Manning Paul B 4

4 · Candel Therapeutics, Inc. · Filed Feb 26, 2026

AI-generated summary of this filing

Updated Feb 27, 2026

Candel Therapeutics (CADL) Director Paul Manning Buys 550,458 Shares

What Happened

Paul B. Manning, a director of Candel Therapeutics (CADL), purchased 550,458 shares on 2026-02-23 at $5.45 per share for a total of $2,999,996. The transaction is reported as a purchase (code P), which is a direct acquisition of stock rather than an option exercise or gift.

Key Details

Transaction date and price: 2026-02-23 — 550,458 shares at $5.45 each.
Total value: $2,999,996.
Shares owned after transaction: Not specified in the filing.
Filing date: 2026-02-26 (appears to be one business day after the two-business-day Form 4 deadline for a Feb 23 trade).
Notable footnotes:
- F1: Shares are held by The Paul B. Manning Revocable Trust (he is trustee; disclaims beneficial ownership except for pecuniary interest).
- F2: Some shares are held by BKB Growth Investments, LLC; Manning is co-manager of Tiger Lily Capital, LLC (manager of BKB) and has shared voting/investment power; he disclaims beneficial ownership except to extent of pecuniary interest.
- F3: Includes shares held jointly with spouse.

Context

This was a straightforward open-market purchase (P code). Purchases by directors can be viewed by retail investors as a stronger signal than routine sales, though filings do not reveal motivation. The filing shows multiple ownership vehicles (trust, an LLC) and includes standard disclaimers of beneficial ownership except for pecuniary interest. The Form 4 was filed one business day after the typical two-business-day deadline, which may reflect an administrative delay.

Form 4

Period: 2026-02-23

Director

Transactions

Purchase
Common Stock
[F1]
2026-02-23$5.45/sh+550,458$2,999,996→ 2,763,527 total(indirect: By Trust)

Holdings

Footnotes (3)

[F1]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.
[F2]The shares are held directly by BKB Growth Investments, LLC ("BKB"). The Reporting Person is a co-manager of Tiger Lily Capital, LLC, the manager of BKB, and has shared voting and investment power with respect to the shares held by BKB. The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.
[F3]Includes shares held jointly with spouse.

Signature

/s/ Charles Schoch, as Attorney-In-Fact for Paul B. Manning|2026-02-26

1 file