Barone Francesca 4

What Happened
Francesca Barone, Chief Scientific Officer of Candel Therapeutics (CADL), was granted 232,000 derivative shares/options (transaction code A) on January 26, 2026. The Form 4 reports an acquisition amount of $0.00 for the award, indicating a grant rather than an open-market purchase or sale. This is a time‑based equity award that will vest over time rather than an immediate sale or exercise.

Key Details

• Transaction date: 2026-01-26; Form 4 filed 2026-01-28 (appears timely).
• Reported acquisition: 232,000 derivative shares/options at $0.00.
• Shares owned after transaction: Not specified in the provided summary of the filing.
• Footnote: The award vests in forty‑eight (48) equal monthly installments beginning January 26, 2026, subject to continued service.
• Transaction type: Award/grant of derivative securities (not an exercise or disposition).

Context
This is a standard time‑based equity grant to an executive and does not represent a cash purchase or sale. The reported $0.00 acquisition amount reflects the grant terms reported on the Form 4; the eventual economic value will depend on vesting, any exercise price, and future share price movements. Because this is a grant (not an immediate sale), it signals company compensation rather than an insider liquidity event.