Candel Therapeutics, Inc. — Director's Dealing 2025

Mar 20, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Candel Therapeutics, Inc. (CADL)
CIK: 0001841387
Period of Report: 2025-03-18

Reporting Person: Barone Francesca (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-03-18	Common Stock	M	18000	$1.55	Acquired	128673	Direct
2025-03-18	Common Stock	S	32146	$8.7623	Disposed	96527	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-03-18	Stock Option (Right to Buy)	$1.55	M	18000	Disposed	2030-12-30	Common Stock (18000)	Direct

Footnotes

F1: This transaction reported on this Form 4 was effected pursuant to a 10b5-1 trading plan adopted on 11/22/2024.

F2: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $8.345 to $9.00, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote 2 herein.

F3: 25% of the shares underlying this option vested and became exercisable on December 30, 2021, with the remainder vesting in thirty-six equal monthly installments thereafter, subject to the Reporting Person's continued service on each such vesting date.