Nykode Therapeutics Asa · OSL:NYKD
Nykode Therapeutics Asa — Q4 2025 Earnings Presentation
31 slides from Nykode Therapeutics Asa's earnings presentation, Feb 25, 2026
Slide 1: Q4 2025 ABG - Investor Presentation
Q4 2025 ABG - Investor 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 | ABG Investor Presentation| 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 | ABG Investor Presentation| 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 and HPV16 driven indications
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: HNSCC: Different MoA for HPV+ patients compared to HPV- patients
HNSCC: Different MoA for HPV+ patients compared to HPV- patients HNSCC patients Patients are divided into two distinct disease entities with very different prognoses and management HPV16- HNSCC HPV16+ HNSCC Exhibits EGFR overexpression in up to 90% of tumors, Tumor growth driven by HPV viral oncogen
Slide 10: 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 11: 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 12: VB10.NEO
VB10.NEO Nykode Therapeutics | ABG Investor Presentation| Non-confidential 12
Slide 13: 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 14: 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 Nykode has a Nykode’s DNA based Nykode’s two NeoSELECT – robust and proven therapy has clinical trials* show Nykode’s proprietary supply chain with advantage on cost clear
Slide 15: 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 immune responses VB10.NEO Fully individuali
Slide 16: 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 17: pDNA offers significantly less complex production process and COGS for individualized NeoAntigen therapy
pDNA offers significantly less complex production process and COGS 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
Slide 18: 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 19: VB10.NEO is well positioned in the field of individualized neoantigen therapies
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 20: Tolerance
Tolerance Nykode Therapeutics | ABG Investor Presentation| Non-confidential 20
Slide 21: 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 22: 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 23: 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 24: Nykode's preclinical data shows promise across several therapeutic areas
Nykode’s preclinical data shows promise across several therapeutic areas Neurology Endocrinology 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 pro
Slide 25: Continues progress with the ASIT platform
Continues 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 26: 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 27: 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 28: Outlook
Outlook Nykode Therapeutics | ABG Investor Presentation| Non-confidential 28
Slide 29: 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 30: Q&A
Q&A • Michael Engsig, CEO • Agnete Fredriksen, CSO and Business Development • Harald Gurvin, CFO Nykode Therapeutics | ABG Investor Presentation| Non-confidential 30
Slide 31: Unlocking the future of medicine
UNLOCKING THE FUTURE OF MEDICINE Contact: IR@nykode.com https://nykode.com/investors/ Nykode Therapeutics | ABG Investor Presentation| Non-confidential