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HCW Annual Global Investment Conference New York | September 10, 2025
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Nykode Therapeutics | Forward-looking statement 2 This announcement and any materials distributed in connection with this presentation 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. HCW Conference | Non-Confidential
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Nykode Therapeutics | Nykode Therapeutics: Overview Abi-Suva (VB10.16): addressing markets with blockbuster potential • High conviction from 3 trials across indications showing strong and durable clinical response correlated with antigen specific immune responses • Phase 2 RCT in 1L r/m head and neck cancer to deliver meaningful interim data within 24 months VB10.NEO: Individualized Neoantigen Therapy (INT) targeting broad range of tumor types • Key peer readouts in multiple RCTs over the next 18 months can increase conviction in individualized neoantigen therapies • Well positioned with robust antigen specific immune responses in 2 clinical trials and validated, competitive manufacturing setup Tolerance: changing the way autoimmune diseases are treated • Antigen Specific Immune Tolerance (ASIT) can transform autoimmune disease treatment • Nykode’s versatile and modular ASIT technology offer unique precision and is positioned to become best-in-class platform Well capitalized to reach significant inflection points • Disciplined cost management with runway into 2028-2029* • Cash runway to meet significant inflection points across programs HCW Conference | Non-Confidential APCs 3 *2029 based on a predicated positive outcome of the pending tax case
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Nykode Therapeutics | Engaging Antigen Presenting Cells to direct precise immune responses • Antigen Precenting Cells process and present antigens to T-cells • activating the adaptive immune system to identified threats • tolerize the adaptive immune system to self-antigens APC’s and their importance • Proprietary APC-targeting technology to develop differentiated assets tailor- made for oncology and autoimmune diseases • Targets disease specific antigens to selected subsets of APCs through surface receptors, directing the APCs to enhance or reduce the immune response to these antigens • Intends to re-teach the immune system to focus on a healthy long-lasting response to the antigens How does Nykode use APCs T- Cell APCs T-Regs HCW Conference | Non-Confidential
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Nykode Therapeutics | 5 Modular immunotherapy technology allows APC-targeting to direct precise immune responses Targeting unit to attract and bind APCs Exchangeable in order to induce different immune response profiles to specific diseases1 Dimerization unit for crosslinking targeted receptors on the surface of the APC To facilitate strong bivalent binding Antigenic unit presents globular antigens or set of T cell epitopes Antigens of choice from cancer, viruses, bacteria, parasites or autoimmune disease Nykode’s immunotherapy candidates may be delivered through DNA, mRNA, viral vectors or as recombinant proteins DNA plasmid encoding Nykode immunotherapy Note: 1 Targeting unit can consist of natural ligands, including cytokines/chemokines; bacterial proteins; antibody fragments DNA HCW Conference | Non-Confidential
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Nykode Therapeutics | Focused execution on oncology and autoimmune diseases – significant untapped potential remains Nykode’s proprietary APC targeting technology Reduces immune functions through APCs to activate Treg cells Enhancing the immune system through APCs to activate T-Cells (both CD8 and CD4) Oncology Infectious Auto-immune Allergy Trans-plants What How it works Opportunity • Abi-Suva • VB10.NEO HCW Conference | Non-Confidential 6
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Abi-suva in HPV16+ cancers Nykode Therapeutics | 7HCW Conference | Non-Confidential
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Nykode Therapeutics | 8 Abipapogene Suvaplasmid (abi-suva) has potential to fulfill significant unmet need in 1L R/M HNSCC Incidences Treatment 19% ORR and 12.3 mOS for Current SOC in 1L R/M HNSCC Leaving room for significant improvements Most HNSCC treatments in development are focused on HPV negative population KOLs are seeking more HPV positive specific treatment Forecasted HPV+ HNSCC sales*** HCW Conference | Non-Confidential 1,1 2025e 2,3 2034e 9.2% CAGR ~105,000 ~134.000 ~63.000 ~105.000 Total HNSCC incidences** Total HNSCC & Cervical incidences** Total number of incidences* *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 **Global Data 2022. 68-Market Analysis and Sales Forecast. ***Delveinsight: HPV16-positive Head and Neck Squamous Cell Carcinoma (HNSCC) – Market Insight, Epidemiology, and Market Forecast – 2030 (December 2024) Annual estimated incidence of HPV16+ cancer in US and EU: Estimated 7MM market (bn$)
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Nykode Therapeutics | 9 Abi-suva has potential to fulfill significant unmet need Positive data in 100 patients across 3 indications Doubling ORR and mOS compared to historical controls Initiating Abili-T trial Phase 2 randomized controlled trial enrolling up to 100 patients with 1L R/M HNSCC Achievements Monotherapy effect in HSIL patientsl Clinical effect consistently correlate with immune responses Opportunity - HNSCC USD 1.1bn Estimated 7MM 2025 global sales in HNSCC 9.2% CAGR Predicted to exhibit a CAGR of 9.2% KOLs seek more specific HPV+ treatment options in HNSCC. <20% ORR and 12.3 mOS with current treatment Relatively young patient population not associated with alcohol and tobacco. Increasing incidence Path forward Preliminary data in ongoing C-03 trial in 1L HNSCC support choice of indication 6-12 months Release data from the ongoing C-03 trial ~24 months Interim data from Abili-T HCW Conference | Non-Confidential
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Nykode Therapeutics | Relevant predominantly for HPV negative patients Nykode is well positioned in the field of HPV16 positive 1L R/M HNSCC Bi-specific antibodies, targeting EGFR Therapeutic HPV vaccines Targeting predominantly the distinct HPV negative patient population KOLs have confirmed that a HPV specific therapy would be preferred for HPV+ patients Approval of Keytruda in neo/adjuvant LA HNSCC HCW Conference | Non-Confidential 10 Two main competitors with ongoing randomized clinical trials Nykode’s aim to prove competitive strength: • Coverage • Clinically relevant immune responses • Clinical efficacy and durability • Safety profile • Patient convenience
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Nykode Therapeutics | HCW Conference | Non-Confidential 11 Trial Phase Study Design Indication Number of patients Treatment Status C-01 Phase 1/2a Open-label, single arm HPV16-induced high-grade cervical intraepithelial neoplasia (HSIL/CIN 2/3) (premalignant setting) 34 Abi-Suva (3mg) monotherapy Completed (data published) C-02 Phase 2 Open-label, single arm HPV16+ advanced/recurrent, non-resectable cervical cancer 52 Abi-Suva (3 mg) + atezolizumab Completed (data published) C-03 Phase 1/2a Open-label dose-escalation HPV16+, PD-L1+ first-line recurrent/metastatic head and neck squamous cell carcinoma (HNSCC) 13 Abi-Suva (3/6/9mg) + pembrolizumab Ongoing (fully enrolled with all doses safety cleared) Trial Phase Study Design Indication Number of patients Treatment Status Abili-T Phase 2 Open-label randomized controlled HPV16+, PD-L1+ first-line recurrent/metastatic HNSCC ~100 Abi-Suva + pembrolizumab v pembrolizumab Planned Planned: Completed and ongoing: Two completed and one ongoing clinical trial, with randomized Phase 2 close to being initiated
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Nykode Therapeutics | HCW Conference | Non-Confidential 12 Strong clinical effect in 2L+ cervical cancer Overall response rate (ORR) indicates a strong clinical effect with abi-suva + atezolizumab Significant increase in overall response rate (ORR) compared to CPI monotherapy 16% 17% 18% 29% ~ 71% Atezo Pembro Cemi Abi-suva + Atezo -100% -90% -80% -70% -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Change from baseline to smallest sum of lesion diameters on treatment PD SD PR CR ORR compared to CPI monotherapy: CR: 8% (n = 2) ORR: 29% (n = 7) DCR: 75% (n = 18) Overall response in PD-L1+ (n = 24)
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Nykode Therapeutics | HCW Conference | Non-Confidential 13 Strong overall survival in 2L+ cervical cancer Overall survival of 24.7 mos in PD-L1+ patients treated with abi-suva + atezolizumab for 12 months Overall survival is longer than CPI monotherapy historic controls 10,6 11,0 13,9 24,710,6 11,0 13,9 24,7 ~109% mOS compared to SOC Atezo Pembro Cemi Abi-suva + Atezo
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Nykode Therapeutics | HCW Conference | Non-Confidential 14 Strong monotherapy activity observed in HSIL patients Patients showed consistent reduction in lesion size and regression of lesion severeness • Strong monotherapy efficacy observed in premalignant cervical lesions (CIN2/3, HSIL patients) • Safe and well tolerated
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Nykode Therapeutics | HCW Conference | Non-Confidential 15 Immune responses are significantly correlated with clinical effect across trials DCR PD 0 50 100 150 200 250 500 1000 1500 SFU/106 PBMC p=0.0113 C-01 HSIL patients monotherapy C-02 2L+cervical cancer in combination with atezolizumab • Significant correlation between HPV16-specific T cell responses and clinically relevant lesion size development after treatment across trials
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Nykode Therapeutics | • HPV16+ r/m HNSCC • PD-L1+ • Measurable disease • ECOG PS 0-1 Abipapogene suvaplasmid + pembrolizumab 3mg (1pts) Abipapogene suvaplasmid + pembrolizumab 6mg (3pts + 3pts) Abipapogene suvaplasmid + pembrolizumab 9mg (6 pts) HCW Conference | Non-Confidential 16 Ongoing C-03 trial in 1L R/M HNSCC has safety cleared all doses Key inclusion criterion Treatment Objective Select RP2D Safety clearance Safety clearance Safety clearance Preliminary data indicates similar level of added benefit as previous Abi-Suva trials Part 1 fully enrolled. Interim readout to be released 1H2026
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Nykode Therapeutics | • HPV16+ r/m HNSCC • PD-L1+ • Measurable disease • ECOG PS 0-1 • GRIm 0-1 R (1:1) Abipapogene suvaplasmid + pembrolizumab Pembrolizumab HCW Conference | Non-Confidential 17 Initiating Abili-T, randomized controlled trial enrolling up to 100 1L HNSCC patients Key inclusion criterion Treatment Endpoints ORR DOR RMDOR DCR PFS 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
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Nykode Therapeutics | First data from C-03 1H2026 RCT with ~100 patients with meaningful interim readout within 24 months Well positioned in the field of HPV+ 1L R/M HNSCC Abili-T designed to provide Proof of Concept for Abi-suva with potential spill-over validation across HPV16 segment and for Nykode technology platform including INT 18HCW Conference | Non-Confidential
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VB10.NEO Individualized NeoAntigen Therapy Nykode Therapeutics | 19HCW Conference | Non-Confidential
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Nykode Therapeutics | HCW Conference | Non-Confidential 20 Individualized neoantigen therapies (INT) entering defining period 10 Potential to treat all tumor types Highest investments in INT to date Expected key peer readouts within 18 months Ongoing peer Ph2 and Ph3 clinical trials. Strong focus on adjuvant settings Nykode well-positioned as most attractive unencumbered INT Emerging space Large potential market and few players Room for technologies with improved efficacy, cost of goods and turn-around-time Nykode to further strengthen position as most attractive unencumbered INT through selected activities ready to leverage peer readouts
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Nykode Therapeutics | Clinical experience Strong immune responses across indications Antigen selection Proprietary algorithm to select most relevant antigens Supply chain Proven robust supply chain with competitive manufacturing timelines (TAT) Costs Competitive COGS VB10.NEO is well positioned to be the most attractive unencumbered asset Key success factors for an Individualized Neoantigen Therapy: HCW Conference | Non-Confidential
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Nykode Therapeutics | HCW Conference | Non-Confidential 22 Strong immune responses across 2 basket trials with heavily pre-treated patients N-01 and N-02 both show vaccine induce immune response 45 85 88 58 85 100 %immunogenic NeoAGs % Patients with de novo response % patients with vaccine- induced response Strong vaccine-induced immune responses, even in heavily pre-treated late-stage patients after few vaccinations* *IVS ELISpot: strict criteria for qualifying to be immunogenic applied –compared to peers. T cell clonal expansion assessed by TCR sequencing. Median number of VB10.NEO administrations: N-01: 11. N-02: 3.5. Trial Phase Study Design Indication Number of patients Treatment Status N-01 Phase 1/2a Open-label, single arm r/m Melanoma, non-small cell lung cancer (NSCLC), clear renal cell carcinoma, urothelial cancer or squamous cell carcinoma of the head and neck (SCCHN) –on CPI as SoC 41 VB10.NEO + CPI Completed N-02 Phase 1b Open-label, single arm r/m cancer, covering more than ten indications- (median prior lines 5) 26 VB10.NEO + atezolizumab Completed N-01 N-02 Clinical trial overview: Persistent expansion of T cell clones supporting induction of durable immune responses
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Nykode Therapeutics | HCW Conference | Non-Confidential 23 Clinically validated proprietary Neoantigen selection method trained and optimized for Nykode technology The proprietary AI-driven platform, NeoSELECT systematically prioritizes the most immunogenic neoantigens - validated in clinical trials across indications Clear correlation between prioritized neoantigens by NeoSELECT and their proven immunogenicity in patients
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Nykode Therapeutics | HCW Conference | Non-Confidential 24 VB10.NEO has a proven robust supply chain with a significant competitive cost advantage Nykode has an established and robust supply chain Turn-Around-Time (weeks) The manufacturing process of INT involves a highly sophisticated and technically demanding series of operations 18 14 7 N-01 Average N-02 Average Today Potential 8. Clinical site 1. Biopsy assessment 2. Sequencing of blood and biopsy tissue 3. Neoepitope selection and sequence design 4. Gene synthesis 5. Drug Substance manufacture 6. GMP filling and release 7. Storage and supply Target TAT 11-15 weeks INTs require a highly complex supply chain Nykode has consistently improved Turn-Around-Time (TAT) during the last years Current set up allows a robust 7-week TAT in clinical setting with identified further potential for improvement Clear path to competitive COGS
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Nykode Therapeutics | Peer readouts within next 18 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 is well positioned in the field of individualized neoantigen therapies. 25HCW Conference | Non-Confidential
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Antigen-Specific Immune Tolerance Nykode Therapeutics | HCW Conference | Non-Confidential 26
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Nykode Therapeutics | A new way of thinking about autoimmune disease treatment HCW Conference | Non-Confidential 27 Unsolved Current treatment focus on symptom management -- do not address the underlying root cause of disease . Side effects frequently impairing the quality of life of patients 1 in 10* Of global population affected by autoimmune diseases USD 226bn** Total estimated global sales in autoimmune diseases Antigen-Specific Immune T olerance is a new way of addressing the underlying cause of autoimmune diseases, offering the prospects of a cure The Problem The Future * Global Autoimmune Institute, One in Ten Affected by Autoimmune Disease Says New Study of 22+ Million People ** Future Market Insights Autoimmune Disease Therapeutics Market Growth 2025-2035
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Nykode Therapeutics | Nykode’s ASIT platform shows Best-In-Class potential HCW Conference | Non-Confidential 28 Long durable reversion of disease symptoms Efficacy is dependent on the proprietary APC targeting PBS Non-targeted Targeted 0 20 40 60 80 100 AUC (5-28) ✱✱ PBS Non-targeted Targeted 0 20 40 60 80 100 AUC (5-28) ✱ PBS Non-targeted Targeted 0 20 40 60 80 100 AUC (5-28) ✱✱ 6 8 10 12 14 16 18* 20 22 24 26 28 0 1 2 3 4 5 3 µg Days post EAE induction EAE score (0-8) 6 8 10 12 14 16 18* 20 22 24 26 28 0 1 2 3 4 10 µg Days post EAE induction EAE score (0-8) 6 8 10 12 14 16 18* 20 22 24 26 28 0 1 2 3 4 30 µg Days post EAE induction EAE score (0-8) Targeted Non-targeted PBS One-way ANOVA, multiple comparisons test, *p<0.05, **p<0.01 PBS Non-targeted Targeted 0 20 40 60 80 100 AUC (5-28) ✱✱ PBS Non-targeted Targeted 0 20 40 60 80 100 AUC (5-28) ✱ PBS Non-targeted Targeted 0 20 40 60 80 100 AUC (5-28) ✱✱ 6 8 10 12 14 16 18* 20 22 24 26 28 0 1 2 3 4 5 3 µg Days post EAE induction EAE score (0-8) 6 8 10 12 14 16 18* 20 22 24 26 28 0 1 2 3 4 10 µg Days post EAE induction EAE score (0-8) 6 8 10 12 14 16 18* 20 22 24 26 28 0 1 2 3 4 30 µg Days post EAE induction EAE score (0-8) Targeted Non-targeted PBS One-way ANOVA, multiple comparisons test, *p<0.05, **p<0.01 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60 0 1 2 3 4 Days post EAE induction EAE score (0-8) Targeted vaccine 2 PBS PBS Targeted vaccine 2 0 40 80 120 160 200 AUC (5-35) **p<0.01, Mann-Whitney test ✱✱ AI competencies for antigen selection and optimal product design Secretion Integrity Expression Ag selection
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Nykode Therapeutics | Nykode’s ASIT platform impacts all major arms of the immune system HCW Conference | Non-Confidential 29 1x injection (day 0) 2x injection (day 0 and 3) 0 25 50 75 100 Foxp3+ Treg cells Day 7 % Foxp3+ of CD4+Thy1.2+ cells PBS Targeted vaccine 1 ✱ ✱ *p<0.05, Unpaired t-test PBS Targeted vaccine 1 0 20 40 60 80 100 anti-MOG (35-55) IgG MOG-specific IgG (µg/mL) ✱✱✱ ***p<0.001, Mann-Whitney test PBS Targeted vaccine 1 0 1 2 3 Th1.17 cells % IFNγ+IL-17+ of CD4+ T cells ✱ PBS Targeted vaccine 1 0 2 4 6 Lag3 % Lag3+ of CD4+ cells ✱✱✱✱ PBS Targeted vaccine 1 0 2×104 4×104 6×104 8×104 1×105 IFN-γ [pg/ml] ✱ *p<0.05, ***p<0.001, ****p<0.0001, Unpaired t-test Day 12 post EAE induction: MOG-recall Splenocytes PBS Targeted vaccine 1 0 10 20 30 AUC (5-15) ✱✱✱ 5 6 7 8 9 10 11 12 13 14 15 0 1 2 3 4 5 Days post EAE induction EAE score (0-8) Targeted vaccine 1 PBS Reduce auto- antibodies Reduce effector T cells Increase regulatory T cells
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Nykode Therapeutics | New paradigm with untapped market. Additional upside in allergy and organ transplant rejection Nykode’s ASIT technology shown important progress with durable effect and precise modulation of all key elements of the immune system Increasing investments to establish a robust best-in-class platform Nykode aspire to built best in class ASIT platform 30HCW Conference | Non-Confidential
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Outlook Nykode Therapeutics | 31HCW Conference | Non-Confidential
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Nykode Therapeutics | Well-positioned to execute strategy and meet inflection points Cash Runway Cash runway into 2028-2029* Sufficient to meet significant inflection points Next 6-12 Months C-03 Efficacy data (1H26) C-03 Durability data (2H26) Key peer readouts on INT (2026-) Strengthening VB10.NEO as ideal INT Continued progress on ASIT program Next 12-24 Months Abili-T first interim analysis (2027) Key peer readouts on INT (2026-) 32 HCW Conference | Non-Confidential *2029 based on a predicated positive outcome of the pending tax case
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Nykode Therapeutics | UNLOCKING THE FUTURE OF MEDICINE Contact: Alexandra Deschner Head of Investor Relations IR@nykode.com HCW Conference | Non-Confidential