Candel Therapeutics Inc. (CADL) stock prices surged by 19.38% some time after market trading commenced on September 9th 2021. This brought the price per share up to USD$11.89 early on in the trading day.
CADL Stock’s CAN-2409 Study
April 13th 2021 saw CADL stock announce the formation of its new Research Advisory Board. April 22nd marked the announcement of the completion of enrollment in the company’s phase 1 clinical trial. The trial enrolled patients with new diagnosed high-grade glioma. It was designed to evaluate the safety and efficacy of CAN-2409 in combination with Opdivo (nivolumab) and standard of care radiation therapy. Patients with a methylated MGMT promotor were also administered temozolomide.
Solid Liquidity Position
CADL stock reported a stellar liquidity position at the end of the second quarter of fiscal 2021. Cash and cash equivalents came out to USD$24.3 million. This is comparable to the USD$35.1 million reported as of December 31st 2020. August 2021 saw the company complete its initial public offering. The offering saw the issuance of 9,887,994 shares of common stock, with each stock being priced at USD$8.00 per share. Net proceeds generated from the offering came out to USD$71.5 million after the deduction of expenses related to the offering. As per current projections, the company expects its liquidity position to fund its operations through to the second quarter of 2023.
R&D Expense Reports
Research and development costs for the second quarter of fiscal 2021 came out to USD$3.3 million. The first half of fiscal 2021 saw the company report R&D expenses in the amount of USD$6 million. This is comparable to the USD$1.8 million reported for Q2 2020 and USD$3.4 million for H1 2020. The year over year increases were largely driven by increased personnel-related costs. The additional headcount was required to support the ongoing clinical trials for product candidates. Further consolidating the yearly difference were increased clinical development costs.
Future Outlook for CADL Stock
CADL stock reported a promising quarter, as evidenced by the strength of its financial reports for Q2 2021. The company is keen to capitalize on the opportunities afforded to it as a result of the momentum generated over the course of the quarter. Current and potential investors are hopeful that management will be able to leverage the resources at their disposal. This is hoped to usher in significant and sustained increases in shareholder value over the long term.
