Nykode Therapeutics Asa · OSL:NYKD
Nykode Therapeutics Asa — Investor Presentation (December 2025)
93 slides from Nykode Therapeutics Asa's investor presentation, December 2025
Slide 1: Company Presentation
Company Presentation December 2025
Slide 2: Forward-looking statement
Forward-looking statement This announcement and any materials distributed in connection with this presentation may contain certain forward- looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect the company’s current expectations and assumpt
Slide 3: Global leader in antigen-specific precision immunotherapy
Global leader in antigen-specific precision immunotherapy NYKODE THERAPEUTICS (NYKD-OL) Differentiated immunotherapies targeting antigens to Antigen-Presenting Cells (APCs) direct tailor-made immune responses with focus on oncology and autoimmune diseases Three key programs within oncology and a
Slide 4: Three key asset with high market potential
Three key asset with high market potential Abi-Suva (VB10.16): addressing markets with blockbuster potential in multiple HPV16+ cancer types • High conviction from 3 trials across indications showing strong and durable clinical response correlated with antigen specific immune responses • Phase 2 RCT
Slide 5: Nykode executive management
Nykode executive management Experienced and international management team Michael Engsig Agnete Fredriksen Harald Gurvin Ulrich Blaschke Louise Stubbe CEO CSO & BD CFO CTO CLO Nykode Therapeutics | Corporate Presentation - December 2025
Slide 6: Engaging Antigen Presenting Cells to direct precise immune responses
Engaging Antigen Presenting Cells to direct precise immune responses APC’s and their importance How does Nykode use APCs • Antigen Precenting Cells process and • Proprietary APC-targeting technology present antigens to T-cells to develop differentiated assets tailor- made for oncology and autoimmune
Slide 7: Nykode's modular technology for APC-targeted immunotherapy
Nykode’s modular technology for APC-targeted immunotherapy Targeting unit to attract and bind APCs Exchangeable in order to induce different immune response profiles to specific diseases1 Dimerization unit for crosslinking targeted receptors on the surface of the APC To facilitate strong bivalent bi
Slide 8: Focused execution on oncology and autoimmune diseases
Focused execution on oncology and autoimmune diseases with significant untapped additional markets What Nykode’s proprietary APC targeting technology How it works Enhancing immune responses Reducing unwanted immune through APCs to activate responses through APCs to activate T cells (both CD8 and CD4
Slide 9: Oncology
Oncology Nykode Therapeutics | Corporate Presentation - December 2025
Slide 10: Current oncology immunotherapy still faces challenges
Current oncology immunotherapy still faces challenges Opening up for the next wave of therapies Current therapy Nykode APC Technology Multiple modalities deepens tumor shrinkage and Consistent longer duration of clinical efficacy due to DURABILITY ORR, but fails to induce memory and durable efficacy
Slide 11: Nykode's cancer vaccine platform induces a rapid, robust and long-lasting CD8 T cell response
Nykode’s cancer vaccine platform induces a rapid, robust and long-lasting CD8 T cell response against cancer cells MECHANISM OF ACTION OF DNA PLASMID EXPRESSING ACTIVE FUSION PROTEIN FOR T CELL INDUCTION VIA APC Nykode Therapeutics | Corporate Presentation - December 2025
Slide 12: Lead candidate: Abipapogene Suvaplasmid (Abi-Suva)
Lead candidate: Abipapogene Suvaplasmid (Abi-Suva) HPV16 driven cancer types (more details in the appendix) Nykode Therapeutics | Corporate Presentation - December 2025
Slide 13: Understanding HPV and HPV+ cancers
Understanding HPV and HPV+ cancers Human papillomavirus (HPV) is a common DNA virus What is HPV Persistent infection with high-risk types can cause cancer driven by viral oncogenes What is an The viral DNA integrates into host DNA, disrupting cell cycle control and promoting malignant transformation
Slide 14: Abi-suva: HPV16+ Immunotherapy
Abi-suva: HPV16+ Immunotherapy Targeting unit CCL3L1 Off-the-shelf therapeutic DNA-based cancer immunotherapy against HPV16-induced malignancies Abi-suva Off-the-shelf immunotherapy Dimerization unit HPV16 is the most prevalent oncogenic HPV strain targeting oncogenic IgG Fc derived viral antigens
Slide 15: Abi-suva – building on strong clinical data across indications
Abi-suva – building on strong clinical data across indications and focusing on 1L HNSCC for Randomized Controlled Data Achievements for abi-suva Future Path Patients treated with abi-suva with • Initiating Abili-T trial - a randomized >100 positive results across 3 HPV+ controlled Phase 2 trial enro
Slide 16: Advancing into the future of 1L R/M HNSCC treatment with abi-suva
Advancing into the future of 1L R/M HNSCC treatment with abi-suva Forecasted HPV16+ HNSCC Incidences Unmet need sales* HNSCC has the highest number Current SOC has 19% ORR and 12.3 HPV16+ HNSCC shows a significant ~105,000 in HPV+ driven of incidences mOS, leaving room for significant estimated grow
Slide 17: C-02: VB10.16 plus atezolizumab in advanced cervical cancer
C-02: VB10.16 plus atezolizumab (Tecentriq®) in advanced cervical cancer A Multi-Centre, Single Arm, Open-label Phase 2a Trial of the Combination of VB10.16 and atezolizumab in Patients with Advanced or Recurrent, Non-resectable HPV16 Positive Cervical Cancer (NCT04405349) Objectives: Safety/toler
Slide 18: Meaningful clinical effect in 2L+ cervical cancer
Meaningful clinical effect in 2L+ cervical cancer C-02 trial Overall response rate (ORR) indicates a strong Significant increase in overall response rate clinical effect with abi-suva + atezolizumab (ORR) compared to CPI monotherapy Overall response in PD-L1+ (n = 24) ORR compared to CPI monotherapy
Slide 19: Strong overall survival in 2L+ cervical cancer
Strong overall survival in 2L+ cervical cancer Overall survival of 24.7 mos in PD-L1+ patients Overall survival is longer than CPI monotherapy treated with abi-suva + atezolizumab for 12 historic controls months mOS compared to SOC 24,7 ~109% 13,9 10,6 11,0 24,7 13,9 10,6 11,0 Abi-suva + Atezo Pembr
Slide 20: VB-C-02 delivered powerful long-lasting responses aligned with mDOR n.r.
VB-C-02 delivered powerful long-lasting responses aligned with mDOR n.r. All (n = 47) By PD-L1 status (n = 40) Note: 7 out of 47 responders had PD-L1 unknown status, 40 out of 47 had known PD-L1 status Nykode Therapeutics | Corporate Presentation - December 2025 20
Slide 21: Strong monotherapy activity observed in HSIL patients
Strong monotherapy activity observed in HSIL patients C-01 trial Patients showed consistent reduction in lesion size and regression of lesion severeness • Strong monotherapy efficacy observed in premalignant cervical lesions (CIN2/3, HSIL patients) • Safe and well tolerated See appendix for C-01 Nyk
Slide 22: Immune responses strongly correlate with clinical outcomes across trials
Immune responses strongly correlate with clinical outcomes across trials C-02 2L+cervical cancer in C-01 HSIL patients monotherapy combination with atezolizumab 1500 1000 • Significant correlation between p=0.0113 500 250 HPV16-specific T cell responses and clinically SFU/106 PBMC 200 relevant lesio
Slide 23: VB-C-03 – dose escalation in 1L HNSCC
VB-C-03 – dose escalation 3 to 9 mg in 1L HNSCC Combination treatment of VB10.16 + pembrolizumab in 1L HPV16+, PD-L1+ R/M HNSCC Phase 1 Dose escalation phase • Recruitment finalized 9 mg 9m g 9 mg • All doses safety cleared RP2D* analysis 9 mg 9 mg 9 mg • First interim analysis expected H1 2026 VB10
Slide 24: Initiating Abili-T: randomized controlled trial in 1L HNSCC patients
Initiating Abili-T: randomized controlled trial in up to 100 1L HNSCC patients Key inclusion Treatment Endpoints criterion ORR • HPV16+ r/m HNSCC Abipapogene suvaplasmid + pembrolizumab PFS DOR • PD-L1+ R RMDOR • Measurable disease DCR (1:1) • ECOG PS 0-1 OS • GRIm 0-1 TEAEs Pembrolizumab Immunogeni
Slide 25: Abili-T designed to provide Proof of Concept for Abi-suva
First data from C-03 1H2026 Abili-T designed to provide Proof of Concept for Abi-suva with potential spill-over Well positioned in the field of HPV16+ 1L R/M HNSCC validation across HPV16 segment and for Nykode technology platform including INT RCT with ~100 patients with meaningful interim readout
Slide 26: VB10.NEO Individualized NeoAntigen Therapy
VB10.NEO Individualized NeoAntigen Therapy Nykode Therapeutics | Corporate Presentation - December 2025
Slide 27: Individualized cancer neoantigen therapy
Individualized cancer neoantigen therapy 5. Treatment with INT 1. Biological Material Tumor biopsy & blood sample Key advantages: • Tailored treatment to each patient’s unique tumor mutational profile Individualized Neoantigen • Applicable across multiple 4. Gene synthesis and 2. DNA & RNA sequencin
Slide 28: Understanding Individualized Neoantigen Therapies (INT)
Understanding Individualized Neoantigen Therapies (INT) Neoantigens are derived from tumor-specific mutations not found in healthy tissue What are Typical neoantigens are caused by single nucleotide variants or frameshift mutations neoantigens Neoantigens represents truly tumor-specific mutations An
Slide 29: Defining period for the future of INTs
Defining period for the future of INTs >10 ongoing Ph2 and Ph3 RCT trials with pharma partnered INTs reading out from 2026 Key success factors for an attractive Individualized Neoantigen Therapy Clinical Antigen selection Supply chain Costs experience Strong immune Proprietary Proven robust Competit
Slide 30: VB10.NEO: Nykode's individualized cancer vaccine
VB10.NEO: Nykode’s individualized cancer vaccine Promising immunogenicity data VB10.NEO has been tested in 2 clinical trials, N-01 and N-02, in recurrent/ metastatic patients across >10 solid tumors types 100% of patients in N-02 showed vaccine-induced VB10.NEO immune responses Fully individuali
Slide 31: Strong immune responses across 2 basket trials with heavily pre-treated patients
Strong immune responses across 2 basket trials with heavily pre-treated patients N-01 and N-02 both show vaccine induced immune response N-01 100 100% of patients in N-02 showed vaccine- N-02 85 85 88 induced immune responses, even in heavily pre-treated late-stage patients after few 58 vaccinations
Slide 32: Clinically validated proprietary neoantigen selection method
Clinically validated proprietary neoantigen selection method trained and optimized for Nykode technology NeoSELECT prioritized superior immunogenic • The proprietary AI-driven platform, neoepitopes NeoSELECTTM systematically prioritizes the most immunogenic neoantigens • Validated in clinical trials
Slide 33: VB10.NEO - clinically-proven supply chain with a competitive manufacturing process
VB10.NEO - clinically-proven supply chain with a competitive manufacturing process Nykode has successfully manufactured >60 Competitive turn-around-time from patient biopsy to INT vaccines patient treatment Turn-Around-Time (weeks) 5. Treatment with 1. Biological Material INT Tumor biopsy & blood sa
Slide 34: pDNA offers significantly less complex production process
pDNA offers significantly less complex production process for individualized NeoAntigen therapy High potential for fast turn-around-time and lower COGS compared to mRNA pDNA Fermentation DNA Fill Product QA and Purification release mRNA Fermentation DNA In vitro Downstream mRNA QA LNP Fill Product F
Slide 35: VB10.NEO delivers on all key success factors for an ideal INT candidate
VB10.NEO delivers on all key success factors for an ideal INT candidate Clinical Antigen selection Supply chain Costs experience NeoSELECT – Nykode has a Nykode’s DNA based Nykode’s two Nykode’s robust and proven therapy has both clinical trials show proprietary supply chain with advance on cost and
Slide 36: VB10.NEO is well positioned in the field of individualized neoantigen
Peer readouts within next 12 months can create a strong conviction for INTs VB10.NEO is well positioned in the field of VB10.NEO meets requirement for ideal individualized neoantigen INT technology therapies Continuing to strengthen this position with key activities focused on further optimizing rob
Slide 37: Antigen-Specific Immune Tolerance
Antigen-Specific Immune Tolerance Nykode Therapeutics | Corporate Presentation - December 2025
Slide 38: A new way of thinking about autoimmune disease treatment
A new way of thinking about autoimmune disease treatment The Problem The Future Current treatment focus on symptom management -- do not address the underlying root cause of disease . Antigen-Specific Immune Tolerance Unsolved Side effects frequently impairing the quality of life of is a new way of a
Slide 39: Nykode is well positioned to lead the next generation of antigen-specific immune tolerance therapies
Nykode is well positioned to lead the next generation of antigen-specific immune tolerance therapies Current therapy Nykode APC Technology Rely on broad, often life-long, immunosuppressive Adress the fundamental mechanisms driving disease treatments which offer symptomatic relief but without DURATIO
Slide 40: Induction of antigen-specific immune tolerance by targeting disease causing epitopes to specific APCs
Induction of antigen-specific immune tolerance by targeting disease causing epitopes to specific APCs TARGETING SPECIFIC TOLERANCE INDUCTION Therapy delivered as recombinant protein, or as pDNA through cell transfection APC-targeted B cells Effector Therapy B cell Non-targeted Therapy APCs Regulator
Slide 41: Nykode's preclinical data shows promise across several therapeutic areas
Nykode’s preclinical data shows promise across several therapeutic areas Neurology Metabolic Dermatology Therapies to halt or slow immune- Therapy to provide disease Therapies to ameliorate Therapeutic Area mediated nerve damage and modifying treatment for Type 1 autoimmune skin diseases and promote
Slide 42: Aspiring for Best in Class ASIT platform
Aspiring for Best in Class ASIT platform Critical success factors for the Best in Class ASIT platform Immune MultiAg Efficacy Durability Manufacture & regulation Capability Delivery Regulate all major AI competencies for Long durable Therapeutic efficacy autoreactive multi-antigen drug Convenient de
Slide 43: Nykode vaccine elicit durable amelioration of disease in symptomatic mice
Nykode vaccine elicit durable amelioration of disease in symptomatic mice EAE MODEL – LATER THERAPEUTIC TREATMENT Target 2 MOG Targeted (27-63) 4 vaccine 2 Targeted PBS ✱✱ vaccine 2 EAE score (0-8) 200 3 160 AUC (5-35) 2 120 Daily clinical scores (5-60) 80 Score >/= 1 1 & 3 days later 40 Day 60 EAE
Slide 44: Nykode vaccine therapeutically reduces auto-antibodies in EAE mice
Nykode vaccine therapeutically reduces auto-antibodies in EAE mice EAE MODEL – REDUCTION OF AUTO-ANTIBODIES anti-MOG (35-55) IgG ✱ 1000 MOG-specific IgG (µg/mL) MOG MOG 800 (27-63) (27-63) Targeted Non-targeted 600 vaccine 2 vaccine 400 Daily clinical scores 200 day 0 day 32 0 S in ed cc ted PB cc e
Slide 45: Nykode vaccine regulate disease in affected organs
Nykode vaccine regulate disease in affected organs SIGNIFICANTLY REDUCE THE NUMBER OF BOOSTS PANCREATIC ISLET CD4+ T CELLS WITH A CNS-INFILTRATING CELLS IN EAE REGULATORY PHENOTYPE IN NOD (T1D) CD45+CD11b+ cells ✱✱✱✱ Targeted vaccine 2 ✱✱✱✱ ✱ Early treatment, day 7 & 10 5×10 5 Distribution of Distri
Slide 46: Adaptive AI-Guided Design and Selection Framework
Adaptive AI-Guided Design and Selection Framework Increasing construct success with AI/ML designed novel antigenic units Model-S: Model-F: In-silico constructs 3D structural High-throughput Features extraction generation prediction screening and explainability 5 antigens 18 peptides 39 Selected Theo
Slide 47: Efficacy obtained with convenient delivery route
Efficacy obtained with convenient delivery route EAE model – LATE THERAPEUTIC DELIVERY PBS Targeted Therapy, i.v. Targeted Therapy, s.c. 5 ➢ Comparable efficacy obtained by 4 intravenous and subcutaneous delivery EAE score (0-8) supports convenient administration and Day 28: strong translational pot
Slide 48: Nykode vaccine reduces TRP2-specific CD8+ T cell responses in a vitiligo model
Expansion into a third disease model Nykode vaccine reduces TRP2-specific CD8+ T cell responses in a vitiligo model VITILIGO MODEL ✱✱✱✱ ✱✱ ns ➢ Vitiligo: CD8+ T cell-mediated 3 % of TRP2(180-88)-specific destruction of melanocytes TRP2 ➢ TRP2 is a well-characterized CD8+ T cells (180-188) melanocyte
Slide 49: Nykode's ASIT platform shows best-in-class potential
Nykode’s ASIT platform shows best-in-class potential Immune MultiAg Efficacy Durability Manufacture & regulation Capability Delivery Pre-clinical data Nykode’s AI Pre-clinical data Pre-clinical data shows ability to competencies shows Nykode shows shows durable shows therapeutic regulate all major a
Slide 50: Nykode is developing a best-in-class ASIT Platform
Promising data in preclinical models show long-lasting efficacy across disease models Efficacy observed both through effect on T regs, CD8 T cells and auto-antibodies and in affected organs Efficacy with recombinant protein delivered through convenient route of Nykode is developing a administration
Slide 51: Outlook
Outlook Nykode Therapeutics | Corporate Presentation - December 2025
Slide 52: Well-positioned to execute strategy and meet inflection points
Well-positioned to execute strategy and meet inflection points Cash runway Next 6-12 months Next 12-24 months Cash runway into 2028-2029* C-03 interim efficacy data (1H 26) Abili-T first interim analysis (2027) Cash runway exceeding Key peer readouts on INT Continued key peer readouts on significant
Slide 53: Unlocking the future of medicine
UNLOCKING THE FUTURE OF MEDICINE Contact: Alexandra Deschner Head of Investor Relations IR@nykode.com https://nykode.com/investors/ Nykode Therapeutics | Corporate Presentation - December 2025
Slide 54: Appendix
Appendix Nykode Therapeutics | Corporate Presentation - December 2025
Slide 55: Abipapogine Suvaplasmid
Abipapogine Suvaplasmid Nykode Therapeutics | Corporate Presentation - December 2025
Slide 56: VB-C-01
VB-C-01
Slide 57: VB C-01: First trial with VB10.16 as monotherapy for HPV16+ precancerous lesions
VB C-01: First trial with VB10.16 as monotherapy for treatment of HPV16+ precancerous lesions VB C-01 Exploratory, open labelled, multi-centre study in patients with HPV16+ High Grade Cervical Intraepithelial Neoplasia (HSIL, CIN 2/3) Dosing phase (3mg per dose) Expansion phase 8 patients Cohort 1:
Slide 58: VB10.16: Strong correlation with induced HPV16-specific immune response and lesion size reduction
VB10.16: Strong correlation with strength of induced HPV16- specific immune response and lesion size reduction 13 of 14 patients showed COHORT 1: COHORT 2: LESION SIZE REGRESSION increased T cell responses 0 – 3 – 6 WEEKS 0 – 4 – 12 WEEKS CORRELATES WITH STRONG after vaccination with HPV-16 SPECIF
Slide 59: VB10.16: homologous booster dose induced strong T cell responses
VB10.16: homologous booster dose induced strong T cell responses in all patients in the expansion cohort HOMOLOGOUS BOOST ENSURE STRONG AND LONG-LASTING T STRONG HPV16-SPECIFIC T CELL REPSONSES IN ALL CELL RESPONSE PATIENTS IN THE EXPANSION COHORT The vaccination regimen from cohort 1 (Q3W) plus a
Slide 60: VB10.16: highly significant correlation between T cell responses and lesion size
VB10.16: highly significant correlation between immunotherapy induced HPV16-specific T cell responses and lesion size across all cohorts LESION SIZE REGRESSION SIGNIFICANT CORRELATION OBSERVED WITH % LESION SIZE REDUCTION AND CORRELATES WITH HPV-16 SPECIFIC # SFU/MILL RESPONSES • Cohort 1 • Cohort 2
Slide 61: Promising clinical data as monotherapy in pre-cancerous lesions
Promising clinical data as monotherapy in pre-cancerous lesions Lesion size reduction observed in majority of subjects (16 of 17) in the Expansion cohort CIN regression to CIN1 or no CIN in 10 subjects HPV16 and/or p16 clearance in 8 subjects Upregulation of PD-L1 in lesions post-vaccination
Slide 62: VB-C-02
VB-C-02
Slide 63: VB-C-02 data compare strongly to CPI monotherapy as well as expected SoC
VB-C-02 data compare strongly to CPI monotherapy as well as expected SoC in ≥2L r/m cervical cancer CPI Monotherapy in r/m CC VB10.16 plus atezolizumab Atezolizumab in Pembrolizumab Cemiplimab in Tisotumab vedotin in PD-L1+*** PD-L1+††† in PD-L1+** PD-L1+ †† (PD-L1 agnostic) ‡ ‡ Skyscraper-04, Empow
Slide 64: VB-C-02 data show improved efficacy over ICI alone or other cancer immunotherapy
VB-C-02 data show improved efficacy over ICI alone or other cancer immunotherapy in PD-L1+ R/M cervical cancer • VB10.16 + atezolizumab Therapeutic vaccine Comparison demonstrated strong and durable HPV 16+ in R/M CC clinical responses with improvement VB10.16 plus Atezolizumab Cemiplimab and Cemipl
Slide 65: VB-C-02 induced T cell responses significantly correlated with clinical response
VB-C-02 induced HPV16-specific T cell responses are significantly correlated with clinical response HIGHER FOLD INCREASED T CELL HIGHER PEAK T CELL RESPONSES IN RESPONSES IN PATIENTS WITH DISEASE PATIENTS WITH DISEASE CONTROL CONTROL 1500 p=0.0113 50 p=0.0346 1000 500 SFU/106 PBMC250 10 Fold change
Slide 66: VB-C-02 Ph2 trial: Strong efficacy with survival benefit
VB-C-02 Ph2 trial: Strong efficacy with survival benefit Subgroup identified with best responese (PD-L1+, >1 line of prior therapy) PD-L1+ with 1 prior line Endpoint Population ALL (N=47) PD-L1+ (N=24) of therapy (N=15) ORR (%) EAS 19% 29% 40% mPFS (mos) EAS 4.1 6.3 15.8 mOS (mos) EAS 21.3 24.7 NR O
Slide 67: VB-C-02 is generally well-tolerated
VB-C-02 is generally well-tolerated VB10.16 plus atezolizumab tolerability profile was consistent with checkpoint inhibitor monotherapy 1 Treatment-related Adverse Events assessed as related to VB10.16 VB10.16 in combination with atezolizumab was generally (n = 52) well-tolerated and showed a favour
Slide 68: HPV16 circulating tumor DNA dynamics is associated with clinical response
HPV16 circulating tumor DNA dynamics is associated with clinical response ALL PATIENTS WITH CLINICAL RESPONSE PER RECIST 1.1 EARLY CTDNA DYNAMICS (WEEK 9-11) ASSOCIATED WITH HAVE MOLECULAR RESPONSE IMPROVED CLINICAL OUTCOME DCR PD Increase Decrease Disease control N=16 5 (31%) 11 (69%) All patients
Slide 69: T cell responses remain strong and long-lasting
T cell responses remain strong and long-lasting T cell clonotype analysis EXPANSION OF NOVEL AND EXPANDED RAPID AND PERSISTENT EXPANSION OF T CELL CLONES CLONES ON TREATMENT • Novel expanded clones constituted a median of • Rapid and persistent on-treatment T cell expansion 0.66% of the peripheral T
Slide 70: Patient case: longitudinal T cell clonal expansion
Patient case: longitudinal T cell clonal expansion Persistent expansion of novel and pre-existing clones throughout the treatment FREQUENCY OF EXPANDED CLONOTYPES NUMBER OF EXPANDED CLONES A persistent expansion of Pre-exising expanded novel and pre-existing Novel clones throughout the treatment p
Slide 71: VB10.NEO
VB10.NEO Nykode Therapeutics | Corporate Presentation - December 2025
Slide 72: VB10.NEO programs: safety clearance of 9 mg dose
VB10.NEO programs Safety clearance of 9 mg dose with no safety concerns and no dose limiting toxicities observed N-01 N-02 r/m Melanoma, non-small cell lung cancer (NSCLC), clear renal cell carcinoma, urothelial Indication r/m cancer, covering more than ten indications cancer or squamous cell carcin
Slide 73: T cell responses to majority of selected neoepitopes
T cell responses to majority of % immunogenic Neoepitopes per patient selected neoepitopes Indication UC All patients across five indications SCCHN 60 51% showed a response to at least one % of neoepitopes neoepitope 35% 40 24% RCC On average, 53% of selected 20 15% 10% neoepitopes were immunogenic,
Slide 74: VB10.NEO amplifies pre-existing T-cell responses and induces multiple novel T-cell specificities
VB10.NEO amplifies pre-existing T-cell responses and induces multiple novel T-cell specificities Expansion of pre-existing and induction of novel T cells De novo response Expansion of both pre-existing and novel Amplified response T-cell responses in most patients (at least Indication Stable respons
Slide 75: Preliminary immune phenotyping shows majority of neoepitopes activates CD8 T cells
Preliminary immune phenotyping shows that the majority of neoepitopes activates CD8 T cells CD8 T cells response detected Selected patients No CD8 T cells response detected T cell responses are characterized by both CD8 and CD4 T 53% 100% 75% 100% 100% 80% cells 01-001 01-005 01-002 01-004 01-006
Slide 76: Multiple vaccinations boost breadth and magnitude of functional T cell responses
Multiple vaccinations boost the breadth and magnitude of functional T cell responses Patients completing 1-Year of treatment Breadth Magnitude 20 40000 Increase in the breadth and 30000 magnitude of functional T cell responses observed over time. Number of increased neoantigens 15000 Stacked SFU/106
Slide 77: Vaccine-specific T cells remain functional and immunogenic up to 1-year
Vaccine-specific T cells remain functional and immunogenic up to 1-year after last vaccination VB10.NEO induces a favorable and long-lasting T cell memory phenotype Nykode Therapeutics | Corporate Presentation - December 2025
Slide 78: T cell responses per patient
T cell responses per patient Total T cell responses De novo T cell responses Patients grouped in lower and higher than median immune responses Patients included are overlapping between EFR and FAS (N=32). Nykode Therapeutics | Corporate Presentation - December 2025
Slide 79: Antigen Specific Immune Tolerance
Antigen Specific Immune Tolerance Nykode Therapeutics | Corporate Presentation - December 2025
Slide 80: Discovery, development, and confirmation of multiple new APC-targeting units
Discovery, development, and confirmation of multiple new APC-targeting units Nykode’s strategy is to target auto-antigens to the optimal APC through specific receptor ligation and internalization. We prioritized targets for their specificity and tolerogenic potential using sc-RNA sequencing to ident
Slide 81: EAE (MS) studies
EAE (MS) studies Nykode Therapeutics | Corporate Presentation - December 2025
Slide 82: Nykode vaccine outperforms equimolar antigen peptide in early therapy disease protection
Nykode vaccine outperforms equimolar antigen peptide in early therapy disease protection EFFECT OF NYKODE VACCINES IN EAE MODELS Targeted Vaccine 1 Paralysis ✱✱ Weight 5 Targeted 60 ✱✱ 23 vaccine 1 EAE score (0-8) AUC (5-20) 4 MOG(27-63) 22 Weight (g) MOG PBS 40 21 3 (27-63) 20 2 20 19 Daily clinica
Slide 83: APC targeting is required for effective early therapy of EAE disease
APC targeting is required for effective early therapy of EAE disease EAE MODEL – EARLY THERAPEUTIC DELIVERY 30 µg 10 µg 3 µg APC 4 Targeted Non-targeted 4 5 PBS 4 EAE score (0-8) EAE score (0-8) EAE score (0-8) 3 3 3 2 2 2 1 1 1 0 0 0 6 8 10 12 14 16 8* 20 22 24 26 28 6 8 10 12 14 16 8* 20 22 24 26
Slide 84: Nykode vaccine reduce Ag-specific effector T cell responses
Nykode vaccine reduce Ag-specific effector T cell responses and increases frequency of T cells with immune inhibitor EAE MODEL – EARLY THERAPEUTIC DELIVERY Day 12 post EAE induction: MOG MOG-recall Splenocytes (27-63) ✱✱✱ Th1.17 cells IFN-γ Lag3 Lag3 Targeted 5 Targeted 30 vaccine 1 ✱ ✱✱✱✱ ✱✱✱✱ Vacc
Slide 85: Nykode vaccine potently expands and induces Ag-specific Foxp3+ T cells in vivo
Nykode vaccine potently expands and induces Ag-specific Foxp3+ T cells in vivo ADOPTIVE TRANSFER OF MOG-SPECIFIC CD4+ T CELLS Proliferation Foxp3+ Treg cells Day 4 (after 1x injection) Day 7 % Foxp3+ of CD4+Thy1.2+ cells % Ki67+ of CD4+Thy1.2+ cells ✱✱✱✱ 100 PBS MOG 100 (27-63) ✱ Targeted 80 vaccine
Slide 86: APC targeting is required for effective durable disease amelioration in symptomatic mice
APC targeting is required for effective durable disease amelioration in symptomatic mice Target 1 EAE MODEL – LATE THERAPEUTIC DELIVERY Tol APC Target 2 5 ✱✱✱✱ 80 ✱✱ 4 Targeted vaccine 2 MOG MOG EAE score (0-8) Early treatment, day 7 & 10 60 AUC (11-24) (27-63) (27-63) 3 Targeted vaccine 2 Late trea
Slide 87: Nykode vaccine significantly reduce the number of CNS-infiltrating cells
Nykode vaccine significantly reduce the number of CNS- infiltrating cells EAE MODEL – LATE THERAPEUTIC DELIVERY Target 2 CD45+CD11b+ cells ✱✱✱✱ Targeted vaccine 2 ✱✱✱✱ ✱ Early treatment, day 7 & 10 5×10 5 100 mg of spinal cord Targeted vaccine 2 Cell number per MOG 4×10 5 Late treatment, day 11 & 14
Slide 88: Nykode vaccine therapeutically reduces auto-antibodies in EAE mice
Nykode vaccine therapeutically reduces auto-antibodies in EAE mice EAE MODEL – EARLY THERAPEUTIC DELIVERY Targeted vaccine 2 3.5 3.0 Non-targeted vaccine PBS anti-MOG (35-55) IgG ✱ EAE score (0-8) 2.5 1000 MOG-specific IgG (µg/mL) 2.0 MOG MOG 1.5 800 (27-63) (27-63) 1.0 Targeted Non-targeted 0.5 600
Slide 89: Type 1 diabetes (T1D) NOD studies
Type 1 diabetes (T1D) NOD studies Nykode Therapeutics | Corporate Presentation - December 2025
Slide 90: Nykode DNA vaccination targeting APCs show durable effect in late-preventative NOD model
Nykode DNA vaccination targeting APCs show durable effect in late-preventative NOD model Bi-weekly glucose monitoring Week 16 of treatment Wk 0 Weekly glucose monitoring Week 26 termination of study 9 wk old Vaccine pDNA injection i.m. NOD mice Dosing once weekly Remove treatment NOD DIABETES MODEL
Slide 91: Preliminary IHC results suggest vaccination boosts pancreatic islet CD4+ T cells
Preliminary IHC results suggest that vaccination boosts pancreatic islet CD4+ T cells with a regulatory phenotype NOD DIABETES MODEL Distribution of Distribution of Distribution of CD4+FOXP3+ cell CD4+Tim3+ cell CD4+FOXP3+Tim3+ cell density density density Islet scoring annotated independently Score
Slide 92: Modular T1D Ag-specific Tolerance Design
Modular T1D Ag-specific Tolerance Design: Combinatorial evaluation of multiple targeting, antigen and immuno-modulatory units Current Late Preventive Study Bi-weekly glucose and BW monitoring Module 1 2 distinct targeting units with Vector encoding several corresponding non- Wk 0 Wk 1 Wk2 Wk 3 Wk 4
Slide 93: VB vaccination reduces diabetes prevalence in late-preventative study
VB vaccination reduces diabetes prevalence in late- preventative study using distinct antigenic units NOD DIABETES MODEL Percent Onset of diabetes 60 50 VB5080 Empty Vector 40 TV009 Ag1 TV093 Ag2 (%) 30 20 10 ** p=0.0066 0 *** p=0.0003 21 (11.29) 25 (12.86) 28 (12.29) 32 (13.86) 35 (13.29) 39 (14.86
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