Galena presentation 11 may 16

1. ONCOLOGY FOCUSED
IMMUNOTHERAPY
COMPANY
Targeting Cancer
Survivorship

2. FORWARD LOOKING STATEMENT
This presentation contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements include, but are
not limited to, statements about future expectations, plans and prospects for the
development and commercialization of the Company's product candidates,
including patient enrollment in our clinical trials, present or future licensing,
collaborative or financing arrangements, expected outcomes with regulatory
agencies, and projected market opportunities for product candidates are subject
to a number of risks, uncertainties and assumptions, including those identified
under “Risk Factors” in the Company’s most recently filed Annual Report on Form
10-K and Quarterly Report on Form 10-Q and in other filings the
Company periodically makes with the SEC. Actual results may differ materially
from those contemplated by these forward-looking statements. The
Company does not undertake to update any of these forward-looking statements
to reflect a change in its views or events or circumstances that occur after the
date of this presentation.
2

3. LATE-PHASE, ONCOLOGY FOCUSED
IMMUNOTHERAPY COMPANY
 Targeted, 1st in Class therapies
for prevention of cancer
recurrence
 Focused in large markets in
areas of major unmet medical
need
• Phase 3, PRESENT, breast cancer
clinical trial ongoing under SPA
 Pioneering immunotherapy
technology for cancer
• Induce, activate and cause
proliferation of Cytotoxic T-Cells
• Proven Mechanism of Action
through Expansion of Tumor
Specific CTLs
3
0
5
10
15
20
25
0.5 1.5 2.5 3.5 4.5 5.5 6.5 7.5 8.5 9.5 10.5
Year
Hazardofrecurrencebyyearlyinterval
Total
Node 0
Node 1-3
Node (4+)
Tumour size (<1cm)
Tumour size (1.1-3cm)
Tumour size (>3cm)
ER+
ER-
Premen
Postmen
Source: Early Breast Cancer Trialists’ Collaborative Group. Lancet. 1998;351:1451 ; Update of Houghton.
J Clin Oncol. 2005; 23(16S):24s. Abstract 582 Saphner et al., J Clin Oncol. 14: 2738-2746, 1996

4. DEVELOPMENT PIPELINE
Product Therapeutic Area Phase 1 Phase 2 Phase 3 BLA / NDA
Immunotherapy: Breast Cancer
NeuVax™ (nelipepimut-S)
Node-positive
HER2 IHC 1+/2+
NeuVax™ + Herceptin® Node-positive or node negative/triple
negative HER2 IHC 1+/2+
NeuVax™ + Herceptin® High risk, node-positive or negative,
HER2 IHC 3+
NeuVax™ Ductal Carcinoma in Situ (DCIS)
Immunotherapy: Gastric Cancer
NeuVax™ Gastric, HER2 IHC 1+/2+/3+
Immunotherapy: Gynecological Cancer
GALE-301 Ovarian & Endometrial
GALE-301 + GALE-302 Ovarian & Breast
Hematology
GALE-401 (Anagrelide CR) MPN-related thrombocytosis
PRESENT
*NeuVax is an investigational product. Efficacy has not been established. Herceptin is a registered trademark of Genentech.
Ongoing Planned
VADIS
4
2b

5. Adds ~10k patients
>$3B
Combo:
High risk, HER2 3+
NEUVAX:
SIGNIFICANT U.S. COMMERCIAL OPPORTUNITY
5
adds ~10k patients
>$2.5B
Combo Node Pos or Neg
HER2 1+, 2+
HLA-A2, A3, A24, A26
PRESENT
50-60k patients
>$2B
Source: Global Data 2015/Medtrack. Pricing estimates based on a 20% premium to the current average annual price of Herceptin® (U.S. Dollars).

6. REDEFINING
THE STANDARD
OF CARE
6

7. NOVEL DEVELOPMENT STRATEGY:
SECONDARY PREVENTION IN CANCER SURVIVORS
7
RECEIVES
PRIMARY
TREATMENT
• Surgery
• Chemotherapy
• and/or Radiation
Disease free
“survivor”
Breast: HER2, 1+/2+
25% recurrence rate in 3 yrs
No FDA Approved
targeted therapies
Breast: HER2, 3+ High
Risk
20% recurrence rate
DECLARED
TO PREVENT
RECURRENCE /
METASTATIC DISEASE
Breast: Ductal Carcinoma in
Situ
8-10% progression to invasive
Ovarian Cancer
~50% recurrence rate in 1 yr
No FDA Approved
targeted therapies
• Watch &
Wait, or
• Repetitive
therapies
TOLD

8. PREVENTING RECURRENCE:
UNMET MEDICAL NEED
NEUVAX PHASE 3 PRESENT TRIAL DEMOGRAPHIC:
Node positive, Stage 2a - 3a, HER2 1+/2+, HLA A2/A3
Local or Metastatic recurrent disease =
8
Poor prognosis and/or Death
Patients have a ~25% Recurrence Rate
Prevention of recurrences saves lives!
Sources: 1 http://www.cancer.org/cancer/breastcancer/detailedguide/breast-cancer-survival-by-stage;
2 Sledge GW Jr: Curing Metastatic Breast Cancer. J Oncol Pract 12:6-10, 2016
5 year survival rate of metastatic cancer = 22%1
“Low Tumor volume” equates to improved overall survival 2
Occult tumor cells  micrometastasis  macrometastisis  metastatic disease

9. UNIQUELY POSITIONED
 14.5 million cancer survivors in US (NCI
Cancer Survivorship)
• Projected to 19 million survivors in 2024
 Increase in survival due to decades of
productive research, improved
screening/prevention, and effective
treatments
 Survival leads to patients living longer
• 64% alive after 5 years of diagnosis
• 41% alive after 10 years of diagnosis
• 15% alive after 20 years or longer
 Galena peptide vaccines – NeuVax and
GALE-301 are uniquely positioned to
maintain survivorship
9Source: DeSantis CE et al. CA Cancer J Clin 2014: 64:252-271

10. CANCER
IMMUNOTHERAPY
WITH INNOVATIVE
TECHNOLOGY
Overcoming Cancer by
Activating and Expanding
Cytotoxic T-Cells
10

11. FIRST-IN-CLASS, TARGETED
IMMUNOTHERAPY PIPELINE
11
Harnessing the
power of the
immune system in
the adjuvant setting
 Exploits specificity
of natural immune
surveillance
 Adjuvant patients
have healthy
immune systems
 Systemic
protection
Goal is to prevent
recurrence
 Recurrences are
almost always
fatal
 Minimal toxicity
and improved
safety profile
 Boosters provide
long term
protective effect
Well-validated
targets
 HER2
 Folate binding
protein (FBP)
Current
Programs
 NeuVax™
(nelipepimut-S)
• Breast: HER2
1+, 2+ and 3+;
DCIS
• Gastric trial
planned
 GALE-301 &
GALE-302
• Ovarian
Adjuvant Setting = Minimal Residual Disease

12. T-Cell
Activating Receptors Inhibitory Receptors
CD28
OX40
GITR
CD122
CD27
CD360
HVEM
CD137
CTLA-4
PD-1
TIM-3
BTLA
VISTA
LAG-3
IMMUNO-ONCOLOGY:
UNLOCKING THE POWER OF THE T-CELL
12
Checkpoint
inhibitors
Indirect Immune
Modulators
Co-stimulators
Immune Inhibitory
Enzymes
CAR T
Technology
TCR
Technology

13. T-Cell
Activating Receptors Inhibitory Receptors
CD28
OX40
GITR
CD122
CD27
CD360
HVEM
CD137
CTLA-4
PD-1
TIM-3
BTLA
VISTA
LAG-3
LACK OF REACTIVE T-CELLS MAY RENDER SOME
TOOLS INEFFECTIVE IN MANY CANCERS
13
Checkpoint
inhibitors
Indirect Immune
Modulators
Co-stimulators
Immune Inhibitory
Enzymes

14. T-Cell
CD28
OX40
GITR
CD122
CD27
CD360
HVEM
CD137
CTLA-4
PD-1
TIM-3
BTLA
VISTA
LAG-3
Activating Receptors Inhibitory Receptors
OUR VACCINES STIMULATE T-CELL
PROLIFERATION AND EXPANSION
14
T
cells
Checkpoint
inhibitors
Indirect Immune
Modulators
Co-
stimulators
Immune
Inhibitory
Enzymes
T
cells
T
cells
T
cells
T
cells
T
cells
T
cells
T
cells
T
cells
T
cells
GALE-301

15. NEUVAX™
(nelipepimut-S)
Targeting HER2

16. NEUVAX: HER2 IMMUNODOMINANT PEPTIDE
 NeuVax contains the
immunodominant peptide derived
from the extracellular region of the
HER2 protein
 Peptide (aa 369-377)
immunotherapy administered as
intradermal injection
 MHC Class I: HLA A2/A3
16
K I F G S L A F L

17. ELICITS A STRONG CD8+ T-CELL RESPONSE
 NeuVax binds to antigen
presenting cells (APCs)
 NeuVax stimulates APCs to
activate CD8+ cytotoxic T
lymphocytes (CTLs)
 CTLs rapidly replicate to seek out
and destroy HER2 expressing
tumor cells and micro-metastases
 Booster series maintains long
term immunologic response
 Demonstrated inter- and intra-
antigenic epitope spreading
17
Sources: Peoples GE, et al (2005) JCO, 23(300, 7536-7545; Mittendorf EA, et al
(2006) Surgery, 139(3): 407-418. Peoples, et al, ASCO 2012 Poster Presentation
0.4
1.8
0.7
0.5
0.0
0.5
1.0
1.5
2.0
2.5
%NeuVaxspecificCD8+Tcells
NeuVax Specific CD-8 CTLs: Pre-, Post, Mean and
Long-Term (6 months)
Pre Max Mean Long-Term

18. POSITIVE SAFETY PROFILE
 NeuVax is well-tolerated in multiple clinical
trials
 Phase 1/2 showed predominantly Grade
1/2 Adverse Events caused by GM-CSF
(n=53)
• Injection site reactions in nearly all patients
demonstrating the activated dendritic cells
• Systemic toxicities caused by GM-CSF
 Fatigue (64%)
 Headache (42%)
 Myalgia/Other Pain (30%)
 August 2015
• Independent Data Monitoring Committee
(IDMC) recommended to the Company that it
can reduce the cardiac toxicity monitoring in
its Phase 3 PRESENT clinical trial
18
Sources: Choy, et al, poster presentation 33rd Annual Chemotherapy Foundation
Symposium: Nov 2015; Mittendorf- Annals of Oncology 25: 1735–1742, 2014

19. NEUVAX: SN-33 PHASE 2 HER2 IHC 1+/2+
19Source: 2012 San Antonio Breast Cancer Poster, Mazanet, et al.

20. PHASE 3, PRESENT TRIAL
Prevention of Recurrence in Early-Stage, Node Positive Breast Cancer
with Low to Intermediate Her2 Expression with NeuVax Treatment
 Trial being run under FDA-approved SPA
 Enrollment completed in April 2015 (n=758)
• Adjuvant breast cancer patients, Node Positive, HER2 1+/2+, HLA A2/A3+
 Patient friendly regimen via intradermal injection
• Primary Vaccine Series – injection once a month for 6 months
• Booster Series – injection once every 6 months
 Upcoming Key Milestones
• Interim safety/futility analysis: 2Q16
• Primary Endpoint: 2018
20

21. PHASE 3 PRESENT TRIAL PER SPA
1 2 3 4
Interim analysis
by DSMB at
n=70 events
Endpoint DFS at
n=141 events
/36 months
Dosing by Month + 1 booster
dose every
6 months
thereafter
5 6
Adjuvant breast cancer
patients, randomized 1:1
 Double blind
 Node positive
 HLA A2/A3+
 HER2 IHC 1+/2+
 Stratified by stage, type of
surgery, hormone receptor,
and menopausal status
 Enrollment complete:
n=758 Patients
Study Population + GM-CSF
Placebo + GM-CSF
21
Prevention of Recurrence in Early-Stage, Node Positive Breast Cancer with
Low to Intermediate Her2 Expression with NeuVax Treatment

22. PRESENT INTERIM ANALYSIS
70 Events
Confirmed
by the EAC
• Endpoint Adjudication Committee confirms
70 events
• Independent team of 2 Oncologists and 1
Radiologist
Galena
Compiles
Data
• Prepares a detailed review on 70 patients with events
and overall safety data set (n=758)
• Submits to IDMC
IDMC
Evaluates
• Evaluates 70 patients with events and overall
safety data set (n=758)
• Makes recommendation on futility and
continuation of trial
Interim
Analysis
Results
•Estimated
timing:
End of Q2
22

23. PRIMARY PREVENTION
Expansion potential for
safe vaccine in DCIS
METASTATIC DISEASE
Expansion potential in
combination with
checkpoint inhibitors
/immune modulators
NEUVAX: ACROSS THE BREAST CANCER
TREATMENT SPECTRUM
23
PROOF OF CONCEPT:
Established in population
with no standard of care
treatment options
SECONDARY PREVENTION
IDEAL SETTING:
Adjuvant treatment in
patient population with
no evidence of disease
MOST ADVANCED:
PRESENT is the largest and
only Phase 3 breast cancer
vaccine trial

24. NEUVAX: DEVELOPMENT COLLABORATIONS
Phase Treatment
HER2
Status
Indication Trial Status
Protocol
Defined
# of Patients
Collaborations
3
Single agent
PRESENT
Study
1+, 2+
BREAST
Node Positive
HLA A2+, A3+
Enrolled
13 countries
~140 centers
700
(enrolled 758)
2b
Combination
with
trastuzumab
1+, 2+
BREAST
Node Positive or High
Risk Node Negative
HLA A2+, A3+,
A24+, A26+
Enrolling
U.S. only
33 centers
300
2
Combination
with
trastuzumab
3+ high
risk
BREAST
Node Positive
HLA A2+, A3+
Enrolling
U.S. only
28 centers
100
2
Single agent
VADIS Study
1+,
2+,3+
BREAST
Ductal Carcinoma in
Situ (DCIS)
HLA A2+
Planned
U.S. only
4 centers
48
2 Single agent
1+,
2+,3+
GASTRIC
HLA A2+, A3+
Planned
India Only
50
24

25. Targeting Folate Binding
Protein
GALE-301 &
GALE-302

26. GALE-301 & GALE-302
26Source: U.S. Ovarian Cancer http://seer.cancer.gov/statfacts/html/ovary.html
 Targeted cancer
immunotherapy
 Folate Binding Protein (FBP) is
over-expressed (20-80 fold) in
>90% of ovarian and
endometrial cancers
 FBP has very limited tissue
distribution and expression in
non-malignant tissue making it
an ideal immunotherapy target
 Current treatments are generic
• Carboplatin and paclitaxel
• High recurrence rate
 Most patients relapse with poor
prognosis

27. GALE-301: OPTIMAL DOSE GROUP SHOWS
PRELIMINARY EFFICACY
Source: Peoples, et. al, Poster Presentation, European Cancer Congress 2015 27
Phase 1/2a trial ongoing
 Phase 1: Determined optimal dose and
demonstrated safety and potent immune
response
 Phase 2a Preliminary data in 1000 mcg dose
group:
• At 12 months median follow-up:
 Vaccine group: 2 clinical recurrences
(13.3%) n=15
 Control group: 12 recurrences (55%)
n=22
• Two year DFS estimate in 1000 mcg dose
group is 85.7% vaccine vs. 33.6% control
(p<.02)
• GALE-301 plus GM-CSF is well tolerated
and elicits a strong in vivo immune
response with primarily Grade 1 and
Grade 2 toxicities
2 Year DFS Estimate by Dose Cohort

28. GALE-301 & GALE 302: PHASE 1
DELAYED-TYPE HYPERSENSITIVITY
28
LEGEND
EE = E39 (GALE-301) x 6 inoculations (n=12)
EE’ = E39 (GALE-301) x 3 inoculations followed by E39’ (GALE-302) x 3 inoculations (n=14)
E’E = E39’ (GALE-302) x 3 inoculations followed by E39 (GALE-301) x 3 inoculations (n=13)
R0 = baseline (pre-vaccination)
RC1 = 1 month after completion of the PVS
RC6 = 6 months after completion of the PVS and pre-booster
Source: Mittendorf et. al., Poster Presentation, Society of the Immunotherapy of Cancer 2015

29. GALE-401
Anagrelide Controlled
Release (CR)

30. GALE-401
ANAGRELIDE CONTROLLED RELEASE (CR)
Anagrelide
•Active ingredient
•Reduces the elevated platelet count and the risk of thrombosis in patients with
myeloproliferative neoplasms (MPNs)
•MPNs are hematological malignancies in which the bone marrow cells develop and function
abnormally
Immediate
Release
•Approved for the treatment of patients with thrombocythemia, secondary to MPNs
•IR formulation can cause unacceptable side effects believed to be Cmax-related and has largely
limited the use due to early treatment withdrawal
GALE-401
•Controlled Release (CR) formulation may decrease the frequency or severity of side effects
•Phase 2, Proof-of-Concept Trial Results
•Well tolerated with primarily Grade 1 and 2 toxicities
•Efficacy compares favorably to historical anagrelide IR
30

31. CORPORATE
OVERVIEW
31

32. 1st IN CLASS PROGRAMS WITH EXPANSION
OPPORTUNITIES
 Mid-stage clinical trials have proven T-cell generation
• NeuVax™ (nelipepimut-S) Phase 2 trial demonstrated 2% of the patient’s
T-Cells become CD8+, HER2 directed
• GALE-301 Phase 1/2: Two year DFS estimate in optimal dose group is
85.7% vaccine vs. 33.6% control (p<.02)
 Targeting “high value” settings: Prevention of recurrence in breast
and ovarian cancer are areas of clear unmet medical needs
• No approved drugs for these women with limited late stage competition
 Multiple trials ongoing as stand-alone therapies and in-combination
with other agents
 Breast & Ovarian are just a start – HER2 and Folate Binding
Protein expressed in numerous cancer types
HER2
Breast
Gastric
Prostate
Non-Small Cell
Lung
Bladder
Colorectal
Ovarian
Head & Neck
Folate Binding
Protein
Ovarian
Endometrial
Breast
32

33. LEADERSHIP TEAM
33
 Mark W. Schwartz, Ph.D., President & CEO
Apthera, Bayhill Therapeutics, Calyx Therapeutics,
Trega Biosciences, Incyte Genomics, DuPont
Diagnostics
 Bijan Nejadnik, M.D., Executive Vice President,
Chief Medical Officer Jazz Pharmaceuticals,
Johnson & Johnson, Stanford, Johns Hopkins,
UC Davis
 Remy Bernarda, SVP, Investor Relations &
Corporate Communications
IR Sense, Hana Biosciences, Knight Equity
Markets, Bear Stearns, Goldman Sachs
 Gavin Choy, Pharm.D., SVP, Clinical Sciences &
Operations
Otsuka, Astex, SuperGen, Hana Biosciences,
Gilead, Stanford University Medical Center,
Department of Veteran Affairs
 Tom Knapp, Esq., Interim General Counsel
Sucampo, Exemplar Law Partners,
NorthWestern Energy, Paul Hastings, The
Boeing Company
 Joe Lasaga, VP, Business Development &
Alliance Management
Nektar Therapeutics, Rigel
 Pat Murphy, VP, Regulatory Affairs &
Compliance
Nektar Therapeutics, Bayhill Therapeutics,
Berlex Laboratories, Serono, Parexel, Biogen

34. 2016 MILESTONES
34
PROGRAM MILESTONE
PROJECTED
DATE
NeuVax™
(nelipepimut-S)
PRESENT: Achieve 70 Qualifying DFS Events ✓
Initiate DCIS trial Q2
PRESENT: Interim analysis Q2
Combo H&N 1+/2+ Interim safety data Q4
Combo H&N 1+/2+ A24/A26 data Q4
GALE-301
GALE-302
Present 301/302 booster data ✓
Present GALE-301 Phase 2a two year data Q4
GALE-401
(anagrelide CR)
Present combined safety data Q2
Confirmation of 505(b)2 pathway 2H
Publish final Phase 2 report Q4

35. FINANCIAL OVERVIEW
Cash Position (as of March 31, 2016) $34.7 million
Debt Financing (May 10, 2016) + $23.4 million
Payoff Remaining Oxford Debt (May 10, 2016) - $3.1 million
Q2 Projected Operating Burn $13 - $15 million
Includes legal settlement & fees ~$4-$5 million
Future Projected Quarterly Burn $9 - $11 million
Shares Outstanding 182 million
Market Cap (as of May 9, 2016) ~$240 million
35

36. WHY WE’RE HERE
36
Source: E75 vaccine's final tests start in S.A. By Don Finley, January 22, 2012;
Photo credit: Kin Man Hui/San Antonio Express-News/ZUMAPress
“I've had several friends
who've had (breast cancer)
and then…it came back
and they had to go through
treatment again. So this
would be wonderful, not to
have to come back.”
– First NeuVax Phase 3 patient

37. THANK YOU
NASDAQ: GALE