Nykode Therapeutics Asa · OSL:NYKD
Nykode Therapeutics Asa — Q1 2026 Earnings Presentation
67 slides from Nykode Therapeutics Asa's earnings presentation, May 27, 2026
Slide 1: Company Presentation
Company Presentation May 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: Nykode Therapeutics - Highlights
Nykode Therapeutics - Highlights NYKODE THERAPEUTICS (OSE: NYKD.OL) APC-targeted immunotherapy platform Precision immune activation for oncology and immune modulation for autoimmune diseases Lead asset: Abi-Suva 1L head & neck cancer program supported by prior clinical data across ~100 patients
Slide 4: Three key assets with high market potential
Three key assets with high market potential Abi-Suva (VB10.16): addressing markets with blockbuster potential in multiple HPV16+ cancer types • High conviction from 3 trials across different indications showing strong and durable clinical response correlated with antig en specific immune responses •
Slide 5: Nykode pipeline & completed trials
Nykode pipeline & completed trials Abi-Suva (VB10.16) DNA-based therapeutic vaccine · HPV16-driven cancers - fully owned Study Indication Combination Phase Status Key finding / milestone VB-C-01 High-grade cervical intraepithelial neoplasia (n = 34) - Ph I/II Completed Well-tolerated; early signs of
Slide 6: 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* Expand the number of countries Abili-T first interim analysis (2027) and sites in Abili-T trial Cash runway exceeding Continued expected key peer significant inflec
Slide 7: Nykode executive management
Nykode executive management Experienced and international management team Michael Engsig Agnete Fredriksen Harald Gurvin Louise Stubbe CEO CSO & BD CFO CLO Nykode Therapeutics | Company Presentation - May 2026
Slide 8: Targeting APCs drives precise immune response tailored to disease setting
Targeting APCs drives precise immune response tailored to disease setting APCs play key role in immune regulation Nykode Modular Design to target APCs • Targets antigen-presenting cells (APCs), the key regulators of immune responses Targeting unit → binds relevant APCs • Nykode technology delivers a
Slide 9: Focused execution on oncology and autoimmune diseases
Focused execution on oncology and autoimmune diseases What Nykode’s proprietary APC targeting technology Core Focus Areas • Antigen- • Abi-Suva specific • VB10.NEO immune Oncology Auto-immune tolerance platform Opportunity Infectious Allergy Transplants Nykode Therapeutics | Company Presentation - M
Slide 10: Oncology
Oncology Nykode Therapeutics | Company Presentation - May 2026
Slide 11: Limitations of current immunotherapy create opportunity
Limitations of current immunotherapy create opportunity Current Therapy Limitations Nykode APC Technology Advantages Responses often short-lived DURABILITY Antigen-specific immune memory Toxicities limit combinations and early TOLERABILITY Favorable safety profile across trials use Broad immune acti
Slide 12: 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 | Company Presentation - May 2026
Slide 13: Lead candidate: Abipapogene Suvaplasmid (Abi-Suva)
Lead candidate: Abipapogene Suvaplasmid (Abi-Suva) HPV16 driven cancer types Nykode Therapeutics | Company Presentation - May 2026
Slide 14: Understanding HPV and HPV+ cancers
Understanding HPV and HPV+ cancers Human papillomavirus (HPV) is a common DNA virus; high-risk strains can drive cancer HPV16-driven HPV16 is the most prevalent oncogenic subtype cancers: a defined and growing market Tumors express viral antigens not found in normal cells → Clear targets for immune-
Slide 15: 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 16: Clinical proof of concept across HPV16+ cancers
Clinical proof of concept across HPV16+ cancers Key Achievements for Abi-suva Future near-term milestones • Expanding the number of countries and sites in Patients treated with abi-suva show Abili-T trial ~100 consistent clinical activity across 3 HPV16+ indications (C-01, C-02, C-03) • 2027 - inter
Slide 17: 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 18: 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 Consistent overall response rate (ORR) improvement compared to CPI monotherapy across indications Objective response rate (ORR) of abi-suva in combination with CPI compared to historical CPI monot
Slide 19: 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 Overall response rate (ORR) indicates a strong clinical effect of abi-suva VB-C-03 (1L r/m Head and Neck Cancer) VB-C-02 (2L+ Cervical Cancer) Abi-suva in combination with pembrolizumab Abi-suva i
Slide 20: Strong overall survival in 2L+ cervical cancer C-02 trial
Strong overall survival in 2L+ cervical cancer C-02 trial 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 +
Slide 21: Strong monotherapy activity observed in HSIL patients C-01 trial
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 Nykode Therapeutics | Com
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 p=0.0113 500 250 • HPV16-specific T-cell responses associated with lesion size reduction SFU/106 PBMC 200 150 • Correlation obser
Slide 23: First patient dosed in randomized Phase 2 Abili-T trial
First patient dosed in randomized Phase 2 Abili-T trial with first interim data expected in 2027 Trial design Key inclusion criterion Treatment Endpoints ORR Abipapogene suvaplasmid + pembrolizumab PFS • HPV16+ r/m HNSCC DOR • PD-L1+ R RMDOR • Measurable disease (1:1) DCR • ECOG PS 0-1 OS • GRIm 0-1
Slide 24: Clear near-term catalysts for Abi-suva
Expand the number of countries and Clear near-term sites in Abili-T trial catalysts for Abi-suva Interim data from Abili-T readout (2027) Abili-T designed to deliver proof-of-concept in 1L HNSCC and validate the platform Nykode Therapeutics | Company Presentation - May 2026
Slide 25: VB10.NEO Individualized NeoAntigen Therapy
VB10.NEO Individualized NeoAntigen Therapy Nykode Therapeutics | Company Presentation - May 2026
Slide 26: Individualized Neoantigen Therapy (INT)
Individualized Neoantigen Therapy (INT) 5. Treatment with INT 1. Biological Material Tumor biopsy & blood Personalized vaccines targeting tumor-specific mutations sample Neoantigens • Tumor-specific mutations not found in healthy tissue Individualized INT Platform • Fully personalized per patient Ne
Slide 27: 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 28: VB10.NEO Clinical Proof-of-Concept
VB10.NEO Clinical Proof-of-Concept Robust immune activation in heavily pre-treated patients N-01 (Phase 1/2a) N-02 (Phase 1b) Earlier line, longer exposure Later-line, heavily pre-treated, multi-tumor Strong Vaccine-Induced Immune Reponses Patients 41 Patients 26 100 • 100% of patients in N- 88 02 s
Slide 29: Clinically validated proprietary neoantigen selection method
Clinically validated proprietary neoantigen selection method trained and optimized for Nykode technology NeoSELECT prioritized superior immunogenic neoepitopes • The proprietary AI-driven platform, NeoSELECTTM systematically prioritizes the most immunogenic neoantigens • Validated in clinical trials
Slide 30: 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 31: VB10.NEO is well positioned in the field of individualized neoantigen therapies
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 32: Antigen-Specific Immune Tolerance
Antigen-Specific Immune Tolerance Nykode Therapeutics | Company Presentation - May 2026
Slide 33: 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 rec. protein, or as pDNA through cell transfection APC-targeted B cells Effector Therapy B cell APCs Regulatory Regulatory T cell T cell D
Slide 34: Targeting APCs to ensure precise antigen-specific immune tolerance
Targeting APCs to ensure precise antigen-specific immune tolerance with proven modality and convenient administration Module 1: Multiple targeting units 1 for receptors on tolerizing APCs identified including natural ligands and other targeting molecules Module 2: Dimerization unit to facilitate str
Slide 35: Key highlights of Nykode's APC ASIT Technology
Key highlights of Nykode’s APC ASIT Technology Strong and durable efficacy across disease models – therapeutic and preventative Modular APC-targeting platform allows unique customization for tailored immune control Unprecedented induction of antigen-specific regulatory T cells, suppression of effect
Slide 36: Long lasting efficacy demonstrated across autoimmune disease models
Long lasting efficacy demonstrated across autoimmune disease models Targeted 4 Therapy PBS ✱✱ EAE score (0-8) 200 3 EAE Model – Later Therapeutic Treatment 160 AUC (5-35) 2 120 80 • Treatment after symptom onset results in strong and durable 1 40 therapeutic effect 0 0 Targeted PBS 10 12 14 16 18 20
Slide 37: APC targeting drives precise and potent antigen-specific immune engagement
APC targeting drives precise and potent antigen-specific immune engagement Antigen-specific Treg induction ✱✱✱✱ ✱✱✱✱ Differentiated T Cell Engagement & Treg Targeted 5 APC Non-targeted 10 of CD4+Thy1.2+ T cells Induction 8 ✱✱✱ %Foxp3+CD25+ 6 • APC targeting enables precise and potent antigen-specifi
Slide 38: Multi-layered immune regulation demonstrated across key endpoints
Multi-layered immune regulation demonstrated across key endpoints Antigen-specific auto-antibodies anti-MOG (35-55) IgG ✱ 1000 Therapeutic Reduction of Auto-Antibodies MOG-specific IgG (µg/mL) 800 • Significant reduction of disease specific auto-antibodies in EAE mice (10 600 µg dose per timepoint)
Slide 39: Regulation of disease in the disease relevant organs
Regulation of disease in the disease relevant organs SIGNIFICANTLY REDUCE THE NUMBER OF BOOSTS PANCREATIC ISLET CD4+ T CELLS WITH A CNS-INFILTRATING CELLS IN EAE REGULATORY PHENOTYPE IN NOD (T1D) CD4+ cells Distribution of CD4+FOXP3+Tim3+ ✱✱✱✱ cell density ✱✱✱ 1.2×10 5 100 mg of spinal cord Cell num
Slide 40: Multiple translational enablers support rapid clinical progression
Multiple translational enablers support rapid clinical progression Paralysis PBS Targeted Therapy, i.v. Subcutaneous Administration Targeted Therapy, s.c. 5 • S.C. delivery provides equivalent therapeutic benefit to I.V. in the EAE model EAE score (0-8) 4 Day 28: 3 • Translational and clinically ben
Slide 41: Nykode is developing a best-in-class ASIT Platform
Promising data show long-lasting efficacy across autoimmune disease models Consistent platform-driven efficacy across all relevant immune cell compartments Nykode is developing a and in affected organs best-in-class ASIT Platform Recombinant protein format delivered through convenient route of admin
Slide 42: AI driven drug design
AI driven drug design Nykode Therapeutics | Company Presentation - May 2026 42
Slide 43: How AI is Embedded in Nykode's Platform
How AI is Embedded in Nykode’s Platform Our Competitive Differentiation Utilizing AI NeoSELECT Construct Screening Predictive Design VB10.NEO Platform-wide Quality Assurance Proprietary AI algorithm selects the AI-driven design and screening Predictive modeling improves construct quality most immuno
Slide 44: Appendix
Appendix Nykode Therapeutics | Company Presentation - May 2026
Slide 45: ABI-SUVA
ABI-SUVA Nykode Therapeutics | Company Presentation - May 2026
Slide 46: 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 47: Powerful long-lasting responses aligned with mDOR n.r.
Powerful long-lasting responses aligned with mDOR n.r. C-02 trial 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 | Company Presentation - May 2026 47
Slide 48: RP2D analysis
VB-C-03 – dose escalation 3 to 9 mg in 1L r/m 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
Slide 49: VB10.NEO
VB10.NEO Nykode Therapeutics | Company Presentation - May 2026
Slide 50: 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 51: Vaccination results in an expanded breadth of neoantigen immune responses
Vaccination results in an expanded breadth of neoantigen immune responses that increase in magnitude over time N-01 clinical trial Breadth of Responses Magnitude of Responses Vaccine-induced responses Vaccine-induced responses (de-novo & amplified) (de-novo & amplified) Number immunogenic neoantigen
Slide 52: Immune responses are durable up to a year following the last vaccination
Immune responses are durable up to a year following the last vaccination Durable responses to treatment (TCRseq) Durable responses to vaccination (ELISpot) vaccinations Nykode Therapeutics | Company Presentation - May 2026
Slide 53: pDNA offers significantly less complex production process and COGS
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 54: Antigen-Specific Immune Tolerance
ANTIGEN-SPECIFIC IMMUNE TOLERANCE Nykode Therapeutics | Company Presentation - May 2026
Slide 55: Effective and durable disease protection in the EAE model
Effective and durable disease protection in the EAE model Long lasting Efficacy EFFECT OF NYKODE THERAPY IN EAE MODELS Targeted Therapy Paralysis ✱✱ Targeted Weight 5 60 ✱✱ 23 Therapy 1 EAE score (0-8) 22 4 MOG(27-63) AUC (5-20) Weight (g) PBS 40 21 MOG 3 20 (27-63) 2 20 19 18 Daily clinical scores
Slide 56: Even treatment after disease onset results in strong durable therapeutic effect
Even treatment after disease onset results in strong and Long lasting durable therapeutic effect Efficacy Targeted Therapy EAE MODEL – LATER THERAPEUTIC TREATMENT Targeted 4 Therapy MOG PBS ✱✱ EAE score (0-8) 200 (27-63) 3 160 AUC (5-35) 2 120 Daily clinical scores (5-60) 80 Score >/= 1 1 & 3 days l
Slide 57: Effective and durable disease prevention also seen in the NOD (T1D) model
Effective and durable disease prevention also seen in Long lasting the NOD (T1D) model Efficacy Bi-weekly glucose monitoring Week 16 of treatment Wk 0 Weekly glucose monitoring Week 26 termination of study 9 wk old Therapy pDNA injection i.m. NOD mice Dosing once weekly Remove treatment NOD DIABETES
Slide 58: Precision APC targeting enables potent antigen-specific T cell engagement and Treg induction
Precision APC targeting enables potent and differentiated APC Targeting antigen-specific T cell engagement and Treg induction ADOPTIVE TRANSFER OF MOG-SPECIFIC CD4+ T CELLS MOG (27-63) APC Non-targeted Therapy ✱✱✱✱ Targeted 5 ✱✱✱✱ Targeted 5 10 of CD4+Thy1.2+ T cells Targeted 4 ✱✱✱ 8 %Foxp3+CD25+ Ta
Slide 59: The APC-directed targeting unit is required for effective reversal of EAE disease
The APC-directed targeting unit is required for effective APC Targeting reversal of EAE disease in symptomatic mice EAE MODEL – LATER THERAPEUTIC TREATMENT MOG Targeted Therapy 3 APC PBS (27-63) Non-targeted Therapy Targeted Therapy 4 Non-targeted ✱✱✱ Therapy 5 ✱ 90 EAE score (0-8) 4 Day 28 AUC (5-2
Slide 60: Therapeutic reduction of auto-antibodies in EAE mice
Therapeutic reduction of auto-antibodies in EAE mice Immune regulation EAE MODEL – REDUCTION OF AUTO-ANTIBODIES APC anti-MOG (35-55) IgG ✱ 1000 MOG-specific IgG (µg/mL) 800 600 MOG MOG (27-63) (27-63) 400 Targeted Non-targeted Therapy Therapy 200 Daily clinical scores 0 er ted er ted S day 0 day 32
Slide 61: Simultaneous induction of inhibitory T cells and suppression of effector responses
Simultaneous induction of inhibitory T cells and suppression Immune of antigen-specific effector responses regulation EAE MODEL - T CELLS Day 12 post EAE induction: MOG-recall splenocytes MOG Th1.17 cells IFN-γ Lag3 (27-63) ✱ ✱✱✱✱ ✱ Targeted 3 1×10 5 6 Therapy of CD4+ T cells % IFNγ+IL-17+ 8×10 4 of
Slide 62: Regulation of disease in the disease relevant organs
Regulation of disease in the disease relevant organs Immune regulation SIGNIFICANTLY REDUCE THE NUMBER OF BOOSTS PANCREATIC ISLET CD4+ T CELLS WITH A CNS-INFILTRATING CELLS IN EAE REGULATORY PHENOTYPE IN NOD (T1D) CD4+ cells Distribution of CD4+FOXP3+Tim3+ ✱✱✱✱ cell density ✱✱✱ 1.2×10 5 100 mg of sp
Slide 63: Subcutaneous administration delivers equivalent therapeutic benefit
Subcutaneous administration delivers equivalent Fast track therapeutic benefit to clinic EAE model – LATE THERAPEUTIC DELIVERY PBS Targeted Therapy, i.v. Targeted Therapy, s.c. MOG 5 (27-63) Targeted Therapy 4 EAE score (0-8) 3 Day 28: Daily clinical scores ****p<0.0001 ***p<0.001 2 day 0 day 28 1 E
Slide 64: Human APC binding validates translational feasibility
Human APC binding validates translational feasibility Fast track to clinic Binding of Nykode APC Targeted Therapy to human APCs ➢ Human APC binding at low APC APC nanomolar levels differentiates targeted therapy and supports fast clinical progression Non-targeted Therapy 1000 nM APC 1 APC 2 Targeted
Slide 65: Modular biologic. Multi-antigen power.
Modular biologic. Multi-antigen power. Fast track to clinic Nykode’s APC-targeted proteins leveraging a modality with long-standing regulatory and manufacturing precedent Built for scale: a platform manufacturable on standard biologics infrastructure Simplified CMC vs competing formats, accelerating
Slide 66: Nykode AI-driven design and selection framework delivers multi-antigen constructs
Nykode AI-driven design and selection framework delivers Fast track high-yield, high-quality multi-antigen constructs to clinic Model-S: Model-F: In-silico constructs 3D structural High-throughput Features extraction generation prediction T1D example: screening and explainability 5 antigens 18 pepti
Slide 67: END OF PRESENTATION
END OF PRESENTATION Nykode Therapeutics | Company Presentation - May 2026
Nykode Therapeutics As — Q1 2026 Earnings Presentation on 6ix