Candel Therapeutics Inc. has entered into a five-year, $130 million term loan facility with Trinity Capital Inc. The agreement provides $50 million drawn at closing, with access to up to an additional $80 million across three further tranches, subject to regulatory, clinical, and operational milestones. The loan carries an interest rate of 10.25% per annum, with a 36-month interest-only period that can be extended by 12 months upon achieving a commercial milestone. Proceeds from the loan will be used to refinance existing debt, fund working capital, support the initiation of a pivotal phase 3 clinical trial of CAN-2409 in non-small cell lung cancer, and prepare for a potential commercial launch in early localized prostate cancer. The facility strengthens Candel's financial position and provides non-dilutive capital for its ongoing development and commercialization activities.