Q4 2025 Financial Results Q4 2025 Webcast presentation

February 25, 2026

MICHAEL ENGSIG

Chief Executive Officer

AGNETE FREDRIKSEN

Chief Scientific Officer & Business Development

HARALD GURVIN

Chief Financial Officer

Abi-suva (VB10.16)

Randomized clinical trial (Abili-T) in 1L R/M head and neck cancer on track to

deliver meaningful interim results within 2027

APCs

VB10.NEO

Well positioned to leverage key peer readouts in Individualized Neoantigen Therapy expected within the next 15 months

Tolerance

Aiming to become the best-in-class antigen-specific immune tolerance

(ASIT) platform

Capitalization

Well capitalized to reach significant inflection points

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Nykode Therapeutics | Q4 '25 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

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 (December 2024)

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

ORR 39%

Abi-suva + pembro

Abi-suva + atezo

Δ~81%

Δ~103%

ORR 29%

VB-C-02 VB-C-03

2L+ r/m Cervical Cancer 1L r/m Head and Neck Cancer

Key inclusion criterion

Treatment Endpoints

• HPV16+ r/m HNSCC

• PD-L1+

• Measurable disease

• ECOG PS 0-1

• GRIm 0-1

Abipapogene suvaplasmid + pembrolizumab

R (1:1)

Pembrolizumab

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

Achieved since announcement of trial (August 2025):

• Protocol submitted to UK regulatory authorities in November

• Protocol submitted to relevant EU regulatory authorities in December

• Secured supply of pembrolizumab with MSD

• Protocol approved by UK regulatory authorities in December

  Next steps:

  • Protocol expected approved by relevant EU regulatory authorities in 1H 2026

  • First patient dosed expected in 1H 2026

  • Abili-T will have meaningful interim readout within 2027

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Clinical experience

Nykode's two clinical trials* show clear vaccine induced immune responses

Antigen selection

NeoSELECT -

Nykode's proprietary algorithm selects relevant NeoAntigens

Supply chain

Nykode has a robust and proven supply chain with competitive turnaround-time

Costs

Nykode's DNA based therapy has advantage on cost and manufacturing complexity

* N-01 and N-02

New U.S. Patent Granted for VB10.NEO

• relating to the proprietary NeoSELECTTM platform selecting neoantigens for VB10.NEO

  Presenting new data from 2 clinical trials at SITC

• NeoSELECT prioritizes immunogenic neoantigens with clinical and immunological relevance

Peer readouts within next 15 months can create a strong conviction for INTs

VB10.NEO is we l positioned in the field of individualized neoantigen therapies.

VB10.NEO meets requirement for ideal INT technology

Continuing to strengthen this position with key activities focused on further optimizing robustness across products

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Convenient delivery

route supporting clinical translation

Regulate all major

autoreactive disease-causing

cells

Long durable

reversion of disease symptoms

Therapeutic efficacy

across diseases

MultiAg

Capability

Immune

regulation

Durability

Efficacy

Manufacture &

Delivery

AI competencies for

multi-antigen drug design to address

disease complexity

Presented new preclinical data indicating that our ASIT platform has the ability to modulate the humoral component of the immune response by reducing auto-antibodies in an EAE model, even after disease on-set

Further expanding the ASIT platform into a new preclinical disease model, Vitiligo, demonstrating that Nykode's targeted approach is capable of reducing CD8+ disease-mediated T cell response.

Tuneable immune regulation observed with novel human specific APC-targeting

Binding of Nykode APC Targeted Therapy to human APCs

APC targeting can either increase or decrease immune stimulation

Human Targeting Units PBMC

Non-targeted

Therapy 1000 nM

APC 1 Targeted

Therapy

2nM

APC 2 Targeted

Therapy

Non-targeted Therapy

2nM

APC

25000

TNFα (pg/mL)

20000

15000

10000

5000

CD40 agonist

APC 1 Targeted Therapy

APC 2 Targeted Therapy

CD40 agonist

Non-targeted Therapy

APC 1 Targeted Therapy

APC 2 Targeted Therapy

0

TNFα secretion

+ CD40 agonist

2000

IL-6 (pg/mL)

1500

1000

500

0

IL-6 secretion

+ CD40 agonist

Nykode will present new pre-clinical data from our Antigen-Specific Immune Tolerance Platform at the following conferences in Q1 2026:

• 9th Annual Antigen-specific Immune Tolerance Summit 3rd - 5th March, Boston, USA

  • Present new pre-clinical data on 5th March

  • In addition, poster and panel discussion

• NextGen Biomed 24th - 25th March, London, UK

  • Nykode to present on 25th March

    Q4 2025 Financial Results

    Nykode Therapeutics | Q4 '25 webcast | Non-confidential 20

    
    
    Income Statement

    Amounts in USD '000	Q4 2025	Q4 2024	YTD 2025	YTD 2024
    Revenue from contracts with customers	-	6,773	-	8,679
    Other income	-	121	453	479
    Total revenue and other income	-	6,894	453	9,158
    Employee benefit expenses	3,851	8,257	13,552	31,037
    Other operating expenses	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	657	2,387	13,287	9,000
    Finance costs	613	3,385	2,396	6,182
    Profit (loss) before tax	(8,046)	(6,987)	(17,697)	(45,513)
    Income tax expense	(49)	(231)	(5,457)	(6,692)
    Profit (loss) for the period	(7,997)	(6,756)	(12,240)	(38,821)

    Revenue from contracts with customers

    
    
    
    
    

    • Decrease in 2025 mainly due to termination of agreement with Genentech in Q4 2024

    • No income from Regeneron agreement in 2025

      Other income

    • Government grants from SkatteFUNN

      Employee benefit expenses

    • Decrease in 2025 mainly due to reduced organization following organizational streamlining

      Other operating expenses

    • Reduction in 2025 mainly due to reduced clinical activities

      Finance income/costs

    • Mainly interest income and unrealized currency movements in 2025

32,224

38,064

1,602

60,289

61,891

99,955

ASSETS

Non-current assets

Other non-current receivables

Total non-current assets

Current assets

Other receivables

Cash and cash equivalents Total current assets TOTAL ASSETS

28,601

36,415

1,668

115,398

117,066

153,481

Cash and cash equivalents

• Cash position of $60.3m at December 31, 2025

  Other non-current receivables

  Property, plant and equipment	3,044	3,741
  Right-of-use assets	2,640	4,001
  Intangible assets	72	72
  Deferred tax asset	84	-

  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 Administration (Norw: Skatteklagenemda)

• Received letter from the Norwegian Tax Administration in Q1 2026 that an outcome of the appeal can be expected in the first half of 2026

• Receivable is in NOK and USD equivalent will fluctuate with exchange rate movements

Equity

• Total equity of $91.5m as per December 31, 2025

• Equity ratio of 92%

  Outlook and closing remarks

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  Cash runway

  Cash runway into 2028-2029*

  Cash runway exceeding significant inflection points

  
  
  

  Next 12 months

  C-03 interim data (ICHNO Q1 26

  + additional conference Q2 26)

  Abili-T protocol approved by relevant EU authorities (1H 26)

  Abili-T first patient dosed (1H 26)

  Expected key peer readouts on

  INT

  Continued progress on ASIT platform

  
  
  Well-positioned to execute strategy and meet inflection points

  Nykode Therapeutics |

  Q4 '25 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 25

  Q&A

  • Michael Engsig, CEO

  • Agnete Fredriksen, CSO and Business Development

  • Harald Gurvin, CFO

Nykode Therapeutics | Q4 '25 webcast | Non-confidential 26

Contact:

IR@nykode.com

https://nykode.com/investors/

Nykode Therapeutics | Q4 '25 webcast | Non-confidential