together with its affiliates, would beneficially own more than 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to such exercise. The holders of Pre-Funded Warrants may increase or decrease such percentages not in excess of 19.99% by providing at least 61 days’ prior notice to the Company.

During the year ended December 31, 2025, 3,328,064 shares of common stock were issued upon the cashless exercise of pre-funded warrants. As of December 31, 2025, all pre-funded warrants were exercised.

Lender Warrants

In connection with the drawdown of any Tranche under the Trinity LSA entered into on October 14, 2025 (see Note 6), the Company is required to issue to the Lenders warrants (the Lender Warrants) to purchase shares of the Company’s common stock, $0.01 par value per share. The exercise price for the Lender Warrants is equal to $5.89 per share. The number of shares of common stock for which each Lender Warrant is exercisable is equal to 3.0% of the applicable drawn down amount, divided by the exercise price. The Lender Warrants shall have a term of ten years from the date of issuance and shall permit cashless net exercise, all in accordance with their terms. In connection with the drawdown of the First Tranche, the Company issued a Lender Warrant to purchase up to 254,642 shares of Common Stock.

The initial fair value of the Lender Warrants was recognized as debt discount to the term loan and a corresponding warrant liability. The Lender Warrants are remeasured to their fair value at each reporting date with changes in the fair value recognized as a component of other income (expense), net in the consolidated statements of operations. The Company will continue to recognize changes in the fair value of the Lender Warrants until each Lender Warrant is exercised, expires or qualifies for equity classification. The warrant liability fair value was $2.0 million and zero as of December 31, 2025 and 2024, respectively.

During the year ended December 31, 2025, no Lender Warrants were exercised. As of December 31, 2025, there were 254,642 Lender Warrants outstanding.

Fair Value of Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Information About Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):


	FAIR VALUE MEASUREMENTS AS OF DECEMBER 31, 2025 USING:
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Liabilities:
Warrant liabilities		—		—		15,598		15,598
Total	$	—	$	—	$	15,598	$	15,598


	FAIR VALUE MEASUREMENTS AS OF DECEMBER 31, 2024 USING:
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Liabilities:
Warrant liability		—		—		21,718		21,718
Total	$	—	$	—	$	21,718	$	21,718

Schedule of Aggregate Fair Values of Warrant Liabilities, for Which Fair Value Determined by Level 3 Inputs

The following table provides a roll forward of the aggregate fair values of the Company’s warrant liabilities, for which fair value is determined by Level 3 inputs (in thousands):


	WARRANT LIABILITIES
Balance at December 31, 2023	$	916
Change in fair value		20,802
Balance at December 31, 2024	$	21,718
Lender warrants in connection with debt financing		2,079
Change in fair value		(8,199	)
Balance at December 31, 2025	$	15,598

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

Principles of Consolidation

Emerging Growth Company

Use of Estimates

Cash and Cash Equivalents

Restricted Cash

Fair Value Measurements

•

Level 1—Quoted prices in active markets for identical assets or liabilities.

•

Property and Equipment


ASSET		ESTIMATED USEFUL LIFE
Networking and computer equipment		5 years
Laboratory equipment		5 years
Manufacturing equipment		5 years
Furniture and fixtures		5 years
Leasehold improvements		Shorter of the useful life or remaining lease term

Leases

Concentrations of Credit Risk

Impairment of Long-lived Assets

Revenue Recognition

Research and Development Costs and Accruals

Patent Costs

Stock-Based Compensation

Government Grants

Income Taxes

Net Loss Per Share

Recently Adopted Accounting Standards

Recently Issued Accounting Standards

Stock Options, Restricted Stock and Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 3,817	$ 5,312
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	1,494	3,276
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,323	$ 2,036

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Other Long-Term Debt - Additional Information (Details) - Periphagen, Inc. - USD ($) $ in Millions		12 Months Ended
	Dec. 09, 2019	Dec. 31, 2025
Debt Instrument [Line Items]
Asset acquisition, assumption of promissory note	$ 1.0
Promissory note contractual interest rate	2.00%
Accrued interest due upon maturity period	2027-11
Estimated market rate for unsecured loan	15.83%
Business acquisition present value of future cash outflow	$ 0.4
Business acquisition carrying value of note		$ 1.0
Payment for outstanding note balance and accrued interest due		$ 1.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Income Taxes - Schedule of Components of Net Loss Before Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Domestic	$ (38,182)	$ (55,177)
Total	$ (38,182)	$ (55,177)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Lease - Schedule of Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating cash flows used for operating leases	$ 613	$ 598
Weighted-average remaining lease term (years)	3 years 8 months 12 days	1 year 8 months 12 days
Weighted-average incremental borrowing rate	7.31%	7.02%

Lease - Summary of Future Lease Payments Under Non-cancellable Leases (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Leases [Abstract]
2026	$ 618
2027	613
2028	628
2029	426
Total future lease payments	2,285
Less: imputed interest	(381)
Operating lease liability	$ 1,904

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 119,731	$ 102,654
Prepaid expenses and other current assets	1,658	1,150
Total current assets	121,389	103,804
Fixed assets, net	1,642	2,191
Lease right of use assets	1,661	542
Restricted cash	416	266
Other assets	87	63
Total assets	125,195	106,866
Current liabilities:
Accounts payable	1,129	237
Accrued expenses	7,334	5,113
Current portion of term loans	0	9,895
Current portion of lease liability	445	566
Warrant liabilities	0	21,718
Other current liabilities	89	0
Total current liabilities	8,997	37,529
Deferred revenue	89	0
Term loans, net of current portion	46,122	1,733
Other long-term debt	1,008	870
Lease liability, net of current portion	1,459	407
Warrant liabilities	15,598	0
Total liabilities	73,273	40,539
Commitments and contingencies (Note 15)
Stockholders' equity
Preferred stock, $0.01 par value; 10,000,000 shares authorized at December 31, 2025 and 2024; no shares issued or outstanding at December 31, 2025 and 2024, respectively.
Common stock, $0.01 par value; 150,000,000 shares authorized at December 31, 2025 and 2024; 55,020,911 and 46,933,088 shares issued at December 31, 2025 and 2024, respectively; and 54,898,303 and 46,810,480 shares outstanding at December 31, 2025 and 2024, respectively.	550	469
Treasury stock (at cost)	(448)	(448)
Additional paid-in capital	282,207	258,511
Accumulated deficit	(230,387)	(192,205)
Total stockholders' equity	51,922	66,327
Total liabilities and stockholders' equity	$ 125,195	$ 106,866

Common Stock - Schedule of Common Stock Reserved For Future Issuance (Details) - shares	Dec. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Common stock reserved for future issuance	16,909,516	17,666,380
Warrants
Class of Stock [Line Items]
Common stock reserved for future issuance	7,762,350	7,507,708
Pre-funded Warrants
Class of Stock [Line Items]
Common stock reserved for future issuance	0	3,333,333
Stock Options Outstanding
Class of Stock [Line Items]
Common stock reserved for future issuance	6,246,920	4,486,181
Unvested Restricted Stock
Class of Stock [Line Items]
Common stock reserved for future issuance	0	330,779
Shares Available for Future Grant Under Stock Option Plan
Class of Stock [Line Items]
Common stock reserved for future issuance	2,900,246	2,008,379

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes - Schedule of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating losses	$ 37,934	$ 29,876
Intangibles	362	422
Accrued expenses & other	756	591
Lease liability	502	257
Stock compensation	1,375	987
Capitalized R&D expenditures	17,008	13,456
Credits	7,736	6,873
Other	33	0
Total deferred tax assets	65,706	52,462
Valuation allowance	(65,268)	(52,185)	$ (40,548)
Net deferred tax assets	438	277
Deferred tax liabilities:
Right of use asset	(438)	(143)
Other	0	(134)
Total deferred tax liabilities	(438)	(277)
Net deferred tax assets (liabilities)	$ 0	$ 0

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating expenses:
Research and development	$ 30,496	$ 19,314
General and administrative	17,770	14,057
Total operating expenses	48,266	33,371
Loss from operations	(48,266)	(33,371)
Other income (expense):
Grant income	89
Interest income	3,915	1,086
Interest expense	(2,119)	(2,090)
Change in fair value of warrant liabilities	8,199	(20,802)
Total other income (expense), net	10,084	(21,806)
Net loss and comprehensive loss	$ (38,182)	$ (55,177)
Net loss per share - basic	$ (0.72)	$ (1.74)
Net loss per share - diluted	$ (0.72)	$ (1.74)
Weighted-average common shares outstanding, basic	52,958,644	31,675,076
Weighted-average common shares outstanding, diluted	52,958,644	31,675,076

Accrued Expenses

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accrued Expenses

5. Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	DECEMBER 31,
	2025		2024
Payroll and employee related expenses	$	3,384	$	3,038
Third-party research and development expenses		2,681		765
Professional fees		805		920
Other		464		390
	$	7,334	$	5,113

Net Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Numerator:
Net loss	$ (38,182)	$ (55,177)
Denominator:
Weighted-average shares of common stock outstanding - basic	52,958,644	31,675,076
Weighted-average shares of common stock outstanding - diluted	52,958,644	31,675,076
Net loss per share - basic	$ (0.72)	$ (1.74)
Net loss per share - diluted	$ (0.72)	$ (1.74)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Fair Value of Financial Assets and Liabilities

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

3. Fair Value of Financial Assets and Liabilities


	FAIR VALUE MEASUREMENTS AS OF DECEMBER 31, 2025 USING:
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Liabilities:
Warrant liabilities		—		—		15,598		15,598
Total	$	—	$	—	$	15,598	$	15,598


	FAIR VALUE MEASUREMENTS AS OF DECEMBER 31, 2024 USING:
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Liabilities:
Warrant liability		—		—		21,718		21,718
Total	$	—	$	—	$	21,718	$	21,718

Valuation of Warrant Liabilities

Series B Warrants

In connection with the November 13, 2018 issuance of Series B convertible preferred stock, the Company issued warrants to purchase shares of common stock of which certain warrants are shown as a liability on the balance sheet, see Note 10. The fair value of the warrant liability was determined based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The fair value of the warrant liability use various valuation methods, including the Monte Carlo method, the option-pricing method, probability-weighted expected return and the hybrid method, all of which incorporate assumptions and estimates, to value the common stock warrants. The hybrid method is often used when a company is expecting a liquidity event in the near future and is a combination of the option-pricing and probability-weighted expected return methods. Estimates and assumptions impacting the fair value measurement include the fair value per share of the underlying shares of common stock, risk-free interest rate, expected dividend yield, expected volatility of the price of the underlying common stock, and the remaining contractual term of the warrants. The most significant assumption in the model impacting the fair value of the common stock warrants is the fair value of the Company’s common stock as of each remeasurement date.

Lender Warrants

In connection with the October 14, 2025 Trinity LSA, the Company is required to issue to the Lenders warrants to purchase shares of common stock of which certain warrants are shown as a liability on the balance sheet, see Note 10. The fair value of the associated warrant liability is determined based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The fair value of the warrants is determined using a hybrid Monte Carlo simulation and Black-Scholes methodology, which incorporates assumptions and estimates to value the common stock warrants. Key inputs, estimates, and assumptions impacting the fair value measurement include the Company stock price, risk-free interest rate, expected dividend yield, volatility, remaining contractual term of the warrants, timing of milestone achievements, and expected stock price increases and decreases in success and failure scenarios related to the milestones. The most significant assumptions in the model impacting the fair value of the common stock warrants is the volatility of the Company’s common stock, and expected stock price increases or decreases on the respective milestone dates.

The following table provides a roll forward of the aggregate fair values of the Company’s warrant liabilities, for which fair value is determined by Level 3 inputs (in thousands):


	WARRANT LIABILITIES
Balance at December 31, 2023	$	916
Change in fair value		20,802
Balance at December 31, 2024	$	21,718
Lender warrants in connection with debt financing		2,079
Change in fair value		(8,199	)
Balance at December 31, 2025	$	15,598

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)(3)
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

The components of net loss before income tax expense are as follows (in thousands):


	YEAR ENDED DECEMBER 31,
	2025			2024
Domestic	$	(38,182	)	$	(55,177	)
Total	$	(38,182	)	$	(55,177	)

Due to the Company's net losses for 2025 and 2024, as well as the full valuation allowance on its net deferred tax assets as discussed below, the Company did not record any income tax expense or benefit for the years ended December 31, 2025 and 2024 .

A reconciliation of the Company's statutory income tax rate to the Company’s effective income tax rate is as follows (in thousands):


	YEAR ENDED DECEMBER 31,						YEAR ENDED DECEMBER 31,
	2025						2024
	Amount			Percent			Amount			Percent
Pretax Loss	$	(38,182	)				$	(55,177	)

US Federal Statutory Tax Rate		(8,018	)		21.0	%		(11,587	)		21.0	%
Tax Credits:
Tax Credits - Orphan Drug		(7	)		—			(30	)		0.1	%
Tax Credits - Federal R&D		(662	)		1.7	%		(508	)		0.9	%
Change in valuation allowance		10,219			(26.7	)%		9,521			(17.3	)%
Nontaxable or Nondeductible Items:
Mark to Market		(1,722	)		4.5	%		4,368			(7.9	)%
Equity Compensation		41			(0.1	)%		(1,843	)		3.3	%
Other		149			(0.4	)%		79			(0.1	)%
Total	$	—			0.0	%	$	—			0.0	%

The Company’s effective tax rate differs from the statutory rate primarily due to continued losses and the maintenance of a full valuation allowance on deferred tax assets, resulting in zero income tax expense for the period.

Net deferred tax assets as of December 31, 2025 and 2024 consist of the following (in thousands):


	YEAR ENDED DECEMBER 31,
	2025			2024
Deferred tax assets:
Net operating losses	$	37,934		$	29,876
Intangibles		362			422
Accrued expenses and other		756			591
Lease liability		502			257
Stock compensation		1,375			987
Capitalized R&D expenditures		17,008			13,456
Credits		7,736			6,873
Other		33			—
Total deferred tax assets		65,706			52,462
Valuation allowance		(65,268	)		(52,185	)
Net deferred tax assets		438			277
Deferred tax liabilities:
Right of use asset		(438	)		(143	)
Other		—			(134	)
Total deferred tax liabilities		(438	)		(277	)
Net deferred tax assets (liabilities)	$	—		$	—

As of December 31, 2025, the Company has gross federal and state net operating loss carryforwards of approximately $141.1 million and $131.2 million, respectively. The federal net operating loss carryforwards include $8.8 million that begins to expire in 2027 and $132.3 million that can be carried forward indefinitely. The state net operating loss carryforwards begin to expire in 2032.

As of December 31, 2025, the Company has gross federal and state tax credit carryforwards of approximately $5.7 million and $2.6 million, respectively, which begin to expire in 2036 and 2030, respectively.

Management of the Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets, which are comprised principally of net operating loss carryforwards and certain tax credits. Management has considered the Company’s history of cumulative net losses incurred since inception, as well as its lack of product revenue since inception, and has determined that it is more likely than not that the Company will not realize the benefits of its deferred tax assets. As a result, a full valuation allowance has been established at December 31, 2025 and 2024.

Section 382 of the Internal Revenue Code of 1986, as amended (Section 382), contains rules that limit the ability of a company that undergoes in ownership change to utilize its net operating losses (NOLs) and tax credits existing as of the date of such ownership change. Under the rules, such an ownership change is generally any change in ownership of more than 50% of a company’s stock within a rolling three-year period. The rules generally operate by focusing on changes in ownership of all stock considered by the rules as owning, directly or indirectly, 5% or more of the stock of a company and any change in ownership arising from new issuances of stock by the company. The Company has not yet determined if such a limitation would be placed against its available net operating losses. The Company will make such a determination prior to the utilization of any future net operating losses.

For tax years beginning after December 31, 2024, OBBBA enacted a new rule under Section 174A allowing companies to immediately expense any domestic research and developmental (R&D) expenditures. For domestic R&D, companies may either immediately expense or elect to capitalize and amortize over at least 60 months under Section 174A. However, foreign R&D continues to require capitalization subject to the mandatory 15-year amortization period under Section 174.

The Company has elected to continue amortizing the previously capitalized costs over their remaining life. Beginning in tax year 2025, instead of immediately expensing domestic R&D expenditures under Section 174A, the Company elected to capitalize and amortize its domestic R&D expenditures under Section 59(e) over a 10 year period. Any foreign R&D costs will continue to be capitalized and amortized over 15 years in accordance with the requirements of Section 174.

A summary of changes in the valuation allowance for deferred tax assets during the years ended December 31, 2025 and 2024 were as follows (in thousands):


	YEAR ENDED DECEMBER 31,
	2025		2024
Valuation allowance	$	52,185	$	40,548
Increases recorded to income tax provision		13,083		11,637
Decreases recorded to income tax provision		—		—
Valuation allowance	$	65,268	$	52,185

The Company files income tax returns in the United States and various state and local jurisdictions. The federal and state tax returns are generally subject to examination for the years ended December 31, 2014 through December 31, 2025. There are currently no pending tax examinations. To the extent the Company has tax attribute carryforwards, the tax year in which the attribute was generated may still be adjusted upon examination.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock Options, Restricted Stock and Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 24, 2025	Jul. 14, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	16,909,516	17,666,380
Number of shares available for grant	1,900,246
Stock options exercised	219,813
Intrinsic value of stock options exercised	$ 0.7	$ 5.7
Unrecognized compensation cost related to unvested stock options	$ 11.2	$ 1.9
Stock-based awards are expected to be recognized over a weighted average period	2 years 10 months 9 days	2 years 3 months 14 days
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate fair value of awards that vested	$ 1.9	$ 16.8
2015 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	4 years
Share-based compensation arrangement by share-based payment award, expiration period	10 years
Number of shares available for grant	0
Stock options exercised	306,518
Exercise price per share	$ 1.46
Common stock held by option holder in consideration of aggregate exercise price	122,608
2021 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance				8,558,685
2025 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant	1,000,000
2025 Plan \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance			1,000,000

Warrants (Tables)

12 Months Ended

Dec. 31, 2025

Warrants and Rights Note Disclosure [Abstract]

Summary of Warrants Outstanding for Purchase of Common Stock

The Company has the following warrants outstanding for the purchase of common stock as of December 31, 2025:


WARRANTS	SHARES OF COMMON STOCK SUBJECT TO WARRANTS		EXERCISE PRICE PER SHARE		EXPIRATION DATES
Series B Warrants		3,672,484	$	6.81	September 2027
Conditional Series B Warrants		3,672,484	$	6.81	September 2027
NC Ohio Trust		162,740	$	1.46	March 2029
Lender Warrants		254,642	$	5.89	October 2035

The Company has the following warrants outstanding for the purchase of common stock as of December 31, 2024:


WARRANTS	SHARES OF COMMON STOCK SUBJECT TO WARRANTS		EXERCISE PRICE PER SHARE		EXPIRATION DATES
Series B Warrants		3,672,484	$	6.81	November 2025
Conditional Series B Warrants		3,672,484	$	6.81	November 2025
NC Ohio Trust		162,740	$	1.46	March 2029
Pre-Funded Warrants		3,333,333	$	0.01	No expiration

Term Loan (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Principal Payments and Net Carrying Amount of Term Loan

The scheduled principal payments and net carrying amount of the Trinity LSA are as follows (in thousands):


YEAR ENDING DECEMBER 31,
2026	$	—
2027		—
2028		3,806
2029		24,175
2030		22,019
Total principal		50,000
Final payment fee		2,125
Less: debt discount		(6,258	)
Accretion of debt discount		255
Net carrying amount	$	46,122

Net Loss Per Share - Schedule of Potential Shares of Common Stock Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share	14,009,270	12,324,668
Outstanding Warrants For Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share	7,762,350	7,507,708
Outstanding Stock Options (As Converted To Common Stock)
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share	6,246,920	4,486,181
Unvested Restricted Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share	0	330,779

Warrants - Additional Information (Details) $ / shares in Units, $ in Thousands					12 Months Ended
	Oct. 14, 2025 $ / shares shares	Dec. 16, 2024 TradingDays	Jun. 24, 2021	Mar. 20, 2019 $ / shares shares	Dec. 31, 2025 USD ($) TradingDays $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Nov. 13, 2018 $ / shares shares
Class Of Warrant Or Right [Line Items]
Fair value of warrant liability \| $					$ 15,598	$ 0
Common stock, par value					$ 0.01	$ 0.01
Tranche One
Class Of Warrant Or Right [Line Items]
Proceeds from stock offering \| $					$ 20,000,000
Class of warrant or right exercise price per share					$ 12.47
Class of warrant or right exercise average market price per share					$ 12.47
Number of consecutive days \| TradingDays					10
Class of warrants issued \| shares					918,121
Tranche Two
Class Of Warrant Or Right [Line Items]
Class of warrant or right exercise price per share					$ 13.2
Class of warrant or right exercise average market price per share					$ 13.2
Number of consecutive days \| TradingDays					10
Class of warrants issued \| shares					918,121
Tranche Three
Class Of Warrant Or Right [Line Items]
Class of warrant or right exercise price per share					$ 13.94
Class of warrant or right exercise average market price per share					$ 13.94
Number of consecutive days \| TradingDays					10
Class of warrants issued \| shares					918,121
Tranche Four
Class Of Warrant Or Right [Line Items]
Class of warrant or right exercise price per share					$ 14.68
Class of warrant or right exercise average market price per share					$ 14.68
Number of consecutive days \| TradingDays					10
Class of warrants issued \| shares					918,121
Series B Warrants
Class Of Warrant Or Right [Line Items]
Class of warrant or right issued \| shares							3,672,484
Class of warrant or right period					5 years
Class of warrants issued per share					$ 6.81	$ 6.81	$ 6.81
Expiration dates			2023-11		2027-09	2025-11
Estimated fair value of warrants \| $					$ 2,100
Extended expiration dates			2025-11
Class of warrants issued \| shares					3,672,484	3,672,484
Series B Conditional Warrants
Class Of Warrant Or Right [Line Items]
Fair value of warrant liability \| $					$ 13,600	$ 21,700
Conditional Series B Warrants
Class Of Warrant Or Right [Line Items]
Class of warrants issued per share					$ 6.81	$ 6.81
Expiration dates					2027-09	2025-11
Class of warrants issued \| shares					3,672,484	3,672,484
NC Ohio Trust
Class Of Warrant Or Right [Line Items]
Class of warrants issued per share				$ 1.46	$ 1.46	$ 1.46
Expiration dates					2029-03	2029-03
Class of warrants issued \| shares				162,740	162,740	162,740
Common stock, par value				$ 0.01
Warrant liability \| $					$ 800	$ 1,300
NC Ohio Trust \| Minimum
Class Of Warrant Or Right [Line Items]
Past services provided by beneficiary				15 years
Pre-funded Warrants
Class Of Warrant Or Right [Line Items]
Class of warrants issued per share						$ 0.01
Minimum beneficial ownership percentage		4.99%
Change in beneficial ownership notice period \| TradingDays		61
Class of warrants issued \| shares						3,333,333
Warrants exercised, Shares \| shares					3,328,064
Increase or decrease in percentage rate of Pre-funded warrants not in excess		19.99%
Lender Warrants
Class Of Warrant Or Right [Line Items]
Class of warrants issued per share	$ 5.89				$ 5.89
Number of warrants outstanding \| shares					254,642
Expiration dates					2035-10
Fair value of warrant liability \| $					$ 2,000	$ 0
Warrant exercisable percentage	3.00%
Warrant term	10 years
Class of warrants issued \| shares					254,642
Warrants exercised, Shares \| shares					0
Common stock, par value	$ 0.01
Lender Warrants \| Maximum
Class Of Warrant Or Right [Line Items]
Class of warrants issued \| shares	254,642

Organization and Basis of Presentation

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Basis of Presentation

1. Organization and Basis of Presentation

Candel Therapeutics, Inc., formerly known as Advantagene, Inc. (the Company), is a clinical stage biopharmaceutical company that was incorporated in Delaware in June 2003. On November 30, 2020, the Company changed its name to Candel Therapeutics, Inc. The Company is focused on developing off-the-shelf viral immunotherapies that elicit an individualized, systemic anti-tumor immune response to help patients fight cancer. The Company’s engineered viruses are designed to induce immunogenic cell death through direct viral-mediated cytotoxicity in cancer cells, thus releasing tumor neo-antigens and creating a pro-inflammatory microenvironment at the site of injection. This is intended to lead to in-situ immunization against the injected tumor and uninjected distant metastases. The Company has established two off-the-shelf viral immunotherapy platforms and its two product candidates, aglatimagene and linoserpaturev, are in clinical trials for a number of tumor types.

The Company is subject to risks and uncertainties common to companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize revenue from product sales.

Since inception, the Company has funded its operations primarily with proceeds from the sale of its convertible notes and capital stock and from debt borrowings. The Company had a net loss of $38.2 million and $55.2 million for the years ended December 31, 2025, and 2024, respectively. In addition, as of December 31, 2025, the Company had an accumulated deficit of $230.4 million. The Company expects to continue to generate operating losses and negative cash flows from operations for the foreseeable future.

On August 5, 2022, the Company filed a shelf registration statement on Form S-3 (as amended to date, the 2022 Shelf) with the U.S. Securities and Exchange Commission (SEC), which covered the offering, issuance, and sale by us of up to an aggregate of $200.0 million of our common stock, preferred stock, debt securities, warrants and/or units of any combination thereof. We simultaneously entered into a sales agreement with Jefferies LLC, as sales agent, to provide for the issuance and sale by us of up to $75.0 million of our common stock from time to time in “at-the-market” offerings under the 2022 Shelf (the 2022 ATM Program). The 2022 Shelf was declared effective by the SEC on August 12, 2022 and expired on August 12, 2025. As of August 12, 2025, the Company had sold and issued 3,923,829 shares of common stock under the 2022 ATM Program, with total net proceeds of $20.9 million.

On December 16, 2024, the Company completed a public offering of its common stock and, in lieu of common stock to certain investors, pre-funded warrants to purchase shares of its common stock. The Company issued and sold 12,000,001 shares of common stock, including full exercise of the underwriters’ option to purchase an additional 2,000,000 shares, at a public offering price of $6.00 per share. Additionally, in lieu of common stock to certain investors, the Company issued and sold pre-funded warrants to purchase 3,333,333 shares of its common stock at a public offering price of $5.99 per pre-funded warrant, which represents the per share public offering price of each share of common stock less the $0.01 per share exercise price for each pre-funded warrant. The aggregate gross proceeds before deducting underwriting discounts and commissions, and other estimated offering expenses payable by the Company were approximately $92.0 million.

On June 25, 2025, the Company completed a registered direct offering of its common stock. The Company issued and sold 3,221,395 shares of common stock, at a price of $4.67 per share to purchasers including existing healthcare-focused institutional investors, executive officers, and directors of the Company. The aggregate gross proceeds before deducting estimated offering expenses payable by the Company were approximately $15.0 million.

On August 14, 2025, the Company filed a shelf registration statement on Form S-3 (the 2025 Shelf) with the SEC, which covers the offering, issuance, and sale by us of up to an aggregate of $300.0 million of our common stock, preferred stock, debt securities, warrants and/or units of any combination thereof. The Company simultaneously entered into a sales agreement with Jefferies LLC, as sales agent, to provide for the issuance and sale by the Company of up to $50.0 million of our common stock from time to time in “at-the-market” offerings under the 2025 Shelf (the 2025 ATM Program). The 2025 Shelf was declared effective by the SEC on August 22, 2025. As of December 31, 2025 and through March 5, 2026, the Company has not sold any shares of common stock under the 2025 ATM Program.

The future viability of the Company is dependent on its ability to raise additional capital to finance its operations. The Company’s inability to raise capital as and when needed could have a negative impact on its financial condition and

ability to pursue its business strategies. There can be no assurances that additional funding will be available on terms acceptable to the Company, or at all. The Company believes that existing resources will fund planned operations for at least 12 months from the issuance date of these consolidated financial statements.

Accordingly, the consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern and that contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash Flows from Operating Activities:
Net loss	$ (38,182)	$ (55,177)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	845	990
Impairment of fixed assets	90	41
Loss on the sale and disposal of fixed assets	306	0
Non-cash stock compensation expense	3,817	5,312
Non-cash lease expense	321	274
Non-cash interest expense	138	119
Change in fair value of warrant liabilities	(8,199)	20,802
Accretion of debt discount	360	270
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(508)	234
Other assets	(24)	53
Accounts payable	802	(185)
Accrued expenses	2,254	757
Deferred income	178
Lease liability	(509)	(513)
Net cash used in operating activities	(38,311)	(27,023)
Cash Flows from Investing Activities:
Purchase of fixed assets	(587)	(16)
Proceeds from the sale of fixed assets	27
Net cash used in investing activities	(560)	(16)
Cash Flows from Financing Activities:
Proceeds from term loan, net of issuance costs	47,946
Proceeds from issuance of common stock in registered direct offering, net of issuance costs	14,331
Proceeds from option exercises	516	1,689
Principal payments on term loan payable to a bank	(11,733)	(9,167)
Net cash provided by financing activities	56,098	94,280
Net increase in cash, cash equivalents and restricted cash	17,227	67,241
Cash, cash equivalents and restricted cash at beginning of period	102,920	35,679
Cash, cash equivalents and restricted cash at end of period	120,147	102,920
Supplemental cash flow information:
Cash paid for interest	1,280	1,795
Supplemental disclosures of non-cash information:
Change in right of use asset and lease liability due to lease amendment	1,440
Initial fair value of warrant liability in connection with debt financing	2,079
Capital expenditures in accounts payable and accrued expenses	132
Deferred offering issuance costs in accounts payable and accrued expenses	93
At-the-Market Offering [Member]
Cash Flows from Financing Activities:
Proceeds from sale of common stock through at-the-market offerings, net of issuance costs	$ 5,038	15,830
Public Offering
Cash Flows from Financing Activities:
Proceeds from issuance of common stock and accompanying pre-funded warrants in public offering, net of issuance costs		$ 85,928

Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Statement of Stockholders' Equity [Abstract]
Issuance of common stock and accompanying pre-funded warrants in public offering, issuance costs		$ 6.1
Issuance of common stock in registered direct offering, issuance costs	$ 0.7
Sale of common stock through at-the-market offerings, issuance costs	$ 0.2	$ 0.5

Technology License Agreement - Additional Information (Details) - BWH License - USD ($)			12 Months Ended
	Sep. 15, 2020	Jan. 20, 2018	Dec. 31, 2025	Dec. 31, 2024
Technology License Agreement [Line Items]
Committed amount to remitting in support of clinical trial		$ 800,000
Committed period to remitting in support of clinical trial		3 years
Non-refundable fee		$ 40,000
Expense for startup and patient fees for clinical trials			$ 0	$ 0
Payment for license fee	$ 100,000
Payment at the time of entering into license	100,000
Payment for annual license fee	50,000
Maximum amount upon achievement of various clinical, commercial and sales milestones	$ 39,000,000

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Preferred stock par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares, issued	55,020,911	46,933,088
Common stock, shares, outstanding	54,898,303	46,810,480

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

18. Subsequent Events

2026 Follow-On Offering

On February 23, 2026, the Company issued and sold 18,348,624 shares of common stock at a price to the public of $5.45 per share for aggregate gross proceeds of approximately $100 million (the 2026 Follow-On Offering). The Company received approximately $93.5 million in net proceeds from the 2026 Follow-On Offering after deducting underwriting discounts and commissions and offering expenses. The Company also granted the underwriters a 30-day option to purchase up to 2,752,293 additional shares of common stock at the public offering price, less the underwriting discount.

RTW Purchase Agreement

On February 19, 2026, the Company entered into a purchase and sale agreement (the RTW Purchase Agreement) with funds managed by RTW Investments, LP (RTW). Under the terms of the RTW Purchase Agreement, RTW has agreed to pay the Company $100 million (the RTW Purchase Price) upon the marketing approval of aglatimagene for the treatment of intermediate-risk and high-risk localized prostate cancer by the FDA in exchange for a tiered royalty on future net sales of aglatimagene in the United States. RTW will be entitled to a 4.67% royalty on the portion of annual net sales in the United States that is less than or equal to $1 billion, and a 1.33% royalty on the portion of annual net sales in the United States, exceeding $1 billion. The 4.67% tier will increase to 6.67% if annual net sales do not achieve certain specified levels (the Ratchet), subject to a cure opportunity by the Company (provided that such Ratchet and cure opportunity may each subsequently occur more than once).

The royalty payments become payable following the first commercial sale of aglatimagene in the United States and end upon RTW’s receipt of $250 million in royalty payments (the RTW Royalty Cap). If the Company undergoes a change of control with, or sells aglatimagene and all of the aglatimagene rights to, a third party, the RTW Purchase Agreement provides the Company and RTW with an option for the Company to pay certain specified amounts to terminate the RTW Purchase Agreement, depending upon the timing for such transaction, up to the RTW Royalty Cap (the Buy-Out Option). If either party exercises the Buy-Out Option, the RTW Purchase Agreement will automatically terminate upon payment of the specified amount.

The transaction is subject to certain closing conditions, including that FDA approval must occur by a specified date, conditions related to our indebtedness and other customary closing conditions. The RTW Purchase Agreement also contains customary representations, warranties and indemnities on the part of the Company and RTW and customary covenants on the part of the Company, including around the Company's indebtedness as well as licensing and other activities related to aglatimagene and its rights.

Trinity LSA Amendment

On March 10, 2026, we entered into that certain First Amendment to Loan and Security Agreement among the Company and Trinity Capital Inc. (the First Amendment to Trinity LSA). The First Amendment to Trinity LSA amended our financial covenant such that the period in which we are required, if our market capitalization is less than $550 million, to maintain minimum cash and cash equivalents of 67.5% of all of the aggregate principal amount of outstanding obligations under the Trinity LSA shall be through the date that we have raised at least $93.5 million in unrestricted net cash proceeds from one or more bona fide equity financings and/or upfront proceeds from business development after the Closing Date (as defined in the Trinity LSA). The First Amendment to Trinity LSA also makes corresponding amendments and additions to defined terms.

Net Loss Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share

16. Net Loss Per Share

Net Loss Per Share


	YEAR ENDED DECEMBER 31,
	2025			2024
Numerator:
Net loss	$	(38,182	)	$	(55,177	)
Denominator:
Weighted-average shares of common stock outstanding, basic and diluted		52,958,644			31,675,076
Net loss per share, basic and diluted	$	(0.72	)	$	(1.74	)

The Company’s potentially dilutive securities have been excluded from the computation of dilutive net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share is the same.

The Company excluded the following potential shares of common stock from the computation of diluted net loss per share because including them would have had an anti-dilutive effect.


	YEAR ENDED DECEMBER 31,
	2025		2024
Outstanding warrants for common stock		7,762,350		7,507,708
Outstanding stock options (as converted to common stock)		6,246,920		4,486,181
Unvested restricted stock		—		330,779
		14,009,270		12,324,668

Lease

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Lease

8. Lease

On February 4, 2019, the Company signed a lease agreement for its corporate headquarters at 117 Kendrick Street in Needham, Massachusetts. The facility consists of a 15,197 square foot property which houses the corporate, clinical, laboratory and manufacturing operations for the Company.

On August 18, 2025, the Company entered into a first amendment to the existing lease agreement dated February 4, 2019, extending the end-date of the term under the existing lease from August 31, 2026 to August 31, 2029.

For each of the years ended December 31, 2025 and 2024, the Company recorded $0.4 million of operating lease cost. For the years ended December 31, 2025 and 2024, the Company recorded $0.2 million and $0.1 million, respectively, of variable lease cost. The total lease expense for the years ended December 31, 2025 and 2024 was $0.6 million and $0.5 million, respectively.

Cash paid for amounts included in the lease liability for each of the years ended December 31, 2025 and 2024 was $0.6 million.


	YEAR ENDED DECEMBER 31,
Other Information	2025			2024
Operating cash flows used for operating leases (in thousands)	$	613		$	598
Weighted-average remaining lease term (years)		3.7			1.7
Weighted-average incremental borrowing rate		7.31	%		7.02	%

The future lease payments under non-cancelable leases at December 31, 2025, are as follows (in thousands):


2026	$	618
2027		613
2028		628
2029		426
Total future lease payments		2,285
Less: imputed interest		(381	)
Total lease liability	$	1,904

Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

17. Segment Reporting

The Company operates in one business segment, which includes all activities related to the discovery, development, and potential commercialization of off-the-shelf viral immunotherapies that help patients fight cancer. The determination of a single business segment is consistent with the consolidated financial information regularly provided to the Company’s chief operating decision maker (CODM). The Company’s CODM is its Chief Executive Officer, who reviews and evaluates consolidated net loss for purposes of assessing performance, making operating decisions, allocating resources, and planning and forecasting for future periods.


	YEAR ENDED DECEMBER 31,
	2025			2024
Operating expenses:
Research and development:
Clinical development	$	14,738		$	5,196
Employee-related		12,308			11,669
Facility and equipment costs		1,879			1,566
Pre-clinical research		634			384
Other research and development segment expenses		937			499
Total research and development		30,496			19,314
General and administrative:
Employee-related		7,624			6,831
Professional and consulting fees		5,609			5,263
Commercial readiness		2,689			—
Other general and administrative segment expenses (1)		1,848			1,963
Total general and administrative		17,770			14,057
Total operating expenses		48,266			33,371
Loss from operations		(48,266	)		(33,371	)
Grant income		89			—
Interest income		3,915			1,086
Interest expense		(2,119	)		(2,090	)
Change in fair value of warrant liabilities		8,199			(20,802	)
Net loss	$	(38,182	)	$	(55,177	)

(1) Other general and administrative segment expenses primarily consist of insurance, occupancy, and information technology costs.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock Member	Additional Paid In Capital	Accumulated Deficit
Beginning Balance at Dec. 31, 2023	$ 12,745	$ 290	$ (448)	$ 149,931	$ (137,028)
Beginning Balance, Shares at Dec. 31, 2023		29,213,627
Beginning Balance, Treasury Stock, Shares at Dec. 31, 2023			(122,608)
Issuance of common stock and accompanying pre-funded warrants in public offering, net of issuance costs of $6.1 million	85,928	$ 120		85,808
Issuance of common stock and accompanying pre-funded warrants in public offering, net of issuance costs of $6.1million, Shares		12,000,001
Sale of common stock through at-the-market offerings, net of issuance costs	15,830	$ 29		15,801
Sale of common stock through at-the-market offerings, net of issuance costs, Shares		2,936,057
Options exercised	1,689	$ 9		1,680
Options exercised, Shares		846,943
Stock-based compensation	4,170			4,170
Restricted stock unit vesting		$ 21		(21)
Restricted stock unit vesting, Shares		1,936,460
Change in fair value of NC Ohio Trust Warrants	1,142			1,142
Net loss	(55,177)				(55,177)
Ending Balance at Dec. 31, 2024	$ 66,327	$ 469	$ (448)	258,511	(192,205)
Ending Balance, Shares at Dec. 31, 2024	46,810,480	46,933,088
Ending Balance, Treasury Stock, Shares at Dec. 31, 2024			(122,608)
Issuance of common stock in registered direct offering, net of issuance costs	$ 14,331	$ 32		14,299
Issuance of common stock in registered direct offering, net of issuance costs, Shares		3,221,395
Sale of common stock through at-the-market offerings, net of issuance costs	5,038	$ 10		5,028
Sale of common stock through at-the-market offerings, net of issuance costs, Shares		987,772
Options exercised	$ 516	$ 3		513
Options exercised, Shares	219,813	219,813
Stock-based compensation	$ 4,315			4,315
Restricted stock unit vesting, net of shares withheld for taxes		$ 3		(3)
Restricted stock unit vesting, net of shares withheld for taxes, Shares		330,779
Change in fair value of NC Ohio Trust Warrants	(498)			(498)
Exercise of pre-funded warrants		$ 33		(33)
Exercise of pre-funded warrants, Shares		3,328,064
Issuance costs related to common stock and accompanying pre-funded warrants in public offering	75			75
Net loss	(38,182)				(38,182)
Ending Balance at Dec. 31, 2025	$ 51,922	$ 550	$ (448)	$ 282,207	$ (230,387)
Ending Balance, Shares at Dec. 31, 2025	54,898,303	55,020,911
Ending Balance, Treasury Stock, Shares at Dec. 31, 2025			(122,608)

Segment Reporting - Summary of Disaggregated Amounts that Comprise Research and Development and General and Administrative Expenses (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Research and development:

Clinical development

$ 14,738

$ 5,196

Employee-related

12,308

11,669

Facility and equipment costs

1,879

1,566

Pre-clinical research

634

384

Other research and development segment expenses

937

499

Total research and development

30,496

19,314

General and administrative:

Employee-related

7,624

6,831

Professional and consulting fees

5,609

5,263

Commercial readiness

2,689

Other general and administrative segment expenses

^[1]

1,848

1,963

Total general and administrative

17,770

14,057

Total operating expenses

48,266

33,371

Loss from operations

(48,266)

(33,371)

Grant income

Interest income

3,915

1,086

Interest expense

(2,119)

(2,090)

Change in fair value of warrant liabilities

8,199

(20,802)

Net loss and comprehensive loss

$ (38,182)

$ (55,177)

[1]	(1) Other general and administrative segment expenses primarily consist of insurance, occupancy, and information technology costs.

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	DECEMBER 31,
	2025		2024
Payroll and employee related expenses	$	3,384	$	3,038
Third-party research and development expenses		2,681		765
Professional fees		805		920
Other		464		390
	$	7,334	$	5,113

Exclusive Licensing Agreement with a Related Party - Additional Information (Details) - Exclusive Licensing Agreement - Ventagen - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2022
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payment from related party	$ 1.0
Future payment made upon the achievement of sales	$ 5.0
Commercial purposes at a price of cost plus percentage	25.00%
Upfront license fee		$ 1.0
Related Party
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Due from related parties	$ 2.5
Related party costs	$ 4.0

Lease - Summary of Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Leases [Abstract]
2022	$ 618
2023	613
2024	628
2025	426
Total future lease payments	$ 2,285

Income Taxes - Reconciliation of Effective Income Tax Rate (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
US Federal Statutory Tax Rate	21.00%	21.00%
Tax Credits:
Tax Credits - Orphan Drug	0.00%	0.10%
Tax Credits - Federal R&D	1.70%	0.90%
Change in valuation allowance	(26.70%)	(17.30%)
Nontaxable or Nondeductible Items:
Mark to market	4.50%	(7.90%)
Equity compensation	(0.10%)	3.30%
Other	(0.40%)	(0.10%)
Total	0.00%	0.00%
Amount
Pretax Loss	$ (38,182,000)	$ (55,177,000)
US Federal Statutory Tax Rate	(8,018,000)	(11,587,000)
Tax Credits:
Tax Credits - Orphan Drug	(7,000)	(30,000)
Tax Credits - Federal R&D	(662,000)	(508,000)
Change in valuation allowance	10,219,000	9,521,000
Nontaxable or Nondeductible Items:
Mark to Market	(1,722,000)	4,368,000
Equity Compensation	41,000	(1,843,000)
Other	149,000	79,000
Total	$ 0	$ 0

Stock Options, Restricted Stock and Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock Options, Restricted Stock and Stock-Based Compensation

11. Stock Options, Restricted Stock and Stock-Based Compensation

Equity Incentive Plans

The Company’s 2015 Stock Plan, as amended, (the 2015 Plan) provides for the Company to sell or issue common shares or restricted common stock, or to grant incentive stock options or nonqualified stock options for the purchase of common stock, to employees, members of the board of directors and consultants of the Company. The 2015 Plan is administered by the board of directors and exercise prices, vesting and other restrictions are determined at its discretion. All stock option grants are non-statutory stock options except option grants to employees intended to qualify as incentive stock options under the Internal Revenue Code of 1986, as amended. Incentive stock options may not be granted at less than the fair market value of the Company’s common stock on the date of grant, as determined in good faith by the board of directors at its sole discretion. Nonqualified stock options may be granted at an exercise price established by the board of directors at its sole discretion and the vesting periods may vary. Vesting periods are generally four years and are determined by the board of directors. Stock options become exercisable as they vest. Options granted under the 2015 Plan expire no more than ten years from the date of grant. As of December 31, 2025, there are no shares available for grants under the 2015 Plan and the 2015 Plan continues to govern the terms and conditions of the outstanding awards under the 2015 Plan.

On July 14, 2021, the Company’s 2021 Equity Incentive Plan (the 2021 Plan) was approved by the Company’s stockholders, and became effective upon completion of the IPO and serves as the successor to the 2015 Plan. 8,558,685 shares of common stock are reserved under the 2021 Plan, of which 1,900,246 shares remain available for future grants as of December 31, 2025.

Equity Inducement Plan

On December 24, 2025, the Company's board of directors approved the Company's 2025 Inducement Plan (the 2025 Inducement Plan) which permits the granting of non-qualified stock options, stock appreciation rights, restricted stock

awards, restricted stock units, and other stock-based awards to employees as an inducement pursuant to Listing Rule 5635(c)(4) of the corporate governance rules of the Nasdaq Stock Market, LLC. The 2025 Inducement Plan became effective upon approval. The 2025 Inducement Plan provides for an overall share limit of 1,000,000 shares of common stock. As of December 31, 2025, 1,000,000 shares remain available for future grants under the 2025 Inducement Plan.

Stock Options

Stock option activity is summarized as follows:


	NUMBER OF STOCK OPTIONS			WEIGHTED- AVERAGE EXERCISE PRICE		WEIGHTED- AVERAGE REMAINING CONTRACTUAL TERM (IN YEARS)		AGGREGATE INTRINSIC VALUE (IN THOUSANDS)
Outstanding as of December 31, 2024		4,486,181		$	2.54		6.61	$	27,599
Granted		2,185,750			7.65
Exercised		(219,813	)		2.34
Cancelled, forfeited or expired		(205,198	)		6.25
Outstanding as of December 31, 2025		6,246,920		$	4.21		6.79	$	13,695
Exercisable as of December 31, 2025		4,099,302		$	2.99		5.76	$	12,121
Unvested as of December 31, 2025		2,147,618		$	6.55		8.76	$	1,574

The 2015 Plan permits participants to use common stock they previously acquired to pay for the exercise of stock options based upon the fair value on the date of exercise. In connection with the exercise of stock options to purchase 306,518 shares of our common stock at an exercise price of $1.46 in 2022, option holders tendered 122,608 shares of our common stock previously acquired in consideration of the full aggregate exercise price in accordance with the terms of the option and the 2015 Plan. The shares tendered are recorded as treasury stock within the Company's consolidated financial statements at December 31, 2025.

The fair value of stock options granted was estimated on the grant date using the Black-Scholes option pricing model based on the following range of assumptions:


	YEAR ENDED DECEMBER 31,
	2025			2024
Expected option life (years)	5.50 - 6.08			5.50 - 6.08
Risk-free interest rate	3.69% - 4.52%			3.98% - 4.32%
Expected volatility	117.03% - 121.09%			99.30% - 114.68%
Expected dividend yield		0	%		0	%

The aggregate intrinsic value of options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the common stock as of the end of the period. The total intrinsic value of stock options exercised during the years ended December 31, 2025 and 2024 was $0.7 million and $5.7 million, respectively.

Restricted Stock Units

Under the terms of the restricted stock unit agreements covering the common stock, shares of common stock related to restricted stock units are subject to time-based vesting. The restricted stock units will immediately be forfeited to the Company if the relationship between the recipient and the Company ceases.

Restricted stock activity is summarized as follows:


	NUMBER OF SHARES OPTIONS			WEIGHTED- AVERAGE GRANT DATE FAIR VALUE
Unvested at December 31, 2024		330,779		$	0.98
Granted		—		$	—
Vested		(330,779	)	$	0.98
Forfeited		—		$	—
Unvested at December 31, 2025		—		$	—

The aggregate fair value of restricted stock units that vested during the years ended December 31, 2025 and 2024 was $1.9 million and $16.8 million, respectively.

Stock-Based Compensation

Stock-based compensation expense for the years ended December 31, 2025 and 2024 was classified in the consolidated statements of operations as follows (in thousands):


	YEAR ENDED DECEMBER 31,
	2025		2024
Research and development	$	1,494	$	3,276
General and administrative		2,323		2,036
Total stock-based compensation expense	$	3,817	$	5,312

As of December 31, 2025 and 2024, total unrecognized compensation cost related to the unvested stock-based awards was $11.2 million and $1.9 million, respectively. As of December 31, 2025 and 2024, these amounts are expected to be recognized over a weighted average period of 2.86 and 2.29 years, respectively.

Stock Options, Restricted Stock and Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock Units	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares Options, Unvested \| shares	330,779
Number of Shares Options, Granted \| shares	0
Number of Shares Options, Vested \| shares	(330,779)
Number of Shares Options, Forfeited \| shares	0
Number of Shares Options, Unvested \| shares	0
Weighted-Average Grant Date Fair Value, Unvested \| $ / shares	$ 0.98
Weighted-Average Grant Date Fair Value, Granted \| $ / shares	0
Weighted-Average Grant Date Fair Value, Vested \| $ / shares	0.98
Weighted-Average Grant Date Fair Value, Forfeited \| $ / shares	0
Weighted-Average Grant Date Fair Value, Unvested \| $ / shares	$ 0