Nature inspired. Technology - Seeking Alpha

Nature inspired. Technology driven.™

A U G U S T 2 0 2 0

Investor Presentation

NASDAQ: CLXT

This communication contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation

Reform Act of 1995. In some cases, you can identify these statements by forward-looking words such as “anticipates,” “estimates,” “expects,”

“targets,” “intends,” “plans,” “predicts,” “projects,” “should,” “will,” or “continue,” the negative of these terms and other similar terminology.

Forward-looking statements in this presentation include statements about the potential impact of the COVID-19 pandemic on our business and

operating results; our future financial performance; product pipeline and development; our business model and strategies for commercialization

and sales of commercial products; regulatory progression; potential collaborations, partnerships and licensing arrangements and their contribution

to our financial results, cash usage, and growth strategies; and anticipated trends in our business. These and other forward-looking statements are

predictions and projections about future events and trends based on our current expectations, objectives and intentions and premised on current

assumptions. Our actual results, level of activity, performance, or achievements could be materially different than those expressed, implied, or

anticipated by forward-looking statements due to a variety of factors, including, but not limited to: the severity and duration of the evolving

COVID-19 pandemic and the resulting impact on macro-economic conditions; the impact of increased competition; disruptions at our key

facilities; changes in customer preferences and market acceptance of our products; competition for collaboration partners and licensees and the

successful execution of collaborations and licensing agreements; the impact of adverse events during development, including unsuccessful field

trials or disruptions in seed production; the impact of improper handling of our product candidates by unaffiliated third parties during

development, such as the improper aerial spraying of our high fiber wheat product candidate; failures by third-party contractors; inaccurate

demand forecasting; the effectiveness of commercialization efforts by commercial partners or licensees; our ability to make grain sales on terms

acceptable to us; the timing of our grain sales; our ability to collect accounts receivable; disruptions to supply chains, including transportation and

storage functions; commodity price conditions; the impact of changes or increases in oversight and regulation; disputes or challenges regarding

intellectual property; proliferation and continuous evolution of new technologies; management changes; dislocations in the capital markets; and

other important factors discussed under the caption entitled “Risk Factors” in our Annual Report on Form 10-K and subsequent filings on Form 10-Q

or 8-K with the U.S. Securities and Exchange Commission. We do not assume any obligation to publicly provide revisions or updates to any forward-

looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise

required by law.

Forward-Looking Statements

2

CALYXT, INC. All Rights Reserved

Investment Highlights

3

• Calyxt is a technology company focused on delivering plant-based innovations to end users across industries including food, agriculture, pharmaceuticals, and energy.

• Leader in gene editing with exclusive access to proprietary TALEN® technology for use in plants.

• Robust IP portfolio of more than 70 patent families across gene editing platforms including TALEN and CRISPR, enabling technologies, products concepts, and germplasm.

• First to commercialize a gene-edited food product in 2019 by launching proof of concept soybean, initially marketed through a vertically integrated go-to-market strategy, advancing now to a seed go-to-market strategy.

• One of world’s largest processors purchased 300,000 bushels of grain as first step in soybean go-to-market strategy advancement.

• Three differentiated go-to-market strategies where Calyxt is targeting cash payments and revenue tied to development, royalties on commercialized product, which represent an opportunity for high margin recurring

revenue; and seed sales.

• Publicly disclosed product pipeline comprised of 10 projects, including the current soybean product to be marketed as seed, 8 at the Discovery stage or later across alfalfa, hemp, oats, soybeans, and wheat, and another

under exploration in pulse crops.

• Calyxt is also actively negotiating agreements with potential partners with respect to specific opportunities for which development would only commence upon reaching a commercial agreement.

• Cash of $35.3M at June 30, 2020, and runway projected into 2022.

POS I T IONED TO USE PLANTS TO D I SRUPT I NDUSTRIES


Changing crops to grow

in a changing world

Making personalized

diets a reality

Food as medicine

Our Plant-Based Innovations Have Broad Applicability

4

Transforming farm

economics


Two TALEN® recognize their

DNA target

Our TALEN® Gene-Editing Process

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A controlled cut is induced in the gene-of-interest

After repair, DNA target is no longer present

(knocked-out)

DNA repairs itself


Apply TALEN® gene-editing

process to crop of interest

Grow and collect seeds

from gene-edited plants

Validate seeds and partner

plant’s as part of

commercialization plan

From Lab to Commercialization

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1 2 3Calyxt intends for partners to commercialize products developed using TALEN, its revenues will be

earned from product development activity and royalties, or the sale of seed.CALYXT, INC. All Rights Reserved

Precision

TALEN can be engineered to

bind any DNA sequence

anywhere in the genome,

regardless of how complex,

resulting in more precision than

other editing platforms

Specificity

TALEN specificity can be

increased by extending the

DNA binding domain through

addition of more TALE domains

Intellectual Property

Calyxt's IP portfolio provides

clear path to commercialize

gene edited products

TALEN’s Differentiation From Other Gene Editing Platforms

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Efficiency

A large percentage of plant

cells treated by TALEN bear the

desired gene edit, keeping

development costs low

Speed to Market

Can assess viability of a trait in

less than 2 years with up to four

more to commercial planting

Validation

We can generate thousands

of TALEN per week, and have

done so across several plant

species


PATENT PORTFOLI O EXTENDS BEYOND TALEN, COVERING THE USE OF OTHER TECHNOLOGIES FOR PLANT GENE -EDI T ING

Broad Patent Estate Covering Multiple Technologies

Meganuclease

TALEN

CRISPR

Broad

Spectrum

0

50

100

150

200

250

300

350

Gene Editing Tools Enabling Technologies Product Concepts Germplasm

CALYXT PATENT ESTATEOwned and In-Licensed Patents and Patent Applications as of December 31, 2019

Total Worldwide

~70 families

100+ applications

~300 patents

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Licensed a new gene-

editing method from

University of Minnesota,

expected to increase

product development

efficiency and our editing

capabilities in several crops

New provisional patent

applications filed that are

focused on expanding our

gene-editing technology

portfolio; advancements in

hemp, soybean, and wheat;

and additional germplasm

generated from our

breeding pipeline

Patent granted in Australia

covering CRISPR gene

editing in plants, the

intellectual property was

invented in Dr. Dan Voytas’

lab at the University of

Minnesota and is exclusively

licensed to us

Second Quarter 2020 IP Update

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Launch – Q2 2020

• Proof of concept

• Developed scalable

supply chain

• Established customer

demand

• Sell products resulting

from crush

2020 – 2021

• Advance go-to-market

• Sell grain to processors

who will market products

• Reduce soybean-related

workforce

• Wind down contractual

commitments

2021+

• Complete advancement

• Sell seed to processors

who contract with growers

• Partner with processors on

future product launches

and enhancements

Advancement of Soybean Go-To-Market Strategy

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Trait and Product Licensing

License Calyxt-developed traits or

products to downstream partners

with commercialization expertise for

negotiated upfront and milestone

payments and potential royalties

Seed Sales

Sale of seed to agricultural

processors, including millers and

crushers, or others in the relevant

crop’s supply chain, these sales of

seed are expected to result in

revenue for Calyxt

TALEN® Licensing

License Calyxt’s TALEN technology

for licensees’ use in their own

development of specific traits for

negotiated upfront and annual

fees and potential royalties

Our Go-To-Market Strategies

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Financial Considerations of Go-To-Market StrategiesPOTENTI AL CASH PAYM ENTS THROUGHOUT THE DEVELOPMENT CYCLE

Go-To-Market

StrategyInitiation Development Commercialize

TALEN LicensingUpfront fee based on

size of opportunityAnnual fees

Royalties on commercial

product / value

Trait & Product

LicensingUpfront fee based on

size of opportunityMilestone-based fees

Royalties on commercial

product / value

Seed Sales -- -- Revenue from seed sales

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Calyxt is also actively negotiating agreements with potential partners with respect to specific opportunities for which development activity would only commence upon reaching a commercial agreement.

Prioritized Development Pipeline

131 See the information on page 2, “Forward-Looking Statements,” for factors that may impact the product pipeline, including the timing of anticipated launches. 2 Partner development funnel phases represent various stages of advancement, prospecting refers to Calyxt having discussions with a potential partner or partners.

TRAITAlfalfa Improved digestibility PHASE 2 2021

Wheat High fiber PHASE 2 2022

Soybean Enhanced HOLL PHASE 2 2026

Soybean High saturated fat DISCOVERY 2026

Pulse Improved protein profile and flavor PRE-DISCOVERY 2027

Hemp Marketable Yield DISCOVERY

Hemp Low THC for fiber, food, & therapeutics DISCOVERY 2024

Soybean High oleic, low linolenic (HOLL) PHASE 2

Current

Development

PhaseTraitCrop

Oat Gluten free and cold tolerant DISCOVERY 2026

Target

Go-To-Market

Strategy

2023

2023

Target Commercial

Planting Year1

TRAIT

SEED

SEED

Partner

Status2

SEED

TRAIT

SEED

TRAIT

SEED

TRAIT

SEED

TRAIT

SEED

CONTRACTING

Soybean High oleic PHASE 3 2021 SEED

PROSPECT I NG

PROSPECT I NG

PROSPECT I NG


2020 Financial Guidance RevisionsREVI SED AS OF AUGUST 5 , 2020

Financial Metric

Revenue

Gross Margin, As Adjusted2

Net Cash Used

Revised Expectation

$17M to $19M

SUSPENDED

$43M to $47M3

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Grain purchases of the 2020 crop are expected to be approximately 40 percent in the fourth quarter of 2020 and approximately 60 percent over the first and

second quarters of 2021.

The revised revenue guidance includes the sale of an expected percentage of grain that we are contracted to purchase in the fourth quarter of 2020. Our

target is to convert the year-end 2020 investment in inventory and accounts receivable of between $15 million and $17 million to cash in the first 60 days of 2021.

Based on this grain purchase plan, our grain revenue for 2021 is expected to be between $22 million and $24 million, with seed revenue incremental to that

amount. If we are able to complete the sale of all grain we are contracted to purchase in the fourth quarter of 2020, our revenue would increase to between

$23 million and $25 million, with a corresponding decrease in 2021 grain revenue, and if we collected all of the related receivables, our expected cash usage in

2020 would be in the range of between $32 million and $34 million.

1 The revised guidance is as of August 5, 2020 and we undertake no obligation to update our assumptions, expectations, or our guidance as of any subsequent date. See the

information on page 2, “Forward-Looking Statements,” for factors that may impact the achievement of the revised guidance. 2 Gross margin, as adjusted, reflects just our soybean products and is a non-GAAP measure.3 Includes an investment in accounts receivable and inventory of between $15 million and $17 million.


Jim BlomeCEO

• Over 25 years of leadership in the agriculture industry

• CEO of Bayer CropScience LP (North America)

• Executive VP & COO, Valent USA

• Executive VP, AgrilianceLLC

• President, AgtrolInternational

Dan Voytas, Ph.D.

CSO

• Inventor of TALEN®

Technology

• Elected to National Academy of Sciences in 2019

• Professor and Director of Genome Engineering Department at the University of Minnesota

• Elected Fellow of the American Association for the Advancement of Science

• Ph.D. in Genetics, Harvard

Bill KoschakCFO

• Nearly 29 years of financial leadership across industries

• VP of Finance and Interim General Manager, Brain Therapies, Medtronic

• Executive VP & CFO, Young America

• Vice President, Finance, General Mills

• Audit Partner, KPMG

• MSP Business Journal 2016 CFO of the year

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Corporate Leadership Team

Debra FrimermanGC

• Extensive legal experience in agriculture and food & beverage industries

• Associate General Counsel at Syngenta NA

• Lawyer at Stoel Rives LLP and Lindquist & VennumPLLP

Travis Frey, Ph.D.

CTO

• Inventor on over 15 Patents and Pending Patents

• Industry Leadership roles spanning Gene Discovery, Biotechnology, Breeding and Trait Integration

• MBA, University of Chicago-Booth

• Ph.D. in Plant Science and Biotechnology Univ. of Delaware


Investment Highlights

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• Calyxt is a technology company focused on delivering plant-based innovations to end users across industries including food, agriculture, pharmaceuticals, and energy.

• Leader in gene editing.

• Robust IP portfolio.

• First to commercialize a gene-edited food product.

• One of world’s largest processors purchased significant quantity of grain as part of advancement of soybean products.

• Three differentiated go-to-market strategies.

• Product pipeline comprised of 10 projects, including the current soybean product to be marketed as seed, 8 at the Discovery stage or later across alfalfa, hemp, oats, soybeans, and wheat, and another

under exploration in pulse crops.

• Calyxt is also actively negotiating development agreements with potential partners.

• Cash of $35.3M at June 30, 2020, and runway projected into 2022.

POS I T IONED TO USE PLANTS TO D I SRUPT I NDUSTRIES


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Company

Bill Koschak

Chief Financial Officer

Calyxt, Inc.

2800 Mount Ridge Road

Roseville, MN 55113

www.calyxt.com

Investor Relations

Chris Tyson

Executive Vice President – MZ North America

Direct: 949-491-8235

[email protected]

www.mzgroup.us

Calyxt, Inc. NASDAQ: CLXT

Share price $7.00

Market cap $232.3M

Shares outstanding 33.0M

Public float 10.0M

Insider holdings 69.7%

As of August 18, 2020

This chart includes information that was publicly disclosed as of the dates above and is not being

updated as of the date of this presentation.

https://calyxt.com/

http://www.mzgroup.us/

Shares Outstanding: 33,040,5201

Options/Warrants: 4,183,8281

Sector: Agricultural Technology

Year-End: December 31

News Releases

• Reports Q2 2020 Financial Results - August 5, 2020

• Announces Board Changes - July 6, 2020

• High Oleic Low Linolenic Soybean Deemed Non-Regulated by USDA - June 3,

2020

• Reports Q12020 Financial Results - May 7, 2020

Sell-Side Analyst Coverage

BMO Capital Markets Kenneth Zaslow

Canaccord Genuity Bobby Burleson

Goldman Sachs Adam Samuelson

Jefferies Laurence Alexander

Wells Fargo Securities John Baumgartner

Ladenburg Thalmann Robert Leboyer

National Securities Ben Klieve

1 As of June 30, 2020

Note: Calyxt, Inc. is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding Calyxt, Inc.'s performance made by these analysts are theirs alone and do notrepresent opinions, forecasts or predictions of Calyxt, Inc. or its management. Calyxt, Inc. does not by its reference above or distribution imply its endorsement of or concurrence with such information,conclusions or recommendations. The above table also includes information that was publicly disclosed as of the dates above and is not being updated as of the date of this presentation.

Upcoming Events

• Intellisight 2020 Virtual Conference CFA Society of Minnesota - August 12, 2020

• Canaccord Genuity 40th Annual Growth Conference - August 13, 2020

• Proactive One2One Investor Forum - August 18, 2020

• LD Micro 500 - September 2, 2020

• H. C. Wainwright 22nd Annual Global Investment Conference – Sept. 14-16, 2020

CLXTNASDAQ Listed

Capital Markets Summary

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