Candel Therapeutics specializes in off-the-shelf viral immunotherapies designed to trigger systemic anti-tumor immunity via intratumoral delivery. The company’s lead adenovirus candidate, aglatimagene besadenovec, has shown promising clinical activity in localized prostate cancer under an FDA Special Protocol Assessment. Despite encouraging clinical progress, Candel continues to operate at a significant net loss with increasing operating expenses tied to ongoing and expanded clinical programs. The firm recently raised $100 million in equity capital and maintains a $50 million debt facility, balancing dilution against runway needs. Operationally, the reliance on third-party manufacturing aims to optimize viral vector production efficiency but imposes execution risk. Risks remain considerable given regulatory uncertainty, capital intensity, and the lack of commercial revenue. Upcoming trial readouts across solid tumor indications represent key near-term catalysts.