Candel Therapeutics Inc., a clinical stage biopharmaceutical company, has released its financial results for the first quarter of 2025, revealing a net income of $7.4 million, a significant turnaround from a net loss of $8.2 million in the same period of 2024. This increase in net income was primarily attributed to the change in the fair value of the company's warrant liability. The company reported cash and cash equivalents of $92.2 million as of March 31, 2025, compared to $102.7 million at the end of December 2024. Research and development expenses slightly decreased to $4.0 million from $4.1 million in the first quarter of 2024, mainly due to reduced employee-related expenses, partially offset by increased manufacturing costs supporting the CAN-2409 programs. General and administrative expenses rose to $4.1 million from $3.8 million in the previous year, primarily due to higher professional and consulting fees. Candel also highlighted significant corporate developments, including the announcement of positive phase 3 clinical trial results for CAN-2409 in localized prostate cancer, presented at the 2025 American Society of Clinical Oncology Annual Meeting. The company is preparing for a Biologics License Application submission for CAN-2409 in intermediate-to-high-risk localized prostate cancer, expected in the fourth quarter of 2026. Additionally, promising results were recently shared from an open label phase 2a clinical trial of CAN-2409 in advanced non-small cell lung cancer patients.