CADLCandel Therapeutics, Inc.
Biological Products, (no Diagnostic Substances)
- Revenue
- —
- Operating margin
- —
- EBITDA
- −$47M
- 46% YoY
- Market cap
- $634M
- Employees
- 64,050
- Net debt / EBITDA
- —
- −$201M net debt
- AI in 10-K
- 2.3
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 2 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes31× of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentYes79% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeYes$2 · 0th pctBottom quartile of its SIC industry
- Quiet on AINo2.3 per 10K words · 60th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$634M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$551K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $125K | $125K | — | — | — | |
| Operating income | −$26M | −$35M | −$38M | −$33M | −$48M | 45% |
| Net income | −$36M | −$19M | −$38M | −$55M | −$38M | 31% |
| Operating cash flow | −$22M | −$31M | −$34M | −$27M | −$38M | 42% |
| Capex | $2M | $1M | $457K | $16K | $587K | 3569% |
| Stock-based comp | $3M | $2M | $3M | $5M | $4M | 28% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Mar 18, 2026 | Manning Paul B | SCHEDULE 13D/A | 7.9% | Passive |
| Feb 14, 2022 | Manning Paul B | SC 13D | 13.6% | Passive |
Insider trading
- Open-market buys, 12 mo
- $3M · 1
- Open-market sells, 12 mo
- $4M · 5
- Net
- −$551K
Pay vs performance
No pay-versus-performance disclosure yet.