Nykode Therapeutics : Q1 2026 Financial Results Nykode Q1 2026 Report

About this update from Nykode Therapeutics Asa

‌1ST QUARTER2026 INTERIM REPORT Nykode Therapeutics ASA | Gaustadalléen 21, N-0349 Oslo, Norway | W: nykode.com | Org.no. N-990 646 066 MVA ‌HIGHLIGHTS Oslo, Norway, May 27, 2026 - Nykode Therapeutics ASA (OSE: NYKD), a clinical-stage biopharmaceutical company dedicated to the discovery and development of novel immunotherapies, today announced its unaudited financial results for the quarter ended March 31, 2026. Financial results for the first quarter 2026: Total revenue and other income of USD 0.2 million, compared to USD 0.1 million for the first quarter of 2025. Total operating expenses of USD 6.8 million, compared to USD 7.7 million for the first quarter of 2025. Net loss of USD 4.1 million, compared to a net loss of USD 1.4 million for the first quarter of 2025. Strong cash position of USD 51.3 million as of March 31, 2026. Highlights for the first quarter 2026: Received approval from Norwegian, French, Spanish, Hungarian, Polish, Czech and German regulatory authorities to commence our Abili-T trial. Presented new interim data from the VB-C-03 trial at ICHNO showing promising clinical activity with an objective response rate (ORR) of 38.5%, that would be a significant improvement of current standard of care of 19%. The ORR, along with superior safety data and dose regimen compared to recent competitor data, builds a strong foundation for the Abili-T trial. Presented new preclinical data further highlighting the versatility and differentiating capabilities of the company's proprietary antigen-specific immune tolerance (ASIT) platform and its translational potential in human settings at the 9th Antigen-Specific Immune Tolerance Summit in Boston in March. Highlights after March 31, 2026 First patient dosed in the Abili-T trial, marking a pivotal milestone in Nykode's clinical development program and reinforcing the company's strategy to advance abi-suva as a targeted immunotherapy for the significant unmet medical need that exists in HPV16-driven cancers. Presented additional data from the VB-C-03 trial at AACR, showing immunogenicity in 100% of the evaluable patients in the 6 and 9mg groups (n=10). The responses were both rapid and durable, with a demonstrated persistence into the last analyzed timepoint at the completed end-of-treatment. Showcased our AI-powered immunotherapy design platform spanning predictive modelling, large-scale construct evaluation, and interpretable AI at a leading industry conference in April. ‌KEY FINANCIAL FIGURES 1ST QUARTER FULL YEAR Amounts in USD '000 2026 2025 2025 Total revenue and other income 240 137 453 Total operating expenses 6,776 7,680 29,041 Operating profit (loss) (6,536) (7,543) (28,588) Net profit (loss) for the period (4,113) (1,444) (12,240) Net cash flow (9,918) (10,361) (59,536) Cash and cash equivalents, end of period 51,282 106,234 60,289 Outstanding shares, end of period 326,546,444 326,546,444 326,546,444 Cash and cash equivalents/total assets 55 % 72 % 60 % Equity ratio 93 % 91 % 92 % Equity 87,513 133,947 91,537 Total assets 93,868 146,614 99,955 Employees, average 59 95 73 Employees, end of period 57 75 59 Michael Engsig, Chief Executive Officer of Nykode, comments: "The first quarter of 2026 was defined by strong operational execution with EU regulatory approval secured for the Abili-T trial in March, leading to first patient dosed in May already. With this, abi-suva has moved firmly from preparation into clinical delivery, with the first interim analysis from Abili-T expected in 2027. Further, C-03 data presented orally at ICHNO in March showed a 38.5% objective response rate, that would be a significant improvement of current standard of care of 19%. Alongside continued progress on VB10.NEO and our ASIT platform, Nykode remains focused and well funded to deliver against upcoming inflection points." ‌BUSINESS UPDATE Business Update Strategy Nykode's strategy is focused on three core assets with the greatest potential to deliver significant clinical and commercial impact. Abi-suva is prioritized as the lead value driver, with the initiation of the randomized controlled Abili-T trial in HPV16-driven first-line recurrent/metastatic head and neck cancer (1L r/m HNSCC) designed to demonstrate clinical efficacy and support continued advancement of the asset. The first patient was dosed in May 2026 and Nykode is on track to meet the key inflection point with the first interim readout in 2027. Development of VB10.NEO is focused on strengthening its position as the most attractive unencumbered individualized neoantigen therapy through targeted investments, leveraging anticipated peer data readouts expected within the next 12 months. The immune-tolerance platform is being further advanced with the aim to leverage Nykode's differentiated technology with best-in-class potential and pursuing partnerships to accelerate development. Nykode maintains disciplined execution and financial focus to reach key inflection points within the estimated cash runway into 2028, further extending into 2029 based on a positive outcome in the pending tax case. Abi-suva Abi-suva is an off-the-shelf therapeutic immunotherapy targeting human papilloma virus (HPV)16-positive induced malignancies, with head and neck cancer and cervical cancer as the primary indications, both representing areas of significant unmet medical need. The product candidate is wholly owned by Nykode. Abili-T trial In May 2026, the first patient was dosed in the Abili-T trial, marking a pivotal milestone in the Company's clinical development program and reinforcing its strategy to advance abi-suva as a targeted immunotherapy for HPV16-driven cancers with significant unmet medical need. In March 2026, Nykode received approval from relevant EU regulatory authorities to commence the Abili-T trial across seven new countries (Norway, France, Spain, Hungary, Poland, Czech Republic and Germany). Approval from UK regulatory authorities had previously been received in December 2025. Interim analyses for efficacy are planned throughout the trial, with the first interim analysis expected in 2027. The Abili-T trial is a randomized, open-label, multicenter Phase 2 trial which will evaluate abi-suva in combination with MSD's (Merck & Co., Inc., Rahway, NJ, USA) anti-PD-1 therapy, pembrolizumab (KEYTRUDA® 1 ), versus pembrolizumab alone, as first-line treatment for HPV16-positive, PD-L1-positive recurrent or metastatic head and neck squamous cell carcinoma (1L r/m HNSCC). The trial will enroll up to 100 patients and is powered to deliver robust efficacy data in combination with pembrolizumab, the current standard of care for PD-L1-positive 1L r/m HNSCC. MSD supplies pembrolizumab for the trial. VB-C-03 trial In March 2026, Nykode presented interim data showing an objective response rate (ORR) of 38.5%, that would be a significant improvement of current standard of care of 19%. The results were presented at an oral presentation at the International Congress on Innovative Approaches in Head & Neck Oncology (ICHNO). In April 2026, Nykode presented additional immunogenicity data at the American Association for Cancer Research (AACR) showing HPV16-spesific vaccine induced immune responses in 100% of the evaluable patients in the 6 and 9mg groups (n=10), which were both rapid and durable. The data demonstrated resistance into the last analyzed time point at the completed end-of-treatment and shows abi-suva's strength as a possible durable treatment 1 KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA. The last patient received the final abi-suva dose in May 2026. The VB-C-03 trial is an open-label, dose-escalation Phase 1/2a study of abi-suva in combination with pembrolizumab for PD-L1- positive, first-line, non-resectable, recurrent or metastatic squamous cell head and neck cancer (NCT06016920) with doses up to 9 mg. VB10.NEO VB10.NEO is a clinically validated individualized neoantigen therapy (INT) with potential applicability across a broad spectrum of cancer indications. At the NextGen Biomed conference in March 2026, Nykode held a scientific presentation exhibiting the VB10.NEO platform. With its established supply chain, proprietary AI-powered epitope selection algorithm and strong durable clinical immune response achieved across two clinical trials. VB10.NEO is well positioned to leverage on peer data readouts expected within the next 12 months. Immune-Tolerance Autoimmune disorders are caused by unwanted immune responses to self-antigens. Antigen-specific immune tolerance (ASIT) can suppress autoimmunity without compromising normal immune function. This approach also has potential applications in treating allergies and preventing organ transplant rejection. Recent advancements support the best-in-class potential of Nykode's proprietary Antigen Presenting Cell (APC)-targeting platform, specifically in reducing unwanted, disease-causing immune responses with long, durable reversion of disease symptoms and with efficacy proven to be dependent on APC-targeting. Nykode will further substantiate the platform's potential and explore partnerships to advance development and diversify indications. In March 2026, Nykode presented new data and further progress on the APC-targeted ASIT platform's ability to precisely re-establish antigen-specific immune tolerance through antigen delivery to APCs at both the 9th Antigen-Specific Immune Tolerance Summit (ASIT) in Boston and at NextGen Biomed in London. At ASIT, Nykode presented both an oral presentation and a scientific poster, and contributed to a scientific panel discussion, highlighting the company's active engagement within the immune tolerance field. The data demonstrated that selective targeting of distinct APC receptors can drive potent antigen-specific immune modulation in vivo in mouse models and in vitro in human model systems. Overall, these findings demonstrate that Nykode's APC-targeted immune tolerance therapy can act through multiple arms of the antigen-specific immune system and create durable responses in several therapeutic areas. Accordingly, the ability to tailor the immune response to specific diseases has broad implications across autoimmune disorders and reinforces the platform's ability. AI Driven Drug Design In April 2026, Nykode showcased our AI-powered immunotherapy design platform spanning predictive modelling, large-scale construct evaluation, and interpretable AI at a leading industry conference. In silico construct design Nykode advanced it's proprietary AI models, which evaluate thousands of multi-antigen construct designs in parallel. Based on protein-language models and graph-based AI architectures, these models predict a candidate's properties e.g. secretion and stability before any lab work begins. Combined with our upstream antigen-selection process, this approach narrows tens of thousands of designs down to a high-confidence shortlist, significantly reducing early-stage discovery time and costs while improving the quality of candidates that progress into experimental validation. Explainable AI and interpretability Because advanced deep-learning models often act as "black boxes," we run a parallel set of interpretable machine learning models that give our scientists a transparent view alongside the deep-learning predictions. Rather than just generating a score, this interpretability layer identifies the specific construct properties that are associated with a candidate's predicted success or failure. This dual approach anchors our human-on-the-loop philosophy, ensuring that AI scales our discovery process while qualified scientific oversight is maintained at every stage. Other Nykode has received communication from the secretariat of the Norwegian Tax Appeal Board (Norw: Skatteklagenemda) that they have started working on the pending tax appeal, and that we can expect to receive a draft recommendation from the secretariat by the end of July 2026. ‌FINANCIAL REVIEW (Numbers in brackets are for the corresponding period the previous year unless otherwise specified) Income statement for the first quarter 2026 The first quarter of 2026 showed a net loss of USD 4.1 million compared to a net loss of USD 1.4 million for the same period in 2025. Total operating expenses amounted to USD 6.8 million, compared to USD 7.7 million for the same period in 2025. Employee benefit expenses were USD 2.9 million in the first quarter of 2026 (USD 3.7 million). The decrease in employee benefit expenses is mainly due to fewer employees in the first quarter of 2026 compared to the same period in 2025. Other operating expenses decreased from USD 3.5 million in the first quarter of 2025 to USD 3.3 million in the first quarter of 2026. Net financial income and costs were positive USD 2.4 million in the first quarter of 2026 (USD 4.0 million positive). Finance income and finance costs mainly relate to interest income and movements in foreign currency exchange rates. Statement of financial position Cash and cash equivalents amounted to USD 51.3 million at March 31, 2026 compared to USD 60.3 million at December 31, 2025. Total equity amounted to USD 87.5 million at March 31, 2026, compared to USD 91.5 million at December 31, 2025. The decrease is mainly due to the net loss for the period of USD 4.1 million. Other non-current receivables were USD 33.3 million (USD 32.2 million), which mainly reflects the NOK 325 million (USD 29 million equivalent) payment to the Norwegian Tax Administration ("NTA") in the fourth quarter of 2023 following their negative decision, where the NTA reiterated their position that the up-front payments received under a license agreement entered into in 2020 should be treated as taxable income in full in 2020, rather than the use of taxable gain/ loss whereby part of the taxable income should be deferred to subsequent years. Nykode has appealed the decision to the Norwegian Tax Appeal Board (Norw: Skatteklagenemda). The increase is due to movements in exchange rates. Cash flow for the first quarter 2026 Net change in cash and cash equivalents was negative USD 9.9 million in the first quarter of 2026 compared to negative USD 10.4 million for the same period in 2025. Net cash flow from operating activities was negative USD 9.6 million in the first quarter of 2026 (USD 10.4 million negative). Net cash flow from investing activities was USD 0.0 million in the first quarter of 2026 (USD 0.3 million positive). The amounts mainly relate to interest received in the first quarter of 2025. Net cash flow from financing activities was negative USD 0.3 million in the first quarter of 2026 (USD 0.3 million negative) ‌OUTLOOK Disclaimer This announcement and any materials distributed in connection with this announcement 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 assumptions as to future events and circumstances that may not prove accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. About Nykode Nykode Therapeutics is a clinical-stage biopharmaceutical company dedicated to the discovery and development of novel immunotherapies with a focus on the treatment of cancer and autoimmune diseases. Nykode's modular vaccine technology specifically targets antigens to Antigen Presenting Cells, which have been shown to induce broad, strong, and long-lasting antigen specific immune response in cancer, which correlates with clinical responses Nykode's lead product candidates are abi-suva, a therapeutic immunotherapy for the treatment of human papilloma virus (HPV)-16 induced malignancies which demonstrated favorable safety and efficacy results from its Phase 2 trial for the treatment of late-line r/m cervical cancer. Abi-suva is currently being further developed in head and neck cancer. VB10.NEO, an individualized cancer neoantigen immunotherapy, has been investigated in two trials with more than 10 different indications. Nykode is also utilizing its APC-targeted technology to create an immune tolerance platform for potential use in autoimmune disorders, organ transplant rejection, anti-drug antibody reactions, and allergies. Nykode Therapeutics' shares are traded on Oslo Stock Exchange (OSE: NYKD). Further information about Nykode Therapeutics may be found at http://www.nykode.com or you may contact the company at [email protected] . Nykode's main priority is executing on the randomized controlled Abili-T trial, designed to demonstrate clinical efficacy and support the continued advancement of abi-suva. Interim efficacy analyses are planned throughout the trial, with the first interim analysis expected in 2027. With an established supply chain, an in-house AI-powered epitope selection algorithm, and strong, durable clinical immune responses, VB10.NEO is well-positioned to leverage on peer data readouts expected within the next 12 months. Nykode will also continue investing in its ASIT platform to substantiate the platform's potential and explore partnerships to advance development and diversify indications. Nykode will continue disciplined execution and financial focus to reach key inflection points within the estimated cash runway into 2028, with further extension into 2029 based on a positive outcome of the pending tax case. QUARTERLY REPORT Q1 2026 Nykode Therapeutics 8 Other income Total other income 4 240 240 137 137 Employee benefit expenses 2,873 3,708 Other operating expenses 5 3,279 3,454 Depreciation 624 518 Operating profit (loss) (6,536) (7,543) Finance income 6 2,574 4,669 Finance costs 6 144 622 Profit (loss) before tax (4,106) (3,496) Income tax expense (income) 7 (2,052) Profit (loss) for the period (4,113) (1,444) Other comprehensive income: 76 76 (26) (26) Items that subsequently may be reclassified to profit or loss: Foreign currency translation effects Total items that may be reclassified to profit or loss Total other comprehensive income for the period 76 (26) Total comprehensive income for the period (4,037) (1,470) Earnings per share ("EPS"): Basic EPS - profit or loss attributable to equity holders (0.01) 0.00 Diluted EPS - profit or loss attributable to equity holders (0.01) 0.00 ‌Amounts in USD '000 Notes Q1 2026 Q1 2025 CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME Nykode Therapeutics ASA | Gaustadalléen 21, N-0349 Oslo, Norway | W: nykode.com | Org.no. N-990 646 066 MVA QUARTERLY REPORT Q1 2026 Nykode Therapeutics 9 ASSETS Non-current assets Property, plant and equipment 2,868 3,044 Right-of-use assets 2,228 2,640 Intangible assets 72 72 Deferred tax asset 77 84 Other non-current receivables 33,308 32,224 Total non-current assets 38,553 38,064 Current assets Other receivables 4,033 1,602 Cash and cash equivalents 51,282 60,289 Total current assets 55,315 61,891 TOTAL ASSETS 93,868 99,955 EQUITY AND LIABILITIES Equity Share capital 367 367 Share premium 96,707 96,707 Other capital reserves 18,666 18,653 Other components of equity (2,930) (3,006) Retained earnings (25,297) (21,184) Total equity 87,513 91,537 Non-current liabilities Non-current lease liabilities 1,030 1,300 Other non-current liabilities 957 926 Total non-current liabilities 1,987 2,226 Current liabilities Current lease liabilities 1,302 1,250 Trade and other payables 2,175 4,074 Current provisions 891 868 Total current liabilities 4,368 6,192 Total liabilities 6,355 8,418 TOTAL EQUITY AND LIABILITIES 93,868 99,955 Amounts in USD '000 Notes 31/03/2026 31/12/2025 CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION Oslo, May 26, 2026 Barbara Krebs-Pohl Susanne Stuffers John Beadle Chair of the Board Board Member Board Member Christian Åbyholm Trygve Lauvdal Michael Thyrring Engsig Board Member Board Member CEO Nykode Therapeutics ASA | Gaustadalléen 21, N-0349 Oslo, Norway | W: nykode.com | Org.no. N-990 646 066 MVA QUARTERLY REPORT Q1 2026 Nykode Therapeutics 10 CASH FLOWS FROM OPERATING ACTIVITIES Profit (loss) before tax (4,106) (3,496) Adjustments to reconcile profit before tax to net cash flows: Income tax expense - - Net financial items (1,830) (3,412) Depreciation of property, plant and equipment 176 184 Depreciation of Right-of-use assets 448 334 Share-based payment expense 13 (616) Working capital adjustments: Changes in trade receivables and other receivables (2,431) (704) Changes in trade and other payables and other liabilities (1,899) (298) Changes in contract liabilities, current provisions and government grants 4 23 (2,354) Changes in non-current provisions - - Net cash flows from operating activities (9,606) (10,362) Cash flows from investing activities Purchase of property, plant and equipment - (30) Interest received - 371 Net cash flows from investing activities - 342 Cash flow from financing activities Payments of the principal portion of the lease liability (289) (309) Payments of the interest portion of the lease liability (23) (32) Net cash flows from financing activities (312) (341) Net increase/(decrease) in cash and cash equivalents (9,918) (10,361) Cash and cash equivalents at beginning of the year/period 60,289 115,398 Net foreign exchange difference 911 1,197 Cash and cash equivalents, end of period 51,282 106,234 Amounts in USD '000 Notes Q1 2026 Q1 2025 CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS Nykode Therapeutics ASA | Gaustadalléen 21, N-0349 Oslo, Norway | W: nykode.com | Org.no. N-990 646 066 MVA Share Other capital components Retained Amounts in USD '000 Share capital premium reserves of equity earnings Total equity Balance at December 31, 2025 367 96,707 18,653 (3,006) (21,184) 91,537 Profit (loss) for the period - - - - (4,113) (4,113) Other comprehensive income - - - 76 - 76 Share based payments - - 13 - - 13 Balance at March 31, 2026 367 96,707 18,666 (2,930) (25,297) 87,513 QUARTERLY REPORT Q1 2026 Nykode Therapeutics 11 CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY Other Share Other capital Other components Retained Amounts in USD '000 Share capital premium reserves of equity earnings Total equity Balance at December 31, 2024 367 128,986 18,683 (3,060) (8,762) 136,214 Profit (loss) for the period - - - - (1,444) (1,444) Other comprehensive income - - - (26) - (26) Share based payments - - (616) - - (616) Other - - - - (181) (181) Balance at March 31, 2025 367 128,986 18,067 (3,086) (10,387) 133,947 Nykode Therapeutics ASA | Gaustadalléen 21, N-0349 Oslo, Norway | W: nykode.com | Org.no. N-990 646 066 MVA ‌NOTES TO THE INTERIM FINANCIAL STATEMENTS General Information The condensed consolidated interim financial statements of Nykode Therapeutics ASA and its subsidiaries ("Nykode" or "the Group") for the period ended March 31, 2026 were authorized by the Board of Directors on May 26, 2026. Nykode's shares are traded on the Oslo Stock Exchange, with the ticker symbol NYKD. Nykode Therapeutics ASA is incorporated and domiciled in Norway, and the address of its registered office is Gaustadalléen 21, 0349 Oslo, Norway. The Group consists of clinical-stage biopharmaceutical companies, dedicated to the discovery and development of novel immunotherapies with a focus on the treatment of cancer and autoimmune diseases. Nykode's modular immunotherapy technology specifically targets antigens to Antigen Presenting Cells (APCs), which have been shown to induce broad, strong and long-lasting antigen specific immune response in cancer, which correlates with clinical responses. Nykode's lead product candidates are abi-suva, a therapeutic immunotherapy for the treatment of human papilloma virus 16 induced malignancies which demonstrated positive efficacy and safety results from its Phase 2 trial for the treatment of late-line r/m cervical cancer. Abi-suva is currently being further developed in head and neck cancer. VB10.NEO, an individualized cancer neoantigen immunotherapy, has been investigated two trials with more than 10 different indications. The Group is also utilizing its APC-targeted technology to create an immune tolerance platform for the potential use in autoimmune disorders, organ transplant rejections, anti-drug antibody reactions and allergy. Basis of preparation and significant accounting policies The condensed consolidated interim financial statements of the Group comprise statement of comprehensive income, statement of financial position, statement of cash flows, statement of changes in equity and selected explanatory notes. The interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union ("EU"). The condensed consolidated interim financial statements are unaudited. The condensed consolidated interim financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with Nykode's annual financial statements as at December 31, 2025. The accounting policies adopted in the preparation of the condensed consolidated interim financial statements are consistent with those followed in the preparation of Nykode's annual financial statements for the year ended December 31, 2025. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. The condensed consolidated interim financial statements have been prepared on a historical cost basis, except for financial instruments measured at fair value. The interim financial statements are presented in United States dollar (USD) which is also the functional currency of the parent company. Amounts are reported in whole thousands (USD '000) except when otherwise stated. Further, the interim financial statements are prepared based on the going concern assumption. Material accounting judgements, estimates and assumptions The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and the underlying assumptions are reviewed on an ongoing basis. In preparing the condensed consolidated interim financial statements, the material judgments, estimates and assumptions made by management in applying the Group's accounting policies and the key source of estimation uncertainty were the same as those applied to Nykode's annual financial statements for the year ended December 31, 2025 Government grants Grant from SkatteFUNN The Group has one active R&D project approved by SkatteFUNN (a Norwegian government R&D tax incentive program designed to stimulate R&D in Norwegian trade and industry). The Group has recognized USD 0.2 million in the first quarter of 2026 (Q1 2025: USD 0.1 million) classified as other income. The Group had government grant receivables related to SkatteFUNN of USD 0.7 million at March 31, 2026 and USD 0.5 million as at December 31, 2025. Other operating expenses Other operating expenses consisted mainly of research and development expenses in the first quarters of 2026 and 2025. Total research and development expenses were USD 3.3 million in the first quarter of 2026 (Q1 2025: USD 3.4 million) recognized as employee benefit expenses, other operating expenses and depreciation in the statement of comprehensive income. Financial income and costs Finance income Q1 2026 Q1 2025 Gain on foreign exchange Interest income 2,056 518 3,519 1,150 Total finance income 2,574 4,669 Finance costs Q1 2026 Q1 2025 Loss on foreign exchange Interest expenses Interest expense on lease liabilities 121 - 23 589 - 33 Total finance costs 144 622 Unrecognised Deferred Tax Assets As per March 31, 2026, the Group's tax loss carried forward and other deductible temporary differences correspond to a potential deferred tax asset of USD 3.0 million. In accordance with IAS 12, no deferred tax asset has been recognized in the statement of financial position. Shareholder Information 9 Financial instruments Nykode's Shareholders: Shareholders in Nykode Therapeutics ASA at March 31, 2026 Total shares Ownership/ Voting rights Set out below is an overview of financial assets and liabilities held by the Group as at March 31, 2026 and December 31, 2025: RASMUSSENGRUPPEN AS 30,180,750 9.24 % amortized cost value through profit or loss Total Datum Opportunity AS 26,000,000 7.96 % AS AT MARCH 31, 2026 Victoria India Fund AS 17,705,175 5.42 % Assets Financial instruments at Financial instruments at fair Other non-current receivables 33,308 - 33,308 Other receivables 4,033 - 4,033 State Street Bank And Trust Comp 17,038,219 5.22 % Norda ASA 15,996,755 4.90 % Other current financial assets Datum AS 12,560,250 3.85 % Cash and cash equivalents 51,282 - 51,282 Joh Johannson Eiendom AS 10,561,631 3.23 % Total financial assets 88,623 - 88,623 Radforsk Investeringsstiftelse 7,065,311 2.16 % Liabilities Om Holding AS 4,919,525 1.51 % Trade and other payables 2,175 - 2,175 Portia AS 4,500,000 1.38 % Krag Invest AS 4,470,100 1.37 % J.P. Morgan SE 3,521,078 1.08 % Fougner Invest AS 2,504,477 0.77 % Datum Finans AS 2,395,500 0.73 % The Northern Trust Comp, London Br 2,255,034 0.69 % Caaby AS 2,155,295 0.66 % Verdipapirfondet DNB Norge Indeks 2,125,309 0.65 % Rttm Holding AS 2,000,000 0.61 % Melesio Invest AS 2,000,000 0.61 % Verdipapirfondet Storebrand Indeks 1,885,673 0.58 % Non-current lease liabilities 1,030 - 1,030 Current lease liabilities 1,302 - 1,302 Total financial liabilities 4,507 - 4,507 AS AT DECEMBER 31, 2025 Assets Other non-current receivables 32,224 - 32,224 Other receivables 1,602 - 1,602 Other current financial assets Cash and cash equivalents 60,289 - 60,289 Total financial assets 94,115 - 94,115 Liabilities Trade and other payables 4,074 - 4,074 Non-current lease liabilities 1,300 - 1,300 Other Shareholders 154,706,362 47.38 % Current lease liabilities 1,250 - 1,250 Total 326,546,444 100.00 % Total financial liabilities 6,624 - 6,624 There are no changes in the classification and measurement of the Group's financial assets and liabilities. 10 Share based payments The following tables illustrates the number and weighted average exercise price (WAEP) of, a re options during the periods: 2026 2026 WAEP (NOK) Number Outstanding options at January 1 8.30 14,481,512 Options granted 7.00 990,000 Options forfeited 17.76 (1,751,512) Options exercised - - Options expired - - Options cancelled - - Outstanding options at March 31 7.00 13,720,000 2025 2025 WAEP (NOK) Number Outstanding options at January 1 27.40 12,354,431 Options granted 7.00 14,035,000 Options forfeited 20.04 (2,647,708) Options exercised - - Options expired 38.70 (1,962,497) Options cancelled 22.67 (7,297,714) Outstanding options at December 31 8.30 14,481,512 ‌Nykode Therapeutics ASA Gaustadalléen 21 0349 Oslo Norway Phone: +47 22 95 81 93 E-mail: [email protected] Organization number: N-990 646 066 MVA nykode.com Nykode Therapeutics ASA | Gaustadalléen 21, N-0349 Oslo, Norway | W: nykode.com | Org.no. N-990 646 066 MVA

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