Calidi Biotherapeutics, Inc. · AMEX:CLDI
Calidi Biotherapeutics — Investor Presentation (February 2026)
23 slides from Calidi Biotherapeutics's investor presentation, Feb 10, 2026
Slide 1: Engineering the Future of Genetic Medicine
Engineering the Future of Genetic Medicine From cancer to other complex diseases, Calidi’s RedTail platform can precisely deliver genetic medicine to distal sites of disease February 2026 NYSE American: CLDI Calidibio.com
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation may contain 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,” “
Slide 3: New Technology / New Leadership
New Technology / New Leadership RedTail platform and CLD-401 recently presented New management team with focus on execution Revamped Scientific Advisory Board to ‘support RedTail platform Improved balance sheet Reduced operating costs Rapidly advancing the pipeline Y First data presented on RedTail
Slide 4: Proven Efficacy with Intra-Tumoral Oncolytic Viruses
Proven Efficacy with Intra-Tumoral Oncolytic Viruses + Multiple examples of efficacy with local administration + Amgen: T-Vec approved in 2015 for melanoma * CGOncology: BLA submission for bladder cancer + 9€andel: BLA filing expected in localized prostate cancer + Replimune: BLA submitted for melan
Slide 5: Can Oncolytic Viruses Be Used as Systemic Therapy?
Can Oncolytic Viruses Be Used as Systemic Therapy? + Immune system quickly clears virus injected systemically into the bloodstream + Some limited success with systemic delivery of viruses! 2.5.4 * Strategy is based largely on dosing very high levels of virus to overcome immune clearance *%+Calidi ha
Slide 6: Building the Optimal Viral Platform, Step by Step
Building the Optimal Viral Platform, Step by Step + Calidi has created a new strategy for systemic delivery based on eliminating immune recognition of virus + Allows.for higher doses of effective virus with lower levels of innate immune stimulation; i.e., better therapeutic window * Vaccinia virus c
Slide 7: Building the RedTail Scaffold: Tumor Tropism and Replication Selectivity
Building the RedTail Scaffold: Step 1 Tumor Tropism and Replication Selectivity * Vaccinia virus has inherent tropism for tumor cells! * Vaccinia virus cell entry is not receptor dependent? ( * Virus genetically engineered to replicate only in tumor cells QS *_ Triple knockout version of vaccinia vi
Slide 8: Building the RedTail Scaffold: Genetic Medicine Payload
Building the RedTail Scaffold: Step 2 Genetic Medicine Payload * Vaccinia has a large genome with high capacity for insertion(s)' = >200kbp with >200 ORFs; up to 25kbp capacity for insertion * Calidi has identified proprietary sites in RedTail for gene(s) insertion “+ Vaccinia follows a cascade temp
Slide 9: Building the RedTail Scaffold: Enveloped Form of Vaccinia Virus
Building the RedTail Scaffold: Step 3 Enveloped Form of Vaccinia Virus + Vaccinia virus produces two forms of infectious particles! = “During infection, >99% of virus is Intracellular Mature Virus (IMV) = <1% of virus is the Extracellular Enveloped Virus (EEV) form that takes on the cell membrane (e
Slide 10: Building the RedTail Scaffold: CD55 Overexpression
Building the RedTail Scaffold: Step 4 + CD55 Overexpression + Complement is pivotal for immune clearance for Vaccinia! = _ Complement is the major mechanism for clearance of Vaccinia? * CD55 expression in| complement activation* i RedTail scaffold genetically engineered fo express CD55 at high '@) l
Slide 11: CD55 as a Protector Against Complement
CD55 as a Protector Against Complement + CD55 expression and erythrocytes (red blood cells, RBCs) + RBCs are normally protected from clearance by complement! C, + Paroxysmal Nocturnal Hemoglobinuria (PNH) — Mutation in CD55; RBCs are cleared by complement system! Q + Parasite induces a loss of CD55
Slide 12: EEV with CD55 Expression Is Highly Resistant to Clearance
EEV with CD55 Expression Is Highly Resistant to Clearance (pS) IMV (non-enveloped form) UVAD ~eom EEV (enveloped form) EEV with CD55 expression 2 Virus survival in the presence of Human serum 120: 100: 80. % virus survival o 8 T cell cell IMV line tine H+ a2 055 Coss Overexpression of CD55 on EEV me
Slide 13: The RedTail Platform
The RedTail Platform “+ Systemic administration + Protected from immune clearance (EEV form / CD55 expression) + Targeted tumor cell lysis and immune priming + Genetic medicine payload(s) expression in the TME + COGS similar to monoclonal antibody *¢ Broad IP coverage of platform technology 13 CALID
Slide 14: CLD-401: The First Lead From the RedTail Platform
CLD-401: The First Lead From the RedTail Platform “% Systemic administration 7 systemic Administration * Protected from immune 40-401 infects clearance (EEV/CD55) ‘other tumor cells + Targeted tumor cell lysis and immune priming 'G + IL-15 superagonist production at the tumor gi “Tumor cell death ‘a
Slide 15: IL-15SA: Proven Activity At High Doses and With an Immune Primer
IL-15SA: Proven Activity At High Doses and With an Immune Primer + IL-15 is a powerful growth factor for NK cells (innate) and it CD8+ T-cell (adaptive) — — Unlike IL-2, IL-15 does not expand Tregs or induce T-cell death 5 «+ A major mechanism of resistance to PD-1 therapy is B2M mutation / HLA loss
Slide 16: IL-15SA: Proven Activity At High Doses and With an Immune Primer
IL-15SA: Proven Activity At High Doses and With an Immune Primer ++ Anktiva (IL-15 SA) is approved in bladder cancer for local delivery: - Extraordinary levels of IL-15 SA in the TME (~80K pM) — Given with BCG as an immune priming mechanism —, Low systemic IL-15 SA exposure (<20pM) «+ Anktiva is bei
Slide 17: CLD-401: Tumor-specific IL-15SA expression
CLD-401: Tumor-specific IL-15SA expression + IL-15 SA concentrations in the tumor are similar to Anktiva in bladder cancer — Expression in serum or other tissues is >1,000 times lower — Virus is acting as an immune primer in the tumor IL-15 SA concentrations (pM) in tumor and organs at multiple time
Slide 18: CLD-401: Tumor-specific viral replication
CLD-401: Tumor-specific viral replication * Viral expression detected only in tumor tissue — Replication in other tissues is ~1,000 times lower or non-detectable - Tumor-specific replication allows for systemic delivery CLD-401 showed high tumor presence with minimal detection in other organs: Tumor
Slide 19: Enhanced Therapeutic Activity With In Situ IL-15 SA Expression
Enhanced Therapeutic Activity With In Situ IL-15 SA Expression RedTail virus with IL-15 SA payload (CLD-401) dramatically improves treatment efficacy ‘Tumor regression in syngeneic EMT6 model after a single administration of 5e6 PFU viral particles Untreated RedTail Virus (no payload) CLD-401 (IL-15
Slide 20: CLD-401 Timeline to Clinic
CLD-401 Timeline to Clinic | 2025 | 2028 | 2027 Preclinical, CMC & Regulatory Phase 1 CLD-401 ¢ We > “+ Phase | study to be conducted in a basket of solid tumors (NSCLC, TNBC, Melanoma, etc.) * Streamlined dose escalation study with limited # of doses to be tested + Early demonstration of systemic d
Slide 21: RedTail: Potential to Enhance Platform and Expand Outside of Oncology
RedTail: Potential to Enhance Platform and Expand Outside of Oncology Next-Generations Cancer: + Expand payload options (e.g BiTEs) + Engineer envelope for programmable targeting (e.g. HER2, TROP2, CD38, etc) Outside Oncology: * New payloads for inflammatory & immune diseases (I&!) + Target other ce
Slide 22: Delivering High Concentrations of BiTEs and T-cell Amplifier to the TME
Delivering High Concentrations of BiTEs and T-cell Amplifier to the TME BiTEs (Bi-specific T-cell engagers) have been transformative in hematological malignancies but have not shown success in solid tumors o The tumor microenvironment in solid tumors inhibits T-cell infiltration and T-cell effector
Slide 23: Upcoming Milestones
Upcoming Milestones 028 208 | amar 10-401: IND / Phase! C Preclinical, OMC, & Regulatory \vot Phase Data presentations AACR ASCGT ASCO ESMO sic AACR ASCGT ASCO 1-401 - puaonTme resentation of + ostaon repeat + Toxandefficacy - Biodstibution + combination + Update onnon-_- combination onodelingin —”
Calidi Biotherapeutics — Investor Presentation (February 2026) on 6ix