Nykode Therapeutics Asa · OSL:NYKD
Nykode Therapeutics Asa — Q3 2025 Earnings Presentation
35 slides from Nykode Therapeutics Asa's earnings presentation, Nov 24, 2025
Slide 1: Q3 2025 Results Presentation
Q3 2025 Results Presentation November 24, 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 | Q3 '25 webcast | Non-confidential 3
Slide 4: Focused strategy to deliver significant clinical and commercial impact
Focused strategy to deliver significant clinical and commercial impact Abi-suva (VB10.16): addressing markets with blockbuster potential • High conviction from 3 trials across indications showing strong and durable clinical response correlated with antigen specific immune responses • Phase 2 RCT in
Slide 5: Highlights
Highlights • Submitted protocol for Abili-T trial to UK regulatory authorities in November, with relevant EMA submissions expected in December. • Agreed supply of pembrolizumab for the Abili-T trial. • U.S. patent granted relating to the company's proprietary NeoSELECTTM platform used for the select
Slide 6: Abi-suva
Abi-suva Nykode Therapeutics | Q3 '25 webcast | Non-confidential 6
Slide 7: Abi-suva – building on strong clinical data across indications and focusing on 1L HNSCC
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 8: 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 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 DOR RMDOR • PD-L1+ DCR R • Measurable disease PFS (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, with relevant EMA submissions expected in December ✓ Agreed supply of pembrolizumab Nykode Therapeutics | Q3 '25 webcast | Non-confidential
Slide 11: Abili-T designed to provide Proof of Concept for abi-suva
First data from C-03 1H 2026 Abili-T designed to provide Proof of Concept for abi-suva with potential spill-over Well positioned in the field of validation across HPV16 HPV16+ 1L R/M HNSCC segment and for Nykode technology platform including RCT with ~100 patients with INT meaningful interim readout
Slide 12: VB10.NEO
VB10.NEO Nykode Therapeutics | Q3 '25 webcast | Non-confidential 12
Slide 13: VB10.NEO is well positioned to leverage peer readouts
VB10.NEO is well positioned to leverage peer readouts Achievements for VB10.NEO Future Path • The concept of Individualized Neoantigen Clinical trials in heavily pre-treated 2 Therapy (INT) is entering defining period patients showing strong immune responses. • With 10 ongoing peer Ph2 and Ph3 clini
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: NeoSELECT prioritizes immunogenic neoantigens with clinical and immunological relevance
NeoSELECT prioritizes immunogenic neoantigens with clinical and immunological relevance NeoSELECT prioritized superior immunogenic HQ immunogenic neoantigens associated neoepitopes with favorable clinical outcome N-01 Stable/amplified imm. HQ neoantigens N-01 De novo imm. HQ neoantigens Nykode Thera
Slide 16: New Patent Granted for VB10.NEO
New Patent Granted for VB10.NEO • VB10.NEO: Nykode’s fully individualized neoantigen based vaccine. • U.S. Patent No. 12,462,898: entitled, “Method For Selecting Neoepitopes.” • Patent Expiration: The 20-year expiration date of this patent is September 27, 2039. U.S. Patent No. 12,462,898 • Related
Slide 17: 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 18: Tolerance
Tolerance Nykode Therapeutics | Q3 '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: 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 21: 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 22: 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 23: 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 24: 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 25: Disease amelioration in symptomatic mice by a convenient delivery route
Disease amelioration in symptomatic mice by a convenient delivery route supports the potential for clinical translation EAE model – LATE THERAPEUTIC DELIVERY PBS Targeted vaccine, i.v. Targeted vaccine, s.c. MOG 5 (27-63) Targeted vaccine 4 EAE score (0-8) 3 Day 28: Daily clinical scores ****p<0.000
Slide 26: 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 27: 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 models • Increase investments to create a immunosuppression, offering show long-lasting effi
Slide 28: Q3 2025 Financial Results
Q3 2025 Financial Results Nykode Therapeutics | Q3 '25 webcast | Non-confidential 28
Slide 29: Income Statement
Income Statement Revenue from contracts with customers Amounts in USD ‘000 Q3 2025 Q3 2024 YTD 2025 YTD 2024 • Decrease in 2025 mainly due to termination of Revenue from contracts with agreement with Genentech in Q4 2024 customers - 536 - 1,907 Other income 118 129 453 358 • No income from Regeneron
Slide 30: Balance Sheet
Balance Sheet Cash and cash equivalents Amounts in USD ‘000 30/09/2025 31/12/2024 • Cash position of $63.9m at September 30, 2025 ASSETS Non-current assets Other non-current receivables Property, plant and equipment 3,223 3,741 • Mainly reflects the NOK 325m payment to the Right-of-use assets 2,964
Slide 31: Balance Sheet - contd.
Balance Sheet - contd. Amounts in USD ’000 30/09/2025 31/12/2024 Equity EQUITY AND LIABILITIES • Total equity of $99m as per September 30, 2025 Equity Share capital 367 367 • Equity ratio of 94% Share premium 96,707 128,986 Other capital reserves 18,498 18,683 Other components of equity (3,130) (3,0
Slide 32: 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 33: Closing Remarks
Closing Remarks Nykode Therapeutics | Q3 '25 webcast | Non-confidential 33
Slide 34: Q&A
Q&A • Michael Engsig, CEO • Agnete Fredriksen, CSO and Business Development • Harald Gurvin, CFO Nykode Therapeutics | Q3 '25 webcast | Non-confidential 34
Slide 35: 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 | Q3 '25 webcast | Non-confidential