Candel Thera secures $130 million loan facility with Trinity Capital

Shares of US clinical stage biopharma Candel Therapeutic (Nasdaq: CADL) closed down 10.4% at $5.78 on Tuesday after it revealed it has entered into a five-year, $130 million term loan facility with Trinity Capital.

The loan facility consists of four tranches, with the first tranche of $50 million drawn upon closing of the agreement. The second and third tranches totaling $50 million in the aggregate are available to be drawn subject to the achievement of certain regulatory, clinical and operational milestones, subject to certain conditions precedent described in the agreement, and the fourth tranche of $30 million is available at the lender’s discretion.

The loan, with $50 million available at closing, will enable Candel to start a Phase III trial of CAN-2409 in non–small-cell lung cancer (NSCLC) in the second quarter of 2026, and seek Food and Drug Administration (FDA) approval of the biologic for prostate cancer in the fourth quarter of that year.