Celyad Oncology : Registration Document

REGISTRATION DOCUMENT

This document constitutes the registration document of Celyad Oncology SA (hereinafter "Celyad" or "The Company") (the "Registration Document") within the meaning of Article 6 and Article 10 of the Prospectus Regulation 2017/1129. The date of this Registration Document is 7 June 2022.

This Registration Document is valid for a period of twelve months from its date of approval (until 6 June 2023). The obligation to supplement this Registration Document in the event of significant new factors, material mistakes or material inaccuracies does not apply when this Registration Document is no longer valid.

The Financial Services and Markets Authority ("FSMA") approved the English version of this Registration Document in accordance with Article 20 of the Prospectus Regulation 2017/1129. The FSMA only approves this Registration Document as meeting the standards of completeness, comprehensibility and consistency imposed by the Prospectus Regulation and such approval by the FSMA should not be considered as an endorsement of the issuer.

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TABLE OF CONTENTS

1. RISK FACTORS ................................................................................................................................................................................................................	5
	RISKS RELATED TO COMPANY'S FINANCIAL POSITION AND CAPITAL REQUIREMENTS .......................................................................	9
1.1.1.	The Company may need substantial additional funding, which may not be available on acceptable terms when needed, if at all. ................................	9
1.1.2.	The Company has incurred net losses in each period since its inception and anticipates that it will continue to incur net losses in the future.............	11
	RISKS RELATED TO COMPANY'S BUSINESS ACTIVITIES AND INDUSTRY ................................................................................................	12
1.2.1.	The Company's Product Candidates are new approaches to cancer treatment that presents significant challenges. ....................................................	12
1.2.2.	Its Product Candidates are biologics, which are complex to manufacture, and the Company may encounter difficulties in production ......................	13
1.2.3.	The future commercial success of the Company's Product Candidates will depend on the degree of market acceptance among physicians, patients,
	healthcare payers and the medical community. ...........................................................................................................................................................	14
The Company's Product Candidates are at varying stages of development and the Company may never have a product that is commercially successful......	14
The Company does not expect to be able to market any of its products for a number of years. Furthermore, when available on the market physicians may
	not prescribe the Company's products, which would prevent the Company from generating significant revenues or becoming profitable. Market
	acceptance of the Company's future products by physicians, patients and healthcare payers will depend on a number of factors, many of which are
	beyond the Company's control, including, but not limited to: .....................................................................................................................................	14
•	Acceptance by physicians, patients and healthcare payers of each product as safe, effective and cost-effective; ........................................................	14
•	Relative convenience, ease of use, ease of administration and other perceived advantages over alternative products; ................................................	14
•	Prevalence and severity of adverse events; .................................................................................................................................................................	14
•	The extent to which products are approved for inclusion and reimbursed on formularies of hospitals and managed care organizations; ....................	14
1.2.4.	The Company may face significant competition and technological change which could limit or eliminate the market opportunity for its Product
	Candidates. .................................................................................................................................................................................................................	14
	RISKS RELATED TO CLINICAL DEVELOPMENT...............................................................................................................................................	15
1.3.1.	The Company may encounter substantial delays in its clinical trials or may fail to demonstrate safety and efficacy to the satisfaction of applicable
	regulatory authorities ..................................................................................................................................................................................................	15
1.3.2.	In previous clinical trials involving T cell-based immunotherapies, some patients experienced serious adverse events. The Company's Product
	Candidates may demonstrate a similar effect. .............................................................................................................................................................	16
1.3.3.	The Company may be adversely affected by natural disasters and/or global health pandemics (such as COVID-19), and its business, financial
	conditions and results of operations could be adversely affected ................................................................................................................................	17

1.3.4. The Company's clinical trials are ongoing and not complete. Initial success in its ongoing clinical trials may not be indicative of results obtained

when this trial is completed. .......................................................................................................................................................................................	19
RISKS RELATED TO LEGAL AND REGULATORY RISKS .................................................................................................................................	19
1.4.1. The Company is heavily dependent on the regulatory approval of its Product Candidates in the United States and Europe. .......................................	19

1.4.2. Nearly all aspects of the Company's activities are subject to substantial regulation. No assurance can be given that any of the Company's Product

Candidates will fulfil regulatory compliance. .............................................................................................................................................................	19
RISKS RELATED TO INTELLECTUAL PROPERTY.............................................................................................................................................	20
1.5.1. The Company could be unsuccessful in obtaining or maintaining adequate patent protection for one or more of its Product Candidates. ..................	20

1.5.2. The Company's patents and other intellectual property rights portfolio is relatively young and may not adequately protect its research programmes

and Product Candidates. .............................................................................................................................................................................................	21
1.5.3. The Company depends on intellectual property licensed from third parties and termination of any of these licenses could result in the loss of
significant rights, which would harm its business. ......................................................................................................................................................	22
1.5.4. The Company may infringe on the patents or intellectual property rights of others and may face patent litigation, which may be costly and time
consuming. .................................................................................................................................................................................................................	24
POST-AUTHORIZATION RISKS.............................................................................................................................................................................	24
1.6.1. The Company has not yet finalized its clinical development program for CYAD-02,	CYAD-101 or CYAD-211. Regulators may not agree with its
proposed protocols for these clinical trials, which could result in delays. ...................................................................................................................	25
RISKS LINKED TO THE COMPLANY'S RELIANCE ON THIRD PARTIES........................................................................................................	25

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1.7.1. Cell-based therapies rely on the availability of specialty raw materials, which may not be available to the Company on acceptable terms or at all. ..	25
1.7.2. If third parties conducting clinical trials do not successfully carry out their contractual duties, the Company may not be able to obtain regulatory
	approval for or commercialize its Product Candidates. ...............................................................................................................................................	25
1.7.3. The Company relies and will continue to rely on collaborative partners regarding the development of its research programmes and Product
	Candidates. .................................................................................................................................................................................................................	27
2. GENERAL INFORMATION ..........................................................................................................................................................................................	28
	GENERAL INFORMATION .....................................................................................................................................................................................	29
2.1.1.	Legal information .......................................................................................................................................................................................................	29
2.1.2. Language of this Registration Document ....................................................................................................................................................................	30
2.1.3. Persons responsible for the contents of the Registration Document ............................................................................................................................	30
2.1.4.	Statutory Auditor ........................................................................................................................................................................................................	30
2.1.5.	Forward-looking statements........................................................................................................................................................................................	31
2.1.6. Market and Industry Information ................................................................................................................................................................................	31
2.1.7.	Other available information ........................................................................................................................................................................................	32
2.1.8. Availability of this Registration Document .................................................................................................................................................................	32
2.1.9. Information incorporated by reference ........................................................................................................................................................................	33
3. FINANCIAL INFORMATION .......................................................................................................................................................................................	34
	FINANCIAL INFORMATION CONCERNING THE COMPANY'S ASSETS AND LIABILITIES, FINANCIAL POSITION, PROFITS AND
	LOSSES .....................................................................................................................................................................................................................	35
	Securities issued by the Company...............................................................................................................................................................................	35
	Legal proceedings.......................................................................................................................................................................................................	35
	Significant change in the financial position of Celyad since 31 December 2021 .........................................................................................................	35
	Dividends and dividend policy ...................................................................................................................................................................................	36
	Financial commitments...............................................................................................................................................................................................	36
	OVERVIEW FUNDInG .............................................................................................................................................................................................	37
	CURRENT CASH POSITION ...................................................................................................................................................................................	38
4. INDUSTRY AND BUSINESS OVERVIEW...................................................................................................................................................................	39
	INDUSTRY AND BUSINESS OVERVIEW .............................................................................................................................................................	40
	The Company's Strategy ............................................................................................................................................................................................	44
	What differentiates Celyad Oncology? .......................................................................................................................................................................	47
	Our Activities and R&D .............................................................................................................................................................................................	48
	Lead Programs............................................................................................................................................................................................................	50
	Licensing and Collaboration Agreements ...................................................................................................................................................................	56
	Our Manufacturing Capabilities..................................................................................................................................................................................	60
	Investments.................................................................................................................................................................................................................	61
	Government Regulation ..............................................................................................................................................................................................	61
5. MANAGEMENT AND CORPORATE GOVERNANCE..............................................................................................................................................	76
	General .......................................................................................................................................................................................................................	77
	Board of Directors ......................................................................................................................................................................................................	77
5.2.1. Composition of the Board of Directors .......................................................................................................................................................................	77
5.2.2.	Board mandates ..........................................................................................................................................................................................................	82
5.2.3.	Director Independence ................................................................................................................................................................................................	84
The Board, assisted by the Chief Legal Officer and upon recommendation of the Remuneration and Nomination Committee, determines annually if the
	conditions of independence are fulfilled by its members.............................................................................................................................................	85
5.2.4. Role of the Board in Risk Oversight ...........................................................................................................................................................................	85
5.2.5. Committees within the Board of Directors ..................................................................................................................................................................	86
5.2.5.1.General .......................................................................................................................................................................................................................	86

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5.2.5.2.Audit Committee ........................................................................................................................................................................................................	86
5.2.5.3.Nomination and Remuneration Committee .................................................................................................................................................................	87
5.2.5.4.Meetings of the Board and the committees .................................................................................................................................................................	88
The Nomination and Remuneration Committee held 8 meetings by telephone or videoconference: .......................................................................................	89
	Executive Committee..................................................................................................................................................................................................	89
	Conflict of Interest of directors and members of the executive team and transactions with affiliated companies ........................................................	93
5.4.1.	General .......................................................................................................................................................................................................................	93
5.4.2. Conflicts of interest of directors..................................................................................................................................................................................	93
5.4.3. Existing conflicts of interest of members of the Board of Directors ............................................................................................................................	94
5.4.4.	Related Party Transactions .........................................................................................................................................................................................	99
5.4.5.	Transactions with affiliates .........................................................................................................................................................................................	99
5.4.6. Code of Business Conduct and Ethics.......................................................................................................................................................................	100
5.4.7.	Market abuse regulations ..........................................................................................................................................................................................	100
	Corporate Governance Code .....................................................................................................................................................................................	101
6. MAJOR SHAREHOLDERS..........................................................................................................................................................................................	103
7. SUMMARY OF INFORMATION DISCLOSED UNDER REGULATION (EU) NO 596-2014...............................................................................	105
8. DEFINITION AND GLOSSARY ..................................................................................................................................................................................	108

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1. RISK FACTORS

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