Nykode Therapeutics Asa · OSL:NYKD
Nykode Therapeutics Asa — Q2 2025 Earnings Presentation
32 slides from Nykode Therapeutics Asa's earnings presentation, Aug 27, 2025
Slide 1: Q2 2025 Strategy Update & Results Presentation
Q2 2025 Strategy Update & Results Presentation August 27, 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: Today's presenters from Nykode
Today’s presenters from Nykode MICHAEL ENGSIG AGNETE FREDRIKSEN HARALD GURVIN Chief Executive Officer Chief Scientific Officer & Chief Financial Officer Business Development Nykode Therapeutics | Q2 '25 webcast | Non-confidential 3
Slide 4: Q2 Highlights
Q2 Highlights • Key VB10.NEO data from the N-02 trial presented at ASCO 2025 highlighted the ability of Nykode’s immunotherapy platform to induce robust, durable immune responses across multiple tumor types with an encouraging safety profile. • In Part 1 of the VB10.16 C-03 trial, both the 6mg and 9
Slide 5: Q2 Key Financials
Q2 Key Financials • Total revenue and other income of USD 0.2m in Q2 2025, compared to USD 0.6m in Q2 2024, driven by less revenue from Genentech and Regeneron. • Total operating expenses reduced from USD 12.4m in Q2 2024 to USD 6.9m in Q2 2025, reflecting reduced organization and clinical activitie
Slide 6: Strategy Update
Strategy Update Nykode Therapeutics | Q2 '25 webcast | Non-confidential 6
Slide 7: Highly focused strategy to reach key inflection points within 24 months
Highly focused strategy to reach key inflection points within 24 months across prioritized core assets • Tolerance induction could transform autoimmune disease treatment Tolerance • Versatile and differentiated Nykode technology • Increasing investment to pursue a best-in-class platform • Key peer r
Slide 8: VB10.16
VB10.16 Nykode Therapeutics | Q2 '25 webcast | Non-confidential 8
Slide 9: Compelling data from two finalized and one ongoing clinical trial provides deep conviction in VB10.16
Compelling data from two finalized and one ongoing clinical trial provides deep conviction in VB10.16 Strong and durable clinical effect 1,2 ORR mOS (months) ~ 71% 29% ~109% 24,7 17% 18% 13,9 16% 10,6 11,0 Atezo Pembro Cemi VB10.16 + Atezo Atezo Pembro Cemi VB10.16 + Atezo Monotherapy effect3 Immune
Slide 10: Nykode focus on VB10.16 as the lead value driver
Nykode focus on VB10.16 as the lead value driver Key Value Driver: VB10.16 has supportive clinical data across indications Next steps: A Ph2 randomized clinical trial will show VB10.16’s contribution on top of current standard of care in a head-to-head comparison and generate late-stage clinical dat
Slide 11: High unmet need and value creation in HPV16 driven 1L R/M HNSCC
High unmet need and value creation in HPV16 driven 1L R/M HNSCC USD Unmet 1.1bn* 9.2%* Young need Competition Estimated Predicted to Young Current SoC Abi-suva data 7MM 2025 exhibit a population not leaves room for across indications market size CAGR of associated with improvement. supports in HNSCC
Slide 12: Abili-T randomized controlled trial enrolling up to 100 patients
Abili-T randomized controlled trial enrolling up to 100 patients, designed to demonstrate contribution of Abi-Suva Key inclusion Treatment Endpoints criterion ORR • HPV16+ r/m HNSCC Abipapogene suvaplasmid + pembrolizumab DOR RMDOR • PD-L1+ DCR R • Measurable disease PFS (1:1) • ECOG PS 0-1 OS • GRI
Slide 13: Abipapogene Suvaplasmid is the Key Value Driver
Abipapogene Suvaplasmid is the Key Value Driver Unmet medical need Competitive Strength Strategic approach • Addressing a rapidly growing • Two finalized clinical trials • Randomized clinical trial, Abili-T, patient population, high unmet show strong and durable with up to 100 patients in 1 L need a
Slide 14: VB10.NEO
VB10.NEO Nykode Therapeutics | Q2 '25 webcast | Non-confidential 14
Slide 15: Individualized neoantigen therapies entering defining period
Individualized neoantigen therapies (INT) entering defining period Nykode well-positioned as most attractive unencumbered INT 10 Ongoing peer Ph2 and Potential to treat Ph3 clinical trials. Strong all tumor types focus on adjuvant settings Emerging space Expected key Large potential market and few H
Slide 16: VB10.NEO well positioned to leverage peer data readouts
VB10.NEO well positioned to leverage peer data readouts Selecting the right neoantigens Strong immune responses N-01 100 • Strong vaccine-induced N-02 85 85 88 immune responses, even in 58 heavily pre-treated late-stage Proprietary AI Algorithm 45 patients with few vaccinations* (NEOSelect) prioriti
Slide 17: VB10.NEO - Well-positioned as best unencumbered individualized therapy
VB10.NEO - Well-positioned as best unencumbered individualized therapy Unmet medical need Competitive Strength Strategic approach • Individualized neoantigen therapies • Strong immunogenicity data • Further strengthen position (INT) holds potential as treatment from two Phase I studies in as most at
Slide 18: Tolerance
Tolerance Nykode Therapeutics | Q2 '25 webcast | Non-confidential 18
Slide 19: 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 20: 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 Cells transfected with plasmid DNA vaccine or direct injection of protein vaccines: Effector B cell APC 1 B cells APCs Regulatory Regulatory T cell T cell Dend
Slide 21: Generating a Best-in-Class Antigen-Specific Immune Tolerance Therapeutic Platform
Generating a Best-in-Class Antigen-Specific Immune Tolerance Therapeutic Platform The Ideal ASIT Platform Key Criteria Achievements & Next step Current Status Long-lasting efficacy as late-onset therapy in Shown long-lasting efficacy. preclinical models by convenient dosing Focus on expanding range
Slide 22: Invest in developing the Best-in-Class Antigen-Specific Immune Tolerance Platform
Invest in developing the Best-in-Class Antigen-Specific Immune Tolerance Platform Unmet medical need Competitive Strength Strategic approach • Current treatments rely on broad • Promising data in preclinical • Increase investments to create a immunosuppression, offering models show long-lasting “bes
Slide 23: Financial Perspective
Financial Perspective Nykode Therapeutics | Q2 '25 webcast | Non-confidential 23
Slide 24: Well-positioned to execute strategy
Well-positioned to execute strategy Cash Runway Key Inflection points Potential upside Estimated cash runway into Disciplined execution and Positive outcome of cash tax 2028 financial focus to reach key case would push cash runway inflection points within the into 2029 expected cash runway. Nykode T
Slide 25: Closing Remarks
Closing Remarks Nykode Therapeutics | Q2 '25 webcast | Non-confidential 25
Slide 26: Q&A
Q&A • Michael Engsig, CEO • Agnete Fredriksen, CSO and Business Development • Harald Gurvin, CFO Nykode Therapeutics | Q2 '25 webcast | Non-confidential 26
Slide 27: Appendix
Appendix Nykode Therapeutics | Q2 '25 webcast | Non-confidential 27
Slide 28: C-02 data compare strongly to CPI monotherapy in ≥2L r/m cervical cancer
C-02 data compare strongly to CPI monotherapy in ≥2L r/m cervical cancer CPI Monotherapy in r/m CC VB10.16 plus atezolizumab Atezolizumab in Pembrolizumab Cemiplimab in in PD-L1+*** PD-L1+††† in PD-L1+** PD-L1+ †† Skyscraper-04, Empower-Cervical 1, Trial name C-02 Keynote-158 atezolizumab arm cemipl
Slide 29: Q2 2025 Financial Results
Q2 2025 Financial Results Nykode Therapeutics | Q2 '25 webcast | Non-confidential 29
Slide 30: Income Statement
Income Statement Revenue from contracts with customers Amounts in USD ‘000 Q2 2025 Q2 2024 YTD 2025 YTD 2024 • Decrease in 2025 mainly due to termination of Revenue from contracts with agreement with Genentech in Q4 2024 customers - 544 - 1,371 Other income 198 40 335 229 • No income from Regeneron
Slide 31: Balance Sheet
Balance Sheet Cash and cash equivalents Amounts in USD ‘000 30/06/2025 31/12/2024 • Cash position of $70m at June 30, 2025 ASSETS Non-current assets Other non-current receivables Property, plant and equipment 3,408 3,741 • Mainly reflects the NOK 325 million payment to the Right-of-use assets 3,217
Slide 32: Balance Sheet - contd.
Balance Sheet - contd. Amounts in USD ’000 30/06/2025 31/12/2024 Equity EQUITY AND LIABILITIES • Total equity of $103m as per June 30, 2025 Equity Share capital 367 367 • Equity ratio of 92% Share premium 96,707 128,986 Other capital reserves 18,332 18,683 Other components of equity (3,111) (3,060)
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