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Mont-Saint-Guibert, Belgium – Celyad Oncology SA (Euronext & Nasdaq: CYAD), a clinical-stage biotechnology company focused on the discovery and development of chimeric antigen receptor T cell (CAR T) therapies for cancer, today announced that the company plans to participate at the following conferences in September 2020:

Wells Fargo 2020 Virtual Healthcare Conference

Date:	Wednesday, September 9, 2020
Time:	9:20 a.m. EDT
Webcast:	A live and archived webcast of the presentation will be available in the Events section of the Celyad Oncology website

Knowledge for Growth 2020

Date:

September 9 – September 10, 2020

H.C. Wainwright 22^nd Annual Global Investment Conference

Date:	Monday, September 14, 2020
Time:	3:30 p.m. EDT
Webcast:	A live and archived webcast of the presentation will be available in the Events section of the Celyad Oncology website

• Interim analysis from alloSHRINK Phase 1 trial demonstrated mPFS of 3.9 months for mCRC patients with MSS disease treated with CYAD-101 following FOLFOX preconditioning; expansion cohort of alloSHRINK trial on-track to begin by fourth quarter 2020
• Phase 1 dose-escalation trial for lead shRNA-based allogeneic CAR T candidate, CYAD-211, for r/r MM on-track to initiate by year-end 2020
• r/r AML and MDS franchise update: Initial results from CYCLE-1 trial compared to DEPLETHINK trial leads to prioritization of CYAD-02 over CYAD-01 following preconditioning chemotherapy; CYAD-01 continues to progress in THINK trial expansion segment; additional data from r/r AML and MDS programs are expected by year-end 2020
• Conference call and webcast scheduled for August 7 at 2:00 p.m. CEST / 8:00 a.m. EDT

Mont-Saint-Guibert, Belgium – Celyad Oncology SA (Euronext & Nasdaq: CYAD), a clinical-stage biotechnology company focused on the discovery and development of chimeric antigen receptor T cell (CAR T) therapies for cancer, today announced its consolidated financial results for the first half of 2020 and provided its second quarter business update.

“In the first half of 2020, we’ve further strengthened our position as a leading innovator in the development of CAR T therapies for cancer with a steady stream of clinical and preclinical data across our development pipeline and technology platforms. The advancement of our allogeneic programs, including additional data we recently provided from the Phase 1 alloSHRINK trial evaluating CYAD‑101 for the treatment of metastatic colorectal cancer, as well as our next-generation, non-gene edited CYAD-200 series of CAR T candidates, led by CYAD-211, for the treatment of multiple myeloma, supports our commitment to delivering next-generation CAR T candidates for the treatment of cancer,” commented Filippo Petti, Chief Executive Officer of Celyad Oncology. “Our team is very excited by the significant progress we continue to make across our programs and has worked tirelessly throughout the COVID-19 pandemic to keep our programs on track to provide several clinical updates in the second half of 2020.”

Second Quarter 2020 and Recent Business Highlights

• Reported updates from the Company’s allogeneic CAR T franchise, including additional data from the Phase 1 alloSHRINK trial evaluating CYAD‑101 for the treatment of metastatic colorectal cancer (mCRC) and its short hairpin RNA (shRNA) platform underpinning the next-generation, non-gene edited CYAD-200 series of CAR T candidates
• Announced that the U.S. Food and Drug Administration (FDA) accepted the Investigational New Drug (IND) application for CYAD-211 and permitted it to go into effect for the treatment of relapsed or refractory multiple myeloma (r/r MM)
• Granted four additional patents associated with the Company’s allogeneic CAR T patent estate
• Awarded €3.3 million in non-dilutive funding from the Walloon Region of Belgium associated with CYAD-101
• Launched the Company’s corporate rebranding, including changing its name to Celyad Oncology. The new name highlights the Company’s significant progress with its next-generation CAR T programs and emphasizes its commitment to cancer patients

Update on Clinical and Preclinical Programs

CYAD-101 – Allogeneic TIM-based, NKG2D CAR T for Refractory Metastatic Colorectal Cancer with Microsatellite Stable Disease

Celyad Oncology’s first-in-class, non-gene edited clinical candidate CYAD-101, which co-express NKG2D and the novel inhibitory peptide TIM (TCR Inhibitory Molecule), continues to advance in the alloSHRINK Phase 1 trial for the treatment of mCRC. During the American Society of Oncology (ASCO) Virtual Scientific Program, the Company presented data from the first fifteen patients enrolled in the ongoing alloSHRINK trial assessing safety and clinical activity of CYAD-101 administered following FOLFOX chemotherapy in refractory patients with advanced mCRC with microsatellite stable (MSS) disease:

• Treatment with CYAD-101 was well-tolerated, with no clinical evidence of Graft-versus-Host Disease (GvHD) observed
• In addition, anti-tumor activity was observed in the trial with two patients who achieved a confirmed partial response (PR), according to RECIST 1.1 criteria, and nine patients who achieved stable disease (SD), including two patients with SD through six months
• Recent analysis of the dose-escalation segment of the alloSHRINK trial showed median progression free survival (mPFS) was 3.9 months for patients treated with CYAD-101 following FOLFOX chemotherapy
• No correlation was observed between clinical responses and the degree of human leukocyte antigen (HLA) matching between patients and CYAD-101 donor cells, indicating that CYAD-101 can be used in a broad patient population regardless of the HLA haplotype

The expansion cohort of the alloSHRINK trial will evaluate CYAD-101 following FOLFIRI preconditioning chemotherapy in refractory mCRC patients with MSS disease, at the recommended dose of one billion cells per infusion. Enrollment in the expansion cohort of the study is expected to begin during the fourth quarter of 2020.

CYAD-211 – Allogeneic shRNA-based, BCMA CAR T for Relapsed or Refractory Multiple Myeloma

CYAD-211 is the lead program from the Company’s CYAD-200 series of proprietary non-gene edited allogeneic short hairpin (shRNA)-based CAR T candidates. CYAD-211 is engineered to co-express a BCMA-targeting chimeric antigen receptor and a single shRNA, which interferes with the expression of the CD3ζ component of the T-cell receptor (TCR) complex. In July 2020, the IND application for CYAD-211 went into effect with the FDA, and the Company plans to initiate the Phase 1 IMMUNICITY trial evaluating CYAD-211 following preconditioning chemotherapy in r/r MM by year-end 2020.

CYAD-01 – Autologous NKG2D CAR T for Relapsed or Refractory Acute Myeloid Leukemia and Myelodysplastic Syndrome

The Company’s first-in-class NKG2D CAR T clinical candidate CYAD-01 continues to advance in the ongoing Phase 1 THINK trial for the treatment of patients with relapsed or refractory acute myeloid leukemia (r/r AML) and myelodysplastic syndrome (MDS). Based on preliminary clinical activity data from the dose-escalation Phase 1 DEPLETHINK trial, the Company has deprioritized the trial and stopped enrollment. The Company expects to announce preliminary data from CYAD-01 produced with the OptimAb manufacturing process from the expansion cohort of the Phase 1 THINK trial by year-end 2020.

CYAD-02 – Autologous NKG2D CAR T for Relapsed or Refractory Acute Myeloid Leukemia and Myelodysplastic Syndrome

In January 2020, the Company announced that the first patient was dosed in the Phase 1 dose-escalation CYCLE-1 trial evaluating CYAD-02 for the treatment of r/r AML and MDS. In July 2020, the Company began enrollment in the third dose cohort of the trial. The CYCLE-1 trial is assessing the safety and clinical activity of a single infusion of CYAD-02 produced with the OptimAb manufacturing process following preconditioning chemotherapy with cyclophosphamide and fludarabine. Preliminary data from CYCLE-1 trial are expected by year-end 2020.

Upcoming Milestones

• Plan to begin enrollment in the expansion cohort of the Phase 1 alloSHRINK trial evaluating CYAD-101 following FOLFIRI preconditioning chemotherapy in refractory mCRC patients with MSS disease during the fourth quarter of 2020
• Report additional data from the CYAD-01 program in r/r AML and MDS, including the dose-expansion cohort of the Phase 1 THINK trial by year-end 2020
• Report preliminary data from the dose-escalation Phase 1 CYCLE-1 trial evaluating CYAD-02 in r/r AML and MDS by year-end 2020
• Expect to initiate the dose-escalation Phase 1 trial evaluating CYAD-211 in r/r MM by year-end quarter 2020

                                         
COVID-19 Update

On March 11, 2020, the World Health Organization declared the novel strain of coronavirus (COVID-19) a global pandemic and recommended containment and mitigation measures worldwide. As of the date of our half year report, Belgium and United States, where the Company operates, continues to be impacted by the pandemic. The length or severity of this pandemic cannot be predicted, but the Company anticipates that there may be an additional impact from a prolonged COVID-19 environment on the planned development activities of the Company.

To date, COVID-19 has had no impact on the Company’s financial statements and corporate cash flow, and the Company expects that its existing treasury position will be sufficient, based on the current scope of activities, to fund operating expenses and capital expenditure requirements into third quarter 2021.

As previously disclosed, the coronavirus pandemic has led to enrollment delays in the Company’s Phase 1 clinical trials within its relapsed/refractory acute myeloid leukemia and myelodysplastic syndromes program. Principally, for several weeks between March and April 2020, the Company experienced a delay in enrollment in the CYAD-01 THINK and DEPLETHINK trials as multiple clinical trial sites, both in Belgium and the United States, paused activities associated with new patient enrollment to prioritize resources to patients with COVID-19. By the end of the second quarter, recruitment in the CYAD-01 THINK and DEPLETHINK trials had recovered. In comparison, enrollment in the CYAD-02 CYCLE-1 dose-escalation trial was less affected by the coronavirus pandemic, partially due to the staggered enrollment associated with the trial.

Operations and timelines associated with the Company’s allogeneic programs, CYAD-101 and CYAD-211, have been insignificantly impacted by the coronavirus pandemic given activities over the first half of 2020 were primarily focused on non-clinical workstreams, including the technology transfer of CYAD-101 into its manufacturing facility in Mont-Saint-Guibert, Belgium and the submission of the IND application for CYAD-211, which in July 2020, the Company announced that the IND application for CYAD-211 is in effect with the FDA.

The long-term impact of COVID-19 on the Company’s operations will depend on future developments, which are highly uncertain and cannot be predicted, including a potential second wave of the pandemic, new information which may emerge concerning the severity of the coronavirus and the actions to contain the coronavirus or treat its impact, among other things, but potential prolonged closures or other business disruptions may negatively affect its operations and the operations of its agents, contractors, consultants or collaborators, which could have a material adverse impact its business, results of operations and financial condition.

Second Quarter 2020 Financial Review

Key financial figures for half year 2020, compared with half year 2019, are summarized below:

Selected key financial figures (€ millions)	Half Year 30 June 2020	Half Year 30 June 2019	Full Year 31 December 2019
Revenue	–	–	–
Research and development expenses	(11.1)	(12.7)	(25.2)
General and administrative expenses	(4.8)	(4.5)	(9.1)
Other income/(expenses)	(0.6)	1.3	(5.4)
Operating loss	(16.6)	(15.9)	(28.9)
Loss for the period/year	(16.6)	(16.0)	(28.6)
Net cash used in operations	(14.6)	(16.1)	(28.2)
Treasury position	26.7	33.7	39.3

The Company’s license and collaboration agreements generated nominal revenue in the first half of 2020 similar to first half 2019.

Research and Development expenses were €11.1 million for the first half of 2020, compared to €12.7 million for the first half of 2019. The €1.6 million decrease was primarily driven by lower preclinical and process development expenses and decreased clinical costs associated with the autologous r/r AML and MDS franchise. 

General and Administrative expenses were €4.8 million for the first half of 2020, compared to €4.5 million for the first half of 2019. The difference of €0.3 million was primarily due to increased insurance costs for the period.

The Company’s other income/other expenses mainly include non-cash expenses relating to contingent consideration liability reassessment required by International Financial Reporting Standards (IFRS), with the liability mainly associated with the advancement in the Company’s NKG2D-based CAR T candidates. Overall, the Company posted a €0.6 million in other expenses for the first half of 2020 compared to a net other income of €1.3 million for the first half of 2019. The net other loss for the first half of 2020 is primarily due to the fair value adjustment related to a €2.4 million expense on the contingent consideration and other financial liabilities partially compensated by additional grant income from the Walloon Region of €1.6 million during the period.

Net loss was €16.6 million, or €(1.19) per share, for the first half of 2020 compared to a net loss of €16.0 million, or €(1.34) per share, for the same period of 2019. The increase in net loss between periods was primarily due to the decrease in net other income. Net cash used in operations, which excludes non-cash effects, was €14.6 million for the first half of 2020, compared to €16.1 million for the first half 2019. The difference was driven primarily by a decrease in spend associated with Research and Development as described above.

As of June 30, 2020, Celyad Oncology had a treasury position of approximately €26.7 million ($30.0 million). The Company expects that the existing treasury position will be sufficient, based on the current scope of activities, to fund operating expenses and capital expenditure requirements into the third quarter of 2021.

Update on New Funding from the Walloon Region of Belgium

In July 2020, the Company was awarded €3.3 million in non-dilutive funding in the form of recoverable cash advances by the Walloon Region associated with Company’s lead allogenic CAR T candidate CYAD-101. The regional funding will help support the development of CYAD-101 for the treatment of mCRC, including the launch of the expansion segment of the ongoing alloSHRINK trial. The funding for technological innovation received on behalf of the Walloon Region was approved by Mr. Willy Borsus, Vice President of Wallonia, Minister of Economy, Foreign Trade, Research and Innovation, Digital, Agriculture and Territorial Development. Under the applicable conditions, the recoverable cash advance is reimbursable over the economic life of the projects. Thirty percent is refundable based on a fixed reimbursement schedule of 20 years, while the balance is refunded under the form of royalties over the same period.

Celyad Oncology First Half 2020 Conference Call Details

Date: Friday, August 7, 2020

Time: 2 p.m. CEST / 8 a.m. EDT

Conference ID: 13706543

Dial-in: +1 201 493 6784 (International), +1 877 407 9208 (United States) or +32 (0) 800 739 04 (Belgium)

Additionally, investors can use the Live Event Call me™ Link (Available 15 minutes prior to start time for participant entry) if they wish to have the conference call provider to dial out to them directly to access the live call. If you wish to take advantage of this service, please click on this link, and fill in the information, and then press the green phone button at the bottom.

The conference call will be webcast live and archived within the “Events” section of the Celyad Oncology website.

Mont-Saint-Guibert, Belgium – Celyad Oncology SA (Euronext & Nasdaq: CYAD), a clinical-stage biotechnology company focused on the discovery and development of chimeric antigen receptor T cell (CAR T) therapies for cancer, today announced that the Company will report first half 2020 financial and operating results on the evening of Thursday, August 6, 2020.

Following the press release, Celyad Oncology management will host a conference call on Friday, August 7 at 2 p.m. CEST / 8 a.m. EDT to discuss first half 2020 results and provide an update on the Company’s recent progress and upcoming milestones.

Celyad Oncology First Half 2020 Conference Call Details

Date: Friday, August 7, 2020

Time: 2 p.m. CEST / 8 a.m. EDT

Conference ID: 13706543

Dial-in: +1 201 493 6784 (International), +1 877 407 9208 (United States) or +32 (0) 800 739 04 (Belgium)

The conference call will be webcast live and archived within the “Events” section of the Celyad Oncology website.

 “With Celyad Oncology, we are sharpening our efforts to one unified space and committing to a new vision that aligns with our Company’s passion: Eliminate Cancer. Improve Life.” 

Michel Lussier – Chairman 

Dear Shareholders, 

During the first half of 2020, Celyad and the rest of the world have had to face the far-reaching effects of the ongoing COVID-19 pandemic. I would like to thank the entire Celyad team, our investigators and other partners for being proactive in their efforts to protect the health and wellbeing of each other and our patients by practicing social distancing, working from home, and staggering shifts for essential employees when and where possible. 

The team’s commitment to developing our exciting pipeline of next-generation CAR T cell-based product candidates has allowed us to pursue our clinical efforts, including the continuation of several studies, as well as the initiation of new studies and cohorts for existing trials. In addition, the data and advancements we have made over the past year, has helped elevate our reputation as a leading CAR T company. 

Doubling Down on Strategic Focus with Celyad Oncology 

As such, we believe there is no better time to unveil our Company’s new name “Celyad Oncology”, which we believe more accurately reflects our commitment to cancer patients. With Celyad Oncology, we are sharpening our efforts to one unified space and committing to a new vision that aligns with our Company’s passion: Eliminate Cancer. Improve Life. 

Expertise in Allogeneic CAR T Therapy 

Over the past few years, we have made great progress with our NKG2D CAR T cell therapy programs, especially with our leading off-the-shelf candidate CYAD-101 for metastatic colorectal cancer. Specifically, the CYAD-101 alloSHRINK trial is the first study to evaluate a non-gene edited, allogeneic CAR T cell therapy candidate for the treatment of a solid cancer indication. 

At the 2020 American Society for Clinical Oncology (ASCO) Virtual Scientific Program, data from the dose-escalation Phase 1 alloSHRINK trial demonstrated continued encouraging clinical activity as well as an absence of graft-versus-host disease in fifteen metastatic colorectal cancer patients 

treated to date. These early results continue to support the differentiated profile of this off-the-shelf CAR T approach and we are excited about next steps for the program. 

At ASCO, we also reported for the first time that multiple genes can simultaneously be silenced using our short hairpin RNA (shRNA) technology in a CAR T construct. These results increase the potential for CAR T cells to be engineered with desired features that enhance anti-tumor activity. With the benefit of having two allogeneic platforms for CAR T development coupled with the foundational intellectual property we have in the field for allogeneic CAR T cells, I am encouraged by the prospects of our allogeneic CAR T franchise. 

Experienced Leadership in Oncology 

Along with these advances, we truly would not be the great team that we are without our employees and leadership team. We were excited to add Dr. Stephen Rubino as Chief Business Officer in March. This key hire is a forward-thinking move on our part as we look to the future in terms of business development and eventual commercialization. Moreover, we are thrilled that Dr. David Gilham will continue to steer the scientific endeavors of the organization in his new role as Chief Scientific Officer. Importantly, our Chief Executive Officer Filippo Petti officially joined the Board of Directors late last year as well. We also further strengthened our Board with the recent additions of Dr. Maria Koehler and Mr. Dominic Piscitelli. Both individuals bring a wealth of experience in the oncology space and we look forward to benefitting from their guidance as we advance our pipeline. 

Strong Path Forward to Success 

We anticipate a series of upcoming milestones throughout the course of 2020 that we believe will drive our clinical progress. These include the submission of an Investigational New Drug application for our first allogeneic shRNA-based CAR T candidate CYAD-211, beginning the expansion cohort of CYAD-101 alloSHRINK Phase 1 trial, and updated results from our autologous acute myeloid leukemia programs including data from both Phase 1 trials of CYAD-01 and preliminary data from the Phase 1 CYCLE-1 trial evaluating our next-generation autologous candidate CYAD-02. 

We are proud of our recent accomplishments and the potential for our current programs in the field of immuno-oncology. Looking ahead, we are just gearing up for far more opportunities and unlocking the true potential of our assets, technologies and intellectual property! 

I would like to personally express my gratitude towards our employees for their continued hard work and perseverance, and to all our shareholders for their support and excitement of Celyad Oncology. 

Michel Lussier 

Chairman of Celyad Oncology 

• Shareholders approve new name which better reflects the Company’s ambition to pioneer CAR T cell therapies for cancer 

Mont-Saint-Guibert, Belgium – Celyad SA (Euronext & Nasdaq: CYAD), clinical-stage biotechnology company focused on the discovery and development of chimeric antigen receptor T cell (CAR T) therapies for cancer, today announced the launch of its corporate rebranding, including changing its name to Celyad Oncology. The new name highlights the Company’s significant progress with its next-generation CAR T programs and emphasizes its commitment to cancer patients. 

As part of the rebranding, the Company also introduced a new logo and launched a new corporate website, www.celyad.com. The Company’s common stock will continue trading on the Euronext and Nasdaq Global Market exchanges under the ticker symbol “CYAD”. 

“Our rebranding under Celyad Oncology more accurately reflects our team’s expertise in developing innovative cell therapies against cancer,” said Filippo Petti, CEO of Celyad Oncology. “As we embark on this next chapter, we look forward to our continued evolution as we strive to shape the future of our off-the-shelf and personalized CAR T cell therapies for cancer patients with unmet medical needs. In addition, today’s announcement offers us the opportunity to reiterate our strong position in the field of oncology and increased strategic focus in our allogeneic CAR T franchise on the heels of our recent update at the American Society of Clinical Oncology conference, which featured our non-gene edited allogeneic candidates and technology platforms.” 

About Celyad Oncology 

Celyad Oncology is a clinical-stage biotechnology company focused on the discovery and development of chimeric antigen receptor T cell (CAR T) therapies for cancer. The Company is developing a pipeline of allogeneic (off-the-shelf) and autologous (personalized) CAR T cell therapy candidates for the treatment of both hematological malignancies and solid tumors. Celyad Oncology was founded in 2007 and is based in Mont-Saint-Guibert, Belgium and New York, NY. The Company has received funding from the Walloon Region (Belgium) to support the advancement of its CAR T cell therapy programs. For more information, please visit www.celyad.com. 

Forward-Looking Statement 

This release may contain forward-looking statements, within the meaning of applicable securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include statements regarding: the safety and clinical activity of Celyad Oncology’s pipelines and financial condition, results of operation and business outlook. Forward-looking statements may involve known and unknown risks and uncertainties which might cause actual results, financial condition, performance or achievements of Celyad Oncology to differ materially from those expressed or implied by such forward-looking statements. Such risk and uncertainty includes the duration and severity of the COVID-19 pandemic and government measures implemented in response thereto. A further list and description of these risks, uncertainties and other risks can be found in Celyad Oncology’s U.S. Securities and Exchange Commission (SEC) filings and reports, including in its Annual Report on Form 20-F filed with the SEC on March 25, 2020 and subsequent filings and reports by Celyad Oncology. These forward-looking statements speak only as of the date of publication of this document and Celyad Oncology’s actual results may differ materially from those expressed or implied by these forward-looking statements. Celyad Oncology expressly disclaims any obligation to update any such forward-looking statements in this document to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, unless required by law or regulation. 

Investor and Media Contacts: 

Alexandrine Hazard 

Communications & Investor Relations Associate 

Celyad Oncology 

investors@celyad.com 

Daniel Ferry 

Managing Director 

LifeSci Advisors, LLC 

daniel@lifesciadvisors.com