CADL · Candel Therapeutics, Inc.

This transaction reported on this Form 4 was effected pursuant to a 10b5-1 trading plan adopted on 3/16/2026.

25% of the shares underlying this option shall vest and become exercisable on July 6, 2027, with the remainder vesting in thirty-six (36) equal monthly installments thereafter, subject to the Reporting Person's continued service on each such vesting date.

This award has been granted in lieu of normal quarterly cash payments. The underlying award quantity is fully vested at time of grant.

This award has been granted in lieu of normal quarterly cash payments. The underlying award quantity is fully vested at time of grant.

This award has been granted in lieu of normal quarterly cash payments. The underlying award quantity is fully vested at time of grant.

This transaction reported on this Form 4 was effected pursuant to a 10b5-1 trading plan adopted on 3/16/2026.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.00 to $10.07 inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote 2 herein.

This transaction reported on this Form 4 was effected pursuant to a 10b5-1 trading plan adopted on 3/16/2026.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.00 to $10.14, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote 2 herein.

This option is subject to time-based vesting. The shares underlying this option shall vest and become exercisable upon the earlier of (i) June 23, 2027 or (ii) the date of the next Annual Meeting of Stockholders of the Issuer; provided, however, that all vesting shall cease if the Reporting Person resigns from the Board of Directors (the "Board") of the Issuer or otherwise ceases to serve as a director, unless the Board determines that the circumstances warrant continuation of vesting.

This option is subject to time-based vesting. The shares underlying this option shall vest and become exercisable upon the earlier of (i) June 23, 2027 or (ii) the date of the next Annual Meeting of Stockholders of the Issuer; provided, however, that all vesting shall cease if the Reporting Person resigns from the Board of Directors (the "Board") of the Issuer or otherwise ceases to serve as a director, unless the Board determines that the circumstances warrant continuation of vesting.

This option is subject to time-based vesting. The shares underlying this option shall vest and become exercisable upon the earlier of (i) June 23, 2027 or (ii) the date of the next Annual Meeting of Stockholders of the Issuer; provided, however, that all vesting shall cease if the Reporting Person resigns from the Board of Directors (the "Board") of the Issuer or otherwise ceases to serve as a director, unless the Board determines that the circumstances warrant continuation of vesting.

This option is subject to time-based vesting. The shares underlying this option shall vest and become exercisable upon the earlier of (i) June 23, 2027 or (ii) the date of the next Annual Meeting of Stockholders of the Issuer; provided, however, that all vesting shall cease if the Reporting Person resigns from the Board of Directors (the "Board") of the Issuer or otherwise ceases to serve as a director, unless the Board determines that the circumstances warrant continuation of vesting.

This option is subject to time-based vesting. The shares underlying this option shall vest and become exercisable upon the earlier of (i) June 23, 2027 or (ii) the date of the next Annual Meeting of Stockholders of the Issuer; provided, however, that all vesting shall cease if the Reporting Person resigns from the Board of Directors (the "Board") of the Issuer or otherwise ceases to serve as a director, unless the Board determines that the circumstances warrant continuation of vesting.

This option is subject to time-based vesting. The shares underlying this option shall vest and become exercisable upon the earlier of (i) June 23, 2027 or (ii) the date of the next Annual Meeting of Stockholders of the Issuer; provided, however, that all vesting shall cease if the Reporting Person resigns from the Board of Directors (the "Board") of the Issuer or otherwise ceases to serve as a director, unless the Board determines that the circumstances warrant continuation of vesting.

This option is subject to time-based vesting. The shares underlying this option shall vest and become exercisable upon the earlier of (i) June 23, 2027 or (ii) the date of the next Annual Meeting of Stockholders of the Issuer; provided, however, that all vesting shall cease if the Reporting Person resigns from the Board of Directors (the "Board") of the Issuer or otherwise ceases to serve as a director, unless the Board determines that the circumstances warrant continuation of vesting.

This option is subject to time-based vesting. The shares underlying this option shall vest and become exercisable upon the earlier of (i) June 23, 2027 or (ii) the date of the next Annual Meeting of Stockholders of the Issuer; provided, however, that all vesting shall cease if the Reporting Person resigns from the Board of Directors (the "Board") of the Issuer or otherwise ceases to serve as a director, unless the Board determines that the circumstances warrant continuation of vesting.

This option is subject to time-based vesting. The shares underlying this option shall vest and become exercisable upon the earlier of (i) June 23, 2027 or (ii) the date of the next Annual Meeting of Stockholders of the Issuer; provided, however, that all vesting shall cease if the Reporting Person resigns from the Board of Directors (the "Board") of the Issuer or otherwise ceases to serve as a director, unless the Board determines that the circumstances warrant continuation of vesting.

This award has been granted in lieu of normal quarterly cash payments. The underlying award quantity is fully vested at time of grant.

This award has been granted in lieu of normal quarterly cash payments. The underlying award quantity is fully vested at time of grant.

This award has been granted in lieu of normal quarterly cash payments. The underlying award quantity is fully vested at time of grant.

The shares are held by The Paul B. Manning Revocable Trust dated May 10, 2000 (the "Trust"). The Reporting Person is the trustee of the Trust and has sole voting and investment power with respect to the shares held by the Trust. The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.

This option is subject to time-based vesting. The shares underlying this option shall vest and become exercisable in forty-eight (48) equal monthly installments following January 26, 2026, subject to the Reporting Person's continued service on each vesting date.

This option is subject to time-based vesting. The shares underlying this option shall vest and become exercisable in forty-eight (48) equal monthly installments following January 26, 2026, subject to the Reporting Person's continued service on each vesting date.

This option is subject to time-based vesting. The shares underlying this option shall vest and become exercisable in forty-eight (48) equal monthly installments following January 26, 2026, subject to the Reporting Person's continued service on each vesting date.

This option is subject to time-based vesting. The shares underlying this option shall vest and become exercisable in forty-eight (48) equal monthly installments following January 26, 2026, subject to the Reporting Person's continued service on each vesting date.

This option is subject to time-based vesting. The shares underlying this option shall vest and become exercisable in forty-eight (48) equal monthly installments following January 26, 2026, subject to the Reporting Person's continued service on each vesting date.

This transaction reported on this Form 4 was effected pursuant to a 10b5-1 trading plan adopted on 11/22/2024.

This transaction reported on this Form 4 was effected pursuant to a 10b5-1 trading plan adopted on 11/22/2024.

This transaction reported on this Form 4 was effected pursuant to a 10b5-1 trading plan adopted on 11/22/2024.

This option is subject to time-based vesting. The shares underlying this option shall vest and become exercisable in forty-eight (48) equal monthly installments following April 28, 2023, subject to the Reporting Person's continued service on each vesting date.

This transaction reported on this Form 4 was effected pursuant to a 10b5-1 trading plan adopted on 11/22/2024.

This option is subject to time-based vesting. The shares underlying this option shall vest and become exercisable in forty-eight (48) equal monthly installments following April 28, 2023, subject to the Reporting Person's continued service on each vesting date.

This transaction reported on this Form 4 was effected pursuant to a 10b5-1 trading plan adopted on 11/22/2024.

This transaction reported on this Form 4 was effected pursuant to a 10b5-1 trading plan adopted on 11/22/2024.

Represents shares acquired from the Issuer in a registered direct offering pursuant to the terms of a Securities Purchase Agreement dated as of June 23, 2025.

The shares are held by The Paul B. Manning Revocable Trust dated May 10, 2000 (the "Trust"). The Reporting Person is the trustee of the Trust and has sole voting and investment power with respect to the shares held by the Trust. The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.

Represents shares acquired from the Issuer in a registered direct offering pursuant to the terms of a Securities Purchase Agreement dated as of June 23, 2025.

Shares held by Spouse.

Represents shares acquired from the Issuer in a registered direct offering pursuant to the terms of a Securities Purchase Agreement dated as of June 23, 2025.

Represents shares acquired from the Issuer in a registered direct offering pursuant to the terms of a Securities Purchase Agreement dated as of June 23, 2025.

Represents shares acquired from the Issuer in a registered direct offering pursuant to the terms of a Securities Purchase Agreement dated as of June 23, 2025.

Represents shares acquired from the Issuer in a registered direct offering pursuant to the terms of a Securities Purchase Agreement dated as of June 23, 2025.

Shares held by Joseph C. Papa Revocable Living Trust, which is wholly owned by a trust for which the Reporting Person serves as trustee. The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein, if any.

Represents shares acquired from the Issuer in a registered direct offering pursuant to the terms of a Securities Purchase Agreement dated as of June 23, 2025.

Represents shares acquired from the Issuer in a registered direct offering pursuant to the terms of a Securities Purchase Agreement dated as of June 23, 2025.

Represents shares acquired from the Issuer in a registered direct offering pursuant to the terms of a Securities Purchase Agreement dated as of June 23, 2025.

This option is subject to time-based vesting. 25% of the shares underlying this option shall vest and become exercisable on June 20, 2026, with the remainder vesting in thirty-six (36) equal monthly installments thereafter, subject to the Reporting Person's continued service on each such vesting date.

This option is subject to time-based vesting. The shares underlying this option shall vest and become exercisable upon the earlier of (i) June 17, 2026 or (ii) the date of the next Annual Meeting of Stockholders of the Issuer; provided, however, that all vesting shall cease if the Reporting Person resigns from the Board of Directors (the "Board") of the Issuer or otherwise ceases to serve as a director, unless the Board determines that the circumstances warrant continuation of vesting.

This option is subject to time-based vesting. The shares underlying this option shall vest and become exercisable upon the earlier of (i) June 17, 2026 or (ii) the date of the next Annual Meeting of Stockholders of the Issuer; provided, however, that all vesting shall cease if the Reporting Person resigns from the Board of Directors (the "Board") of the Issuer or otherwise ceases to serve as a director, unless the Board determines that the circumstances warrant continuation of vesting.

This option is subject to time-based vesting. The shares underlying this option shall vest and become exercisable upon the earlier of (i) June 17, 2026 or (ii) the date of the next Annual Meeting of Stockholders of the Issuer; provided, however, that all vesting shall cease if the Reporting Person resigns from the Board of Directors (the "Board") of the Issuer or otherwise ceases to serve as a director, unless the Board determines that the circumstances warrant continuation of vesting.

This option is subject to time-based vesting. The shares underlying this option shall vest and become exercisable upon the earlier of (i) June 17, 2026 or (ii) the date of the next Annual Meeting of Stockholders of the Issuer; provided, however, that all vesting shall cease if the Reporting Person resigns from the Board of Directors (the "Board") of the Issuer or otherwise ceases to serve as a director, unless the Board determines that the circumstances warrant continuation of vesting.

This option is subject to time-based vesting. The shares underlying this option shall vest and become exercisable upon the earlier of (i) June 17, 2026 or (ii) the date of the next Annual Meeting of Stockholders of the Issuer; provided, however, that all vesting shall cease if the Reporting Person resigns from the Board of Directors (the "Board") of the Issuer or otherwise ceases to serve as a director, unless the Board determines that the circumstances warrant continuation of vesting.

This option is subject to time-based vesting. The shares underlying this option shall vest and become exercisable upon the earlier of (i) June 17, 2026 or (ii) the date of the next Annual Meeting of Stockholders of the Issuer; provided, however, that all vesting shall cease if the Reporting Person resigns from the Board of Directors (the "Board") of the Issuer or otherwise ceases to serve as a director, unless the Board determines that the circumstances warrant continuation of vesting.

This option is subject to time-based vesting. The shares underlying this option shall vest and become exercisable upon the earlier of (i) June 17, 2026 or (ii) the date of the next Annual Meeting of Stockholders of the Issuer; provided, however, that all vesting shall cease if the Reporting Person resigns from the Board of Directors (the "Board") of the Issuer or otherwise ceases to serve as a director, unless the Board determines that the circumstances warrant continuation of vesting.

This option is subject to time-based vesting. The shares underlying this option shall vest and become exercisable upon the earlier of (i) June 17, 2026 or (ii) the date of the next Annual Meeting of Stockholders of the Issuer; provided, however, that all vesting shall cease if the Reporting Person resigns from the Board of Directors (the "Board") of the Issuer or otherwise ceases to serve as a director, unless the Board determines that the circumstances warrant continuation of vesting.

The shares underlying this option shall vest and become exercisable in 36 equal monthly installments, subject to the Reporting Person's continued service on each such vesting date.