Research & Development Day Virtual |

Forward Looking Statements This Presentation contains forward-looking

statements and information. 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 conform these 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 report filed with the Securities and Exchange Commission. 2

R&D Day 2022 December 6, 2022 (EST) 11:00 - 11:10 am

Introduction to Candel Therapeutics Intratumor viral immunotherapy: a new approach to induce systemic anti-tumor 11:10 - 11:20 am immunity 11:20 - 11:30 am Clinical perspective on viral immunotherapy 11:30 - 12:00 pm Phase 2

clinical trial of CAN-2409 in NSCLC Phase 1 clinical trial of CAN-2409 in combination with nivolumab and standard of care in 12:00 - 12:10 pm newly diagnosed high-grade glioma 12:10 - 12:25 pm Phase 1 clinical trial of CAN-3110 in

recurrent high-grade glioma 12:25 - 12:40 pm The enLIGHTEN Discovery Platform Penn - Candel discovery partnership: Combination therapy to overcome 12:40 - 12:55 pm CAR-T resistance in solid tumors 12:55 - 1:30 pm

Speakers Charu Aggarwal Daniel H. Sterman Roy Herbst Paul Peter Tak

James P. Allison Padmanee MD, MPH MD MD, PhD MD, PhD, FMedSci PhD Sharma MD, PhD Perelman School of NYU Langone Health Yale Cancer Center Candel Therapeutics MD Anderson MD Anderson Medicine at UPenn Cancer Center & Cancer Center Parker

Institute for Cancer Research E. Antonio Chiocca Francesca Barone Carl H. June Neil C. Sheppard Patrick Y. Wen MD, PhD MD, PhD MD DPhil MD Brigham and Women's Candel Therapeutics Center for Cellular Center for Cellular Dana-Farber Cancer

Hospital & Harvard Immunotherapies at Immunotherapies Institute & Harvard Medical School Medical School UPenn & Parker Institute at UPenn for Cancer Research 4

Candel Therapeutics Paul Peter Tak, MD, PhD, FMedSci 5

Paul Peter Tak, MD, PhD, FMedSci Candel Therapeutics Dr. Paul Peter Tak

is President, CEO, and Board Director of Candel Therapeutics. Dr. Tak received his medical degree from the Free University in Amsterdam and was trained as an internist and immunologist at Leiden University Medical Center, where he also received his

PhD. He worked as a scientist at the University of California San Diego and next served as Professor of Medicine and Chair of the Department of Clinical Immunology and Rheumatology at Amsterdam University Medical Center. He has published extensively

in peer-reviewed journals (> 590 publications, H-index 137, > 80,000 citations), received numerous awards, has been elected Fellow of the Academy of Medical Sciences, is an Honorary Senior Visiting Fellow at the University of Cambridge, and

was recognized by PharmaVOICE100 in 2021. At GlaxoSmithKline, Dr. Tak served as Senior Vice President, Chief Immunology Officer, and Global Development Leader (2011-2018), and brought a large portfolio of investigational medicines to clinical

development and approval. 6

Candel overview o Two investigational medicines in the clinic and a

discovery platform CAN-2409 o Engineered, replication-defective adenoviral gene construct encoding herpes simplex virus (HSV)-thymidine kinase o Ongoing clinical trials in non-small cell lung cancer (NSCLC), pancreatic cancer, and prostate

cancer o Pipeline in a product o Phase 2 clinical trial data update in NSCLC CAN-3110 o Engineered, replication-competent HSV designed for tumor-specificity o Ongoing clinical trial in recurrent high-grade glioma (HGG) o Opportunity for

creation of pipeline in a product by expansion of indications outside the brain o Phase 1b clinical trial data update in recurrent HGG enLIGHTEN Discovery Platform based on Advanced Analytics and HSV technology o Company Update

Strong scientific support from high-profile Research Advisory Board Significant unmet need and commercial opportunity for each selected indication Cash and cash equivalents of $77.2M as of September 30, 2022; runway into Q1

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

drug development Paul-Peter Tak, M.D., Ph.D., Jason Amello FMedSci Chief Financial Officer President & Chief Executive Officer Nathan Caffo Francesca Barone, M.D., Ph.D. Chief Business Officer Chief Scientific Officer Christopher Matheny,

Pharm.D., Garrett Nichols, M.D., M.S. Ph.D. Chief Medical Officer Vice President, Development Leader Seshu Tyagarajan, Ph.D., RAC Susan Stewart, J.D. Chief Technical and Development Officer Chief Regulatory Officer 8

CAN-2409: Systemic immunotherapy delivered intratumorally 1. CAN-2409

locally administered combined with oral prodrug 3. CAN-2409 induces CD8+ cytotoxic T cells Tumor Inflammatory Dendritic cell B-cell Valacyclovir antigens mediators Macrophage Fibroblast CAN-2409 Cytotoxic metabolite Thymidine kinase enzyme

Valacyclovir CAN-2409 T-cell 2. Localized cytolytic mechanism combined with 4. Local immunization yields systemic CD8+ T cell proinflammatory viral particles mediated against injected tumor and uninjected metastases 9

Prostate cancer: Significant unmet need Incidence of localized prostate

cancer o No new treatments approved for newly diagnosed, localized prostate cancer during in the US by risk level the last 10+ years o Currently available treatments are associated HIGH with significant side effects INTERMEDIATE LOW 30K 75K 45K o

Significant opportunity for new treatment with favorable tolerability profile that will prevent disease progression Target label for CAN-2409: - Indicated in newly diagnosed localized prostate cancer in combination with radiotherapy +/- short-term

ADT, in patients with intermediate- to high-risk disease - Indicated in newly diagnosed localized prostate cancer in patients with NCCN-defined low-risk disease, or patients with # intermediate-risk disease undergoing active surveillance # Market

research combined with interviews with 22 KOLs (12 US; 10 EU) and 10 US payors. Dec 2020 10

Fully accrued phase 2 clinical trial of CAN-2409 in patients with

prostate cancer (active surveillance) PI: Dr. S. Eggener (U of Chicago) Active Surveillance + CAN-2409 + Valacyclovir (2 injections) Primary Endpoints o Disease Free Survival N=187 Secondary Endpoints Fully enrolled 2:1 o Progression to radical

Patients chose Randomization treatment, pathological response/PSA kinetics active surveillance o Proactive Surveillance Score o Quality of life o Immunological biomarkers Active Surveillance + Placebo + Valacyclovir (2 injections) NCT02768363

Fully accrued phase 3 clinical trial of CAN-2409 in patients with

prostate cancer (newly diagnosed, intermediate/high risk) PIs: Dr. T. DeWeese (JHU) and Dr. P. Scardino (MSKCC) CAN-2409 + Valacyclovir (3 injection courses + radiotherapy) Primary Endpoints o Disease free survival N=711 Fully enrolled Secondary

Endpoints Newly diagnosed, 2:1 o PSA freedom from intermediate-high Randomization biochemical failure o Prostate cancer specific risk, localized survival prostate cancer o Overall survival o Quality of life o Immunological biomarkers Placebo +

Valacyclovir (3 injection courses + radiotherapy) NCT01436968 Conducted under agreement with FDA under Special Protocol Assessment 12

CAN-2409 is generally well tolerated in ongoing phase 2b clinical trial

in patients with prostate cancer (monotherapy; active surveillance population) CTC grade n=187 Most common PT (>=5%) 1 2 3 4 Total (%) Flu-like symptoms 40 (21) 20 (11) 1 (1) 61 (33) Chills 39 (21) 13 (7) 1 (1) 53 (28) Fever 39 (21) 9 (5) 1 (1)

49 (26) Fatigue 27 (14) 10 (5) 1 (1) 38 (20) Elevated AST/ALT 28 (15) 3 (2) 1 (1) 32 (17) Elevated Creatinine 23 (12) 5 (3) 1 (1) 2 (1) 31 (17) Study is still blinded Headache 20 (11) 5 (3) 25 (13) 187 patients treated Urinary tract infection 1 (1)

15 (8) 2 (1) 18 (10) 362 injections performed Nausea 12 (6) 4 (2) 16 (9) Low Hemoglobin 15 (8) 15 (8) Diarrhea 10 (5) 3 (2) 13 (7) Malaise 10 (5) 2 (1) 12 (6) Hematuria 12 (6) 12 (6) Urinary frequency 9 (5) 2 (1) 11 (6) Urinary tract pain 6 (3) 3

(2) 9 (5) Urinary urgency 7 (4) 2 (1) 9 (5) Elevated Alkaline Phosphatase 8 (4) 1 (1) 9 (5) Elevated Bilirubin 7 (4) 3 (2) 10 (5) ~ 33% patients experienced flu-like symptoms < 1% infections requiring hospitalization AdMeTech Foundation's

Fifth Global Summit on Precision Diagnosis and Treatment of Prostate Cancer, September 2021 13

Most patients tolerate intra-prostate injection same or better than

prostate biopsy (ongoing phase 3 clinical trial; combined with radiotherapy +/- androgen deprivation therapy) In total > 2,000 intra-prostate injections (40% transperineal; 56% transrectal; 4% not reported) "How did you tolerate the study

procedure as compared to a prostate biopsy?" Patient questionnaire substudy in 32 patients Transperineal Transrectal Much harder to tolerate Much harder to tolerate 4 % 0% Little harder to tolerate Little harder to tolerate 30 % 11% Same or

better tolerated Same or better tolerated 89 % 65 % 0 20 40 60 80 0 20 40 60 80 100 28th Annual Prostate Cancer Foundation Scientific Retreat, October 2021 14

Systemic immunotherapy delivered intratumorally o Intra-tissue

injection is a proven strategy for in situ vaccination o Delivery designed to minimize systemic toxicity o Systemic immune response: not all metastases need to be injected o Durable responses after only 2-3 administrations o Procedure is well

tolerated by patients: Administration to prostate takes 15-20 min in outpatient setting, often tolerated the same or better than prostate biopsy, which is a routine procedure in urology Administration to lung tumor takes 15-20 min in

outpatient setting via bronchoscopy, which is a routine procedure in pulmonary medicine For future indications, any location can be reached using image-guided injection, robotic delivery, etc. o Procedures with proven benefit/risk, patient

tolerability, and cost-effectiveness will be implemented by clinicians Stem cell transplantation, implant radiotherapy, interventional radiology, interventional cardiology 15

Candel overview o Promising assets with near- and mid-term inflection

points CAN-2409: Systemic immunotherapy delivered intratumorally Phase 2 NSCLC; updated clinical data - to be presented today o Additional data expected in Q3 2023 Phase 3 HGG; ready to commence Phase 2 pancreas

preliminary data - expected Q4 2023 Phase 2 prostate cancer; localized, low- to intermediate-risk (active surveillance) - readout expected Q4 2023 Phase 3 prostate cancer; localized, intermediate- to high-risk -

readout expected Q4 2024 CAN-3110: Replication-competent HSV with tumor-specificity Phase 1b recurrent HGG; updated clinical and biomarkers - presented at SITC and today enLIGHTEN Discovery Platform based on use of Advanced

Analytics and HSV technology o Significant unmet need and commercial opportunity for each selected indication o Management team with proven success in immunology, oncology, and development o Cash and cash equivalents of $77.2M as of September 30,

2022 Funds currently planned operations into Q1 2024 16

Intratumor viral immunotherapy James P. Allison, PhD 17

James P. Allison, PhD MD Anderson Cancer Center Dr. James Allison is

the Regental Professor and Chair of the Department of Immunology, the Olga Keith Wiess Distinguished University Chair for Cancer Research, Director of the Parker Institute for Cancer Research, and the Executive Director of the Immunotherapy Platform

at MD Anderson Cancer Center. His well-known research is focused on the mechanisms of T cell development and activation, development of novel strategies for tumor immunotherapy, and he is recognized as one of the first to isolate the T-cell antigen

receptor complex protein. In 2018, Dr. Allison received the Nobel Prize in Physiology or Medicine for the discovery of cancer therapy by inhibition of negative immune regulation. Since April 2021, Dr. Allison has been on the Research Advisory Board

Intratumor viral immunotherapy: A new approach to induce systemic

anti-tumor immunity Jim Allison, PhD Regental Professor and Chair, Immunology Vice-President, Immunobiology Director, James Patrick Allison Institute Executive Director, Immunotherapy Platform Olga Keith Weiss Distinguished University Chair for

Cancer Research Distinguished Scholar, Cancer Prevention and Research Institute of Texas Candel R&D Day 2022 19

How oncolytic viruses are thought to work Primary infection Virus

amplification and tumor cell lysis Secondary infection, Virus amplification, tumor cell lysis and virus spread Inflammatory response 20

An example of viral immunotherapy: Newcastle Disease Virus (NDV) F

Family: Paramyxoviridae: negative-strand RNA virus (same as HN mumps, HPIV, measles) M Natural host: birds Cell surface receptor: sialic acid N Determinants of cancer cell-specificity: L P - Deficiency in innate

immune signaling - Resistance to apoptosis Pathogenic types: replication, pathogenicity (in birds) and oncolytic proficiency is determined by the viral fusion protein: - Lentogenic (nonpathogenic) strains: limited replication and

lysis - Mesogenic and velogenic (pathogenic) strains: best replication and lysis 21

Therapeutic efficacy of oncolytic viruses is dependent on the adaptive

immune response rather than virus replication Implant Inject PBS/NDV -luciferase flank tumors IT into right tumor Day 0 7 9 11 Days after Tumor Challenge 7 9 11 13 17 21 PBS NDV NDV + aCD4 NDV + aCD8 22