SQZ Biotechnologies Provides Update on Collaboration with Roche

Company to Explore Strategic Partnerships

SQZ Biotechnologies Company SQZB (the "Company" or "SQZ") today announced that Roche has determined that it will not exercise its option for HPV 16 positive solid tumors under the SQZ-APC-HPV program. SQZ Biotechnologies will regain full clinical development and future commercialization rights for its programs targeting HPV 16 positive tumors. The Company intends to explore potential strategic partnerships to support the advancement of its oncology programs and platforms.

The Company has completed a review of its portfolio and highlights the following achievements. SQZ^® antigen presenting cells (APC) candidate was well tolerated in a Phase 1 trial and provided a significant survival benefit to a subpopulation of patients with enhanced tumor T cell infiltration. SQZ^® enhanced antigen presenting cells (eAPC) candidate has completed enrollment of the highest dose monotherapy cohort in a Phase 1/2 trial, and initial data are anticipated in the second half of 2023. In addition, the low dose monotherapy cohort from the Phase 1 trial utilizing the Company's Activating Antigen Carriers (AAC) candidate has demonstrated a confirmed complete response in one patient and an overall best response of stable disease in the other two patients. The high dose monotherapy cohort in this trial is currently enrolling, and initial data are anticipated in the fourth quarter of 2023. Finally, development and testing of the Point of Care Manufacturing system continue to advance and could significantly reduce the time and cost of cell therapy manufacturing and potentially make cell therapies more broadly accessible for patients.

"We have made meaningful progress across all our platforms this year and the management team and Board of Directors are enthusiastic about the power of Cell Squeeze^® technology and the potential of the Company's therapeutic programs," said Howard Bernstein, Interim CEO and Member of the Board of Directors at SQZ. "As we move into the second half of this year, we are committed to assessing all of the Company's potential strategic alternatives in an effort to advance our programs."

About SQZ Biotechnologies

SQZ Biotechnologies is a clinical-stage biotechnology company focused on unlocking the full potential of cell therapies. The Company's proprietary Cell Squeeze^® technology offers the unique ability to deliver multiple biological materials into many patient cell types to engineer what the Company believes can be a broad range of potential therapeutics. The Company's goal is to create well-tolerated cell therapies that can provide therapeutic benefit for patients and improve the patient experience over existing cell therapy approaches. With production timelines under 24 hours and the opportunity to eliminate preconditioning and lengthy hospital stays, the Company believes its approach could change the way people think about cell therapies. For more information, please visit www.sqzbiotech.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon current plans, estimates and expectations of management that are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Words such as "anticipate," "expect," "project," "intend," "believe," "may," "will," "should," "plan," "could," "may," "continue," "target," "contemplate," "estimate," "forecast," "guidance," "predict," "possible," "potential," "pursue," "likely," and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. All statements, other than historical facts, including statements regarding the Company's potential partnerships and collaborations, clinical execution and timing of data releases, the potential of the Point of Care Manufacturing system to significantly reduce the time and cost of cell therapy manufacturing and make cell therapies more broadly accessible for patients and the Company's exploration of strategic alternatives are forward-looking statements. These forward-looking statements are based on management's current expectations. Actual results could differ from those projected in any forward-looking statements due to several risk factors, including but not limited to the important factors discussed under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, and its other filings with the U.S. Securities and Exchange Commission. Any forward-looking statements represent management's estimates as of this date and the Company undertakes no duty to update these forward-looking statements, whether as a result of new information, the occurrence of current events, or otherwise, unless required by law.

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