Nykode Therapeutics : Q4 2025 Financial Results Nykode Q4 2025 Report

About this update from Nykode Therapeutics Asa

‌4TH QUARTER2025 INTERIM REPORT Nykode Therapeutics ASA | Gaustadalléen 21, N-0349 Oslo, Norway | W: nykode.com | Org.no. N-990 646 066 MVA ‌HIGHLIGHTS Oslo, Norway, February 25, 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 December 31, 2025. Financial results for the fourth quarter 2025: Total revenue and other income of USD 0.0 million, compared to USD 6.9 million for the fourth quarter of 2024. Total operating expenses of USD 8.1 million, compared to USD 12.9 million for the fourth quarter of 2024. Net loss of USD 8.0 million, compared to a net loss of USD 6.8 million for the fourth quarter of 2024. Strong cash position of USD 60.3 million as of December 31, 2025. Highlights for the fourth quarter 2025: Advanced preparation for the Abili-T trial: submitted protocol to UK and relevant EU regulators, and received UK regulatory authorization in December. Secured supply of pembrolizumab for the Abili-T trial. U.S. patent granted relating to the company's proprietary NeoSELECT TM platform used for the selection of neoantigens for VB10.NEO, strengthening our intellectual property portfolio. Presented new analyses from two clinical trials further validating NeoSELECT's ability to identify neoantigens that drive strong and durable immune responses. Presented new preclinical data indicating that the company's ASIT platform can modulate the humoral immune response, including after disease induction. Expanded into a new preclinical autoimmune indication, Vitiligo, demonstrating that Nykode's targeted approach is capable of reducing CD8+ disease-mediated T cell response. Highlights after December 31, 2025: Announced new interim data from the VB-C-03 trial in head and neck cancer, showing an objective response rate of 38.5%, a significant improvement of current standard of care of 19%. The results will be presented at an oral presentation at the International Congress on Innovative Approaches in Head & Neck Oncology (ICHNO) in March 2026. ‌KEY FINANCIAL FIGURES 4TH QUARTER TWELVE MONTHS ENDED Amounts in USD '000 2025 2024 2025 2024 Total revenue and other income - 6,894 453 9,158 Total operating expenses 8,090 12,883 29,041 57,489 Operating profit (loss) (8,090) (5,989) (28,588) (48,331) Net profit (loss) for the period (7,997) (6,756) (12,240) (38,821) Net cash flow (3,343) (8,642) (59,536) (45,689) Cash and cash equivalents, end of period 60,289 115,398 60,289 115,398 Outstanding shares, end of period 326,546,444 326,546,444 326,546,444 326,546,444 Cash and cash equivalents/total assets 60 % 75 % 60 % 75 % Equity ratio 92 % 89 % 92 % 89 % Equity 91,537 136,214 91,537 136,214 Total assets 99,955 153,481 99,955 153,481 Employees, average 60 145 73 167 Employees, end of period 59 139 59 139 Michael Engsig, Chief Executive Officer of Nykode, comments: Abi-Suva continues to progress according to plan, and we remain on track to dose the first patient in the Abili-T randomized Phase 2 trial in the first half of 2026. Based on our current timelines, we expect a first interim readout approximately 12-15 months following first patient dosing. Following the recent February VB-C-03 interim update, the combination of abi-suva and pembrolizumab delivered an objective response rate of 38.5%, providing additional support for advancing this regimen into a randomized controlled setting. ‌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 a focus on initiating a new randomized controlled trial, Abili-T, 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. 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. The 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 HPV16+ 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. The ongoing VB-C-03 trial is an open-label, dose-escalation Phase 1/2a study of abi-suva in combination with pembrolizumab (KEYTRUDA® 1 ) for PD-L1- positive, first-line, non-resectable, recurrent or metastatic squamous cell head and neck cancer (NCT06016920) with doses up to 9 mg. The last patient is expected to receive the final abi-suva dose in May 2026. New interim data announced in February show an objective response rate of 38.5%, a significant improvement of current standard of care of 19%. The results will be presented at an oral presentation at the International Congress on Innovative Approaches in Head & Neck Oncology (ICHNO) in March 2026. 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®), versus pembrolizumab alone, as first-line treatment for human papilloma virus (HPV)16-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 will supply pembrolizumab for the Abili-T trial. Preparations for the initiation of the Abili-T trial are proceeding according to plan. The protocol for the trial was submitted to the UK regulatory authorities in November and the relevant EU regulatory authorities in early December 2025. The application was subsequently approved by the UK authorities in late December. Based on early correspondence with EU regulatory authorities, an approval of the application is expected in the second quarter of 2026 Based on current timelines, Nykode expects the first patient dosed during the first half of 2026. Interim analyses for efficacy are planned throughout the trial, with the first interim analysis expected in 2027. VB10.NEO VB10.NEO is a clinically validated individualized neoantigen therapy (INT) with potential applicability across a broad spectrum of cancer indications. In November 2025, Nykode was granted a U.S. patent (no. 12,462,898) titled "Method For Selecting Neoepitopes," which relates to the company's proprietary NeoSELECT TM platform used for the selection of neoantigens for VB10.NEO. The patent strengthens Nykode's intellectual property position on selecting the right targets for the therapy, which is one of the 1 KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA. key elements of designing the most effective INT. The patent is valid until September 2039. At the Society for Immunotherapy of Cancer (SITC) 2025 annual meeting in November, Nykode presented new data from two clinical trials that further validate the ability of Nykode's proprietary NeoSELECT TM platform to identify neoantigens that drive strong and durable immune responses. VB10.NEO induced neoantigen-specific T cell responses in 94% and 100% of participants in the VB N-01 and VB N-02 trials, respectively. Further, survival analyses from the VB N-01 trial showed that high-quality, immunogenic neoantigens prioritized by NeoSELECT TM were associated with favorable overall survival in a heterogeneous, heavily pre-treated patient population. At the NextGen Biomed conference in March 2026, Nykode will further showcase 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 15 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 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. At the Protein & Antibody Engineering Summit (PEGS) in November, Nykode showcased novel data demonstrating that it's APC-targeted vaccine candidates reduced antigen-specific IgG auto-antibody production in the EAE pre-clinical model, even when administered after disease induction. This ability to effectively modulate also the humoral component of the immune response underscores the potential of Nykode's APC-targeted vaccine candidate's for advancing autoimmune disease therapies. Nykode is further expanding the range of autoimmune disease models where the APC-targeting ASIT platform is capable of modulating the immune response. In a preclinical vitiligo model, data demonstrated the ability to reduce a TRP2-specific CD8+ disease-mediated T cell response. At the Keystone Symposia: Autoimmunity & Autoinflammation in January 2026, Nykode presented further insight into the translatability of its ASIT platform where various targeted therapies binds human APCs at low nM range with ability to modulate the specific immune response. 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, Nykode is actively extending its exploratory efforts in other preclinical models and continuing its pioneering work using AI for antigen selection and optimal product design to further showcase a strong and diverse technology that can be applied for various autoimmune disorders. In March 2026, Nykode will present data and further progress on the APC-targeted ASIT platform's ability to precisely re-establish antigen-specific immune tolerance through selective antigen delivery to APCs at both the 9th Antigen-Specific Immune Tolerance Summit (ASIT) in Boston and at NextGen Biomed in London. Other Nykode has received a letter from the Norwegian Tax Administration (Norw: Skatteklagenemda) stating that we can expect an outcome of the appeal under the pending tax case in the first half of 2026. Nykode continues discussions with Regeneron regarding the future of the collaboration programs, and these programs are no longer included in Nykode's strategy or financial forecasts. ‌FINANCIAL REVIEW (Numbers in brackets are for the corresponding period the previous year unless otherwise specified) Income statement for the fourth quarter 2025 The fourth quarter of 2025 showed a net loss of USD 8.0 million compared to a net loss of USD 6.8 million for the same period in 2024. Total revenue and other income amounted to USD 0.0 million, compared to USD 6.9 million for the same period in 2024. Revenue from contracts with customers was USD 0.0 million (USD 6.8 million). The decrease is mainly due to the termination of the Genentech agreement in the fourth quarter of 2024. Total operating expenses amounted to USD 8.1 million, compared to USD 12.9 million for the same period in 2024. Employee benefit expenses were USD 3.9 million in the fourth quarter of 2025 (USD 8.3 million). The decrease in employee benefit expenses is mainly due to fewer employees in the fourth quarter of 2025 compared to the same period in 2024 following an organizational restructuring. Other operating expenses decreased from USD 4.1 million in the fourth quarter of 2024 to USD 3.7 million in the fourth quarter of 2025. The decrease mainly reflects reduced clinical activities compared to previous year. Net financial income and costs were positive USD 0.04 million in the fourth quarter of 2025 (USD 1.0 million negative). Finance income and finance costs mainly relate to interest income and movements in foreign currency exchange rates. The increase is mainly due to lower currency losses in the fourth quarter of 2025 compared to the same period in 2024, mainly caused by movements in the USD/NOK exchange rate relating to the cash balance held in NOK and the non-current receivable denominated in NOK. The Group recognized tax income of USD 0.0 million in the fourth quarter of 2025 compared to a tax income of USD 0.2 million in the same period of 2024. The income tax expense is primarily related to movement in deferred tax and currency translation effects. Income statement for the year ended December 31, 2025 The net result for the year ended December 31, 2025 was a net loss of USD 12.2 million compared to a net loss of USD 38.8 million for the same period in 2024. Total revenue and other income amounted to USD 0.5 million compared to USD 9.2 million for the same period in 2024. Revenue from contracts with customers was USD 0.0 million (USD 8.7 million). The decrease is mainly due to the termination of the Genentech agreement in the fourth quarter of 2024. Other income was USD 0.5 million (USD 0.5 million) and relates to government grants. Total operating expenses amounted to USD 29.0 million compared to USD 57.5 million for the same period in 2024. Employee benefit expenses were USD 13.6 million (USD 31.0 million). The decrease in employee benefit expenses is mainly due to the reduced number of employees. Other operating expenses decreased from USD 24.2 million in the year ended December 31, 2024 to USD 13.5 million in the year ended December 31, 2025. The decrease mainly reflects reduced clinical activities compared to previous year. Net financial income and costs were positive USD 10.9 million in the year ended December 31, 2025 (USD 2.8 million positive). Finance income and finance costs mainly relate to interest income and movements in foreign currency exchange rates. The increase is primarily due to a net currency gain of USD 7.5 million in 2025, compared to a net loss of USD 4.0 million in 2024. The currency gain/loss is mainly caused by movements in the USD/NOK exchange rate relating to the cash balance held in NOK and the non-current receivable denominated in NOK. The Group recognized tax income of USD 5.5 million compared to USD 6.7 million in the same period of 2024. The income tax expense is primarily related to movement in deferred tax and currency translation effects. Statement of financial position Cash and cash equivalents amounted to USD 60.3 million at December 31, 2025 compared to USD 115.4 million at December 31, 2024. Total equity amounted to USD 91.5 million at December 31, 2025, compared to USD 136.2 million at December 31, 2024. The decrease is mainly due to the net loss for the period of USD 12.2 million and the dividend of USD 32.3 million paid in the second quarter of 2025. Other non-current receivables were USD 32.2 million (USD 28.6 million), which mainly reflects the NOK 325 million (USD 29 million) payment to the Norwegian Tax Authorities ("NTA") in the fourth quarter of 2023 following their negative decision, where the NTA reiterated their position that the upfront 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 Administration (Norw: Skatteklagenemda). The increase is due to movements in exchange rates. Cash flow for the fourth quarter 2025 Net change in cash and cash equivalents was negative USD 3.3 million in the fourth quarter of 2025 compared to negative USD 8.6 million for the same period in 2024. Net cash flow from operating activities was negative USD 5.2 million in the fourth quarter of 2025 (USD 11.4 million negative), primarily driven by a reduction of contract liabilities related to the Genentech agreement in the fourth quarter of 2024 and an increase in trade and other payables in the fourth quarter of 2025, offset by a higher loss before tax in the fourth quarter in 2025 compared to the same period in 2024. Net cash flow from investing activities was positive USD 2.1 million in the fourth quarter of 2025 (USD 3.2 million positive). The amounts mainly relate to interest received. Net cash flow from financing activities was negative USD 0.3 million in the fourth quarter of 2025 (USD 0.5 million negative). Cash flow for the year ended December 31, 2025 Net change in cash and cash equivalents was negative USD 59.5 million in the year ended December 31, 2025, compared to USD 45.7 million negative for the same period in 2024. Net cash flow from operating activities was negative USD 29.5 million in the year ended December 31, 2025, compared to USD 51.2 million negative for the same period in 2024, primarily driven by reduced loss before tax in 2025 compared to the same period in 2024, offset by increased unrealized currency gain. Net cash flow from investing activities was positive USD 3.5 million in the year ended December 31, 2025 (USD 6.9 million positive). The amounts mainly relate to interest received. Net cash flow from financing activities was negative USD 33.6 million in the year ended December 31, 2025 (USD 1.4 million negative), primarily due to the USD 32.3 million dividend payment in June 2025. ‌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 initiating the randomized controlled trial in HPV16-driven 1st-line recurrent/ metastatic head and neck cancer, designed to demonstrate clinical efficacy and support the continued advancement of abi-suva. We expect to dose the first patient during the first half of 2026. Interim efficacy analyses are planned throughout the trial, with the first interim analysis expected in 2027. Interim data from the VB-C-03 trial will be presented at the 10th International Congress on Innovative Approaches in Head & Neck Oncology (ICHNO) in March, 2026. 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 15 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 Q4 2025 Nykode Therapeutics 9 Revenue from contracts with customers Other income Total revenue and other income 4 5 - - - 6,773 121 6,894 - 453 453 8,679 479 9,158 Employee benefit expenses 3,851 8,257 13,552 31,037 Other operating expenses 6 3,734 4,079 13,450 24,201 Depreciation 505 547 2,039 2,251 Operating profit (loss) (8,090) (5,989) (28,588) (48,331) Finance income 7 657 2,387 13,287 9,000 Finance costs 7 613 3,385 2,396 6,182 Profit (loss) before tax (8,046) (6,987) (17,697) (45,513) Income tax expense (income) (49) (231) (5,457) (6,692) Profit (loss) for the period (7,997) (6,756) (12,240) (38,821) Other comprehensive income: 124 124 (7) (7) 54 54 (12) (12) 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 124 (7) 54 (12) Total comprehensive income for the period (7,873) (6,763) (12,186) (38,833) Earnings per share ("EPS"): Basic EPS - profit or loss attributable to equity holders (0.02) (0.02) (0.04) (0.12) Diluted EPS - profit or loss attributable to equity holders (0.02) (0.02) (0.04) (0.12) ‌Amounts in USD '000 Notes Q4 2025 Q4 2024 YTD 2025 YTD 2024 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 Q4 2025 Nykode Therapeutics 10 CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION Amounts in USD '000 Notes 31/12/2025 31/12/2024 Barbara Susanne Oslo, February 24, 2026 Christian ASSETS Non-current assets Property, plant and equipment 3,044 3,741 Right-of-use assets 2,640 4,001 Intangible assets 72 72 Deferred tax asset 84 - Other non-current receivables 32,224 28,601 Total non-current assets 38,064 36,415 Current assets Other receivables 1,602 1,668 Cash and cash equivalents 60,289 115,398 Total current assets 61,891 117,066 TOTAL ASSETS 99,955 153,481 EQUITY AND LIABILITIES Equity Share capital 367 367 Share premium 96,707 128,986 Other capital reserves 18,653 18,683 Other components of equity (3,006) (3,060) Retained earnings (21,184) (8,762) Total equity 91,537 136,214 Non-current liabilities Non-current lease liabilities 1,300 2,145 Other non-current liabilities 926 822 Deferred tax liabilities - 5,201 Total non-current liabilities 2,226 8,168 Current liabilities Current lease liabilities 1,250 1,293 Trade and other payables 4,074 3,679 Current provisions 868 4,103 Income tax payable - 24 Total current liabilities 6,192 9,099 Total liabilities 8,418 17,267 TOTAL EQUITY AND LIABILITIES 99,955 153,481 Trygve Krebs-Pohl Stuffers John Beadle Åbyholm Lauvdal Chair of the Board Board Member Board Member Board Member Board Member Michael Thyrring Engsig CEO Nykode Therapeutics ASA | Gaustadalléen 21, N-0349 Oslo, Norway | W: nykode.com | Org.no. N-990 646 066 MVA QUARTERLY REPORT Q4 2025 Nykode Therapeutics 11 CASH FLOWS FROM OPERATING ACTIVITIES Profit (loss) before tax (8,046) (6,987) (17,697) (45,513) Adjustments to reconcile profit before tax to net cash flows: Income tax expense (34) (137) (34) (137) Net financial items (1,552) (554) (10,961) (2,459) Depreciation of property, plant and equipment 179 184 732 743 Depreciation of Right-of-use assets 326 363 1,307 1,508 Share-based payment expense 155 338 (30) 3,787 Working capital adjustments: Changes in trade receivables and other receivables 1,401 2,434 67 1,405 Changes in trade and other payables and other liabilities 2,083 (1,186) 395 (2,563) Changes in contract liabilities, current provisions and government grants 4 318 (5,856) (3,235) (7,989) Changes in non-current provisions - - - (2) Net cash flows from operating activities (5,170) (11,401) (29,456) (51,220) Cash flows from investing activities Purchase of property, plant and equipment - (49) (38) (71) Interest received 2,149 3,296 3,554 7,002 Net cash flows from investing activities 2,149 3,247 3,516 6,931 Cash flow from financing activities Payments of the principal portion of the lease liability (296) (450) (1,200) (1,221) Payments of the interest portion of the lease liability (26) (38) (117) (179) Dividend paid - - (32,279) - Net cash flows from financing activities (322) (488) (33,596) (1,400) Net increase/(decrease) in cash and cash equivalents (3,343) (8,642) (59,536) (45,689) Cash and cash equivalents at beginning of the year/period 63,930 124,619 115,398 162,602 Net foreign exchange difference (298) (579) 4,427 (1,515) Cash and cash equivalents, end of period 60,289 115,398 60,289 115,398 Amounts in USD '000 Notes Q4 2025 Q4 2024 YTD 2025 YTD 2024 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 QUARTERLY REPORT Q4 2025 Nykode Therapeutics 12 CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY Other Share Other capital Share Other capital 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 - - - - (12,240) (12,240) Other comprehensive income - - - 54 - 54 Dividend paid - (32,279) - - - (32,279) Share based payments - - (30) - - (30) Other - - - - (182) (182) Balance at December 31, 2025 367 96,707 18,653 (3,006) (21,184) 91,537 Other components Retained Amounts in USD '000 Share capital premium reserves of equity earnings Total equity Balance at December 31, 2023 367 128,986 15,395 (3,048) 29,559 171,259 Profit (loss) for the period - - - - (38,821) (38,821) Other comprehensive income - - - (12) - (12) Share based payments - - 3,288 - 500 3,788 Balance at December 31, 2024 367 128,986 18,683 (3,060) (8,762) 136,214 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 December 31, 2025 were authorized by the Board of Directors on February 24, 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, 2024. 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, 2024. 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. Revenue from contracts with customers Q4 2025 Q4 2024 YTD 2025 YTD 2024 Major products and services R&D services - 6,773 - 8,679 Total revenue - 6,773 - 8,679 Geographical distribution Q4 2025 Q4 2024 YTD 2025 YTD 2024 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, 2024 Operating segment and Revenue from contracts with customers The Group is organized as one operating segment. In the table below non-current assets are broken down by geographical areas based on the location of the operations: United States of America - 6,773 - 8,679 Total revenue - 6,773 - 8,679 The revenue information above is based on the location of the customers. Timing of revenue recognition Q4 2025 Q4 2024 YTD 2025 YTD 2024 Goods/services transferred at a point in time Services transferred over time - - 12 6,761 - - 226 8,453 Total revenue - 6,773 - 8,679 The transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at December 31, are as follows: Non-current assets 31/12/2025 31/12/2024 Norway Denmark 37,578 486 35,726 689 Total non-current assets 38,064 36,415 Revenue from contracts with customers Revenue from contracts with customers relates to Nykode's delivery of R&D activities to Genentech and Regeneron under the respective agreements. Following the termination of the agreement with Genentech in November 2024, Nykode recognized the remaining contract liability as revenue in the fourth quarter of 2024. 2025 2024 Within one year More than one year - - - - Total - - Following the termination of the agreement with Genentech in the fourth quarter of 2024, Nykode no longer has any performance obligations. At 1 January Transferred to trade receivables Rendering of services in the period - - - (8,233) (220) 8,453 Total contract assets/liabilities (-) - - Contract assets/liabilities (-) 31/12/2025 31/12/2024 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 0.0 million in the fourth quarter of 2025 (Q4 2024: USD 0.1 million) and USD 0.5 million in the full year 2025 (YTD 2024: USD 0.4 million) classified as other income. The Group had government grant receivables related to SkatteFUNN of USD 0.5 million at December 31, 2025 and USD 0.4 million as at December 31, 2024. Other operating expenses Other operating expenses consisted mainly of research and development expenses in the fourth quarters of 2025 and 2024. Total research and development expenses were USD 3.8 million in the forth quarter of 2025 (Q4 2024: USD 9.1 million), and USD 13.4 million in the twelve months ended December 31, 2025. (Twelve months ended December, 31 2024: USD 39.7 million), recognized as employee benefit expenses, other operating expenses and depreciation in the statement of comprehensive income. Financial income and costs Finance income Q4 2025 Q4 2024 YTD 2025 YTD 2024 Gain on foreign exchange Interest income 50 607 1,050 1,337 9,733 3,554 1,998 7,002 Total finance income 657 2,387 13,287 9,000 Finance costs Q4 2025 Q4 2024 YTD 2025 YTD 2024 Loss on foreign exchange Interest expenses Interest expense on lease liabilities 584 3 26 3,343 4 38 2,271 6 119 5,994 9 179 Total finance costs 613 3,385 2,396 6,182 Unrecognised Deferred Tax Assets As per December 31, 2025, the Group's tax loss carried forward and other deductible temporary differences correspond to a potential deferred tax asset of USD 1.2 million. In accordance with IAS 12, no deferred tax asset has been recognized in the statement of financial position. Shareholder Information 10 Financial instruments Nykode's Shareholders: Shareholders in Nykode Therapeutics ASA at December 31, 2025 Total shares Ownership/ Voting rights Set out below is an overview of financial assets and liabilities held by the Group as at December 31, 2025 and December 31, 2024: 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 DECEMBER 31, 2025 Victoria India Fund AS 17,705,175 5.42 % Assets Financial instruments at Financial instruments at fair Other non-current receivables 32,224 - 32,224 Other receivables 1,602 - 1,602 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 60,289 - 60,289 Joh Johannson Eeiendom AS 10,561,631 3.23 % Total financial assets 94,115 - 94,115 Radforsk Investeringsstiftelse 7,065,311 2.16 % Liabilities OM Holding AS 4,919,525 1.51 % Trade and other payables 4,074 - 4,074 Portia AS 4,500,000 1.38 % Krag Invest AS 4,470,100 1.37 % Clearstream Banking S.A. 3,554,298 1.09 % J.P. Morgan SE 3,521,078 1.08 % Hofland 2,853,366 0.87 % Verdipapirfondet KLP Aksjenorge IN 2,783,251 0.85 % Alden AS 2,550,000 0.78 % 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 % RTTM Holding AS 2,056,496 0.63 % Non-current lease liabilities 1,300 - 1,300 Current lease liabilities 1,250 - 1,250 Total financial liabilities 6,624 - 6,624 AS AT DECEMBER 31, 2024 Assets Other non-current receivables 28,601 - 28,601 Other receivables 1,668 - 1,668 Other current financial assets Cash and cash equivalents 115,398 - 115,398 Total financial assets 145,667 - 145,667 Liabilities Trade and other payables 3,679 - 3,679 Non-current lease liabilities 2,145 - 2,145 Other Shareholders 151,424,410 46.37 % Current lease liabilities 1,293 - 1,293 Total 326,546,444 100.00 % Total financial liabilities 7,117 - 7,117 There are no changes in the classification and measurement of the Group's financial assets and liabilities. Share based payments The following tables illustrates the number and weighted average exercise price (WAEP) of, a re options during the periods: 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) Events after the reporting date Dr. Barbara Krebs-Pohl was elected Chair of the Board, and Dr. John Beadle and Susanne Stuffers were elected as Board members at an extraordinary general meeting held on January 21, 2026. On January 30, 2026 a total of 600,000 share options were granted to these board members under the company's share option scheme and in accordance with the resolution from the extraordinary general meeting held on January 21, 2026. The share options have a strike price of NOK 7.00 per share. The share options will vest equally over a three year vesting period; on the date of the Annual General Meeting in 2027, the date of the Annual General Meeting in Options exercised - - 2028 and the date for the Annual General Meeting in 2029. The share options will expire on Options expired 38.70 (1,962,497) January 1, 2030. Options cancelled 22.67 (7,297,714) Outstanding options at December 31 8.30 14,481,512 2024 2024 WAEP (NOK) Number Outstanding options at January 1 32.13 10,951,751 Options granted 15.53 3,457,491 Options forfeited 32.63 (2,054,811) Options exercised - - Options expired - - Outstanding options at December 31 27.40 12,354,431 ‌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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