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Candel at a glance o CAN-2409 (aglitimagene besadenovec): Off-the-shelf
pan-solid tumor therapy, individualized anticancer immune response Positive phase 3 randomized placebo-controlled clinical trial in localized, intermediate- to high-risk prostate cancer Positive overall survival data from randomized
phase 2a clinical trial of CAN-2409 in borderline resectable pancreatic cancer Positive overall survival data from randomized phase 2a clinical trial of CAN-2409 in therapy-resistant non-small cell lung cancer FDA Regenerative
Medicine Advanced Therapy (RMAT) designation in prostate cancer, Fast Track designation in NSCLC, pancreatic cancer, and prostate cancer. Orphan Drug designation in pancreatic cancer "Pipeline in a product" strategy advancing
multiple programs in several large indications o CAN-3110 (linoserpaturev): Oncolytic HSV-1 designed for tumor-specific replication Proof of concept in patients with recurrent high-grade glioma, published in Nature and Science Translational
Medicine Fast Track designation, Orphan Drug designation Opportunity for creation of "pipeline in a product" by expansion into indications beyond brain cancers o Corporate highlights Experienced Executive Team and
strong scientific support from high-profile Research Advisory Board Cash and cash equivalents of $87.0 million as of September 30, 2025; expected runway into Q1 2027 Entered into a term loan facility of up to $130 million in October
2025 IP protection: CAN-2409 (2034, method of use); CAN-3110 (2036, composition of matter); 12 years data exclusivity Low-cost manufacturing Precommercialization activities underway to support potential post approval
commercial launch of CAN-2409
Key achievements and anticipated future milestones in clinical programs
2025-2026 BLA filing Updated OS data, New recurrent HGG biomarker data, Phase 1b (Arm C), prostate cancer CAN-3110 Phase 3, Phase 2 (biomarker/ Initiation phase 3 biodistribution), clinical trial, CAN-2409 Updated NSCLC clinical data, Phase 3,
Updated prostate cancer CAN-2409 clinical data, Interim OS data, Phase 3, Additional NSCLC biomarker data, CAN-2409 clinical data, Phase 2, recurrent HGG prostate cancer CAN-2409 Phase 1b (Arm C), Phase 3, CAN-3110 CAN-2409 2025 2026
Leadership team with decades of experience in oncology, immunology, and
drug development Paul Peter Tak, MD, PhD, FMedSci Charles Schoch, MBA, MSA President & Chief Executive Officer 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
Research Advisory Board of premier thought leaders James Allison, PhD
Edward Benz, MD Henry Brem, MD Roy Herbst, MD, PhD Elizabeth M. Jaffee, MD Chair of the Department of President and CEO Emeritus Director, Department of Chief of Medical Oncology Deputy Director of the Sidney Immunology, MD Anderson Dana-Farber
Cancer Institute Neurosurgery Yale Cancer Center Kimmel Comprehensive Cancer Cancer Center Professor of Neurosurgery Center at Johns Hopkins and Johns Hopkins University Co-Director of the Gastrointestinal Director of the Parker Institute Cancers
Program for Cancer Research 2018 Nobel Recipient Carl H. June, MD Philip Kantoff, MD Gary Nabel, MD, PhD Bali Pulendran, PhD Padmanee Sharma, MD, PhD Richard W. Vaque Professor Former Chair, Department of Chief Innovation Officer of OPKO Violetta L.
Horton Professor at Professor of Genitourinary in Immunotherapy, Perelman Medicine, Memorial Sloan and President/CEO of ModeX Stanford University School of Medical Oncology and School of Medicine, Kettering Cancer Center Therapeutics Medicine and
Director of the Immunology , MD Anderson University of Pennsylvania Institute for Immunity, Cancer Center Former CSO Sanofi Transplantation and Infection at Stanford University
R&D Day 2025: Agenda Introduction to Candel Therapeutics
11:00-11:10 AM 1 Immuno-oncology: The Next Wave of Innovation 11:10-11:40 AM 2 CAN-2409 for Newly Diagnosed Localized Prostate Cancer 11:40-12:10 PM 3 Road Map to Biologics License Application (BLA) 12:10-12:30 PM 4
12:30-12:50 PM 5 Pre-Commercialization Road Map CAN-2409 for Immune Checkpoint Inhibitor Refractory Non-Small Cell Lung Cancer 12:50-1:15 PM 6 CAN-3110 for Recurrent Glioblastoma 1:15-1:30 PM 7 Analyst | Management Q&A/Closing
IMMUNO-ONCOLOGY: THE NEXT WAVE OF INNOVATION James P. Allison, PhD,
Nobel Laureate, Regental Professor and Chair of Immunology, and Founding Director of Scientific Programs for the James P. Allison Institute at the University of Texas MD Anderson Cancer Center Carl H. June, MD, Richard W. Vague Professor in
Immunotherapy and Director, Center for Cellular Immunotherapies and Parker Institute for Cancer Therapy, Perelman School of Medicine, University of Pennsylvania Padmanee Sharma, MD, PhD, Professor of Genitourinary Medical Oncology and Immunology,
and Director of Scientific Programs for the James P. Allison Institute at the University of Texas MD Anderson Cancer Center Moderator: Yigal Nochomovitz, PhD, Citi Group
CAN-2409 FOR NEWLY DIAGNOSED LOCALIZED PROSTATE CANCER Glen Gejerman,
MD, Co-chief of Urologic Oncology, Hackensack University Medical Center Philip Kantoff, MD, Former Chair Department of Medicine, Memorial Sloan Kettering Cancer Center, CEO, Convergent Therapeutics Garrett Nichols, MD, MS, Candel's Chief
Medical Officer Ron Tutrone, MD, National Director of Clinical Research, United Urology Moderator: Oliver McCammon, LifeSci Capital
Candel is addressing a clear unmet patient need The U.S. prostate
cancer opportunity for CAN-2409 Clear Unmet Need for Patients Localized LOW INTERMEDIATE HIGH Prostate 65K 109K 43K Long-term ADT Incidence Suboptimal associated with SoC Options severe side effects Benefits of CAN-2409 in Localized Patients
Currently Prostate ~65K (~43%) Receiving Radiotherapy Patients' Future Cost Recurrence Avoidance Illustrative Range of Recurrence in ~30% of patients Costs of side effects Existing Prostate ~$150-$250K post-radiotherapy, with ~50% related to
ADT high-risk patients Approved Therapies Use of ADT or chemotherapy Source: Globe Life Sciences (May 2025).
Target Product Profile for CAN-2409 in intermediate- to high-risk,
localized prostate cancer "Off-the-shelf" viral immunotherapy product designed to elicit a broad, potent immune response against solid tumors o Planned indication in newly diagnosed localized prostate cancer in patients with
intermediate- to high-risk disease in conjunction with radiotherapy to prevent Planned prostate cancer recurrence Indication * NCCN defined intermediate (at least one of: PSA 10-20 ng/mL, Gleason score of 7, stage T2b/T2c) or patients
with a single high-risk characteristic (one of: PSA >20 ng/mL, Gleason score 8-10, stage T3a) o Administered in combination with SoC external beam radiotherapy (EBRT) short course of ADT (<6 months) o 3 courses of intraprostatic
injections: 2 mL total volume (2-6 weeks apart) Administration Each administration is performed in outpatient clinic (~20 minutes) 14 days of valacyclovir orally following each injection course *National Comprehensive Cancer
CAN-2409: Mechanism of action 1. CAN-2409 locally administered combined
with oral prodrug 3. CAN-2409 induces CD8+ cytotoxic T cells Inflammatory Tumor Dendritic cell B-cell Valacyclovir mediators antigens Macrophage Fibroblast CAN-2409 Cytotoxic metabolite Thymidine kinase enzyme Valacyclovir CAN-2409 T-cell 2.
Localized cytolytic mechanism combined 4. Local immunization yields systemic CD8+ T-cell mediated with proinflammatory viral particles response against injected tumor and uninjected metastases CAN-2409 is an investigational product and its mechanism
of action in humans has not been definitively established. This depiction of the CAN-2409 mechanism of action is based on preclinical data and observations in clinical studies to date.
Phase 3 Clinical trial of CAN-2409 in patients with newly diagnosed,
intermediate- to high-risk, localized prostate cancer NCT01436968 CAN-2409 + Valacyclovir Primary endpoints (3 injection courses + radiotherapy o Disease-free survival (time to cancer recurrence or with or without short-course ADT) n=745 death due
to any cause)* 2:1 Newly diagnosed, Key secondary endpoints intermediate/high- Randomized o PSA freedom from risk, localized biochemical failure prostate cancer o Prostate cancer- Placebo + Valacyclovir specific outcomes (3 injection courses +
radiotherapy o Overall survival with or without short-course ADT) Conducted under agreement with FDA under Special Protocol Assessment Randomized stratified by the National Comprehensive Cancer Network (NCCN) guideline risk group and planned
short-course ADT (androgen deprivation therapy). *Defined as local (biopsy), regional or metastatic disease, or death due to any cause. DeWeese TL et al. 2025 ASCO Annual Meeting; May 28, 2025; Chicago, IL. J Clin Oncol. 2025;43(16)(suppl):Abstract
CAN-2409 is delivered in a routine and well-tolerated outpatient
procedure Standard urologic injection procedure Prostate Bladder Images of fluorescently labeled adenoviral vector in freshly resected prostate, demonstrating homogeneous distribution throughout the 2 organ after 4 injections of virus (0.5 mL) in
each prostate quadrant Prodrug (14 days of Pre-radiotherapy Radiotherapy Post-radiotherapy valacyclovir) Short-term androgen deprivation therapy 1 o Ultrasound-guided injection (transrectal or transperineal) o Performed by urologists or
radiation oncologists in outpatient clinic o A total volume of 2 mL, 0.5 mL in each of 4 quadrants of the Course 1: 15 days-8 weeks Course 2: 0-3 days Course 3: 15-22 days prostate using a 20-G to 22-G needle prior to radiotherapy prior to
radiotherapy after prior injection 1. Aguilar L. 28th Annual Prostate Cancer Foundation, Scientific Retreat, October 2021; 2. Rojas-Mart nez A et al. Cancer Gene Ther. 2013;20:642-9.
Most patients tolerate intraprostatic injection the same or better than
prostate biopsy Patient questionnaire substudy (n=32) In total >2000 intraprostatic injections (40% transperineal; 56% transrectal; 4% not reported) "How did you tolerate the study procedure compared to a prostate biopsy?"
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 65% 89% 0% 10% 20% 30% 40% 50% 60% 70% 0% 20% 40% 60% 80%
100% Aguilar L. 28th Annual Prostate Cancer Foundation Scientific Retreat, October 2021
CAN-2409 significantly improved disease-free survival (DFS) in newly
diagnosed, intermediate- to high-risk prostate cancer Hazard ratio (95% CI): 0.70 (0.52, 0.94), P=0.0155 Median follow-up: 50.3 months (95% CI 45.37, 51.29) CAN-2409 results in 30% risk reduction in disease recurrence (includes death from any cause)
compared to Standard * of Care (ITT, n=745). *Intent to treat population. DeWeese TL et al. 2025 ASCO Annual Meeting; May 28, 2025; Chicago, IL. J Clin Oncol. 2025;43(16_suppl):Abstract 5000.
CAN-2409 significantly improved prostate cancer-specific DFS Hazard
ratio (95% CI): 0.62 (0.44, 0.87) P=0.0046 * 38% reduction in risk for prostate cancer-specific disease recurrence (ITT, n=745) *Intent to treat population. DeWeese TL et al. 2025 ASCO Annual Meeting; May 28, 2025; Chicago, IL. J Clin Oncol.
2025;43(16_suppl):Abstract 5000
CAN-2409: Other key secondary endpoints o Significant increase in the
proportion of patients achieving a prostate-specific antigen (PSA) nadir of <0.2 ng/mL in the treatment arm compared with placebo arm 67.1% vs 58.6%, respectively (P=0.0164) 1 o As expected , overall survival was similar by treatment arm
in this time frame (median follow-up 50 months) Only 2 deaths due to prostate cancer (one CAN-2409, one placebo) 50 patients died due to other causes, unrelated to treatment 1. Hamdy FC et al. N Engl J Med
CAN-2409 significantly improved the rate of pathological complete
response in 2-year biopsies compared with the placebo control arm Pathological complete response was observed in 80.4% of the biopsies available at 2 years in the CAN-2409 arm compared with 63.6% in the placebo arm CAN-2409 Placebo Total 214 99
Negative 172 (80.4%)* 63 (63.6%) Positive 42 (19.6%) 36 (36.4%) *Significant difference between arms, chi-square test P=0.0015. o 451 post-treatment biopsies centrally reviewed by at least 2 blinded independent readers o 313 post-treatment biopsies
available for review for the 2-year histologic analysis
Positive biopsies 2 years after radiotherapy are predictive of
metastases and cancer-related mortality after long-term follow-up Patients with a positive prostate biopsy 2 years after radiotherapy because of localized cancer had: o 10-fold higher odds of developing biochemical failure (P < 0.00001) o
3-fold higher odds of developing distant metastasis (P < 0.00001) o 5-fold higher odds of dying from their prostate cancer (P < 0.00001) Risk of Developing Distant Metastasis Risk of Prostate Cancer Mortality Odds ratio Odds ratio M-H, random,
95% CI M-H, random, 95% CI Biopsy # Biopsy # Ljung 1995 55 Kiesling 1980 40 Zelefsky 2008 268 Zelefsky 2008 268 Krauss 2015 831 Krauss 2015 831 Kass-Iliyya 2018 159 Kass-Iliyya 2018 159 Zapatero 2019 232 Zapatero 2019 232 Total HR 3.12 (2.06-4.73)*