Manning Paul B 4

What Happened
Paul B. Manning, a director of Candel Therapeutics (CADL), was granted a derivative award equal to 4,618 shares on 2026-03-31. The filing values the award at $4.11 per share for a total of $18,998. According to the filer, the award was granted in lieu of normal quarterly cash payments and the underlying award quantity was fully vested at the time of grant — meaning the shares are effectively owned immediately rather than subject to future vesting.

Key Details

• Transaction date: 2026-03-31; grant type: Award/Grant (code A), derivative.
• Price/value: $4.11 per share; total value $18,998.
• Shares owned after transaction: Not specified in the provided filing.
• Footnote: Award granted in lieu of normal quarterly cash payments; underlying award is fully vested at grant (F1).
• Filing date: 2026-04-02 — appears to be filed on time.

Context
This was a compensation-related award (not a market purchase or sale). Awards issued in lieu of cash are common for board or director fees; because the shares were fully vested on grant, they represent immediate compensation rather than a future contingent benefit. Such grants are routine and do not by themselves indicate the insider is buying or selling stock for investment reasons.