Manning Paul B 4

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.