Q1 2026 Financial Results Q1 2026 Webcast presentation

May 27, 2026

MICHAEL ENGSIG

Chief Executive Officer

AGNETE FREDRIKSEN

Chief Scientific Officer &

Business Development

HARALD GURVIN

Chief Financial Officer

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 2028-20291

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.

Nykode Therapeutics | Q1 '26 webcast | Non-confidential 6

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 ~ 134,0001,2,3

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 ~ 63,0001,2,3

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.html. Laryngeal: Laryngeal Cancer Overview - 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.pdf, 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)

Objective response rate (ORR) of abi-suva in combination with CPI compared to historical CPI monotherapy1

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

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.

• 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/106 PBMC

(background-subtracted)

360

340

240

200

160

100

50

0

Baseline Peak

• 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

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

Interim analyses for efficacy are planned throughout the trial, with the first analysis of approx. 33% of patients expected during 2027

• 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

• 1st interim readout expected in 2027

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

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 to attend and present at the 9th International Neoantigen Summit on July 22nd

Nykode Therapeutics | Q1 '26 webcast | Non-confidential 14

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

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

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.

Nykode Therapeutics | Q1 '26 webcast | Non-confidential 19

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

Nykode Therapeutics | Q1 '26 webcast | Non-confidential 21

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

Equity

• Total equity of $87.5m as per March 31, 2026

• Equity ratio of 93%

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

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

• Michael Engsig, CEO

• Agnete Fredriksen, CSO and Business Development

• Harald Gurvin, CFO

Nykode Therapeutics | Q1 '26 webcast | Non-confidential 27