Candel Therapeutics : Corporate Presentation - January 2024

Tipping the balance in favor of the immune system to fight cancer

Corporate Presentation | January 2024

NASDAQ: CADL

Forward Looking Statements

This Presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this Presentation, including express or implied statements regarding our strategy, future financial condition, future operations, projected costs, prospects, plans, objectives of management and expected market size, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "target," "seek," "predict," "potential," "continue" or the negative of these terms or other comparable terminology. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market size, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements in this Presentation include, but are not limited to, statements about: the initiation, timing, progress, results, and cost of our research and development programs and our current and future preclinical and clinical studies, including statements regarding the timing of initiation and completion of studies or trials and related preparatory work, the period during which the results of the trials will become available, and our research and development programs; our ability to efficiently discover and develop product candidates; our ability to initiate, recruit and enroll patients in and conduct our clinical trials at the pace that we project; our ability to obtain and maintain regulatory approval of our product candidates; our ability to compete with companies currently marketing or engaged in the development of treatments that our product candidates are designed to target; our reliance on third parties to conduct our clinical trials and to manufacture drug substance for use in our clinical trials; the size and growth potential of the markets for our product candidates and our ability to serve those markets; the ability and willingness of our third-party strategic collaborators to continue research and development activities relating to our development candidates and product candidates; our ability to obtain and maintain adequate intellectual property rights; our estimates of our future expenses, revenue, capital requirements or our need for or ability to obtain additional financing; the potential benefits of strategic collaboration agreements, our ability to enter into additional strategic collaborations or arrangements, and our ability to attract collaborators with development, regulatory and commercialization expertise; our financial performance; developments and projections relating to our competitors or our industry; the effect of the COVID-19 pandemic, including mitigation efforts and economic effects, on any of the foregoing or other aspects of our business operations, including but not limited to, our preclinical studies or current and future clinical trials. We caution the recipient not to place considerable reliance on the forward-looking statements contained in this Presentation. The forward-looking statements in this Presentation speak only as of the date of this document, and we undertake no obligation to update or revise any of these statements. Our business is subject to substantial risks and uncertainties, including those referenced above.

Certain information contained in this Presentation relates to or is based on estimates, projections and other information concerning the Company's industry, its business and the markets for its programs and product candidates and studies, publications, surveys and other data obtained from third-party sources and the Company's own internal estimates and research. While the Company believes these third-party sources to be reliable as of the date of this Presentation, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, all of the market data included in this Presentation involves a number of assumptions; there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while we believe our own internal research is reliable, such research has not been verified by any independent source.

These forward-looking statements are based on the beliefs of our management as well as assumptions made by and information currently available to us. Although we believe the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. If such assumptions do not fully materialize or prove incorrect, the events or circumstances referred to in the forward-looking statements may not occur. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this presentation to conformthese statements to actual results or to changes in our expectations, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. Additional risks and uncertainties that could affect our business are included under the caption "Risk Factors" in our most recent Form 10-Q filed with the Securities and Exchange Commission on August 10, 2023.

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Candel at a glance

Industry leader in the development of multimodal immunotherapies for patients living with cancer

o enLIGHTENTM Discovery Platform Based on Advanced Analytics and HSV Technology

• Validating partnership with UPenn Center for Cellular Immunotherapies focused on combination with CAR-Ts in solid tumors

• Alpha-201-macro1,first experimental viral immunotherapy agent developed by the enLIGHTENTM advanced analytics suite,

showed monotherapy activity in preclinical model of breast cancer

• New data for the second drug candidate (Q3 2024)

1. CAN-3110:Oncolytic Virus with Tumor-Specificity

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Engineered, replication-competent HSV designed for tumor-specificity Publication in Nature

Opportunity for creation of "pipeline in a product" by expansion into indications beyond brain cancers

Clinical and immunological biomarker data on Arm C, evaluating repeat dosing regimen of CAN-3110 (Q2 2024)

1. CAN-2409:Off-the-Shelf Therapy, Individualized Cancer Response
2. • Engineered, replication-defective adenoviral gene construct encoding herpes simplex virus (HSV)-thymidine kinase
   • "Pipeline in a product" strategy advancing multiple programs in several large indications
   • Established proof of mechanism in patients in each indication currently under evaluation
   • Numerous upcoming catalysts:
   • • Topline phase 2 OS data in NSCLC (Q2 2024)
     • Updated overall survival based on interim analysis of randomized, open label phase 2 in pancreatic cancer (Q2 2024)
     • Topline phase 2b (Active Surveillance) and phase 3 (Intermediate/High Risk) Prostate Cancer clinical data (Q4 2024)

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Leadership team with decades of experience in oncology, immunology and drug development

Paul Peter Tak, MD, PhD, FMedSci	Charles Schoch, MBA, MSA, CPA
President & Chief Executive Officer	Interim Chief Financial Officer

Francesca Barone, MD, PhD	Garrett Nichols, MD, MS
Chief Scientific Officer	Chief Medical Officer

Seshu Tyagarajan, PhD, RAC	Susan Stewart, JD
Chief Technical and Development Officer	Chief Regulatory Officer

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Research Advisory Board of premier thought leaders

James Allison, Ph.D.

Chair of the Department of Immunology MD Anderson Cancer Center

Director of the Parker Institute for Cancer Research 2018 Nobel Recipient

Edward Benz, M.D.

President and CEO Emeritus

Dana-Farber Cancer Institute

Henry Brem, M.D.

Director, Department of Neurosurgery

Professor of Neurosurgery

Johns Hopkins University

Roy Herbst, M.D., Ph.D.

Chief of Medical Oncology

Yale Cancer Center

Philip Kantoff, M.D.

Former Chair, Department of Medicine Memorial Sloan Kettering Cancer Center

Gary Nabel, M.D., Ph.D.

Chief Innovation Officer of OPKO and

President/CEO of ModeX Therapeutics

Former CSO Sanofi

Padmanee Sharma, M.D., Ph.D.

Professor of Genitourinary Medical Oncology

and Immunology

MD Anderson Cancer Center

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Pipeline focused on value creation

PROGRAM	INDICATION	PRECLINICAL	PHASE 1	PHASE 2	PHASE 3
HSV Platform
enLIGHTEN™	Solid Tumors
Discovery
Programs
CAN-3110	Recurrent High-Grade Glioma
Brain Cancer
Adenovirus Platform
	Localized, Intermediate/High
	Risk,
CAN-2409	Special Protocol Assessment
(FDA)
Prostate Cancer
	Active Surveillance
CAN-2409	NSCLC + PD-1/PD-(L)1,
Lung Cancer	Fast Track Designation (FDA)
CAN-2409	Borderline Resectable
Pancreatic Adenocarcinoma,
Pancreatic Cancer
Fast Track Designation (FDA)

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enLIGHTEN™ Discovery Platform

A systematic, iterative HSV-based discovery platform leveraging human biology and advanced analytics

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Candel's multimodal approach to overcome immunotherapy resistance and failure

Immunotherapy treatment failure arises from heterogeneous mechanisms present in diverse tumor

microenvironments (TME) that are inadequately addressed by single-target therapies

Carter EP et al. Trends Cancer 2021;7:1033-1046

Candel's multimodal approach: novel class of multimodal immunotherapies designed to target the heterogeneous mechanisms in the TME and overcome therapy resistance

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The enLIGHTEN™ Discovery Platform

Deconvolution of human	In silico selection and
tumor microenvironment	prioritization of multimodal
properties	payloads for programmable
	medicines

enLIGHTEN™

Advanced

Analytics

Design of experimental medicine clinical trials

Integration into proprietary suite of

delivery agents

(replication competent and defective HSVs,

re-targeted vectors, other vectors, etc. )

The first systematic, iterative data driven discovery platform leveraging human biology and

advanced analytics to create new immunotherapies for therapy resistant solid tumors

8	Diers A et al. SITC 2023 Abstract 1348

Application of enLIGHTEN™ Advanced Analytics to the Pan-Cancer Atlas

Tumor type

TME properties

Survival curves for BRCA* property NK-T cells

Survival probability

Time (days)

Define TME property-to-survival

associations

* BRCA: invasive breast cancer

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