Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Candel Therapeutics, Inc.CADL · healthcare | |
|---|---|
| Grade | Nonecomputable_factors_below_threshold: 6 of 14 inputs computable; 7 are required |
| Reliability | 0.87 AUCfailure model, filers with $120M to $591M assets; 95% interval 0.83 to 0.90; 206 events, 2020 to 2025 |
| Peer failure rate | 1.03% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $120M to $591M assetstotal assets $125.2M[1] |
| Standard universe | outsiderevenue above $1M and assets above $10M[1-2] |
| Warnings | dilution, thin data · fortress balance sheetnot computable: distress |
| Inputs computable | 6 of 14 |
| Graded from | filings received through Mar 12, 2026211 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $9.662026-10-08; market equity $739.6M; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Mar 12, 2026; the document on sec.gov.
We are a clinical stage biopharmaceutical company focused on developing off-the-shelf viral immunotherapies that elicit an individualized, systemic anti-tumor immune response to help patients fight cancer. Our engineered viruses are designed to induce a systemic anti-tumor response due to induction of immunogenic cell death within the tumor microenvironment, 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.
7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 81.4 | |||||||
| Gross profitability | not computable | 32.2% | |||||
| one or more required annual facts are missing | |||||||
| Return on invested capital | not computable | 9.3% | |||||
| required facts have no common fiscal period end | |||||||
| Accruals ratio | 0.1% | [1,7-9] | (6.6%) | 81.4 | 811 | 2025-12-31 | |
| Gross margin stability, five years | not computable | 2.8 pts | |||||
| five annual gross margins are required; found 0 | |||||||
| Solvency, sleeve percentile 42.5 | |||||||
| Twelve-month failure probability | not computable | 0.07% | |||||
| latest liabilities, cash plus short-term investments, book equity, and shares are required | |||||||
| Altman Z double-prime | (1.96) | [1,10-15] | (0.31) | 44.6 | 756 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 1.82x | |||||
| EBITDA must exceed $100,000 | |||||||
| Interest coverage | (22.78x) | [13,16] | (4.51x) | 73.8 | 81 | 2025-12-31 | |
| Current ratio | 13.49x | [10-11] | 2.96x | 9.2 | 839 | 2025-12-31 | |
| Growth and financing, sleeve percentile 50.6 | |||||||
| Revenue growth, three-year compound | not computable | 10.0% | |||||
| four annual observations are required; found 2 | |||||||
| Free cash flow growth, three-year compound | not computable | 10.9% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 37.1% | |||||
| NOPAT must exceed $100,000 | |||||||
| Asset growth, three years | 17.2% | [1,9,17-18] | 2.1% | 23.8 | 704 | 2025-12-31 | |
| Net share issuance, one year | 55.1% | [3-4] | 2.5% | 77.4 | 634 | 2026-03-05 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | 156.3% | 8.0% | 94 | hotter than 94 of 100 peers |
| Distance from 52-week high | (29.7%) | (31.4%) | 53 | closer to its high than 53 of 100 peers |
| EBIT to enterprise value | (9.0%) | (1.5%) | 34 | pricier than 66 of 100 peers |
| Free cash flow yield | (5.3%) | (1.0%) | 40 | pricier than 60 of 100 peers |
| Book value to price | 0.17 | 0.28 | 37 | pricier than 63 of 100 peers |
| Sales to price | 0.00 | 0.31 | 2 | pricier than 98 of 100 peers |
| Composite equity issuance, five years | not computable | 20.3% | a share count from five years earlier is required | |
| Relative strength against the sector, log excess return | 0.73 | (0.14) | 94 | ahead of 94 of 100 peers |
Inputs: market equity $739.2M; EBIT -$48.3M; free cash flow -$38.9M; book equity $126.1M; sales $125,000; debt $560,000; cash $201.6M[19].
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (35.7%) | ✗ fail[7,9] |
| Operating cash flow above zero | -$38.3M | ✗ fail[8] |
| Return on assets improved | 98.2 pts | ✓ pass[7,9,17,20] |
| Operating cash flow exceeds net income | -$129,000 | ✗ fail[7-8] |
| Long-term leverage fell | n/a[1,9,17,21] | |
| Current ratio improved | 1,072.6 pts | ✓ pass[10-11,22-23] |
| No new shares issued | 55.1% | ✗ fail[3-4] |
| Gross margin improved | n/a | |
| Asset turnover improved | n/a[9,17] | |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $201.6M[24] |
| Operating cash flow, four quarters | -$56.0M[8,24-28] |
| Months of runway | 43.2 |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 57 |
| 10-Q received Aug 13, 2026 | |
| Median daily dollar volume | $11.3M |
| 63 sessions | |
| Days since newest grade input | 211 |
|
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $125.2M | 2025-12-31 | 2026-03-12 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $125,000 | 2022-12-31 | 2024-03-28 | 10-K | filing · viewer · series |
| 3 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 73,246,927 | 2026-03-05 | 2026-03-12 | 10-K | filing · viewer · series |
| 4 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 47,235,460 | 2025-03-06 | 2025-03-13 | 10-K | filing · viewer · series |
| 5 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $82.6M | 2021-12-31 | 2023-03-30 | 10-K | filing · viewer · series |
| 6 | total debt | us-gaap:LongTermDebt | $560,000 | 2021-12-31 | 2022-03-29 | 10-K | filing · viewer · series |
| 7 | net income | us-gaap:NetIncomeLoss | -$38.2M | 2025-12-31 | 2026-03-12 | 10-K | filing · viewer · series |
| 8 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$38.3M | 2025-12-31 | 2026-03-12 | 10-K | filing · viewer · series |
| 9 | assets | us-gaap:Assets | $106.9M | 2024-12-31 | 2026-03-12 | 10-K | filing · viewer · series |
| 10 | current assets | us-gaap:AssetsCurrent | $121.4M | 2025-12-31 | 2026-03-12 | 10-K | filing · viewer · series |
| 11 | current liabilities | us-gaap:LiabilitiesCurrent | $9.0M | 2025-12-31 | 2026-03-12 | 10-K | filing · viewer · series |
| 12 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$230.4M | 2025-12-31 | 2026-03-12 | 10-K | filing · viewer · series |
| 13 | operating income | us-gaap:OperatingIncomeLoss | -$48.3M | 2025-12-31 | 2026-03-12 | 10-K | filing · viewer · series |
| 14 | book equity | us-gaap:StockholdersEquity | $51.9M | 2025-12-31 | 2026-03-12 | 10-K | filing · viewer · series |
| 15 | liabilities | us-gaap:Liabilities | $73.3M | 2025-12-31 | 2026-03-12 | 10-K | filing · viewer · series |
| 16 | interest expense | us-gaap:InterestExpense | $2.1M | 2025-12-31 | 2026-03-12 | 10-K | filing · viewer · series |
| 17 | assets | us-gaap:Assets | $41.2M | 2023-12-31 | 2025-03-13 | 10-K | filing · viewer · series |
| 18 | assets | us-gaap:Assets | $77.7M | 2022-12-31 | 2024-03-28 | 10-K | filing · viewer · series |
| 19 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 76,518,565 | 2026-08-06 | 2026-08-13 | 10-Q | filing · viewer · series |
| 20 | net income | us-gaap:NetIncomeLoss | -$55.2M | 2024-12-31 | 2026-03-12 | 10-K | filing · viewer · series |
| 21 | long term debt | us-gaap:LongTermDebtNoncurrent | $1.7M | 2024-12-31 | 2025-03-13 | 10-K | filing · viewer · series |
| 22 | current assets | us-gaap:AssetsCurrent | $103.8M | 2024-12-31 | 2026-03-12 | 10-K | filing · viewer · series |
| 23 | current liabilities | us-gaap:LiabilitiesCurrent | $37.5M | 2024-12-31 | 2026-03-12 | 10-K | filing · viewer · series |
| 24 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $201.6M | 2026-06-30 | 2026-08-13 | 10-Q | filing · viewer · series |
| 25 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$35.2M | 2026-06-30 | 2026-08-13 | 10-Q | filing · viewer · series |
| 26 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$18.0M | 2026-03-31 | 2026-05-14 | 10-Q | filing · viewer · series |
| 27 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$27.7M | 2025-09-30 | 2025-11-13 | 10-Q | filing · viewer · series |
| 28 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$17.5M | 2025-06-30 | 2026-08-13 | 10-Q | filing · viewer · series |
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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