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Candel Therapeutics (Nasdaq: CADL) reported its Q1 2024 financial results and corporate highlights. The company showcased positive survival data from its ongoing phase 2 clinical trial of CAN-2409 in pancreatic cancer, with a median overall survival of 28.8 months compared to 12.5 months for the control group. CAN-2409 also received FDA Fast Track and Orphan Drug Designations.
Topline survival data for CAN-2409 in NSCLC will be presented at ASCO on June 3, 2024. The company's enLIGHTEN™ platform revealed a new immunotherapy candidate at the AACR Annual Meeting.
Financially, Candel's Q1 2024 research and development expenses decreased to $4.1 million from $5.5 million in Q1 2023. General and administrative expenses also decreased to $3.8 million from $4.2 million. The net loss stood at $8.2 million, down from $8.8 million. Cash reserves were $25.7 million as of March 31, 2024, providing sufficient funds into Q4 2024.