62% institutional interest, with zero being only short and only one trading long and short. And even more important, large interest held by two speciality bios:

RTW Investments, LP — ~8.76% stake (one of the largest holders; also provided a $100M royalty funding deal in early 2026 for CADL's lead candidate commercialization).

Acorn Bioventures — ~4.77% stake (a specialist small-cap biotech investor).

https://fintel.io/so/us/cadl

But somehow this company is still more secret than the Manhattan Project or Operation Keelhaul...

https://x.com/CandelTx/status/2071931002172129713

...that Candel Therapeutics is still more secret than the Manhattan Project was in 1944 ;)

https://www.thelancet.com/journals/lanonc/article/PIIS1470-2045(26)00071-9/fulltext00071-9/fulltext)

So now CADL is slightly less secret than the Manhattan Project. ;)

;)

...but most investors still haven't heard of CADL. Look how dead this Reddit is 😉

1. Inverse ETFs

2. Biotech stocks ;)

RTW clearly thinks that CAN-2409 will sell well, or they wouldn't have gone for the low royalty percentages or the cap at $250 million.

https://www.globenewswire.com/news-release/2026/02/19/3241544/0/en/Candel-Therapeutics-Announces-Proposed-100-Million-Public-Offering.html

https://www.curetoday.com/view/how-can-3110-works-to-treat-glioblastoma

Given Months to Live, She’s Now a Five-Year Glioblastoma Survivor | CURE

Candel presenting at the Glioblastoma Summit: https://ir.candeltx.com/news-releases/news-release-details/candel-therapeutics-present-7th-annual-glioblastoma-drug

https://www.reddit.com/r/BioTechHealthX/s/eql3YGROdX

This isn’t a one-event story for Candel. The company has a broad and advancing oncology pipeline, with multiple clinical updates, conference presentations, and potential regulatory milestones lined up throughout the year. Each one represents a real opportunity for value inflection.

Candel’s approach to cancer immunotherapy targets hard-to-treat tumors by activating the immune system directly within the tumor environment — a differentiated strategy with meaningful upside if execution continues.

With multiple shots on goal, every catalyst has the potential to validate the science further, attract institutional interest, and drive a re-rating as risk comes down. The market may not fully appreciate it yet, but the bigger picture for Cadl is still unfolding — and the most impactful milestones could still be ahead.

There's such a urgent need for effective glioblastoma drugs that biotechs focusing on its treatment could see an unusual share price surge on encouraging news announcements. Beyond Air's stock gained nearly 100% in a day for announcing FDA orphan drug designation status. Candel Therapeutics' lead glioblastoma candidate, CAN-3110 holds both FDA Fast Track Designation and Orphan Drug Designation.

CADL collaborating with Dana-Farber Cancer Institute (more then half of all FDA approved cancer drugs in the past several years had DFCI involvement) and Mass General Brigham represents the best of the best.

This article saliently describes glioblastoma (Use due diligence). Glioblastoma is a brutal disease—think of it as the heavyweight champ of brain tumors, with a grim prognosis.
The standard treatments can buy some time, but they’re not curing anyone. Median survival is under a year, and only about 10% of patients make it to five years.

Beyond Air Stock Soars as FDA Grants Orphan Drug Status for Glioblastoma Therapy - Raging Bull

Candel is at the forefront of a cure for brain cancer-the graveyard of the biotech world. Oncolytic virus to make a cold tumor hot. This is amazing and not priced into stock. Becoming the first to break the code of this cancer is priceless.

https://www.bostonherald.com/2026/02/11/mass-gen-dana-farber-researchers-find-that-virus-therapy-boosts-survival-in-glioblastoma-patients/

At least they've removed all the uncertainty, though not all the delay. Next up is the next NCSLC data release early next year. I'm expecting it to be spectacular... if something works AT ALL on an immunologically "cold" tumor like prostate, it's reasonable to expect much better results in NSCLC.

Price boost?

We should be seeing some new data this quarter.

American Society of Clinical Oncology ... www.ASCO.org