Candel Therapeutics signs $25M non-dilutive debt financing agreement with Silicon Valley Bank

• Candel Therapeutics (NASDAQ:CADL) entered into a loan and security agreement with Silicon Valley Bank for $25M, $20M of which will be available immediately; additional $5M will be available in the future if certain conditions and milestones are met.
• The loan agreement requires monthly payments of interest only for 24 months, after which the principal is repayable in 24 monthly payments.
• This financing extends the company's cash runway into Q4 of 2023.