1

ERADICATING HPV INFECTION BEFORE IT CAUSES CERVICAL CANCER

MODIFIEZ LE STYLE DU TITRE2015 Annual Results & 2016 Strategy

March 14, 2016

INNOVATIVE IMMUNOTHERAPIES

TO FIGHT INFECTIOUS DISEASES AND CANCER

2

DISCLAIMER

This document has been prepared by Genticel (the "Company")and is for information purposes only.

The information and opinions contained in this document areprovided as of the date of this document only and may beupdated, supplemented, revised, verified or amended, and thussuch information may be subject to significant changes. TheCompany is not under any obligation to update the information oropinions contained herein which are subject to change withoutprior notice.

The information contained in this document has not been subject toindependent verification. No representation, warranty orundertaking, express or implied, is made as to the accuracy,completeness or appropriateness of the information and opinionscontained in this document. The Company, its subsidiaries, itsadvisors and representatives accept no responsibility for and shallnot be held liable for any loss or damage that may arise from theuse of this document or the information or opinions containedherein.

This document contains information on the Company’s markets andcompetitive position, and more specifically, on the size of itsmarkets. This information has been drawn from various sources orfrom the Company’s own estimates. Investors should not base theirinvestment decision on this information.

This document contains certain forward-looking statements. Thesestatements are not guarantees of the Company's futureperformance. These forward-looking statements relate to theCompany's future prospects, developments and marketing strategyand are based on analyses of earnings forecasts and estimates ofamounts not yet determinable. Forward-looking statements are

subject to a variety of risks and uncertainties as they relate to futureevents and are dependent on circumstances that may or may notmaterialize in the future. Forward-looking statements cannot, underany circumstance, be construed as a guarantee of the Company'sfuture performance and the Company’s actual financial position,results and cash flow, as well as the trends in the sector in which theCompany operates, may differ materially from those proposed orreflected in the forward-looking statements contained in thisdocument. Even if the Company’s financial position, results, cash-flows and developments in the sector in which the Companyoperates were to conform to the forward-looking statementscontained in this document, such results or developments cannotbe construed as a reliable indication of the Company's future resultsor developments. The Company does not undertake any obligationto update or to confirm projections or estimates made by analysts orto make public any correction to any prospective information inorder to reflect an event or circumstance that may occur after thedate of this document.

This document does not constitute an offer to sell or subscribe or asolicitation to purchase or subscribe for securities in France, theUnited States or any other jurisdiction. Securities may not be offeredor sold in the United States absent registration under the USSecurities Act of 1933, as amended, or an exemption fromregistration thereunder. No public offering of securities may beconducted in France or abroad prior to the delivery by the FrenchAutorité des marchés financiers (Financial Markets Authority) of avisa on a prospectus that complies with the provisions of Directive2003/71/CE as amended. No offering of securities is contemplatedin France or any jurisdiction outside France.

33

2015 OPERATING REVIEW

▌ REMINDER OF THE ACTIVITY

Technologies, therapeutic area,

candidates, market …

▌ 2015 CORPORATE HIGHLIGHTS

4

GENTICEL’S HIGHLIGHTS

Experienced management team with track record of

success

GTL001, 1st-in-class

therapeutic vaccine for HPV 16/18 positive

women

Specialist in HPV & HPV-induced cancer

immunotherapy: significant need for

therapeutic solutions

GTL002, multivalent HPV follow-on

therapeutic HPV vaccine

for a larger population

Unique antigen delivery platform,

Vaxiclase, the basis for multivalent

therapeutic vaccines in multiple

indications

Multiple licensing opportunities for the HPV franchise and

the Vaxiclase technology

Strong and unique intellectual property

Pipeline expansion and partnering opportunities

5

AN ANTIGEN DELIVERY VECTOR SUITED TO DEVELOP IMMUNOTHERAPIES IN MULTIPLE INDICATIONS

CyaA,

(adenylate cyclase),a breakthrough vaccine

carrier licensed from

Institut Pasteur

Unique mechanism of action that triggers both killer and helper T cells

X

CyaA platform

Chosen antigen

Recombinant CyaA protein incorporating

the antigen of choice

Binding domain targets an integrin receptor of antigen-presenting cells

6

A BREAKTHROUGH ANTIGEN DELIVERY VECTOR WITH DUAL MECHANISM OF ACTION

The chosen antigen is incorporated in the CyaA protein

The recombinant CyaA protein delivers the antigen TO and INTO

human immune sentinel cells

Sentinel cells activate antigen-specific immune killer * T cells and

helper T cells

Killer cells eliminate cells

that contain the antigen

Antigen Presenting Cell (APC)

* cytotoxic

CyaA +

adjuvant

Chosen

antigen

Helper T cells

Killer T cells

Eradication

of infected

cells

7

VAXICLASE, A NEXT-GENERATION, PROPRIETARY ANTIGEN DELIVERY PLATFORM

License agreement signed with Serum Institute of India Limited (SIIL) in Feb. 2015 to evaluate Vaxiclase for use in multivalent vaccines containing pertussis antigens

Largest worldwide producer of vaccine doses

Up to $57 million in upfront & milestones payments plus single digit royalties on net sales

High-value markets not part of the license

First income recorded in 2015, next milestone in H2 2016

MULTIPLE

OR LARGE

ANTIGENSVAXICLASE ASSETS

X Y Z

A

Technological improvements of the native adenylate

cyclase structure

Particularly well suited to large or multiple antigens in multivalent applications

Can be used with many antigens

in multiple indications

Driver for market expansion

Same proven mechanism of action as CyaA PARTNERSHIP WITH SIIL

Potential to be used in numerous infectious diseases and immuno-oncology applications

8

X ? Y ? Z ?

A ?

Large spectrum of potential targets: viral and bacterial diseases caused by

HBV, HBC, EBV, CMV, HSV, VZV, HIV, C. trachomatis, M. tuberculosis, …

HPV (Human papillomavirus),

a widespread

carcinogenic virus

causing

cervical cancer

X ?

The most common sexually-

transmitted viral disease

The cause of cervical cancer

(Nobel Prize discovery 2008)

58% of women with invasive

cervical cancer die

300M women worldwide HPV positive

500,000 new cases each year

275,000 deaths per year

HPV AS FIRST TARGET

9

GTL001, A “FIRST-IN-CLASS” THERAPEUTIC VACCINE TARGETING THE 2 MOST ONCOGENIC HPV TYPES

HPV 16 and 18 together cause 70% of cervical cancer cases

GTL001consists of 2 CyaA proteins

one carrying the E7 antigen of HPV 16

the other carrying the E7 antigen of HPV 18

16-

E7

18-

E7

CyaA-HPV16-E7

+CyaA-HPV18-E7

+Adjuvant (imiquimod cream 5%)

GTL001

first-in-classfirst-in-indicationtherapeutic

vaccine

2 inter-dermal injections 6 weeks apart

2 applications of imiquimod cream 5%, 15 minutes

and 24 hours after each injection

10

DISEASE PROGRESSION IS MARKEDLY QUICKER IN HPV16/18 ATHENA STUDY1: 3-YEAR CUMULATIVE INCIDENCE RATE OF CIN2+

0

5

10

15

20

25

30

35

0 1 2 3

Cu

mu

lativ

e in

cid

en

ce

ra

te (

95

% C

I)

Years of Follow-up

n

(% of 40,901)

Screening

test

3-yr CIR

(95% CI)

36,626 (89,5) HPV negative0.9

(0.5-1.5)

1,167 (2.9) HPV 16/1828.1

(24.9-30.8)

3,108 (7.6)HPV

12 other HR

10.8 (9.6-12.1)

HPV16

HPV18

Other HPV

HPV -Wright et al. Primary cervical cancer screening with human papillomavirus: End of study results from the ATHENA study using HPV as the first-line screening testGynecol Oncol 2015: 136; 189-197

11

GTL002 (MULTIVALENT HPV)FOLLOW-ON THERAPEUTIC VACCINE CANDIDATE

IN VIVO PRECLINICAL PROOF OF CONCEPT

Immune response for each of the 6 HPV-

derived proteins in the vaccine

In vivo therapeutic efficacy shown by

tumor eradication

Robust manufacturing data

93 millionHPV 16/18

% cervical cancer 70% 100%

300 millionAll HPV types

85%

#

HP

V i

nfe

cte

d w

om

en

158 million4 additional HPV

GTL

00

2

GTL

00

1

Boosts the attractiveness of the HPV franchise to a potential partner

Based on proprietary Vaxiclase platform Includes 6 oncoproteins from 6 most oncogenic HPV types,

including HPV 16 and 18.

12

from

cytology

…

… to HPV

testing

increasingly

being used

as a first-line

diagnostic (2)

HPV testing is more reliable and allows for earlier detection BEFORE cytological anomalies occur

(1) Wright at al. Gynecologic Oncology 136 (2015) 189–197(2) Saslow et al. CA Cancer J Clin. 2012 ; 62(3): 147–172 , Simultaneous HPV testing and cytology is

recommended in the USA & in many European countries

Traditional PAP screening (cytology) is insufficiently reliable

30% of CIN 1 - 3 are not detected(1)

EARLY HPV DETECTION WITH HPV MOLECULAR TESTINGUNVEILS A LARGE UNMET MEDICAL NEED

13

SCREENING

CONFIRMATION

Normal cytology = NILM ASCUS/LSIL HSIL

Normal histology CIN1 CIN2 CIN3Cervical

cancer

ASCUS = Atypical

Squamous Cells of

Undetermined

Significance

NILM = Negative

for Intraepithelial

Lesion or

Malignancy

LSIL = Low-grade

Squamous

Intraepithelial

Lesion

HSIL = High-grade

Squamous

Intraepithelial

Lesion

CIN = Cervical

Intraepithelial

Neoplasia

HPV - FROM INFECTION TO CERVICAL CANCERCYTOLOGICAL AND HISTOLOGICAL CLASSIFICATION REMINDER

Adapted from Woodman et al. The natural history of cervical HPV infection: unresolved issues. Nature Reviews

Cancer 7, 11-22 (January 2007)

14

Normal

CIN1* CIN2 CIN3Cervical

cancer

93 million women(1)

infected with HPV 16 and/or 18

No treatment available – Only watchful waiting

GTL001designed to clear the virus and

prevent disease progression

ASCUS/LSIL HSIL

Prophylactic vaccines

Non-infected young people

(1) de Sanjosé, Lancet Infect. Dis., 2007: 453-9 - Worldwide population aged 15 to 75 with HPV16 and/or 18.(2) CDC: Vaccination Coverage Among Adolescents Aged 13–17 Years* CIN: Cervical Intraepithelial Neoplasia – see appendices for glossary

HPV 16/18 THERAPEUTIC GAP

Gardasil Cervarix

US: 38% vaccination rate (2)

Advaxis - Phase 2

Inovio - Phase 2

ISA - Phase 2

Photocure - Phase 2

Genexine

Phase 2

Traditional treatments (surgery, chemo…)

GTL001, NO COMPETITION ON TARGET POPULATION

Normal histology

Normal cytology (NILM)

15

Annual sales (at peak) > €1.0 billion

Mature markets (1) Emerging markets (2)

Expected patients(at peak)

HPV 16/18 + women with access to diagnostics

Impact of prophylactics

Impact of screening frequency & coverage

Patient acceptance

Market access studies : Bridgehead UK (2010) – Patient acceptance survey : Creativ-Ceuticals SA (2012) (1): US + EU 27 + Japan + Switzerland + Canada + South Korea + Australia + New Zealand(2): Brazil + India + Mexico + Russia + China + South Africa + Turkey(3): 10% of top and middle class of selected emerging markets

12,000,000

8,000,000

2,000,000

1,500,000

35,000,000

-

700,000 (3)

500,000

1.0

million

0.3

million

BLOCKBUSTER POTENTIAL AS IMMUNOTHERAPEUTIC SOLUTION FOR 1.3 MILLION WOMEN

16

Annual sales (at peak**) > €1.0 billion

Conservative estimate* of expected patients

(at peak)

1.3

million

93 millionof HPV 16/18

infected women

* See slide 16 – market assumptions ** expected commercialization GTL001 2021 - GTL002 2026

Annual sales (at peak**) > €2.0 billion

158 millionof women infected w/ HPV 16/18

+ 4 most oncogenic types

GTL001

Doubles market potential

Secures franchise against new comers

GTL002

APPEALING HPV PORTFOLIO TO MANY PHARMA COMPANIES

IN VACCINES, IMMUNO-ONCOLOGY OR WOMEN’S HEALTH

HPV FRANCHISE WITH BLOCKBUSTER POTENTIAL

17

2015 CORPORATE HIGHLIGHTS

License agreement

on Vaxiclase

signed with SIIL*

In vivo results for GTL001

presentedat AACR :

potential to treat and protect

In vivo preclinical

proof of concept of

GTL002

FDA clearance

for U.S. Phase 1

trial of GTL001

US patent protecting

use of Genticel’splatforms to treat

cancer in combination therapy

1st US patient

vaccinated with

GTL001

02/15 04/15 05/15 06/15 09/15 10/15

All key milestones announced at IPO reached on time

* Serum Institute of India Ltd

1818

POST YEAR CLOSE NEWS

▌ RECENT CSO APPOINTMENT

▌ AGREEMENT WITH ROCHE

▌ RESULTS AT 12 MONTHS FROM PHASE 2 TRIAL OF GTL001

AND STATUS OF ITS CLINICAL DEVELOPMENT

19

RECENT CSO APPOINTMENT

Head Chronic Disorder Immunotherapeutic Program , GlaxoSmithKline, Vaccines division (2009- 2015)

Head Cancer Preclinical Immunotherapeutics and Director, R & D, North America, GSK Biologics, Canada (2006-2009)

Commercial Manager of Oncology Portfolio, World Wide Commercial Strategy group, GSK Biological, Belgium (2004-05)

Sr. Scientist Positions in the Therapeutic Cancer Vaccine Program and Chronic Disorders Immunotherapy, GSK Biological, Belgium (1997-2004)

Appointment of

Rémi Palmantier, PhD, as Chief Scientific

Officer

Support strategy to expand pipeline of innovative immunotherapies

20

ISO15189 certified qPCR test

Most sensitive and quantitative commercialized test

Available in Belgium only

AGREEMENT WITH ROCHE MOLECULAR SYSTEMSTO EVALUATE cobas® HPV TEST FOR USE IN PHASE 3 PROGRAM

cobas® HPV test, only test both EU-labeled and FDA-approved

Extensively tested in the Athena trial1

HPV 16/ 18 genotyping (+ 12 other high-risk HPV)

Only test approved in the US as first-line primary screening in women 25

years of age and older instead of cytology

PHASE 2 (EUROPEAN PROGRAM): AML TEST

PHASE 3 (GLOBAL PROGRAM): NEED OF A WIDELY AVAILABLE HPV GENOTYPING TEST

Wright et al. Primary cervical cancer screening with human papillomavirus: End of study results from the ATHENA study using HPV as the first-line screening test , Gynecol Oncol 2015: 136; 189-197

Agreement to evaluate cobas® HPV TEST for use in

GTL001 phase 3 program

21

PC10VAC02

Phase 2 (EU), ongoing

PC10VAC01

Phase 1 (BE)

Core study completed

Extension ongoing

PC10VAC03 &

PC10VAC04

Phase 3 (EU, USA),

planned

• 47 women (25-50 yrs), HPV16 +/- 18 positive, NILM

• Dose escalation (100, 600, 1200 µg)

• Safety, tolerability & immunogenicity study

• 222 women (25-50 yrs), HPV16 +/- 18 positive, NILM or ASCUS/LSIL

• Proof of concept study

• Randomized, double-blind, placebo-controlled, 1 dose-level

• Primary endpoint: Virology

• 2 x 1200 women (25-65 yrs), HPV16 +/- 18 positive, NILM or ASCUS/LSIL

• Pivotal study

• RDB placebo-controlled

• Clinical primary endpoint : progression to CIN2/3 at Month 24

PC10VAC05

Phase 1b (USA), bridging

• 20 women (25-65 yrs), HPV16 +/- 18 positive, NILM or ASCUS/LSIL

• Safety and immunogenicity

21

REMINDER OF GTL001 CLINICAL DEVELOPMENT PLAN

22

No dose-limiting toxicity

No treatment-related Serious Adverse Effects (SAE)

No patients stopped trial participation (no drop-outs)

Reactions are mostly local, generally mild or

moderate, as expected

All reactions are transient (<7 d.), as expected

Demonstrated safety profile

Induced an E7- specific T cell

immune responseMore patients treated with GTL001 and

followed for > 12 months remained virus free

17%

62%

0 20 40 60 80 100

Placebo

GTL001

43% (2)

0 20 40 60 80 100

Placebo

GTL001

33%

78% (3)

0 20 40 60 80 100

Placebo

GTL001

74%

More patients treated with GTL001

eradicated their HPV

(1) Warning: this phase 1 study was not designed to provide statistically significant efficacy data. Data

provided above are strictly for indicative purposes (data as at 31/12/2012 ; average of 16.6 months post 1st

vaccination ; pooled small groups; no statistical analysis)

(2) Natural clearance of HPV 16/18 is 40 to 50% after 1 year

(3) 8/9 without reinfection for the HPV type present at enrolment ; 7/9 without any reinfection

n = 19

n = 7

n = 18

n = 6 n = 3

n = 9

GTL001 PHASE 1 STUDY COMPELLING RESULTSON 47 HPV 16 AND/OR 18 POSITIVE WOMEN (1) –NILM ONLY

23

PHASE 2 PROOF OF

CONCEPT STUDY

222 HPV16 +/- 18 positive women (25-50)

W Europe - 7 countries GER, UK, FIN, SP, FR, BE, NL

39 centers

600 µg + imiquimod

Viral clearance

at M6 & 12

Maintenance of

viral clearance

n =111

Placebo + imiquimod

n =111

Last patient in Nov 14 H1 16 H1 17

STUDY

POPULATION

EFFICACY

ENDPOINTS

< 6 weeks >

< 6 weeks >

Women 25-50 yrs infected by HPV 16 and/or 18 with NILM, LSIL or ASCUS cytology, exclusion of CIN2+ by colposcopy/histology

Primary endpoint at M12 Efficacy of GTL001 + imiquimod to clear HPV 16 and 18 cervical infection

as compared to placeboMain secondary endpoints Sustained clearance at M24 Progression to CIN2+

M12 M24

GTL001 PHASE 2 TRIAL (RHEIA-VAC)HALFWAY THROUGH 24-MONTH PROTOCOL CONDUCT

Viral clearance

at M15 & 18

M18

24

NEXT VIRAL CLEARANCE DATA AT 15 &18 MONTHS IN Q3 2016

INITIAL RESULTS AT 12 MONTHS

No statistical difference*

in the overall population

(NILM, ASCUS, LSIL)

No safety issues. DSMB**

recommends trial continuationas planned

* Primary endpoint: statistically significant difference in viral clearance rate at 12 months vs. placebo** DSMB : Data Safety and Monitoring Board

STATUS OF GTL001 EUROPEAN PHASE 2 STUDY

Statistical difference in 2 key, predefined

subgroups, NILM and < 30 y. old

THERAPEUTIC EFFICACY COULD BE DELAYED IN THE HIGH NUMBER (73%)

OF ASCUS / LSIL PATIENTS IN THE STUDY POPULATION

Consistent with phase 1 results,

NILM only -16.6 mo.

25

12-MONTH ANALYSIS MAIN RESULTS

Clearance rate at M12 GTL001

(n=117)

Placebo

(n=116)

p-value

Overall population (PEP) 57 (48.7%) 46 (39.7%) p=0.110*

Normal cytology at baseline 20/32 (62.5%) 12/30 (40%) p=0.018**

Age < 30 at baseline 17/29 (58.6%) 9/28 (32.1%) p=0.049**

Intent-To-Treat (ITT) population (randomized dosed patients with at least one post-baseline evaluation * Fisher exact test ** Cochran-Mantel-Haenszel test, adjusted with age and clinical status

Population enrolled: Majority ASCUS/LSIL (73%), 27% Normal Cytology (NILM)

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

Baseline 12 months

GTL001 Placebo

Normal cytology (NILM)

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

Baseline 12 months

GTL001 Placebo

Age < 30 yr

SUBGROUP OF HPV 16/18 POSITIVE WOMEN WITH NORMAL CYTOLOGY

(NILM)

> 70% OF TARGET

POPULATION 1

(1) Wright et al. Dépistage du cancer cervical primaire avec le virus du papillome humain : Fin de résultats de l'étude

ATHENA utilisant HPV comme test de dépistage en première ligne

Gynecol Oncol 2015: 136; 189-197

26

PHASE 1 TOLERABILITY

STUDY

Single arm, open label

20 HPV16 +/- 18 positive women (25-65)

US - 4 centers

Diane Harper, MD, lead investigator

600 µg + imiquimod

Primary endpoint:

tolerability

Last patient in

Q1 16H1 16

STUDY

POPULATION

ENDPOINTS

< 6 weeks >

Women 25-65 yrs. infected by HPV 16 and/or 18 with Normal, LSIL or ASCUS cytology, exclusion of CIN2+ by colposcopy/histology

Primary endpoint at M3 Tolerability of GTL001, notably in the age group 50-65 (not studied

previously)

Secondary endpoint Immune response at M3

Warning: as with any phase 1 study, the study is not designed to provide statistically significant efficacy data.

n =20

2 cohorts: 25-50 and 50-65 years of age

M3

GTL001 US PHASE 1 STUDYIND GRANTED IN JUNE 2015 - STUDY ON-GOING

1ST patient in

10/2015

27

PHASE 3 PIVOTAL TRIALS

1,200 (x 2) HPV16 +/- 18 positive women (25-65)

• 400 in placebo arm • 800 in vaccine arm *

Same design EU / US**

600 µg + imiquimod

Primary endpoint:

60% decrease in

progression to CIN2+

n =400

Placebo +/- imiquimod

n =800

STUDY

POPULATION

EFFICACY

ENDPOINTS

< 6 weeks >

< 6 weeks >

Women 18-65 yrs. infected by HPV 16 and/or 18, cytology status to be determined post Phase 2

Primary objective at M24 CIN2+ prevention (HPV16 and/or18) at 24 months post first vaccination

Main secondary objectives Safety and Immunogenicity at 6, 12, 18, 24 months Virology, cytology and histology at 6, 12, 18, 24 months

TWO STUDIES IN PARALLEL IN EUROPE AND IN THE UNITED STATES

* 400/800 provide 90% power to demonstrate efficacy – 1,600 immunized patients satisfying FDA safety database requirements** To be confirmed following submission of final protocol, updated chemistry, manufacturing, controls information, and review by appropriate regulatory agencies after end of phase 2

M24

POTENTIEL DESIGN OF A PHASE 3 PROGRAM

2828

2015 FINANCIAL REVIEW

▌ INCOME STATEMENT

▌ BALANCE SHEET

▌ CASH FLOW STATEMENT

▌ STOCK PERFORMANCE

▌ CASH & SHARHOLDER STRUCTURE

29

INCOME STATEMENT (IFRS)

Figures in line with company’s expectationAudited data in K€ 20141 2015

Revenues - 178

R&D expenses (11,190) (10,935)

Subsidies (CIR2) 2,904 2,940

G&A expenses (2,763) (3,599)

Operating result (11,049) (11,417)

Financial result 105 223

Net income (10,944) (11,193)

Net income per share (0.79) (0.72)

1 2014 financial statements have been amended in application of IAS 8 (please refer to half-year 2015 financial statements for detailed information)2 Research tax credit (crédit d’impôt recherche) in France3 Onetime recruitment costs, ad-hoc market access studies, Intellectual Property management expenses

Advance on GLT001 phase 2 in EU

Initiation of a phase 1 in the U.S.

Non-recurring expenses (€0.7 million)3

Interest earned

from investing funds

30

BALANCE SHEET (IFRS)

Audited data in K€ 20141 2015

Non current assets 10,303 5,501

Current receivables 3,172 3,706

Current financial assets 12,557 5,022

Cash & equivalents 10,170 11,660

TOTAL ASSETS 36,202 25,889

Shareholders equity 30,217 20,335

Employee LT Obligation 380 322

Financial debts 2,158 2,522

Other liabilities 3,447 2,710

TOTAL LIABILITIES 36,202 25,889

1 2014 financial statements have been amended in application of IAS 8 (please refer to half-year 2015 financial statements for detailed information)

2 Total cash position results from €11,7 M in cash & equivalents, €5,1 M in non current assets (capitalization contract) and €5 M in current financial assets (term deposits) in accordance with IFRS standards.

€5.2 million of capitalization contract

€5.0 million in short time deposits

Trade payables for €1.9 million

Total cash position of €21,8 million2

in line with pipeline development

advances

incl. €2.9 million of Research Tax Credit 2015

Repayable advances for €2.6 million

31

CASH FLOW STATEMENT (IFRS)

Audited data in K€ 20141 2015

Cash flow from operating

activities(9,847) (11,744)

Cash flow from investing

activities (22,573) 12 585

Cash flow from financing

activities 38,752 649

Opening cash & equivalents 3,839 10,170

Variation 6,331 1,490

Closing cash & equivalents 10,170 11,660

Breakdown of change in WCR

Audited data in K€20141 2015

Other non-current financial assets 17 (7)

Inventories (net inventory

impairment)(13) 21

Other receivables 588 514

Trade payables and related

accounts(740) 776

Tax & social security liabilities (192) (37)

Other creditors & miscellaneous

liabilities18 (1)

Total change (322) 1,266

1 2014 financial statements have been amended in application of IAS 8 (please refer to half-year 2015 financial statements for detailed information

Growth in WCR (€1.2 million in 2015 versus -€0.3 million in 2014) mainly due to decrease in trade

payables between 2014 and 2015 (versus increase between 2013 et 2014)

32

STOCK PERFORMANCE 2015 – 2016 YTD

31/12/14 5,61 €

31/12/15 6,68 €

10/03/16 4,50 €

CONSENSUS 8,08 €

UPSIDE 78%

GTCL

Next Biotech

0

50%

50%

33

Cash balance: € 21.8 million*

No additional funding required

to execute IPO program

€70.1 million raised since inception,

incl. €34.7 million at IPO (04/2014)

15,541,086 shares outstanding*

SOLID CASH BALANCE & SHAREHOLDER BASE

* As at December 31, 2015

3434

2016 STRATEGIC UPDATE

35

VALUE DRIVERS AND MILESTONES

2015 License agreement on

Vaxiclase signed

with SIIL*

02/15

In vivo results for GTL001

show ability to treat &

protect

04/15

In vivo preclinical proof of

concept of GTL00205/15

FDA Clearance

for U.S. Phase 1 trial

of GTL001

06/15

US patent protecting use

of platforms to treat

cancer

09/15

1st US patient vaccinated

with GTL00110/15

2016 GTL001

Phase 2 efficacy data

at M12

GTL001

US phase 1 recruitment

completed

H1 16

GTL002

in-vivo immunology dataH1 16

GTL001

Phase 2

immunology dataH1 16

GTL001

Phase 2 interim efficacy

data at M18

Q3 16

GTL001

US phase 1 resultsH2 16

Vaxiclase

1st milestone with SIIL*H2 16

2017 GTL001

End of phase 2 at M24Q1 17

GTL002

Preclinical milestonesH2 17

Ongoing business

development activities

* Serum Institute of India Ltd

36

Strategic focus

on GTL001

clinical activities

Phase 2 in Europe

Phase 1 in the U.S.

Focus on

business

development

activities

Select an appropriate partner for the HPV pipeline Expand pipeline by accessing innovative development-stage molecules

with unique market potential Study identified opportunities for new strategic alliances

STRATEGIC UPDATE FOR 2016

1 Good Manufacturing Practice

Treasury preservation in 2016 and 2017

Extension of Company’s funding well into 2018

Defer by 12 months : the industrial GMP1 production planned for GTL001 Phase 3 the semi-industrial production planned for GTL002 Phase 1 trial

Proposed workforce reduction by approximately 30%

37

CONTACTS

Copyright Genticel 2016

GENTICEL EU INVESTORS US INVESTORS MEDIAValerie Leroy

investors@genticel.comCorinne Puissant

genticel@actus.frBrian Ritchie

britchie@lifesciadvisors.comCaroline Carmagnol

genticel@alizerp.com

+33 (0)1 82 82 00 20 +33 (0)1 53 67 36 77 +1 (212) 915 2578 +33 6 64 18 99 59