Paul Peter Tak, Chief Executive Officer and Director of Candel Therapeutics, Inc. (NASDAQ:CADL), filed a Form 4 on September 11, 2026, disclosing stock option exercises and open-market share sales conducted on September 10 and September 11, 2026, under a pre-established 10b5-1 trading plan.

Key Highlights

  • Option exercise: Tak exercised a stock option for 125,000 shares of common stock at an exercise price of $1.55 per share on September 10, 2026.
  • First sale: 220,866 shares were sold on September 10, 2026, at a weighted average price of $11.4997, in multiple transactions ranging from $11.20 to $12.07 per share.
  • Second sale: 59,379 shares were sold on September 11, 2026, at a weighted average price of $10.4564, in multiple transactions ranging from $9.86 to $11.39 per share.
  • Remaining ownership: Following all reported transactions, Tak directly holds 113,321 shares of common stock and 1,638,968 stock options.
  • 10b5-1 plan: According to the filing, all transactions were effected pursuant to a 10b5-1 plan adopted on March 13, 2026, and modified on June 11, 2026.
  • Option vesting: The exercised option, with an expiration date of October 10, 2030, vested 25% on October 10, 2020, another 25% on September 14, 2021, with the remainder vesting in 36 substantially equal monthly installments thereafter.

Candel Therapeutics CEO Discloses Option Exercise and Share Sales

Paul Peter Tak, who serves as both Chief Executive Officer and a Director of Candel Therapeutics, Inc., reported a series of transactions in the company's common stock across two trading days. On September 10, 2026, Tak exercised a stock option covering 125,000 shares at an exercise price of $1.55 per share, with the underlying option carrying a $0 derivative security price at exercise, according to the filing. That same day, 220,866 shares were disposed of at a weighted average price of $11.4997, with individual sale prices ranging from $11.20 to $12.07 per share inclusive.

On September 11, 2026, the filing discloses an additional sale of 59,379 shares at a weighted average price of $10.4564, with individual prices ranging from $9.86 to $11.39 per share inclusive. The filing notes that Tak undertakes to provide full information on shares sold at each separate price within those ranges upon request by the issuer, any security holder, or SEC staff.

All three transactions, the option exercise coded "M" and both sales coded "S," were carried out under a 10b5-1 plan that was originally adopted on March 13, 2026, and subsequently modified on June 11, 2026. Following the completion of all reported transactions, Tak's direct beneficial ownership stands at 113,321 shares of common stock and 1,638,968 stock options. The Form 4 was signed by Charles Schoch as Attorney-in-Fact for Paul Peter Tak and filed on September 11, 2026.

What Was Disclosed

The filing reports that Candel Therapeutics CEO Paul Peter Tak exercised 125,000 stock options and sold a combined 280,245 shares across two days under a pre-established 10b5-1 plan, leaving him with direct ownership of 113,321 common shares and 1,638,968 options.