Candel Therapeutics is a clinical-stage biopharmaceutical company developing off-the-shelf viral immunotherapies for solid tumors. Candel's approach involves injecting engineered viruses directly into tumors, which kills tumor cells and triggers the patient's immune system to attack cancer more broadly. The key appeal is generating a personalized immune response using an off-the-shelf product, avoiding the manufacturing complexity of individualized cell therapies like CAR-T. Candel has two clinical-stage platforms. The first, aglatimagene besadenovec, is a non-replicating adenovirus injected into tumors and combined with an oral antiviral prodrug to kill dividing tumor cells while stimulating an immune response. Aglatimagene completed a positive Phase 3 trial in localized prostate cancer, is advancing toward a Phase 3 trial in NSCLC, and received FDA RMAT Designation in May 2025. Candel is targeting a BLA submission in Q4 2026. The second platform, linoserpaturev, is a modified herpes simplex virus that replicates selectively in tumor cells, currently in a Phase 1b trial for recurrent high-grade glioma. Candel has no approved products and no revenue. The company funds operations through equity raises, grants, and a $100M contingent payment from RTW Investments upon FDA approval of aglatimagene, in exchange for a tiered royalty on U.S. net sales. If approved, Candel plans a capital-light commercial model using external partners for distribution rather than building a large in-house sales force.