Nykode Therapeutics : Q1 2026 Financial Results Q1 2026 Webcast presentation

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Q1 2026 Results Presentation May 27, 2026 Today's presenters from Nykode MICHAEL ENGSIG Chief Executive Officer AGNETE FREDRIKSEN Chief Scientific Officer & Business Development HARALD GURVIN Chief Financial Officer 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 Randomized phase 2 trial in 1L head and neck cancer (Abili-T) First interim analysis expected in 2027 Key platform assets VB10.NEO Individualized Neoantigen Therapy (INT) with positive data in 2 basket trials with heavily pre-treated patients, proprietary antigen selection, competitive COGS & turn around time. Autoimmune diseases program utilizing the core technology with preclinical package supporting best-in-class potential Cash runway into 2028, funding key value-driving milestones Strong financial position, with disciplined cost management and cash runway to reach key milestones Cash-runway into 2028-2029 1 Highlights First patient dosed in Abili-T Abili-T multiple sites activated 38.5% ORR vs. 19% SoC presented at ICHNO in March VB-C-03 interim data shows significantly higher ORR compared to standard of care. This is supported by two previous studies showing promising efficacy and safety data (VB-C-01 and VB-C-02) 100% immunogenicity for VB-C-03 demonstrated at AACR Rapid and durable response in evaluable patients (6mg and 9mg cohorts) Human translational potential in our Antigen-Specific Immune Tolerance (ASIT) Platform Nykode ASIT constructs binds and improves antigen presentation in human APCs AI-accelerated drug design presented at BioPharma Drug Discovery Nexus 2026 Proprietary AI integrated across antigen selection, construct design and R&D workflows. Abi-suva Nykode Therapeutics | Q1 '26 webcast | Non-confidential 6 The current focus of abi-suva is 1L r/m HNSCC with the potential to expand to additional indications and lines of treatment Nykode Therapeutics | Q1 '26 webcast | Non-confidential Future potential for abi-suva HPV16+ driven cancers Incidence of HPV16+ driven cancers in EU and US is ~ 134,000 1,2,3 VB-C-02 trial indicates a strong and durable clinical effect in advanced cervical cancer patients Sales in HPV+ driven cancers expected to increase with new treatments available and treatment in earlier settings Current focus of abi-suva 1L r/m HNSCC Incidence of HPV16+ driven HNSCC cancers in EU and US is ~ 63,000 1,2,3 Unmet need as current SOC has 19% ORR and 12.3 mOS. Most HNSCC treatments in development are focused on HPV negative population. HPV16+ HNSCC sales are expected to grow to $2.3bn in 2034 (CAGR of 9.2%) 4 7 1. Cancer Stat Facts: Oral Cavity and Pharynx Cancer, 2024: https://seer.cancer.gov/statfacts/html/oralcav.htm l . Laryngeal: Laryngeal Cancer Overvie w - American Association for Cancer Research (AACR ) . 2. Cancer Facts & Figures, 2024: https://www.cancer.org/content/dam/cancer-org/research/cancer-facts-and-statistics/annual-cancer-facts-and-figures/2024/2024-cancer-facts-and-figures-acs.pd f , 3. Global Data (Cervical Cancer), 2022. Epidemiology Analysis. 4. Delveinsight: HPV16-positive Head and Neck Squamous Cell Carcinoma (HNSCC)- Market Insight, Epidemiology, and Market Forecast - 2030 (Decemb er 2024) 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 monotherapy 1 Consistent overall response rate (ORR) improvement compared to CPI monotherapy across indications VB-C-03 - 1L r/m Head and Neck Cancer ORR 39% VB-C-02 - 2L+ r/m Cervical Cancer CPI mono 1 = 19% 3 (Pembrolizumab) CPI mono 1 = 16% 2 (Atezolizumab) Abi-suva + atezo Δ~81% Abi-suva + pembro Δ~103% ORR 29% VB-C-03 VB-C-02 1 Compared to CPI used in combination with abi-suva in clinical trial 2 Salani et al. Efficacy and safety results from Skyscraper-04: An open-label randomized phase 2 trial of tiragolumab plus atezolizumab for PD-L1-positive recurrent cervical cancer. IGCS 2023. Abi-suva induced HPV16 E6 and/or E7 specific T cell responses in 10/11 patients HPV16-specific immune responses were observed in all analyzed participants receiving either 6 mg or 9 mg of abi-suva. The vaccine-induced HPV16 E6/E7 responses were robust, as demonstrated by high magnitude and strong fold-increase from baseline (baseline to peak). Ex vivo IFN-γ ELISpot responses by abi-suva dose group Dose group Vaccine-induced 380 SFU/10 6 PBMC (background-subtracted) 360 340 240 responses* 3 mg (n = 1) 0% (0/1) 6 mg (n = 5) 100% (5/5) 9 mg (n = 5) 100% (5/5) Total (n = 11) 91% (10/11) 200 160 100 50 0 Baseline Peak 3 mg 6 mg 9 mg Summary of best IFN-γ ex vivo ELISpot responses to HPV16 E6 or E7 for all participants (n = 11). Baseline and peak responses are shown as SFU/mill PBMC (background subtracted). * Statistical test: DFR1.3x to determine signal over background and ≥2-fold increase from baseline to define First patient dosed in randomized Phase 2 Abili-T trial with first interim data expected in 2027 Trial design Key inclusion criterion Treatment Endpoints HPV16+ r/m HNSCC PD-L1+ Measurable disease ECOG PS 0-1 GRIm 0-1 R (1:1) Pembrolizumab Abipapogene suvaplasmid + pembrolizumab ORR PFS DOR RMDOR DCR OS TEAEs Immunogenicity ctDNA Interim analyses for efficacy are planned throughout the trial, with the first analysis of approx. 33% of patients expected during 2027 Achievements in 2026 Forward looking Protocol approved by 7 EU regulatory authorities (Norway, France, Spain, Hungary, Poland, Czech and Germany) First patient dosed in May 2026 Multiple sites opened Focus on expansion into additional countries and sites 1 st interim readout expected in 2027 VB10.NEO Nykode Therapeutics | Q1 '26 webcast | Non-confidential 11 VB10.NEO is we l positioned in the field of individualized neoantigen therapies Peer readouts within next 12 months can create a strong conviction for INTs VB10.NEO meets requirement for ideal INT technology Continuing to strengthen this position with key activities focused on further optimizing robustness across products VB10.NEO delivers on all key success factors for an ideal INT candidate Focus in Q1 Clinical experience Nykode's two clinical trials show clear vaccine induced immune responses Antigen selection NeoSELECT - Nykode's proprietary algorithm selects relevant NeoAntigen Supply chain Nykode has a robust and proven supply chain with competitive turnaround-time Costs Nykode's DNA based therapy has both advance on cost and manufacturing complexity Nykode is well positioned as most attractive unencumbered INT ready to leverage peer readouts Nykode to attend and present at the 9 th International Neoantigen Summit on July 22nd Tolerance Nykode Therapeutics | Q1 '26 webcast | Non-confidential 14 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 effector CD4 and CD8 T cells and reduction of auto-antibodies Convenient delivery, favorable safety profile, manufacturable on standard biologics infrastructure, and human APC translational data to support fast track to clinic Nykode's APC-directed technology clinically validated in oncology Induction of antigen-specific immune tolerance by targeting disease causing epitopes to specific APCs TARGETING SPECIFIC TOLERANCE INDUCTION APC-targeted Therapy B cells Effector B cell Dendritic cells APCs Regulatory T cell Regulatory T cell Macrophages Effector T cell 1 Distinct APC targeting 2 Modified adaptive response Anergy or Deletion 3 Specific effector regulation 17 Human translational data Nykode's APC- targeted therapy binds and improves Ag presentation Binding of Nykode's Targeted Therapy to human APCs APC Non-targeted Therapy 1000 nM APC Targeted Therapy 2 nM Targeted Therapy Therapy binding APC Targeted Therapy Irrelevant Ag APC Non-targeted Therapy 2 nM APC Targeted Therapy 2 nM APC HLA-II/Ag Nykode's targeted facilitation of Ag presentation on human APCs 18 Differentiated APC-targeting enables distinct Ag-specific proliferation and induction of regulatory T cells Targeted 5 APC MOG (27-63) ✱✱✱✱ Targeted 5 Targeted 4 Targeted 3 Targeted 2 Targeted 1 Non-targeted PBS ✱✱✱✱ 10 8 ✱✱✱ 6 4 2 0 0 10 20 30 40 50 60 70 % CD4 + Thy1.2 + Ki67 + T cells One-way Anova, Tukey's multiple comp. test, *p<0.05, **p<0.01, ***p<0.001, ****p<0.0001 DIFFERENTIATED PROLIFERATION AND REGULATION OF IMMUNE RESPONSE Non-targeted Therapy ✱✱✱✱ ✱✱✱✱ ✱✱✱ Targeted 4 Targeted 3 ✱✱✱ Targeted 2 Targeted 1 %Foxp3+CD25+ of CD4 + Thy1.2 + T cells Adoptive transfer model Thy 1.2 2D2 B6 Thy 1.1 PBS Termination Non-targeted Targeted 1 Targeted 2 Targeted 3 Targeted 4 Targeted 5 Spleens CD4+ donor recipient Targeted or non- targeted Therapy injection i.m. AI driven drug design Nykode Therapeutics | Q1 '26 webcast | Non-confidential 19 How AI is Embedded in Nykode's Platform Our Competitive Differentiation Utilizing AI NeoSELECT VB10.NEO Proprietary AI algorithm selects the most immunogenic neoantigens; the core reason VB10.NEO has competitive antigen selection Construct Screening Platform-wide AI-driven design and screening reduces time and cost per candidate. Faster iteration across VB10.NEO and ASIT programs Predictive Design Quality Assurance Predictive modeling improves construct quality before synthesis; human-on-the-loop oversight ensures scientific rigor is never compromised AI literacy build across all functions in the organization Company-wide adoption of AI tools Knowledge sharing across the organization Faster decisions and smarter workflows Nykode Therapeutics | Q1 '26 webcast | Non-confidential Q1 2026 Financial Results Nykode Therapeutics | Q1 '26 webcast | Non-confidential 21 Income Statement Other income Total other income Employee benefit expenses Other operating expenses Depreciation Operating profit (loss) Finance income Finance costs Profit (loss) before tax Income tax expense (income) Profit (loss) for the period 240 240 2,873 3,279 624 (6,536) 2,574 144 (4,106) 7 (4,113) 137 137 3,708 3,454 518 (7,453) 4,669 622 (3,496) (2,052) (1,444) 453 453 13,552 13,450 2,039 (28,588) 13,287 2,396 (17,697) (5,457) (12,240) Amounts in USD '000 Q1 2026 Q1 2025 FY 2025 Other income Government grants from SkatteFUNN Employee benefit expenses Decrease in 2026 mainly due to reduced organization Finance income/costs Mainly interest income and unrealized currency movements Income tax expense (income) Shift from deferred tax liability to deferred tax asset position in 2025, recognized in accordance with IFRS Unrecognized deferred tax asset of $3.0m per March 31, 2026, compared to $1.4m per December 31, 2025 Balance Sheet Amounts in USD '000 31/03/2026 31/12/2025 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 Cash and cash equivalents Cash position of $51.3m at March 31, 2026 Other non-current receivables Mainly reflects the NOK 325m payment to the Norwegian Tax Authorities (NTA) in the fourth quarter of 2023 following the decision by the NTA on the tax treatment of upfront payments received under a license agreement entered into in 2020 Nykode has appealed the decision to the Norwegian Tax Appeal Board (Norw: Skatteklagenemda) Nykode has received communication from the secretariat of the Tax Appeal Board that they have started working on the appeal and that we can expect to receive a draft recommendation from the secretariat by the end of July 2026 Receivable is in NOK and USD equivalent will fluctuate with exchange rate movements EQUITY AND LIABILITIES Equity Share capital Share premium Other capital reserves Other components of equity Retained earnings Total equity 367 96,707 18,666 (2,930) (25,297) 87,513 367 96,707 18,653 (3,006) (21,184) 91,537 Non-current liabilities Non-current lease liabilities Other non-current liabilities Total non-current liabilities 1,030 957 1,987 1,300 926 2,226 Current liabilities Current lease liabilities Trade and other payables Current provisions Total current liabilities Total liabilities TOTAL EQUITY AND LIABILITIES 1,302 2,175 891 4,368 6,355 93,868 1,250 4,074 868 6,192 8,418 99,955 Amounts in USD '000 31/03/2026 31/12/2025 Balance Sheet - contd. Equity Total equity of $87.5m as per March 31, 2026 Equity ratio of 93% Outlook and closing remarks Nykode Therapeutics | Q1 '26 webcast | Non-confidential 25 Next 12 months Expand the number of countries and sites in Abili-T trial Expected key peer readouts on INT Continued progress on ASIT platform Well-positioned to execute strategy and meet inflection points Cash runway Cash runway into 2028-2029* Cash runway exceeding significant inflection points Nykode Therapeutics | Q1 '26 webcast | Non-confidential Next 12-24 months Abili-T first interim analysis (2027) Continued expected key peer readouts on INT *2029 based on a predicated positive outcome of the pending tax case 26 Q&A Michael Engsig, CEO Agnete Fredriksen, CSO and Business Development Harald Gurvin, CFO Nykode Therapeutics | Q1 '26 webcast | Non-confidential 27 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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