HOOKIPA Pharma Provides Update on Business Priorities and Oncology Partnership Programs HOOKIPA to prioritize clinical development of HB-200 for the treatment of HPV16+ head and neck cancers and Gilead-partnered programs

HOOKIPA Pharma Provides Update on Business Priorities

and Oncology Partnership Programs

NEW YORK and VIENNA,

January 29, 2024 - HOOKIPA Pharma Inc. (NASDAQ: HOOK, HOOKIPA'), a company developing a new class of immunotherapeutics

based on its proprietary arenavirus platform, today announced that the Company will focus

its resources in two strategic areas: (1) prioritize the clinical development of a randomized

trial for its HB-200 program in human papillomavirus 16 positive (HPV16+) head and neck squamous cell carcinoma (HNSCC) and (2) its

two Gilead-partnered infectious disease cure programs for hepatitis B and human immunodeficiency virus.

In the first-line setting

HB-200, in combination with pembrolizumab, has demonstrated best-in-class antigen specific T cell activation and has doubled the historic

objective response rates of standard of care treatment alone. The totality of the HB-200 data presents a clear opportunity for HOOKIPA

to advance this program in a randomized trial starting in mid-2024.

has a tremendous opportunity to transform treatment of multiple disease areas using an entirely new class of medicines,"

said Joern Aldag, Chief Executive Officer at HOOKIPA. "As we move forward with our randomized trial for HB-200 in combination with

pembrolizumab, we have made an important decision to focus our resources and pursue this opportunity in earnest. We will focus on clinical

delivery and execution so that we can help address a significant unmet need for patients with advanced HPV16+ head and neck cancer."

Company also announced that it has received notification from Roche of their decision to terminate the collaboration and licensing agreement

for HOOKIPA's HB-700 program in KRAS mutated cancers. To date, HOOKIPA has met all go-forward criteria under the agreement and remains

eligible for a final milestone payment associated with IND submission. Effective April 25, 2024,

HOOKIPA will regain full control of the associated intellectual property portfolio and have full collaboration and licensing rights for

this program. As part of its strategic refocus, HOOKIPA will pause development activities related to HB-300 and most of its preclinical

research activities.

HOOKIPA will reduce its

workforce by approximately 30 percent and rebalance its cost structure in alignment with the new prioritization of the Company's

programs. HOOKIPA maintains a strong cash position of $117.5 million1 as of December 31, 2023, and believes that the planned

reductions will help to conserve resources and better align its organization in direct support of late stage clinical development efforts.

Update and Upcoming Catalysts

strategic priorities for HOOKIPA are to advance its clinical programs including HB-200 and its two Gilead-partnered infectious disease

programs. The Company is planning to submit an IND for HB-700 in the first quarter of 2024 and will begin searching for a collaboration

partner. At this time, the company will not pursue further preclinical programs into development and pause further development of its

HB-300 to conserve capital and ensure pipeline success and operational efficiency.

1 Cash position as of December 31,

HOOKIPA Pharma Inc. (NASDAQ: HOOK) is a clinical-stage

biopharmaceutical company focused on developing novel immunotherapies, based on its proprietary arenavirus platform, which are designed

to mobilize and amplify targeted T cells and thereby fight or prevent serious disease. HOOKIPA's replicating and non-replicating

technologies are engineered to induce robust and durable antigen-specific CD8+ T cell responses and pathogen-neutralizing antibodies.

HOOKIPA's pipeline includes its wholly owned investigational arenaviral immunotherapies targeting Human Papillomavirus 16-positive

cancers, KRAS-mutated cancers, and other unnamed indications. In addition, HOOKIPA aims to develop functional cures of HBV and HIV in

collaboration with Gilead.

Find out more about HOOKIPA online at www.hookipapharma.com.

Forward Looking Statements

release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including,

without limitation, implied and express statements by HOOKIPA regarding: timing and consequences regarding the termination of the Roche

Collaboration Agreement, the extent, timing and plan of and the costs and estimated cash expenditures from, the reduction of workforce,

and expected cash and cash equivalents as of December 31, 2023. Forward-looking statements can be identified by terms such as "will,"

"believes," "expects," "plans," "potential," "would" or similar expressions

and the negative of those terms. Such forward-looking statements involve substantial risks and uncertainties that could cause HOOKIPA's

research and clinical development programs, future results, performance or achievements to differ significantly from those expressed

or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the drug

development process, including HOOKIPA's programs' early stage of development, the process of designing and conducting preclinical

and clinical trials, the regulatory approval processes, the timing of regulatory filings, the challenges associated with manufacturing

drug products, HOOKIPA's ability to successfully establish, protect and defend its intellectual property, risks relating

to business interruptions resulting from public health crises, the impact of public health crises on the enrollment of patients and timing

of clinical results, and other matters that could affect the sufficiency of existing cash to fund operations. HOOKIPA undertakes

no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could

cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of

the company in general, see HOOKIPA's annual report on Form 10-K for the period ended December 31, 2022, quarterly report

on Form 10-Q for the quarter ended September 30, 2023 and other important factors in HOOKIPA's subsequent filings

with the Securities and Exchange Commission, which are available on the SEC's website at www.sec.gov and HOOKIPA's

website at http://hookipapharma.com/. In addition, any forward-looking statements represent HOOKIPA's views

only as of today and should not be relied upon as representing its views as of any subsequent date. HOOKIPA explicitly disclaims any

obligation to update any forward-looking statements. No representations or warranties (expressed or implied) are made about the accuracy

of any such forward-looking statements.

of Other Information About HOOKIPA

and others should note that we announce material financial information to our investors using our investor relations website (https://ir.hookipapharma.com/),

SEC filings, press releases, public conference calls and webcasts. We use these channels, as well as social media, to communicate

with our members and the public about our company, our services and other issues. It is possible that the information we post on social

media could be deemed to be material information. Therefore, we encourage investors, the media, and others interested in our company

to review the information we post on the U.S. social media channels listed on our investor relations website.

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