SCHEDULE 13G/A 0001104659-25-014091 0001263508 XXXXXXXX LIVE 1 Common Stock, par value $0.01 per share 03/31/2025 0001841387 Candel Therapeutics, Inc. 137404109 117 Kendrick Street Suite 450 Needham MA 02494 Rule 13d-1(b) Baker Bros. Advisors LP DE 2455108.00 0.00 2455108.00 0.00 2455108.00 N 4.99 IA PN Baker Bros. Advisors (GP) LLC DE 2455108.00 0.00 2455108.00 0.00 2455108.00 N 4.99 HC OO Julian C. Baker X1 2455108.00 0.00 2455108.00 0.00 2455108.00 N 4.99 HC IN Felix J. Baker X1 2455108.00 0.00 2455108.00 0.00 2455108.00 N 4.99 HC IN Candel Therapeutics, Inc. 117 Kendrick St, Suite 450 Needham, MA, 02494 This Amendment No. 1 to Schedule 13G amends the previously filed Schedule 13G filed by Baker Bros. Advisors LP (the "Adviser"), Baker Bros. Advisors (GP) LLC (the "Adviser GP"), Julian C. Baker and Felix J. Baker (collectively, the "Reporting Persons"). Except as supplemented herein, such statements, as heretofore amended and supplemented, remain in full force and effect. This Amendment No. 1 is being filed jointly by the Reporting Persons. The business address of each of the Reporting Persons is: c/o Baker Bros. Advisors LP 860 Washington Street, 3rd Floor New York, NY 10014 (212) 339-5690 The Adviser is a limited partnership organized under the laws of the State of Delaware. The Adviser GP is a limited liability company organized under the laws of the State of Delaware. The citizenship of each of Julian C. Baker and Felix J. Baker is the United States of America. N IA HC Items 5 through 9 and 11 of each of the cover pages to this Amendment No. 1 are incorporated herein by reference. Set forth below is the aggregate number of shares of Common Stock ("Common Stock") of Candel Therapeutics, Inc. (the "Issuer") directly held by each of Baker Brothers Life Sciences, L.P. ("Life Sciences") and 667, L.P. ("667", and together with Life Sciences, the "Funds") which may be deemed to be indirectly beneficially owned by the Reporting Persons, as well as Common Stock that may be acquired upon exercise of pre-funded warrants with no expiration date with an exercise price of $0.01 per share of Common Stock ("Pre-funded Warrants"), subject to the limitations on exercise described below. The percentage of beneficial ownership for each of the Reporting Persons reported herein and the information set forth below is based on 47,235,460 shares of Common Stock outstanding as of March 6, 2025, as reported in the Issuer's Form 10-K filed with the Securities and Exchange Commission on March 13, 2025 plus 1,947,192 Common Shares issued in the net exercise by the Funds of 1,949,999 Pre-funded Warrants on March 28, 2025 and 17,919 Pre-funded Warrants exercisable into Common Stock, subject to beneficial ownership limitations on exercise described below. Such percentage figures are calculated in accordance with Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Pre-funded Warrants are only exercisable to the extent that after giving effect or immediately prior to such exercise the holders thereof, their affiliates and any persons who are members of a Section 13(d) group with the holders or one of their affiliates would beneficially own in the aggregate, for purposes of Rule 13d-3 under the Exchange Act, no more than 4.99% of the outstanding Common Stock (the "Maximum Percentage"). By written notice to the Issuer, the Funds may from time to time increase or decrease the Maximum Percentage applicable to that Fund to any other percentage not in excess of 19.99%. Any such increase will not be effective until the 61st day after such notice is delivered to the Issuer. As a result of these restrictions, the number of shares of Common Stock that may be issued upon exercise of the Pre-funded Warrants by the above holders may change depending upon changes in the outstanding Common Stock. Pursuant to the management agreements, as amended, among the Adviser, the Funds and their respective general partners, the Funds' respective general partners relinquished to the Adviser all discretion and authority with respect to the investment and voting power of the securities held by the Funds, and thus the Adviser has complete and unlimited discretion and authority with respect to the Funds' investments and voting power over investments. The Adviser GP is the sole general partner of the Adviser. The Adviser GP, Felix J. Baker and Julian C. Baker as managing members of the Adviser GP, and the Adviser may be deemed to be beneficial owners of securities of the Issuer directly held by the Funds. The Funds beneficially own 2,455,108 shares of Common Stock or 4.99% of the outstanding Common Stock consisting of 2,437,189 shares of Common Stock directly held by the Funds and 17,919 shares of Common Stock issuable upon exercise of Pre-funded Warrants within 60 days of the date of this filing, subject to beneficial ownership limitations described herein. 667 beneficially owns 0.42% and Life Sciences beneficially owns 4.57% of the outstanding Common Stock. 667 directly holds 207,161 shares of Common Stock and 1,523 shares of Common Stock issuable upon exercise of Pre-funded Warrants within 60 days of the date of this filing and Life Sciences directly holds 2,230,028 shares of Common Stock and 16,396 shares of Common Stock issuable upon exercise of Pre-funded Warrants within 60 days of the date of this filing, subject to the limitations on exercise described herein. 0 667 directly holds 207,161 shares of Common Stock and 1,523 shares of Common Stock issuable upon exercise of Pre-funded Warrants within 60 days of the date of this filing and Life Sciences directly holds 2,230,028 shares of Common Stock and 16,396 shares of Common Stock issuable upon exercise of Pre-funded Warrants within 60 days of the date of this filing, subject to the limitations on exercise described herein. 0 N Y Y N The information in Item 4 is incorporated herein by reference. Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. Baker Bros. Advisors LP /s/ Scott L. Lessing 05/15/2025 Baker Bros. Advisors (GP) LLC /s/ Scott L. Lessing 05/15/2025 Julian C. Baker /s/ Julian C. Baker 05/15/2025 Felix J. Baker /s/ Felix J. Baker 05/15/2025