Nykode Therapeutics Asa · OSL:NYKD
Nykode Therapeutics Asa — Q4 2025 Earnings Presentation
27 slides from Nykode Therapeutics Asa's earnings presentation, Feb 25, 2026
Slide 1: Q4 2025 Results Presentation
Q4 2025 Results Presentation February 25, 2026
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 | Q4 '25 webcast | Non-confidential 3
Slide 4: Focused strategy with clear value drivers
Focused strategy with clear value drivers Abi-suva (VB10.16) Randomized clinical trial (Abili-T) in 1L R/M head and neck cancer on track to deliver meaningful interim results within 2027 VB10.NEO Well positioned to leverage key peer readouts in Individualized Neoantigen Therapy expected within the n
Slide 5: Highlights
Highlights • Abili-T protocol submitted to UK regulatory authorities in November and relevant EU regulatory authorities in December Abi-suva • Approved by UK regulatory authorities in December • Announced interim data from the VB-C-03 Trial showing an ORR of 38.5%, significantly higher than current
Slide 6: Abi-suva
Abi-suva Nykode Therapeutics | Q4 '25 webcast | Non-confidential 6
Slide 7: The current focus of abi-suva is 1L r/m HNSCC with the potential to expand
The current focus of abi-suva is 1L r/m HNSCC with the potential to expand to additional indications and lines of treatment Current focus of Abi-suva Future potential for Abi-suva 1L r/m HNSCC HPV16+ driven cancers Incidence of HPV16+ driven HNSCC cancers Incidence of HPV16+ driven cancers in EU in
Slide 8: Abi-suva shows strong and consistent clinical effect across several trials
Abi-suva shows strong and consistent clinical effect across several trials and HPV16 driven indications Objective response rate (ORR) of abi-suva in combination with CPI compared to historical CPI monotherapy1 ORR 39% Abi-suva + pembro ORR 29% Abi-suva + atezo Δ~103% Δ~81% CPI mono1 = 19%3 CPI mono1
Slide 9: 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 PFS DOR • PD-L1+ R RMDOR • Measurable disease DCR (1:1) • ECOG PS 0-1 OS • GRI
Slide 10: Significant advancements in the Abili-T trial
Significant advancements in the Abili-T trial Achieved since announcement of trial (August 2025): ✓ Protocol submitted to UK regulatory authorities in November ✓ Protocol submitted to relevant EU regulatory authorities in December ✓ Secured supply of pembrolizumab with MSD ✓ Protocol approved by UK
Slide 11: VB10.NEO
VB10.NEO Nykode Therapeutics | Q4 '25 webcast | Non-confidential 11
Slide 12: VB10.NEO delivers on all key success factors for an ideal INT candidate
VB10.NEO delivers on all key success factors for an ideal Individualized Neoantigen Therapy candidate Clinical Antigen selection Supply chain Costs experience Nykode has a Nykode’s DNA based Nykode’s two NeoSELECT – robust and proven therapy has clinical trials* show Nykode’s proprietary supply chai
Slide 13: Further important milestones
Further important milestones New U.S. Patent Granted for Presenting new data from 2 clinical trials at SITC VB10.NEO ➢ NeoSELECT prioritizes immunogenic neoantigens with clinical and ➢ relating to the proprietary immunological relevance NeoSELECTTM platform selecting neoantigens for VB10.NEO Nykode
Slide 14: VB10.NEO is well positioned in the field
Peer readouts within next 15 months can create a strong conviction for INTs VB10.NEO is well positioned VB10.NEO meets requirement for in the field of individualized ideal INT technology neoantigen therapies. Continuing to strengthen this position with key activities focused on further optimizing ro
Slide 15: Tolerance
Tolerance Nykode Therapeutics | Q4 '25 webcast | Non-confidential 15
Slide 16: Key factors for a successful ASIT platform
Key factors for a successful ASIT platform An ASIT platform should have following key factors to succeed: Immune MultiAg Efficacy Durability Manufacture & regulation Capability Delivery Regulate all major AI competencies for Long durable Therapeutic efficacy autoreactive multi-antigen drug Convenien
Slide 17: Continued progress with the ASIT platform
Continued progress with the ASIT platform Presented new preclinical data indicating that our ASIT platform has the ability to modulate the humoral component of the immune response by reducing auto-antibodies in an EAE model, even after disease on-set Further expanding the ASIT platform into a new pr
Slide 18: Clinical translatability: proof of principle on human cells
Clinical translatability: proof of principle on human cells Tuneable immune regulation observed with novel human specific APC-targeting Binding of Nykode APC Targeted APC targeting can either increase or decrease Therapy to human APCs immune stimulation TNFα secretion IL-6 secretion APC Human Target
Slide 19: Nykode to present progress for the ASIT platform
Nykode to present progress for the ASIT platform Nykode will present new pre-clinical data from our Antigen-Specific Immune Tolerance Platform at the following conferences in Q1 2026: • 9th Annual Antigen-specific Immune Tolerance Summit 3rd – 5th March, Boston, USA • Present new pre-clinical data o
Slide 20: Q4 2025 Financial Results
Q4 2025 Financial Results Nykode Therapeutics | Q4 '25 webcast | Non-confidential 20
Slide 21: Income Statement
Income Statement Revenue from contracts with customers Amounts in USD ‘000 Q4 2025 Q4 2024 YTD 2025 YTD 2024 • Decrease in 2025 mainly due to termination of Revenue from contracts with agreement with Genentech in Q4 2024 customers - 6,773 - 8,679 Other income - 121 453 479 • No income from Regeneron
Slide 22: Balance Sheet
Balance Sheet Cash and cash equivalents Amounts in USD ‘000 31/12/2025 31/12/2024 • Cash position of $60.3m at December 31, 2025 ASSETS Non-current assets Other non-current receivables Property, plant and equipment 3,044 3,741 • Mainly reflects the NOK 325m payment to the Right-of-use assets 2,640 4
Slide 23: Balance Sheet - contd.
Balance Sheet - contd. Amounts in USD ’000 31/12/2025 31/12/2024 Equity EQUITY AND LIABILITIES • Total equity of $91.5m as per December 31, 2025 Equity Share capital 367 367 • Equity ratio of 92% Share premium 96,707 128,986 Other capital reserves 18,653 18,683 Other components of equity (3,006) (3,
Slide 24: Outlook and closing remarks
Outlook and closing remarks Nykode Therapeutics | Q4 '25 webcast | Non-confidential 24
Slide 25: Well-positioned to execute strategy and meet inflection points
Well-positioned to execute strategy and meet inflection points Cash runway Next 12 months Next 12-24 months Cash runway into 2028-2029* C-03 interim data (ICHNO Q1 26 Abili-T first interim analysis (2027) + additional conference Q2 26) Cash runway exceeding Continued expected key peer significant in
Slide 26: Q&A
Q&A • Michael Engsig, CEO • Agnete Fredriksen, CSO and Business Development • Harald Gurvin, CFO Nykode Therapeutics | Q4 '25 webcast | Non-confidential 26
Slide 27: Unlocking the future of medicine
UNLOCKING THE FUTURE OF MEDICINE Contact: IR@nykode.com https://nykode.com/investors/ Nykode Therapeutics | Q4 '25 webcast | Non-confidential
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