Cautionary Note Regarding Forward-Looking Statements

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lndoximod Combined with Standard Induction Chemotherapy Is Well Tolerated and Induces a High Rate of Complete Remission with MRD-Negativity in Patients with Newly Diagnosed AML: Results from a Phase 1 Trial Ashkan Emadi 1, Vu H. Duong 1, Jeremy Pantin 2, Mohammad lmran 1, Rima Koka 3, Zeba Singh 3, Edward A. Sausville 1, Jennie Y. Law 1, Seung Tae Lee 1, Huidong Shi 4, Ravindra Kolhe 2, Maria R. Baer 1, Michael R. Loken 5, Eugene P. Kennedy 6, Charles Link 6, David H. Munn 4 1 University of Maryland, School of Medicine, Marlene & Stewart Greenebaum Comprehensive Cancer Center, Baltimore, MD; 2 Augusta University, Augusta, GA; 3 Department of Pathology, University of Maryland School of Medicine, Baltimore, MD; 4 Georgia Cancer Center and Department of Pediatrics, Medical College of Georgia, Augusta, GA; 5 Hematologics Inc, Seattle, WA; 6 NewLink Genetics Corporation, Ames, IA

Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements of NewLink Genetics that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this presentation are forwardlooking statements, within the meaning of The Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "target," "potential," "will," "could," "should," "seek" or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among others, statements about NewLink Genetics' financial guidance; results of its clinical trials for product candidates; its timing of release of data from ongoing clinical studies; its plans related to execution of clinical trials; plans related to moving additional indications into clinical development; NewLink Genetics' future financial performance, results of operations, cash position and sufficiency of capital resources to fund its operating requirements; the effects of its organizational realignment, and any other statements other than statements of historical fact. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that NewLink Genetics makes due to a number of important factors, including those risks discussed in "Risk Factors" and elsewhere in NewLink Genetics' Annual Report on Form 10-K for the year ended December 31, 2017 and other reports filed with the U.S. Securities and Exchange Commission (SEC). The forward-looking statements in this presentation represent NewLink Genetics' views as of the date of this presentation. NewLink Genetics anticipates that subsequent events and developments will cause its views to change. However, while it may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. You should, therefore, not rely on these forward-looking statements as representing NewLink Genetics' views as of any date subsequent to the date of this presentation. 2

Background Indoximod is an orally administered, small-molecule IDO pathway inhibitor that reverses the immunosuppressive effects of low tryptophan and high kynurenine that result from IDO activity Indoximod has immunostimulatory effects mainly by: reversing the effects of low tryptophan by increasing proliferation of effector CD8+ T cells directly reprogramming T regulatory cells into helper T cells downregulating IDO expression in dendritic cells CD4 + T cell CD8 + T cell Enhances Helper T Cell:Treg balance Treg Helper T cell Drives CD8 + T cell proliferation Indoximod CD4 + T cell Treg IDO+ Helper T cell IDO Dendritic Cell Downregulates IDO protein Brincks EL, et al. AACR 2018, poster 3753. 3

Study Objectives and Design Primary objective: To assess the safety and preliminary efficacy of indoximod in combination with standard induction chemotherapy in adult patients with newly diagnosed AML Key eligibility: 18 years, confirmed diagnosis of AML, ECOG PS 2 Open-label, multicenter Phase 1 study, 3+3 design Indoximod q8h PO (600 mg, 1000 mg, 1200 mg) Day 1 Day 9 Up to 4 cycles Up to 6 months Induction Cytarabine 100 mg/m 2 /d x 7 d + Idarubicin 12 mg/m 2 /d x 3 d + Indoximod High-dose Cytarabine (HiDAC) Consolidation + Indoximod Maintenance Indoximod Post-induction bone marrow biopsy (MRD evaluation) Post-HiDAC 1 bone marrow biopsy (MRD evaluation) Bone marrow biopsy (MRD evaluation) 2 3 weeks prior to maintenance Indoximod or prior to allo-hsct* Regimen-limiting toxicity (RLT): any Grade 3 non-hematologic AE unrelated to underlying AML, cytarabine or idarubicin lndoximod is discontinued 3 4 weeks before allo-hsct and not resumed post-allo-hsct *Patients may undergo allo-hsct post consolidation at discretion of MD. 4

Patient Disposition 57 subjects screened 38 subjects received 7+3 induction 33 subjects received at least 1 dose of indoximod (ITT Population) 22 subjects received 80% of scheduled indoximod (Per Protocol Population) 5 never received indoximod 1 APL 1 withdrew consent 1 physician discretion 1 inability to swallow (GI myeloid sarcoma) 1 septic shock prior to indoximod 8 took less than 80% of scheduled indoximod (4 weeks post-induction 1) 2 inability to swallow 1 physician discretion 3 withdrew consent 1 disease progression intubated due to sepsis 3 patients remain on induction treatment 5

Baseline demographics and disease characteristics (N = 33) Age Median years (range) 54 (18 72) Sex, n (%) Male 22 (67%) Race, n (%) White 26 (79%) African American 4 (12%) Asian 3 (9%) ECOG performance n (%) 0 22 (67%) 1 8 (24%) 2 3 (9%) ELN risk classification, n (%) Favorable 13 (39%) Intermediate 1 (3%) Adverse 19 (58%) Mutational panel, n FLT3-ITD 3 FLT3-TKD 4 NPM1 10 DNMT3A 7 IDH1/IDH2 7 NRAS/KRAS 12 RUNX1/ASXL1 8 TP53 7 Baseline CBC White cell count (x10 3 /µl), median 6.95 (0.7 65.6) Absolute neutrophil count (k/µl), median 1.38 (0 17.38) Hemoglobin (g/dl), median 8.3 (6.4 12.2) Platelet count (x10 6 /µl), median 49 (11 160) 6

Adverse Events Grade 3 AE (occurring in 9%, regardless of attribution) Hematologic N = 33 (%) Febrile neutropenia 27 (82%) Anemia 4 (12%) Thrombocytopenia 3 (9%) Non-hematologic Hypoxia 5 (15%) Hypotension 3 (9%) Pneumonia 3 (9%) Hematologic toxicities, in line with expected disease and chemotherapy related toxicities, were the most frequently reported adverse events 94% of participants experienced at least one grade 3 adverse event Three participants experienced fatal adverse events during the study all deemed unrelated or unlikely related to indoximod by the treating MD No regimen limiting toxicities were observed when indoximod was combined with 7+3 induction and HiDAC consolidation chemotherapy in patients with newly diagnosed AML The RP2D of indoximod was determined to be 1200 mg q8h PO in combination with 7+3 induction and HiDAC consolidation chemotherapy 7

Clinical Activity (Per Protocol population, N = 22) 6 primary refractory 22 in PP population 1 MRD test pending 1 withdrew prior to MRD testing MRD-Negative: <0.02% by flow at Hematologics, Inc. 16 achieved CR (N = 15) + CRi (N = 1) post-induction (73%) 13 required one cycle induction 3 required two cycles of induction 12/14 MRD Neg 86% 14 tested for MRD post-induction 13 started HiDAC consolidation 2/14 MRD Pos 14% Results Summary Per protocol population N=22 Achieved CR/CRi post-induction MRD negative post-induction MRD negative post-consolidation 16/22 (73%) 12/14 (86%) 13/13 (100%) 13 tested for MRD post HiDAC-1 13 MRD Neg 100% 0 MRD Pos 0% 8

MRD in AML post-induction Literature review Newly Dx AML pts (n) MRD Methodology CR rate, n (%) Post Induction MRD-Neg in pts achieved CR, n (%) Commentary Buccisano 2006 1 135 MRD by flow (<0.035%) 100/135 (83%) 35/100 (35%) Chen 2015 2 165 MRD by flow 133/165 (81%) 112/133 (84%) heterogenous chemotherapy regimens (high intensity, standard, low intensity) Jongen- Lavrencic 2018 3 340 Next-generation sequencing (MRD by flow as comparison) Not reported 269/340 (79%) MRD negative rate after two cycles of induction Freeman 2018 4 1443 MRD by flow (<0.02% 0.05%) 1023/1443 (71%) 446/1023 (44%) NPM1-mutated pts excluded, younger patients (<60) Currently collecting more contemporaneous multi-institutional dataset to optimize comparison of individual patient characteristics 1. Buccisano F, et al. Leukemia 2006:20:1783-9; 2. Chen X, et al. J Clin Oncol 2015:33:1258-64; 3. Jongen-Lavrencic M, et al. N Engl J Med 2018:378:1189-99; 4. Freeman SD, et al. J Clin Oncol 2018:36:1486-97. 9

IDO expression in initial diagnostic bone marrow Composite IDO scoring system Strong expression Minimal expression Published data predict a higher IDO score is associated with more refractory disease and greater early mortality 1 17 patients had diagnostic marrow biopsies available for IDO staining All patients expressed IDO in bone marrow as determined by IHC (composite score) and mrna Due to small sample size, there is not yet statistical correlation between IDO expression and clinical outcome 1. Mangaonkar A, et al. Sci Rep 2017;7:12892. 10

Conclusions Indoximod in combination with standard 7+3 chemotherapy was well tolerated and the overall adverse event profile observed in this small sample size was consistent with the profile of 7+3 chemotherapy alone No regimen limiting toxicities were observed and the RP2D of indoximod was determined to be 1200 mg q8h PO in combination with 7+3 induction therapy Evidence of clinical activity was observed as supported by a post induction MRD negativity (<0.02% by flow) rate of 86% and post-hidac1 MRD negativity of 100% Given the well characterized role of IDO as a marker of poor prognosis in AML, this study supports targeting the IDO pathway as a potentially beneficial approach in frontline AML 11