PAPA JOSEPH C 4

What Happened

• Joseph C. Papa, a director of Candel Therapeutics, received a grant of 2,795 shares (derivative security) on 2026-03-31. The award was recorded at $4.11 per share for a total value of $11,499. This was an equity award issued in lieu of the director’s normal quarterly cash compensation and the underlying shares were fully vested at grant.

Key Details

• Transaction date: 2026-03-31; filing date (accession): 2026-04-02.
• Security type/code: A (Award/Grant — derivative security).
• Quantity and value: 2,795 shares × $4.11 = $11,499.
• Footnote: Award granted in lieu of normal quarterly cash payments; underlying award quantity fully vested at time of grant (F1).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Timeliness: No late filing flag shown in the provided information.

Context

• This was a compensation-related award (not an open-market purchase or sale). Because the award was fully vested at grant, the director effectively acquired the underlying shares immediately rather than receiving an unvested promise. Compensation awards are standard for non-employee directors and do not necessarily indicate a personal buy/sell decision.