Corporate Presentation - Txcell.com

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Jul 18, 2017 - This Presentation has been prepared by the Company and is .... Antigen specificity comes from a CAR (Chim
Teaching regulatory T cells to treat your disease

Corporate Presentation July 2017

FR0010127662 – TXCL

Disclaimer References herein to this presentation (the “Presentation”) shall mean and include this document, any oral presentation accompanying this document provided by TxCell (the “Company”) and any further information that may be made available in connection with the subject matter contained herein. The disclosure, distribution and publication of this Presentation may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and comply with any such restrictions. The Company takes no responsibility for any violation of any restrictions by any person. This Presentation has been prepared by the Company and is provided for information purposes only. This document does not purport to contain comprehensive or complete information about the Company and is qualified in its entirety by the business, financial and other information that the Company is required to publish in accordance with the rules, regulations and practices applicable to companies listed on Euronext Paris, including the risk factors described in the Company’s Document de Référence (registration document) for the year ended December 31, 2016 as filed with the French financial market authority (the Autorité des marchés financiers – the “AMF”) on April 26, 2017 under number R.17-024, available on the Company’s website (www.txcell.com), in particular in Chapter 4 “Risk factors”. Information and other data appearing in such publications, and certain figures and numbers appearing in this document have been rounded. Consequently, the total amounts and percentages appearing in tables and elsewhere may not necessarily equal the sum of the individually rounded figures, amounts or percentages.

No representation, warranty or undertaking, express or implied, is made as to the accuracy, completeness or appropriateness of the information and opinions contained in this Presentation, or its use for any purpose, and no reliance should be placed on any information or opinions contained herein. The Company and its representatives accept no responsibility for and shall not, under any circumstance, be held liable for any loss or damage that may arise from the use of this document or the information or opinions contained in it. In particular, this document contains information on the Company’s markets and competitive position, and more specifically, on the size of its markets. This information has been drawn from various sources or from the Company’s own estimates which may not be accurate and thus no reliance should be placed on such information. The information and opinions contained in this document are provided as of the date of this document only and may be updated, supplemented, revised or amended, and thus such information is subject to change at any time. The Company is not under any obligation to update the information, statements or opinions contained in this Presentation. This Presentation contains certain forward-looking statements relating to the business of the Company, including the Company’s ability to develop, market, commercialize and achieve market acceptance for its products, estimates for future performance and estimates regarding anticipated operating losses, future revenues, capital requirements, and needs for additional financing. Even if the actual results or development of the Company are consistent with the forward-looking statements contained in this Presentation, those results or developments of the Company may not be indicative of future results or developments. In some cases, you can identify forward-looking statements by words such as “could,” “should,” “may,” “expects,” “anticipates,” “believes,” “intends,” “estimates,” “aims,” “targets,” or similar words. Although the management of the Company believes that these forward-looking statements are reasonably made, they are based largely on the current expectations of the Company as of the date of this Presentation and are subject to a number of known and unknown risks and uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievement expressed or implied by these forward-looking statements. In particular, the expectations of the Company could be affected by, among other things, uncertainties involved in the development of the Company’s products, which may not succeed, the ability to manufacture product, the outcome of clinical trials and the delivery of regulatory authorizations necessary for clinical trials, manufacturing and marketing of the Company’s products and, in general, any factor that could affects the Company’s capacity to commercialize the products it develops, as well as any other risk and uncertainties developed or identified in any public documents described above. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements made in this Presentation will in fact be realized. Notwithstanding the compliance with article 223-1 of the General Regulation of the AMF (the information disclosed must be “accurate, precise and fairly presented“), the Company is providing the information in these materials as of the date of this Presentation, and disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. All persons accessing this document are deemed to agree to all the limitations and restrictions set out above. This Presentation and the information it contains are not intended to constitute, and should not be construed as an offer to sell or a solicitation of an offer to buy or subscribe to any the Company securities, in any jurisdiction. 2

Teaching regulatory T cells to treat your disease

Introduction

A unique positioning in the cell therapy landscape TxCell develops cellular immunotherapies based on regulatory T cells (Treg) for the treatment of autoimmune and inflammatory diseases as well as transplant rejection T cell type

T Effector Cells (Teffs)

T Regulatory Cells (Tregs)

Therapeutic strategy

Therapeutic field

Control the immune system that has turned against the patient

Engineered cells First FDA approvals expected in 2017 (Kite & Novartis)

Stimulate the immune system to attack the tumor

Selected companies

Cancer

CAR-T Effector T cells engineered with a Chimeric Antigen Receptor (CAR)

TxCell’s first clinical trial expected in 2018

Autoimmunity Inflammation

CAR-Treg

Transplantation

Regulatory T cells engineered with a CAR

T-Cell immunotherapy market expected to reach 30 Bn$ by 20301 TxCell is uniquely positioned in this emerging space 1.

T-Cell Immunotherapy Market 2015-2030, Roots Analysis 2015. 4

A highly experienced management team

Stéphane BOISSEL Chief Executive Officer •

25 years of experience, 15 of them in the biopharma industry



MBA from the University of Chicago

François MEYER Head of Research • •

35 years in pharma & biotech R&D, including gene & cell therapy Graduated from the Swiss Federal Institute of Technology (ETHZ) and PhD from the Institute for Molecular Biology of Zurich

Raphael FLIPO Chief Financial Officer



12 years in corporate finance and auditing



Master in Law and graduated from EDHEC Business School

5

Key dates in the history of Teffs and Tregs First clinical trial with non-modified Teffs (Rosenberg, 1998)

Teffs Discovery of Teffs antigen specificity in the 1970’s

1970

First clinical trial with genetically modified Teffs

1990

2000

Discovery of Tregs (Sakagushi, 1995)

Discovery of Type 1 Tregs by TxCell’s scientific founder (Groux, Nature 1997)

2010

First clinical data with non-modified Tregs (Trzonkowski,2009)

First rolling BLA for CAR-T candidate in cancer

2016

Preclinical POC with CAR-Tregs (Eshhar, 2014)

First clinical data with TxCell’s Treg drugcandidate Ovasave in Crohn’s disease (Desreumaux, 2012)

Increasing number of publications on Tregs since the end of the 1990s1

Preclinical POC with human CAR-Tregs (Levings, 2016)

1998 2000 2002 2004 2006 2008 2010 2012 2014

Tregs

First proof of efficacy of CAR-Ts in clinical trials

Tregs: a recent discovery rapidly gaining momentum in the scientific community 1. Source : « Treg cells » research on PubMed, Medline extraction. 6

A considerable body of scientific and medical evidence

Natural role evidenced: • •

Cells specialized in immune tolerance induction Prevention of hypersensitivity to allergens and autoimmunity to self

Key function in inflammation and autoimmunity demonstrated:

T Regulatory Cells (Treg)

• • • •

Absence of Treg cells leads to multi-organ autoimmune syndrome Defects of Treg cells are observed in chronic inflammation and autoimmunity Decreased Treg cells specific for allergens is observed in allergic patients Treg cells increase in patients with treatment induced remission

Confirmed therapeutic potential: • • •

Tolerance and activity demonstrated in early clinical studies in Crohn’s Multiple mode of actions acting in synergy to reduce inflammation Great potential for therapeutic efficacy in humans

7

Large potential market opportunities NEUROLOGY Primary focus: Multiple Sclerosis Other possible indication: neuromyelitis optica

TRANSPLANTATION GASTROINTESTINAL Primary focus: Crohn’s disease Other possible indications: Ulcerative colitis, celiac disease, autoimmune hepatitis

Primary focus: Solid organ transplantation Other possible indication: Graft-versus-Host Disease

DERMATOLOGY Primary focus: Bullous pemphigoid Other possible indications: psoriasis, pemphigus vulgaris

RHEUMATIC Primary focus: Lupus Other possible indications: Rheumatoid arthritis, spondylarthritis, psoriatic arthritis

▪ 100+ diseases ▪ Business opportunity > 100Bn$1 with CAGR > 5%2

1. 2.

Company estimate. During the period 2016-2020. Source : Global Autoimmune Diseases Drugs Market 2016-2020, Market Research Reports, March 18, 2016. 8

Target selection A pragmatic strategy to deliver strong product & partnership potential 1/ Unmet medical need • • •

Large market with refractory sub-population, e.g. Crohn’s disease, multiple sclerosis Rare diseases, e.g. bullous pemphigoid Indications with no “game changing” pipeline, e.g. lupus nephritis

2/ Scientific relevance of Tregs •

Can a Treg work in this indication, in the targeted sup-population? • Strong inflammatory component • Relevance of the Treg mechanism of action

3/ Feasibility • • •

Adequate set of possible targets Preclinical feasibility (available model, tools & reagents) Freedom to operate / IP

Suitable targets for Treg-based therapy development Targets for large and competitive diseases  TxCell to partner-out to pharmas

Targets for rare or orphan diseases  TxCell to keep rights as long as possible 9

Teaching regulatory T cells to treat your disease

Technology platforms

Two complementary platforms: ASTrIA and ENTrIA ASTrIA

ENTrIA

ASTrIA is TxCell’s original platform, based on naturally antigen-specific Tregs

ENTrIA is TxCell’s new platform, based on genetically modified CAR-Tregs

• Antigen specificity comes from the natural T cell receptor (TCR)

Antigen specificity

• Antigen specificity comes from a CAR (Chimeric Antigen Receptor)

Antigen Presenting Cell

(Genetically-modified Tregs)

Contrary to conventional approaches based on non-specific polyclonal Tregs, TxCell is exclusively developing antigen-specific Tregs. 11

Two complementary platforms: ASTrIA and ENTrIA ASTrIA

ENTrIA

ASTrIA is TxCell’s original platform, based on naturally antigen-specific Tregs

ENTrIA is TxCell’s new platform, based on genetically modified CAR-Tregs

Mechanism of action

12

From blood sample to medicinal product

Production outsourced to 2 CMOs: Starting material

1

Injection of drug product to patient

6

2

Fill & store

• Lentiviral vector

5

Isolation of Treg cells

Lentigen Technology, Inc. appointed for HLA-A2 CAR manufacturing

• Cellular therapy product

4

Expansion of CAR-Treg cells

3

CAR transduction

Cell therapy CMO to be appointed by end 2017

Developing a viable manufacturing process is a key objective for TxCell ENTrIA process expected to be completed by end 2017 13

R&D capabilities

THE TXCELL DISCOVERY ENGINE 10

APC-A

10

10

10 -10

27,4%

5

3

2

23,0%

1

10

Disease + Target antigen

ScFV sequence - Optimization - Bioinformatics - Humanization

CAR construct DNA sequence: - ScFV - Hinge - Transmembrane - Co-stimulatory - Stimulatory

Gene transfer - Lentivirus - Electroporation

48,6 %

4

0

10

2

1,0% 10

3

FITC-A

10

4

10

5

CAR-Treg profiling - CAR surface expression - CAR-dependent activation - Intracellular & extracellular Treg markers

in vivo PoC studies

Potency: - Suppressive activity - Anti-inflammatory cytokines secretion

Safety KEY OUTCOMES

Target specificity

Optimal intracellular signaling

Persistence Manufacturing process robustness

Stable CAR-Treg phenotype & potency

14

• Design & optimization of CAR constructs • Vector engineering & optimization • Cell engineering • Development of functional & analytical assays • Expertise in the biology of Treg cells

External collab.

Breakdown

35%

• Bioinformatics & modeling

• Several specifically designed clinicallyrelevant in vivo models in place (MS, RA, uveitis, IBD, organ transplantation) • Treg specific analytical tools for in vivo Treg cell tracking under implementation • Expertise in the production of murine Tregs and CAR-Tregs

Process development

• ScFV optimization through in silico modelling & bioinformatics

Preclinical

CAR

Research team & skills

• Cell therapy process development expertise • Including analytics development • Technology transfert to third parties

25% • Additional animal models from academic partners: • UBC/INSERM-Nantes : solid organ transplantation models & GvHD • LIED: skin blistering diseases

Key recent hires

40%

Overall 80% of TxCell’s staff Including 40% of PhDs

• CMOs

15

Strong IP position in therapeutic Tregs • TxCell’s solid patent portfolio: •

Over 200 granted patents applicable to either ASTrIA or ENTrIA or both platforms



Various populations of Tregs and CAR-Tregs •

Type 1 Tregs (Tr1)



CD4+Foxp3+ Tregs



CD8+ Tregs



Various production methods for both non-modified and genetically-modified Tregs



Numerous therapeutic applications in autoimmunity, inflammation and transplantation

• Additional strategic in-licensing agreements in place •

Exclusive worldwide license on broad CAR-Treg patent from Weizmann Institute (Rehovot, Israel)



Exclusive worldwide license on CD8+ Treg patents from CRTI (Nantes, France)



Additional in-licensing options as part of R&D collaborations with OSR (Italy) and UBC (Canada)

Proactive and efficient IP strategy to help maintain first-mover advantage in the field of therapeutic Tregs 16

A first clinical POC with an antigen-specific approach •

20 patient-study in 4th line, refractory Crohn’s disease



Good tolerability of Ovasave® (autologous ovalbumin-specific Tregs)



High response and remission rate with dose related efficacy at 5 to 8 weeks after single injection

Ovasave® CATS1 study Percentage of patients receiving 106 cells in Response or Remission on CDAI (Crohn’s Disease Activity Index) 100 (n=8)

75%

80

75%

60

• • •

Biomarkers for identification of patient responses

38%

40

Physicians’ assessments lead to repeated injections for up to 1 year

25% 20

Phase I/II retreatments document feasibility and tolerability of multiple injection

0 Week 5

Week 8

Response Delta CDAI ≥ 100

Full study results published in Gastroenterology and featured in Nature Reviews of Gastroenterology (2012)



Strong set of data - First clinical proof-of-concept

Remission ≤150 CDAI points

CDAI* change from baseline – Dose 106 (n=8) 50

Moyenne ± ESM



0 -50 -100 -150 -200 0

2

4

6

8

10

12

Weeks

17

Product pipeline Product(s)

Indication(s)

Research

Preclinical

Clinical

Next catalysts

ENTrIA (CAR-Treg) CAR-Tregs Transplantation

CAR-Tregs Autoimmunity & Inflammation

ENTX#SOT

Transplantation

ENTX#LN

Lupus nephritis

ENTX#BP

Bullous pemphigoid

ENTX#MS

Multiple sclerosis

2017: In vivo PoC

2018: First-in-man study

2017: In vivo PoC

2018-2019: At least one first-in-man study

ASTrIA Ag-Tregs Autoimmunity & Inflammation

Ovasave® * (Ova-Treg)

Crohn’s disease, IBD

Col-Treg*

Non-infectious uveitis

Validation of new process 2017 & Potential new clinical study 2018

*Development on hold pending (i) GMP validation of the improved manufacturing process; (ii) appropriate funding to finance the clinical development, and (iii) a strategic review. PoC: proof of concept 18

Teaching regulatory T cells to treat your disease

CAR-Treg transplantation program ENTX#SOT (ENTrIA)

19

The unmet medical need in transplant rejection Key transplantation figures •

>60,000 solid organ transplant procedures performed per year (US, EU)1



Significant risk of organ rejection





Only 50% graft survival at 10 years for kidney2



High mortality rates associated with lung transplants (40-55% at 5 years)3

>160,000 patients on waiting lists (US & Europe)4

Specific unmet needs in solid organ transplantation (SOT) •

Acute and chronic rejection



Serious complications related to the immunosuppression itself and/or directly to immunosuppressive drugs themselves: infections, de novo malignancies, metabolic disorders, etc.

1. Sources : US Department of Health & Human Services. ‘More than 30,000 transplants performed annually for first time in United States’ January 9, 2016. European Commission, Journalist workshop on organ donation and transplantation, November 26, 2014. 2. Gondos A , Döhler B, Brenner H, Opelz G. Transplantation. 2013 Jan 27;95(2):267-74 3. Hartert M, Senbaklavaci O, Gohrbandt B, Fischer BM, Buhl R, Vahl CF. Dtsch Arztebl Int 2014; 111(7): 107–16. 4. Sources : UNOS, European Commission 20

TxCell’s CAR-Treg approach in transplantation • Aiming to induce immune tolerance specifically to the graft •

Graft HLA-A2(+)

As an alternative to nonspecific immunosuppression, regulatory T cells could provide a way to re-educate the

recipient’s immune system to tolerate the graft1

• Upcoming milestones •

CAR-Treg cells designed to recognize specifically the HLA-A2+ graft

2017: Deliver additional sets of preclinical

proof-of-concept data •

2017: Develop CAR-Treg manufacturing process and transfer manufacturing process to CMO

Donor HLA-A2(+)

Recipient HLA-A2(–)

TxCell aims at being the 1st company in the world to start a clinical trial with a CAR-Treg, in 2018 1. Ferreira LMR, Tang Q. Am. J. Transplantation 2017 Apr; 17(4), 851-853. 21

First in vivo POC with CAR-Tregs in transplantation model •

The first preclinical POC with human HLA-A2-CAR-Tregs in transplantation was published in March 2016 by the University of British Columbia (UBC)1, TxCell’s academic partner •

Human CAR-engineered Treg cells specific for the molecule HLA-A2 are significantly more effective than polyclonal (non-specific) Tregs in reducing GvHD-related inflammation GvHD model

Survival curve

Immunodeficient mice

Human white blood cells

CAR-Treg

INFLAMMATION

GvHD: Graft-versus-host disease Inflammation caused to the recipient/host by the donor/graft’s immune cells

Control Treg No Treg PBMC: peripheral blood mononuclear cells PBS: phosphate buffered saline



Additional preclinical POCs with human HLA-A2-CAR-Tregs in skin transplantation have been published in April 2017 by the Hannover Medical School (Germany)2 and Kings’ College London, Guy’s Hospital3

1. 2.

MacDonald KG, Hoeppli RE, Huang Q, Gillies J, Luciani DS, Orban PC, Broady R, Levings MK. J Clin Invest. 2016, 126(4):1413-1424. Noyan F, Zimmermann K, Hardtke-Wolenski M, Knoefel A, Schulde E, Geffers R, Hust M, Huehn J, Galla M, Morgan M, Jokuszies A, Manns MP, Jaeckel E. American Journal of Transplantation 2017 Apr;17(4):931-943. Boardman DA, Philippeos C, Fruhwirth GO, Ibrahim MA, Hannen RF, Cooper D, Marelli-Berg FM, Watt FM, Lechler RI, Maher J, Smyth LA, Lombardi G. Am J Transplant. 2017 Apr;17(4):931-943.

3.

22

Teaching regulatory T cells to treat your disease

CAR-Treg programs for autoimmunity and inflammation (ENTrIA)

23

A strong rationale in autoimmunity and inflammation •

Tregs are naturally involved in the prevention of autoimmunity



Defect of Treg cells have been identified as one of the cause of deregulated immunity in autoimmune diseases (Skin inflammatory diseases, SLE, Multiple Sclerosis, etc.) •

Initial targets:



Bullous pemphigoid



Multiple sclerosis



Lupus Nephritis

Current status ✓ We have initiated the development of lead candidates in all 3 indications (Bullous pemphigoid, Multiple sclerosis & Lupus Nephritis) ✓ We have established the in vitro validation of several CAR-Treg cells ➢ We expect to deliver one (possibly more) in vivo proof-of-concepts throughout 2017 Promising results already obtained with wide range of CAR-Treg programs Further in vivo POCs expected throughout 2017 24

CAR-Treg academic collaborations

Ospedale San Raffaele (OSR) Milan, Italy

Multiple Sclerosis & Transplantation

Bullous Pemphigoid

Lupus Nephritis

Lübeck Institute of Experimental Dermatology (LIED) Lübeck, Germany

Center for Research in Transplantation and Immunology (CRTI) Nantes, France

European expert in cell and gene therapy. Contributed to the development of Strimvelis

Leading institution in translational research on skin blistering diseases

Center of excellence in the field of transplantation and immunology





Bullous pemphigoid is a rare, potentially fatal autoimmune disease characterized by tense inflammatory skin blisters



Expansion of TxCell’s research efforts to explore the therapeutic potential of engineered CD8+ Treg cells (exclusively in-licensed in Dec. 2016)



Pharmacology and toxicology studies conducted in bullous pemphigoid





Development and commercialization rights retained by TxCell

Multiple sclerosis is an autoimmune disease of the Central Nervous System affecting approximately 2.3 million people worldwide2. Permanent consequences can be highly debilitating.



Pharmacology and toxicology studies conducted in multiple sclerosis



Development and commercialization rights exclusively optioned-out to TxCell

• •

1. 2.

Lupus Nephritis is one of the most serious complications of Lupus, a chronic systemic autoimmune disease affecting over 5 million people worldwide1

Pharmacology and toxicology studies conducted in Lupus Nephritis Development and commercialization rights exclusively optioned-out to TxCell

Source: Lupus Foundation of America Multiple Sclerosis Research Foundation (arsep foundation). 25

Teaching regulatory T cells to treat your disease

Financials & Outlook

Key financials P&L *

Cash flow * In million of euros

12/31/2016 2.9 (10.5) (4.5) (0.6) (12.7) (13.6)

Revenue Other income Research and development expenses General and administrative expenses Expenses related to share-based payments Current operating profit / (loss) Net profit / (loss) *

In million of euros Net cash flows from operating activities Net cash flows from investing activities Net cash flows from financing activities Net cash flows as of December 31, 2016 Cash position as of December 31, 2015 Cash position as of December 31, 2016 *

12/31/2016 (10.4) (0.5) 5.2 (5.7) 9.2 3.2

IFRS data

IFRS data

2016 current operating expenses (excl. expenses related to-share based payments)

Cash position In million of euros

Date

Cash position as of December 31, 2016 ABSA capital increase (gross amount) Research and development expenses

30%

Cash position as of March 31, 2017

Amount 3.5

24/02/2017

11.1 11.3

General and administrative expenses

70%

Cash burn guidance 2017 On the basis of the Company's development plan

Cash burn estimation Around €13M

27

Stock information Main shareholders Auriga Partners 33,3%

Free float 8,9%

Auriga Partners 28,2%

Free float 29,3%

As of Jun. 30 2015

(incl. Seventure Partners : 4.6%)

As of Dec. 31, 2016

Seventure Partners

Bpifrance

15,2%

42,6%

Seventure Partners 6,5%

Free float 46,2%

As of June 30, 2017

Bpifrance 36,0%

Bpifrance 33,2%

To the best knowledge of TxCell as of June 30, 2017

Number of shares (as of June 30, 2017): 20,245,285

Fully diluted capital

Liquidity

As of June 30, 2017

Number of shares

Basic shares outstanding (non diluted capital)

20 245 285

Incentive plans (management)

1 835 402

Convertible notes with attached warrants (Yorkville) *

1 898 049

Listed warrants (shareholders)

4 159 938

Fully diluted capital **

Auriga Partners 20,6%

28 138 674

* Including outstanding warrants and theoretical number of shares to be issued by conversion of outstanding convertible Notes (i.e excluding unexercised warrants giving access to convertible Notes with share subscription warrants attached), based on 93% of the lowest daily VWAP over the ten days preceding June 30, 2017 (i.e. 1,74€). ** Excluding impact related to the PACEO equity line and the remaining drawdown of €15M of warrants giving access to Notes with share subscription warrants attached.

TxCell share: average volume before and after the capital increase of February 24, 2017 (as of June 30, 2017) 140 000

130k

120 000 100 000 80 000

76k

60 000 40 000 20 000 0 Before transaction (3 mo.)

Post transaction (June 30, 2017)

28

Capital increase completed in February 2017 • Capital increase successfully completed with support from existing shareholders and international investors • Offer subscribed at 100% • Issue of 5,549,300 new shares with warrants attached • Gross proceeds: €11.1 million

• Warrants attached to new shares • Warrants are listed on a separate line: FR0013231792 • 75% coverage: 4 equity warrants give the right to subscribe to 3 new shares • Strike price: €2.60 per new share upon exercise of the warrants • 12-month maturity: Can be exercised at any time until February 26, 2018

• In the event of a full exercise of warrants • Additional €10.8m gross product (4,161,975 new shares) • Would finance TxCell up until IND approval to start first-in-man CAR-Treg study, in 2018 29

Strategy & Outlook Transplantation • 2017

Generate additional preclinical POC data sets

• 2018

Launch first-in-man study  First-ever clinical study with a CAR-Treg worldwide

Autoimmunity • 2017

Generate additional preclinical POC data sets

• 2018-2019

Launch at least one first-in-man study

Process development • 2017

Confirm & GMP-prove process development improvement with ASTrIA platform

• 2017

Develop manufacturing process for ENTrIA & Transfer to CMO

Business development • Corporate objective: sign pharma/biotech deals regularly

30

Key highlights • Innovative and unique technology platform

• Addressing significant unmet medical needs • Large markets: >100 Bn$ in annual sales and >5% CAGR • First mover with unparalleled IP position • Major short-term and mid-term catalysts • A real status of publicly-listed company following the recent financing

Strategic refocusing

2016

Multiple preclinical POCs

2017

First-ever first-in-man CAR-Treg study

2018

2019

Clinical POC

2020

31

Teaching regulatory T cells to treat your disease

TxCell

Thank you

www.txcell.com @TxCellSA

Teaching regulatory T cells to treat your disease

Back-up slides

Target antigen selection 1/ Antigen distribution • Local or Systemic: • Local: tissue-specific antigen (not necessarily linked to the pathology) • Systemic: disease-specific antigen OR antigen present in secondary lymphoid tissues

2/ Specificity • Antigen expression should be specific of the targeted tissue

3/ No cross-reactivity of CAR ligand binding domain • Target Structure: avoid strong similarities with other proteins • Target absence of homology with Infectious pathogens: avoid side effects due to Treg activation

4/ Cross-linking availability • Cross-linking is necessary to really activate CAR-Tregs • Various options: • Surface antigen CAR-Treg • Macromolecule • Polymer CAR

Macromolecule or polymer with repeated epitope

Surface antigen

CAR-Treg CAR

34

Key collaborations with leading scientists worldwide Dr. Ignacio ANEGON

Dr. Carole GUILLONEAU

Dr. Megan LEVINGS

CRNS scientist and co-director of the CRTI team number 2, Nantes FRANCE

INSERM scientist and co-director of the CRTI team number 2, Nantes FRANCE

Dr. Ralf LUDWIG Head of the LIED Model Systems of Inflammatory Skin Diseases, Institute of Experimental Dermatology, Lübeck GERMANY

Pr. Chiara BONINI

Head, Immunity in Health and Disease, Child & Family Research Institute, University of British Columbia, Vancouver CANADA

Head of Unit, Experimental Hematology San Raffaele Hopital, Milan ITALY

Dr. Attilio BONDANZA

Dr. Olivier DANOS

Assistant Professor and Immunotherapy Group Leader, Institute San Rafaelle, Milan ITALY

CSO, Regenxbio, Maryland UNITED STATES

Dr. Bernard MALISSEN

Research Director, Immunology Center of Luminy, Marseille, FRANCE

Pr. Zelig ESHHAR Prof. of Immunology, Chair of Immunology Research Weizmann Institute of Science, Rehovot ISRAEL 35

Exclusive worldwide license on broad CAR-Treg patent REDIRECTED, GENETICALLY-ENGINEERED T REGULATORY CELLS AND THEIR USE IN SUPPRESSION OF AUTOIMMUNE AND INFLAMMATORY DISEASE (EP2126054)

Patent family Europe Patent granted by EPO in June 2016

United States Patent under review by USPTO

Inventors : Zelig Eshhar, Eran Elinav Applicant : Yeda Research and Development Co. Ltd., Rehovot, Israel (technology transfer arm of the Weizmann Institute of Science)

Exclusive worldwide license granted to TxCell in June 2016

TxCell’s exclusive access to broad umbrella CAR-Treg patent enhances first mover advantage • Licence covers claims that include all redirected regulatory T cells (Tregs) comprising a Chimeric Antigen Receptor

(CAR) and actively equipped with specificity towards a selected antigen • CAR-Tregs have great potential for the treatment of autoimmune and inflammatory disorders in the likes of the ongoing groundbreaking results obtained with CAR-T cells in hematological cancers • Patent further strengthens TxCell’s position as a leading company in the Treg therapeutic field • Patent reinforces and enables TxCell’s ambitious business development strategy

36

Ovasave®: CDAI assessment at weeks 5 and 8 CATS1 study Response rate (% patients)

Remission rate (% patients)

100%

100%

80%

75%

80%

75%

60%

40%

60% 40%

40% 33%

38%

40%

33%

25% 17%

20%

17%

0%

0%

20%

15% 10%

0%

0% 0% 0%

0%

Week 5

Week 8 All (n=20)

106 (n=8)

Week 5 107 (n=3)

Response: Delta CDAI ≥ 100

All (n=20)

0% 0% 0%

108 (n=3)

Week 8 109 (n=6)

Remission: ≤ 150 CDAI points

CDAI Week -2

CDAI Week 0

CDAI Week 5

Delta CDAI W0 vs W5

CDAI Week 8

Delta CDAI W0 vs W8

377 ± 81.8

363.7 ± 80.5

281.5 ± 116.1

-82.2 ± 95.4

292.0 ± 108.1

-63.0 ± 87.9

p=0.003 106 (n=8)

400.9 ± 101.2

395.1 ± 91.7

251.8 ± 157.9

-143.4 ± 105.0 p=0.039

p=0.006 244.6 ± 130.1

-131.6 ± 65.4 p=0.031

Source:, Gastroenterology 2012;1207-1217

37

Ovasave®: Consistent results across multiple measures CATS1 study

Reduction in Crohn’s disease activity

Moyenne ± ESM

CDAI* change from baseline – Dose 106 (n=8) 50 0 -50 -100 -150 -200

Weeks

0

2

4

6

8

10

12

10

12

Improvement in patient quality of life

Average ± ESM

IBDQ* change from baseline – Dose 106 (n=7) 80 40 0 -40 -80

Weeks

0

2

4

6

8

CRP* change from baseline – Dose 106 (n=8) 20

Decrease in inflammation

Average ± ESM

10

0 -10 Weeks

-20

0

2

4

6

8

10

12

OVA* proliferation change from baseline – Dose 106 (n=8)

Proliferative response of cells to antigen biomarker of response

Average ± ESM

0.0 0.0 0.0 Weeks

-0.1 Source: Company, Gastroenterology 2012;1207-1217

0

2

4

6

8

10

12

*Notes: CDAI: Crohn's disease activity index, indice d'activité de la maladie de Crohn; IBDQ: inflammatory bowel disease questionnaire, questionnaire pour les maladies intestinales inflammatoires; CRP: C reactive protein/protéine C réactive, OVA: ovalbumin (antigen)/ovalbumine (antigène)

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