Full Press Release Details
Biotherapeutics, Inc. and First Light Acquisition Group (FLAG) at an analyst day on August 16, 2023 in connection with their proposed business combination. ANALYST TEACH -IN DAY | AUGUST 2023 Arming the Immune System to Kill Cancer A novel stem
cell-based therapy with payload designed to target and kill tumor cells
Forward-Looking Statements and Legal Disclaimer Forward-Looking
Statements This presentation contains forward-looking statements for purposes of the "safe harbor" provisions under the United States Private Securities Litigation Reform Act of 1995. Terms such as "anticipates,"
"believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential,"
"predicts," "project," "should," "would" as well as similar terms, are forward-looking in nature. The forward-looking statements contained in this presentation are based on Calidi's current
expectations and beliefs concerning future developments and their potential effects. There can be no assurance that future developments affecting Calidi will be those that it has anticipated. These forward-looking statements involve a number of
risks, uncertainties (some of which are beyond Calidi's control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Factors that may
cause actual results to differ materially from current expectations include, but are not limited to: the occurrence of any event, change or other circumstances that could give rise to the termination of negotiations and any subsequent definitive
agreements with respect to the Business Combination; the outcome of any legal proceedings that may be instituted against FLAG, Calidi, the combined company or others following the announcement of the Business Combination, any PIPE Investment that
may be proposed to be consummated concurrently with the Business Combination, and any definitive agreements with respect thereto; the inability to complete the Business Combination due to the failure to obtain approval of the shareholders of FLAG,
the inability to complete any PIPE Investment or other financing needed to complete the Business Combination, or to satisfy other conditions to closing; changes to the proposed structure of the Business Combination that may be required or
appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; the ability to meet stock exchange listing standards following the consummation of the Business Combination;
the risk that the Business Combination disrupts current plans and operations of Calidi as a result of the announcement and consummation of the Business Combination; the ability to recognize the anticipated benefits of the Business Combination or to
realize estimated pro forma results and underlying assumptions, including with respect to estimated shareholder redemptions; costs related to the Business Combination; changes in applicable laws or regulations; the evolution of the markets in which
Calidi competes; the inability of Calidi to defend its intellectual property and satisfy regulatory requirements; the ability to implement business plans, forecasts, and other expectations after the completion of the proposed Business Combination,
and identify and realize additional opportunities; the risk of downturns and a changing regulatory landscape in the highly competitive pharmaceutical industry; the impact of potential global conflicts (including the current conflict in Ukraine) may
have on capital markets or on Calidi's or FLAG's business; the impact of the COVID-19 pandemic on Calidi's business; and other risks and uncertainties set forth in the section entitled "Risk Factors" and
"Cautionary Note Regarding Forward-Looking Statements" in FLAG's final prospectus dated September 9, 2021 and Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on March 31, 2023, and the risks
and uncertainties indicated in the Registration Statement and the definitive proxy statement delivered to FLAG's shareholders, including those set forth under "Risk Factors" therein, and other documents filed or to be filed with
the SEC by FLAG. Presentation Disclaimer This presentation (the "Presentation") is preliminary in nature and for informational purposes only to assist parties in making their own evaluation with respect to the proposed business
combination between First Light Acquisition Group, Inc., a Delaware special purpose acquisition corporation ("FLAG") and Calidi Biotherapeutics, Inc., a Nevada corporation (together with its subsidiaries and divisions,
"Calidi"), and which we refer to as the "Business Combination." The information contained herein does not purport to be all-inclusive and does not constitute or involve any recommendation with respect to the voting, purchase
or sale of any security or as to any other matter by FLAG, Calidi or any other person and none of FLAG, Calidi, nor any of their respective affiliates makes any representation or warranty, express or implied, as to the accuracy, completeness or
reliability of the information contained in this Presentation. FLAG and Calidi expressly disclaim any and all liability for representations, expressed or implied, contained in, or for omissions from, this Presentation or any other written or oral
communication transmitted to any interested party in the course of its evaluation of the Company. Certain information contained herein has been derived from sources prepared by third parties. While such information is believed to be reliable for the
purposes used herein, the FLAG and Calidi make no representation or warranty with respect to the accuracy of such information. This Presentation is not intended to form the basis of any investment decision by the recipient and does not constitute
investment, tax, financial or legal advice. Accordingly, neither Calidi nor FLAG nor any of their respective affiliates, directors, officers, employees or advisers or any other person shall be liable for any direct, indirect or consequential loss or
damages suffered by any person as a result of relying on any statement in or omission from this Presentation and any such liability is expressly disclaimed. Page 2023 Calidi Biotherapeutics, Inc. Company Proprietary; Patents issued
Forward-Looking Statements and Legal Disclaimer (continued) Additional
Information and Where to Find It FLAG has filed with the SEC a registration statement on Form S-4 (as may be amended from time to time, the "Registration Statement"), which includes a definitive proxy statement of FLAG, and a prospectus
in connection with the proposed business combination transaction involving FLAG and Calidi. The definitive proxy statement and other relevant documents have been mailed to FLAG shareholders as of July 11, 2023, the record date established for voting
on the Business Combination. FLAG securityholders and other interested persons are advised to read the definitive proxy statement/prospectus, in connection with FLAG's solicitation of proxies for the special meeting because these documents
will contain important information about FLAG, Calidi, and the Business Combination. Investors, securityholders and other interested persons will also be able to obtain copies of the Registration Statement, the proxy statement/prospectus and all
other relevant documents filed or that will be filed with the SEC by FLAG, once such documents are filed, free of charge, on the SEC's website at www.sec.gov or by directing a request to: First Light Acquisition Group, Inc., 11110 Sunset Hills
Road #2278, Reston, VA 20190. Participants in the Solicitation FLAG and Calidi and their respective directors and officers and other members of management and employees may be deemed participants in the solicitation of proxies in connection with the
proposed business combination. FLAG shareholders and other interested persons may obtain, without charge, more detailed information regarding directors and officers of FLAG in FLAG's Annual Report on Form 10-K for the year ended December 31,
2022, as filed with the SEC on March 31, 2023. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies from FLAG's shareholders in connection with the proposed business combination will
be included in the definitive proxy statement/prospectus that FLAG intends to file with the SEC. No Offer or Solicitation This presentation does not constitute (i) a solicitation of a proxy, consent or authorization with respect to any securities or
in respect of the proposed Business Combination or (ii) an offer to sell, a solicitation of an offer to buy, or a recommendation to buy any security of Calidi, FLAG or any of their respective affiliates. There shall not be any sale of any securities
in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the laws of such other jurisdiction. No offering of securities shall be made except by means of a prospectus
meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom. Page 2023 Calidi Biotherapeutics, Inc. Company Proprietary; Patents issued and pending 3
Agenda Topic Presenter Calidi Overview Stephen Thesing Strategy Allan
Camaisa Oncolytic Viruses, Stem Cells, and IP Antonio F. Santidrian, PhD CLD-101 | NeuroNova Boris Minev, MD CLD-201 | SuperNova Boris Minev, MD Manufacturing Capability Amish Patel, PhD Corporate Governance & Government Affairs Wendy Pizarro
Finance Tony Kalajian The Path Forward Allan Camaisa 2023 Calidi Biotherapeutics, Inc. Company Proprietary; Patents issued and pending 4
Executive Team with Proven Track Record Boris Minev, Stephen M.D. Allan
Camaisa Thesing President, Medical & Chairman & CEO Scientific Affairs, Acting Chief Business Officer CMO Antonio F. Wendy David Sans, Pizarro, Esq. Santidrian, PH.D. PH.D. Chief Administrative Chief Corporate Officer & Chief Legal
Development Officer SVP, Global Head of Officer R&D Amish Patel, Tony Kalajian PH.D. Acting CFO Vice President of Technical Operations Page 2023 Calidi Biotherapeutics, Inc. Company Proprietary; Patents issued and pending
Board of Directors with Deep Biopharma Expertise Allan Camaisa Dr.
Heehyoung Lee Chairman of the Board Director Scott Leftwich James Schoeneck Vice Chairman of the Board Director George Ng Alfonso Zulueta Director Director 2023 Calidi Biotherapeutics, Inc. Company Proprietary; Patents issued and
Calidi Board of Advisors Bernie Fox, Ph.D. Maciej (Matt) S Lesniak, MD
Chair, Department of Neurological Surgery 2023 Calidi Biotherapeutics, Inc. Company Proprietary; Patents issued and pending 7
Calidi Board of Advisors - continued Santosh Kesari, MD, PhD Ewa
Carrier, MD Vice President, Clinical Development, FibroGen, Inc. Chair and Professor, Department of Translational Neuro-Oncology and Neurotherapeutics, Saint She has published many high-impact John's Cancer Institute articles in the areas of
stem cell transplantation, cancer stem cells, and cancer vaccines. Dr. Dmitriy Zamarin, MD PhD George Peoples, MD, FACS An accomplished medical oncologist who specializes in Founder and CMO, Cancer Insight CRO the care of women with gynecologic
cancers, including Professor, Surgery, Uniformed Services University cervical, ovarian, and endometrial cancers at Sloan Professor (adjunct), Surgical Oncology, MD Kettering Cancer Center in New York Anderson Cancer Center Dr. Ashok Srivastava, MD,
PhD, MBA Chief Medical Officer, Senior Vice President Immuno-Oncology, Medical Oncology and Hematology Drug Development, Medical Affairs and Pharmacovigilance for CliniFomatrix Page 8
First-In-Class Stem Cell Based Platforms to Deliver Oncolytic Payloads
Increase survival rate and therapeutic efficacy in patients suffering targeted delivery of from a wide variety of cancers through allogeneic stem cells loaded with oncolytic viruses (OV) Calidi's Vision Provide safe and tolerable therapeutic
options for cancer patients that improve quality of life and reduce frequency of treatments Arming the Immune System to Kill Using proprietary and scalable, commercially viable state-of-the-art OV and cell-based delivery platforms Cancer Leverage
first-in-class platform to drive partnerships with big pharma, government and academia to streamline development pathways Page 2023 Calidi Biotherapeutics, Inc. Company Proprietary; Patents issued and pending 9
Highlights Calidi Biotherapeutics is a clinical-stage biopharmaceutical
company revolutionizing oncolytic viral therapies with stem cell-based platforms CLD-101: Neural stem cell (NSC) product candidates loaded with oncolytic adenovirus Two Differentiated Stem Cell Platforms 1 CLD-201: Allogeneic Adipose-derived
Mesenchymal Stem Cells (AD-MSC) loaded with oncolytic vaccinia virus Large Target Markets in Areas of High First CLD-101 programs target HGG, with a well-defined regulatory pathway and accelerated approval potential 2 Unmet Need CLD-201 trials will
focus on multiple solid tumor types (Triple Negative Breast Cancer, Head & Neck, Metastatic Melanoma) CLD-101: Phase1 trial in newly diagnosed HGG - COMPLETED; Phase 1b trial initiating 1H 2024 Three Clinical Development Programs 3 CLD-101:
Phase 1 trial in recurrent HGG - initiated in 1H 2023 CLD-201: Phase 1 trial in solid tumor indications (Triple Negative Breast, Head & Neck, Metastatic Melanoma) 2H 2024 Scalable, cost-efficient manufacturing platform and GMP-grade
adipose-derived allogeneic stem cell bank and NSC bank Cutting Edge Stem Cell Manufacturing sufficient to support commercial launch 4 Processes Opportunity to license cell bank products Page 2023 Calidi Biotherapeutics, Inc. Company
Proprietary; Patents issued and pending 10
Differentiated Wholly-Owned Pipeline in Multiple Cancer Indications
Multiple partnership opportunities to potentiate and deliver other existing OV's, combination therapies and joint development of next generation therapies Non-clinical Pivotal Product Platform Target Indications Discovery Phase 1 Phase 2
Partner studies Trial Newly Diagnosed High Entering Phase 1b/2 Grade Glioma CLD-101 NeuroNova Recurrent High Grade Phase 1 started Glioma Advanced Solid Tumors FDA Pre-IND - Planned Phase 1 (TNBC, Melanoma, Head CLD-201 and Neck) SuperNova
Metastatic Solid Tumors CLD-202 Page 2 20 02 23 3 C Ca alliid dii B Biio ot th he er ra ap pe eu ut tiic cs s, , I In nc c. . Co Com mp pa an ny y P Pr ro op pr riie et ta ar ry y; ; P Pa at te en nt ts s iis ss su ue ed
d a an nd d p pe en nd diin ng g 11 Cancer indications
Company Strategy Allan Camaisa Chief Executive Officer & Chairman
Novel platform: off-the-shelf, cell-based allogeneic stem cells
combined with oncolytic viruses Cell Therapy with OV Calidi is revolutionizing the effective delivery of oncolytic viruses for targeted therapy against difficult-to-treat cancers with an off-the-shelf, potent universal cell-based delivery allogeneic
stem cell and oncolytic virus combination for use in multiple oncology indications. 2023 Calidi Biotherapeutics, Inc. Company Proprietary; Patents issued and pending Image from De Bousser, E.; Callewaert, N.; Festjens, N. T Cell
Engaging Immunotherapies, Highlighting Chimeric Antigen Receptor (CAR) T Cell Therapy. Cancers 2021, 13, 6067. https://doi.org/10.3390/ cancers13236067 13
Calidi's Unique Value Proposition Overcoming Obstacles to Prior
Universal Cancer Therapeutic Generation Oncolytic with Potential to Address a Immunotherapy Wide Range of Solid Tumors Track Record of Successful Solving the Challenge of Non-Dilutive Fundraising Manufacturing with Scalable, through Government and
Commercially Viable Non-Profit Grants Allogeneic Stem Cell Platform 2023 Calidi Biotherapeutics, Inc. Company Proprietary; Patents issued and pending 14
Key Partners Partnerships with leading cancer organizations provide
validation to Calidi's unique approach, financing to support clinical trials, and deep expertise in oncology 2023 Calidi Biotherapeutics, Inc. Company Proprietary; Patents issued and pending 15
From Autologous to Allogeneic, developing a Universal Cancer therapy
Prior safety study was conducted using autologous stem cells Future studies will be conducted using allogeneic stem cells The Past The Present and Future Autologous Allogeneic Immune Rejection Stealth Low immunogenicity (Stealth) Cost High Low
Potency Patient stem cell dependent Normalized No, requires personalized Off-the-shelf, Product Availability manufacturing Available when needed Patient target Personalized Universal Opportunity to Scale No Yes 2023 Calidi Biotherapeutics,
Inc. Company Proprietary; Patents issued and pending 16
% Cytotoxicity .1 1 10 .1 1 10 100 100 BT-549 BT-549 HS-578T HS-578T
Breast Breast MCF7 MCF7 MDA-MB-231 MDA-MB-231 MDAMB468 MDAMB468 SF-268 SF-268 SF-295 SF-295 SF-539 SF-539 CNS CNS SNB-19 SNB-19 SNB75 SNB75 U251 U251 Calidi's SuperNova: CLD-201 Pre-Clinical Program: Universal Therapeutic HCT-116 HCT-116
HCT-15 HCT-15 Colon HT29 HT29 Colon KM12 KM12 Cancer Treatment SW620 SW620 HL-60 HL-60 Leukemia RPMI-8226 Leukemia RPMI-8226 For Multiple Solid Tumor Types SR SR Personalized Cancer treatment LOX IMVI LOX IMVI CLD-201 observed pre-clinical
indications of killing M14 M14 MALME-3M MelanoM mealanoma MALME-3M nearly all tested tumor cell lines (>50) MDAMB435 MDAMB435 SK-MEL S -2 K-MEL-2 SK-MEL-28 SK-MEL-28 0.1 1 10 0.1 1 10 .1 1 10 .1 1 10 .1 1 10 UACC-62 UACC-62 100 A498 100 100 100 1
A50 490 100 A549 A A4 59 48 9 A498BT-549 BT-549 ACHN AsPC1 EKVX Ability to treat only EKVX 50 HS-578T A549 50 HS-5 A 75 84T 9 BT-549 HOP-62 HOP-B 6 x2 PC3 Breast Breast MCF7 ACHN MCF7 one (1) Patient ACHN CAKI-1 HOP-92 HOP- C9 aP2 an2 MDA-MB-231
AsPC1 MDA-MB-231 DU-145 AsPC1 NSCL H226 H226 NSCL EKVX MDAMB468 MDAMB468 BT-549 FG BT-549 NCI-H23 NCI-H23 H226 Manufacturing SF-268 HCI-H460 SF-268 BxPC3 BxPC3 NCI-H322M NCI-H322M HCT-116 SF-295 HCT-15 SF-295 CAKI- H 1CI-H460 Cancer patient HCI-H460
Personalized Therapy CAKI-1 HL-60 SF-539 HO N P-C 62I-H522 SF-539 NC Ca I-P Ha 5n 22 2 CaPan2 CNS HOP-92 CNS SNB-19 IGR-O HV S-5I1 7G 8TR-OV1 SNB-19 DU-145 DU-145 HT29 NCI/ADR-RES SNB75 NCI/ADR-R IGE R-S OV1 SNB75 EKVX EKVX KM12 Calidi's
Universal Cancer treatment OVCAR-3 OVCA LR OX- 3 IMVI U251 U251 FG M14 FG OvarianOvarian OVCAR4 OVCAR4 MALME-3M HCT-116 HCT-116 H22 M6 CF7 H226 OVCAR5 OVCAR5 MDA-MB-231 HCT-15 HCT-15 MDAMB435 HCI-H46 O 0VCAR-8 50 OVCAR-8 50 HCI-H460 MDAMB468 Colon
HT29 Colon HT29 MiapacaS 2 KOV3 HC SK T-O 1V 16 3 HCT-116 NCI/ADR-RES KM12 KM12 AsP NC CI-1 H23AsPC1 Ability to treat HCT-15 HCT-15 NCI-H322M SW620 SW620 BxPC3 BxP NCC I-H3 522 HL-60 1- 1.7 million of HL-60 OVCAR-3 HL-60 HL-60 Pancreas CaPan2
Pancreas CaPa OVn C2 AR4 HOP-62 OVCAR5 HOP-62 FG Leukemia RPMI-8226 FG patients per year Leukemia RPMI-8226 OVCAR-8 HOP- P9 AN2 C-1 HOP-92 Miapaca2 SR Miapaca2 SR RPMI-8226 HS-578 SFT -268 HS-578T PANC-1PANC-1 LOX IMVI LOX IMVI SF-295 SF-53D 9 U-145
DU H-T 12 49 5 HT29 Prostate MP 1r 4ostate M14 SK-MEL-2 SK-MEL-28 A498 IGR- A O 4V 91 8 Manufacturing One (1) treatment IGR-OV1 Melanoma MALME M -3 A M LME-3M SKOV3 Melanoma ACHN ACH SN N 12C KM12 K MM D1 A 2MB435 SNB-19 MDAMB435 Universal Therapy
for all patients CAKI-1 CAKS I- N1 B75 LOX IMVI LOX IM SK VI-MEL-2 SR SK-MEL-2 SN12C Renal SN12C Renal SW620 M14 S M K1 -4 MEL-28 TK10 SK-MEL-28 TK10 TK10 U251 UACC-62 MALME- U3 AC M C-62 MU AA LC MC E- -3 6M 2 UO-31 UO-31 UO-31 0 0 0 0 MCF7 A549 A
M5 C4 F9 7 EKVX MDA-MB-231 EKVX 50 MDA-MB-231 50 HOP-62 HOP-62 MDAMB435 MDAMB435 50 50 HOP-92 HOP-92 MDAMB468 MDAMB468 H226 NSCL H226 Miapaca2 NSCL Miapaca2 2023 Calidi Biotherapeutics, Inc. Company Proprietary; Patents issued and