Manning Paul B 4

What Happened

• Paul B. Manning, a director of Candel Therapeutics, was granted an option award to acquire 32,000 shares on June 23, 2026. The reported acquisition price is $0.00 and the filing classifies this as a derivative award (Code A).
• The Form 4 records $0 as the transaction value because this is an option grant, not a cash purchase or sale. No immediate cash changed hands and no shares were sold.

Key Details

• Transaction date: 2026-06-23; Form 4 filed: 2026-06-24 (appears timely).
• Award: Option to acquire 32,000 shares; reported price/amount: $0.00 (derivative grant).
• Shares owned after transaction: not specified in the provided filing excerpt.
• Footnote: Vesting is time-based — the option vests and becomes exercisable on the earlier of (i) June 23, 2027 or (ii) the date of the next annual stockholders’ meeting. All vesting stops if Mr. Manning resigns or ceases to serve as a director unless the board decides otherwise.

Context for investors

• This is an equity compensation award (option grant) to a board member, not an open-market purchase or sale. Option grants compensate service and align interests with shareholders but do not represent immediate realizable value until exercised and potentially sold.
• Because the option vests over time and is contingent on continued board service, it primarily reflects typical director compensation rather than a direct bullish or bearish signal about the stock.