Candel Therapeutics, Inc. Leases Disclosure
8. Lease
On February 4, 2019, the Company signed a lease agreement for its corporate headquarters at 117 Kendrick Street in Needham, Massachusetts. The facility consists of a 15,197 square foot property which houses the corporate, clinical, laboratory and manufacturing operations for the Company.
On August 18, 2025, the Company entered into a first amendment to the existing lease agreement dated February 4, 2019, extending the end-date of the term under the existing lease from August 31, 2026 to August 31, 2029.
For each of the years ended December 31, 2025 and 2024, the Company recorded $0.4 million of operating lease cost. For the years ended December 31, 2025 and 2024, the Company recorded $0.2 million and $0.1 million, respectively, of variable lease cost. The total lease expense for the years ended December 31, 2025 and 2024 was $0.6 million and $0.5 million, respectively.
Cash paid for amounts included in the lease liability for each of the years ended December 31, 2025 and 2024 was $0.6 million.
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YEAR ENDED DECEMBER 31, |
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Other Information |
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2025 |
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2024 |
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Operating cash flows used for operating leases (in thousands) |
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$ |
613 |
|
$ |
598 |
|
Weighted-average remaining lease term (years) |
|
|
3.7 |
|
|
1.7 |
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Weighted-average incremental borrowing rate |
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|
7.31 |
% |
|
7.02 |
% |
The future lease payments under non-cancelable leases at December 31, 2025, are as follows (in thousands):
2026 |
|
$ |
618 |
|
2027 |
|
|
613 |
|
2028 |
|
|
628 |
|
2029 |
|
|
426 |
|
Total future lease payments |
|
|
2,285 |
|
Less: imputed interest |
|
|
(381 |
) |
Total lease liability |
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$ |
1,904 |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 12, 2026 | Showing above |
| 2024 | Mar 13, 2025 | |
| 2023 | Mar 28, 2024 | |
| 2022 | Mar 30, 2023 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.