Candel Therapeutics, Inc. Segments Disclosure
17. Segment Reporting
The Company operates in one business segment, which includes all activities related to the discovery, development, and potential commercialization of off-the-shelf viral immunotherapies that help patients fight cancer. The determination of a single business segment is consistent with the consolidated financial information regularly provided to the Company’s chief operating decision maker (CODM). The Company’s CODM is its , who reviews and evaluates consolidated net loss for purposes of assessing performance, making operating decisions, allocating resources, and planning and forecasting for future periods.
In addition to the significant expense categories included within consolidated net loss presented on the Company's consolidated statements of operations, see below for disaggregated amounts that comprise research and development and general and administrative expenses:
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YEAR ENDED DECEMBER 31, |
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2025 |
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2024 |
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Operating expenses: |
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Research and development: |
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Clinical development |
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$ |
14,738 |
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$ |
5,196 |
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Employee-related |
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12,308 |
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11,669 |
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Facility and equipment costs |
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1,879 |
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|
1,566 |
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Pre-clinical research |
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634 |
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|
384 |
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Other research and development segment expenses |
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937 |
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|
499 |
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Total research and development |
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30,496 |
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19,314 |
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General and administrative: |
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Employee-related |
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7,624 |
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6,831 |
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Professional and consulting fees |
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5,609 |
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5,263 |
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Commercial readiness |
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2,689 |
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— |
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Other general and administrative segment expenses (1) |
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1,848 |
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1,963 |
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Total general and administrative |
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17,770 |
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14,057 |
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Total operating expenses |
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48,266 |
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33,371 |
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Loss from operations |
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(48,266 |
) |
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(33,371 |
) |
Grant income |
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|
89 |
|
|
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— |
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Interest income |
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3,915 |
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|
1,086 |
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Interest expense |
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(2,119 |
) |
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(2,090 |
) |
Change in fair value of warrant liabilities |
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8,199 |
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|
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(20,802 |
) |
Net loss |
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$ |
(38,182 |
) |
|
$ |
(55,177 |
) |
(1) Other general and administrative segment expenses primarily consist of insurance, occupancy, and information technology costs.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 12, 2026 | Showing above |
| 2024 | Mar 13, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.