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January 2026 Company Presentation
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Nykode Therapeutics | Forward-looking statement 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. Company Presentation - January 2026
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Nykode Therapeutics | Focused strategy to reach key inflection points within 24 months across prioritized core assets Global leader in antigen-specific precision immunotherapy NYKODE THERAPEUTICS (NYKD-OL) Three key programs within oncology and autoimmune diseases: Lead asset abi-suva in randomized Ph2 trial in 1L head & neck cancer, supported by 3 prior single arm studies Individualized cancer vaccine with competitive COGS, turn around time and positive data in 2 late-stage basket trials Autoimmune diseases program utilizing the core technology with preclinical package supporting BiC potential Company Presentation - January 2026 Strong financial position, with disciplined cost management and cash runway to reach key milestones Publicly listed on Oslo Stock Exchange under ticker symbol NYKD.OL Differentiated immunotherapies targeting antigens to Antigen-Presenting Cells (APCs) direct tailor-made immune responses with focus on oncology and autoimmune diseases
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Nykode Therapeutics | Three key asset with high market potential Abi-Suva (VB10.16): addressing markets with blockbuster potential in multiple HPV16+ cancer types • 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 • Two clinical trials showing strong and broad vaccine induced immune responses in late-stage cancer patients • Proprietary algorithm selects clinically relevant and immunogenic neoantigens • Robust and proven supply chain with competitive turn-around time • DNA based therapy with clear advantage on cost of goods and manufacturing time • Key peer readouts in multiple RCTs in 2026 / ‘27 can increase conviction in individualized neoantigen therapies Tolerance: changing the way autoimmune diseases are treated • Antigen Specific Immune Tolerance (ASIT) with aim totransform autoimmune disease treatment • Proprietary APC targeting platform allows unique precision for tailored immune control • Strong and durable efficacy across disease models • Unprecedented induction of antigen-specific regulatory T cells, suppression of effector CD4 and CD8 T cells and reduction of auto- antibodies Company Presentation - January 2026
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Nykode Therapeutics | Michael Engsig CEO Agnete Fredriksen CSO & BD Harald Gurvin CFO Louise Stubbe CLO Ulrich Blaschke CTO Nykode executive management Experienced and international management team Company Presentation - January 2026
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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 Company Presentation - January 2026
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Nykode Therapeutics | Nykode’s modular technology for APC-targeted immunotherapy 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 • Preclinical data with all three modalities • Clinical data in oncology with DNA • Current priority in tolerance is recombinant protein delivery APC-target fusion protein 1) Targeting unit can consist of natural ligands, including cytokines/chemokines; bacterial proteins; antibody fragmentsCompany Presentation - January 2026
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Nykode Therapeutics | Focused execution on oncology and autoimmune diseases with significant untapped additional markets Nykode’s proprietary APC targeting technology Reducing unwanted immune responses through APCs to activate Treg cells, reduce effector T and B cells Enhancing immune responses through APCs to activate T cells (both CD8 and CD4) Oncology Infectious Auto-immune Allergy Transplants What How it works Opportunity • Abi-Suva • VB10.NEO Company Presentation - January 2026
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Oncology Nykode Therapeutics | Company Presentation - January 2026
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Nykode Therapeutics | Current oncology immunotherapy still faces challenges Current therapy Nykode APC Technology TOLERABILITYCommon toxicities limiting applications in early-stage cancer patients and combination therapies DURABILITYMultiple modalities deepens tumor shrinkage and ORR, but fails to induce memory and durable efficacy Consistent longer duration of clinical efficacy due to antigen-specific immune activation and memory PRECISION Unspecific treatment with potential off-target side effects Tailored for cancer-specific antigen; indication (off-the-shelf) and patient (individualized) with less side-effects MANUFACTURINGComplex and expensive manufacturing Ease of manufacturing and lower cost of goods supports scale up and broader access to treatment Good safety profile across several clinical trials, making it suitable for a wider range of patients and combinations Opening up for the next wave of therapies Nykode is well positioned to solve several hurdles in current immunotherapy and be the next wave of therapies Company Presentation - January 2026
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Nykode Therapeutics | Nykode’s cancer vaccine platform induces a rapid, robust and long-lasting CD8 T cell response against cancer cells MECHANISM OF ACTION OF DNA PLASMID EXPRESSING ACTIVE FUSION PROTEIN FOR T CELL INDUCTION VIA APC Company Presentation - January 2026
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Lead candidate: Abipapogene Suvaplasmid (Abi-Suva) HPV16 driven cancer types (more details in the appendix) Nykode Therapeutics | Company Presentation - January 2026
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Nykode Therapeutics | Company Presentation - January 2026 Understanding HPV and HPV+ cancers Persistent infection with high-risk types can cause cancer driven by viral oncogenes What is HPV Human papillomavirus (HPV) is a common DNA virus What is an HPV+ cancer Hence, a unique cancer in which HPV DNA expression is constitutively expressed in tumor cells The viral DNA integrates into host DNA, disrupting cell cycle control and promoting malignant transformation Types of HPV+ cancers Cervical cancer – nearly all cases caused by HPV Head and neck cancers – increasing prevalence of HPV+ oropharyngeal (tonsil, base of tongue). Anal, vulvar, vaginal, and penile cancers – significant proportions HPV-driven ~134k annual HPV16+ incidences – and with a growing population
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Nykode Therapeutics | Company Presentation - January 2026 Off-the-shelf therapeutic DNA-based cancer immunotherapy against HPV16-induced malignancies HPV16 is the most prevalent oncogenic HPV strain Targeting the cancer-specific full-length HPV16 E7 and E6 antigens Abi-suva: HPV16+ Immunotherapy Abi-suva Off-the-shelf immunotherapy targeting oncogenic viral antigens Targeting unit CCL3L1 Dimerization unit IgG Fc derived Antigen unit HPV16 E6 and E7 14
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Nykode Therapeutics | Abi-suva – building on strong clinical data across indications and focusing on 1L r/m HNSCC for Randomized Controlled Data ~100 Patients treated with abi-suva with positive results across 3 HPV+ indications in three single-arm clinical trials Added Benefit Clinical trials has shown a significant improvement to ORR and mOS compared to current standard of care Clinical Correlation Clinical effect consistently correlate with immune responses and shows monotherapy potential for HSIL patients Achievements for abi-suva Future Path • Initiating Abili-T trial - a randomized controlled Phase 2 trial enrolling up to 100 patients with 1L r/m HNSCC • First data from C-03 to be presented at ICHNO on March 20, 2026 (preliminary data support choice of indication for Abili-T) • 2027 - interim data from Abili-T Company Presentation - January 2026
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Nykode Therapeutics | Company Presentation - January 2026 The current focus of Abi-suva is 1L r/m HNSCC with the potential to expand to additional indications and line of treatment 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 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 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)
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Nykode Therapeutics | C-02: VB10.16 plus atezolizumab (Tecentriq®) in advanced cervical cancer Objectives: Safety/tolerability, immunogenicity and efficacy Primary endpoints: Incidence/severity of AEs, overall response rate (ORR) as per RECIST 1.1 by blinded independent central review (BICR) Secondary endpoints: Duration of response (DOR) Progression-free survival (PFS) Overall survival (OS) Evaluate immunogenicity of VB10.16 in combination with atezolizumab by analysing HPV16 E6/E7-specific cellular immune responses Conducted in Europe in 6 countries (Germany, Belgium, Bulgaria, Czech Republic, Poland and Norway) Fully enrolled with 52 patients Enrolled patients received treatment with 3 mg VB10.16 in combination with 1200 mg atezolizumab up to 48 weeks, with atezolizumab monotherapy dosed every 3 weeks, and a follow up period of up to 12 months Advanced or recurrent, non-resectable HPV16 positive cervical cancer Vaccination induction 5 × Q3W 12 MONTHS 12 MONTHS Vaccination maintenance 6 × Q6W Follow-up A Multi-Centre, Single Arm, Open-label Phase 2a Trial of the Combination of VB10.16 and atezolizumab in Patients with Advanced or Recurrent, Non-resectable HPV16 Positive Cervical Cancer (NCT04405349) Atezolizumab Q3W Company Presentation - January 2026 17
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Nykode Therapeutics | Company Presentation - January 2026 Meaningful clinical effect in 2L+ cervical cancer C-02 trial 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 | 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 Company Presentation - January 2026 C-02 trial
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Nykode Therapeutics | Company Presentation - January 2026 Powerful long-lasting responses aligned with mDOR n.r. All (n = 47) By PD-L1 status (n = 40) Note: 7 out of 47 responders had PD-L1 unknown status, 40 out of 47 had known PD-L1 status 20 C-02 trial
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Nykode Therapeutics | Company Presentation - January 2026 Strong monotherapy activity observed in HSIL patients C-01 trial 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 See appendix for C-01 trial design
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Nykode Therapeutics | Company Presentation - January 2026 Immune responses strongly correlate with clinical outcomes 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 | Phase 1 Dose escalation phase 3 mg 9 mg 9m g 9 mg 9 mg 9 mg 9 mg RP2D* analysis VB10.16 dosing Pembrolizumab 200mg Q3W dosing in combination with VB10.16. Pembrolizumab 200mg Q3W or 400mg Q6W dosing second year *RP2D=Recommended Phase 2 Dose **OBD= Optimal Biological Dose 23 VB-C-03 – dose escalation 3 to 9 mg in 1L r/m HNSCC Combination treatment of VB10.16 + pembrolizumab in 1L HPV16+, PD-L1+ r/m HNSCC • Recruitment finalized • All doses safety cleared • First interim analysis expected H1 2026 • Preliminary data indicates similar level of added benefit as previous Abi- Suva trials Company Presentation - January 2026 6 mg 6 mg 6 mg 6 mg 6 mg 6 mg
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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 Company Presentation - January 2026 Initiating Abili-T: randomized controlled trial in up to 100 1L r/m HNSCC patients Key inclusion criterion Treatment Endpoints ORR PFS DOR RMDOR DCR OS TEAEs Immunogenicity ctDNA Interim analyses for efficacy are planned throughout the trial Abili-T aims to show clinical proof-of-concept in 1L r/m HNSCC First preliminary data expected 2027
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Nykode Therapeutics | First data from C-03 to be presented at ICHNO on March 20, 2026 Meaningful interim data from Abili-T readout in 2027 Abili-T protocol submitted in UK and EUAbili-T designed to provide Proof of Concept for Abi-suva with potential spill-over validation for other HPV16+ driven cancers and further validation of Nykode technology platform including INT Company Presentation - January 2026
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VB10.NEO Individualized NeoAntigen Therapy Nykode Therapeutics | Company Presentation - January 2026
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Nykode Therapeutics | Individualized cancer neoantigen therapy Company Presentation - January 2026 Key advantages: • Tailored treatment to each patient’s unique tumor mutational profile • Applicable across multiple tumor types • Represents a next- generation precision approach in oncology applicable from early to late- stage patients • Combines effectively with other immunotherapies Manufacturing process 1. Biological Material Tumor biopsy & blood sample 2. DNA & RNA sequencing and HLA Typing Sequencing to identify each patient’s relevant tumor- specific mutations 3. Selection of the optimal neoantigens NeoSELECT ranks and selects the optimal set of tumor specific neoantigens for vaccine design 5. Treatment with INT Individualized Neoantigen Therapy4. Gene synthesis and upscaling Synthesis, manufacturing and fill&finish
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Nykode Therapeutics | Company Presentation - January 2026 Understanding Individualized Neoantigen Therapies (INT) What are neoantigens Neoantigens are derived from tumor-specific mutations not found in healthy tissue Typical neoantigens are caused by single nucleotide variants or frameshift mutations Neoantigens represents truly tumor-specific mutations What is INT An immunotherapy targeting the unique neoantigens identified in each patient’s tumor biopsy Each INT can include multiple neoantigens to cover a broad set of presented neoantigens Which cancer types can be addressed Precision and specificity on individual level allows for all cancer types where a tumor biopsy allows determination of the patient’s tumor specific neoantigens Liquid tumor biopsy expected to increase the scope of INTs to non-solid tumors Neoantigens can be selected and incorporated in each vaccine by a properly trained neoantigen selection algorithm A modality allowing competitive COGS and TAT is fundamental for commercial success
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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 Defining period for the future of INTs Key success factors for an attractive Individualized Neoantigen Therapy Company Presentation - January 2026 >10 ongoing Ph2 and Ph3 RCT trials with pharma partnered INTs reading out from 2026
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Nykode Therapeutics | Promising immunogenicity data VB10.NEO has been tested in 2 clinical trials, N-01 and N-02, in recurrent/ metastatic patients across >10 solid tumors types 100% of patients in N-02 showed vaccine-induced immune responses Proprietary neoantigen selection method Frequency of high-quality neoepitopes in vaccine and immune responses correlate with responses Delivered as DNA plasmid Flexible, rapid and cost-effective manufacturing. 100% manufacturing success rate Highly tolerable No serious adverse events in two clinical trials with 67 patients treated VB10.NEO: Nykode’s individualized cancer vaccine VB10.NEO Fully individualized vaccine against the patient’s individual cancer specific mutations Company Presentation - January 2026
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Nykode Therapeutics | Company Presentation - January 2026 VB10.NEO Clinical Trials Characteristics VB N-01 VB N-02 Trial type Phase 1/2a, open-label, first-in-human Phase 1b, open-label, dose-escalation Period 2018 - 2023 2021 - 2024 Treatment VB10.NEO + CPI* VB10.NEO + atezolizumab Patients (dosed) 41 26 Patients (IVS ELISpot data) 33 13 Median age and sex 62.0 (33-81); 16 (39.0%) women 61.0 (28-72); 16 (61.5 %) women Inclusion countries Germany Germany, Spain, United States Primary diagnosis Locally advanced or metastatic cancer. Melanoma, non-small cell lung cancer, clear cell renal cell carcinoma, urothelial cancer or squamous cell carcinoma of the head and neck Locally advanced or metastatic cancers of 12 different indications agnostic of expected CPI response (see Figure 5) Median number prior lines of treatment 2 (range 1-5) 5 (range 1-8) Previous treatment Prior radiotherapy: 58.5%, prior CPI: 53.7%, prior chemotherapy: 53.7% Prior radiotherapy: 64.3%, prior CPI: 50.0%, prior chemotherapy: 76.9%. Dose 3 mg 3, 6 or 9 mg Duration on treatment Median 92 weeks of treatment (range 5-162) Median 10.4 weeks (range 3-86) Median number of VB10.NEO administrations 11.0 (range 1-14) 3.5 (range 1-13) Median overall survival (OS) 35.2 months (95% CI: 24.1– . , n=34 patients; Evaluable Analysis Set) 6.4 months (95% CI: 4.8–12.9, n=23 patients; Evaluable Analysis Set) Median progression-free survival (PFS) ** 1.4 months (95% CI: 1.2–2.2, n=23 patients; Evaluable Analysis Set) PD-1/PD-L1 status as inclusion criteria? no no * +/- bempegaldesleukin in HNSCC arm N-01 N-02 Indication 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) r/m cancer, covering more than ten indications Dose 3 mg dose in combination with a CPI* 3-9 mg dose escalation, in combination with atezolizumab Phase 1/2a 1b Patients dosed 41 26 Median number prior lines of treatment 2 (range 1-5) 5 (range 1-8) Previous treatment Prior radiotherapy: 58.5%, prior CPI: 53.7%, prior chemotherapy: 53.7% Prior radiotherapy: 64.3%, prior CPI: 50.0%, prior chemotherapy: 76.9%. Duration on treatment Median 92 weeks of treatment (range 5-162) Median 10.4 weeks (range 3-86) Median number of VB10.NEO administrations 11.0 (range 1-14) 3.5 (range 1-13) Median overall survival 35.2 months (95% CI: 24.1– . , n=34 patients; Evaluable Analysis Set) 6.4 months (95% CI: 4.8–12.9, n=23 patients; Evaluable Analysis Set)
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Nykode Therapeutics | Company Presentation - January 2026 Strong immune responses across 2 basket trials with heavily pre-treated patients N-01 and N-02 both show vaccine induced immune response 45 85 88 58 85 100 %immunogenic NeoAGs % Patients with de novo response % patients with vaccine- induced response 100% of patients in N-02 showed 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. Median number of VB10.NEO administrations: N-01: 11. N-02: 3.5. N-01 N-02 More biomarker data available in the appendix
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Nykode Therapeutics | Company Presentation - January 2026 Vaccination results in an expanded breadth of neoantigen immune responses that increase in magnitude over time Vaccine-induced responses (de-novo & amplified) Vaccine-induced responses (de-novo & amplified) week week Number immunogenic neoantigens Sum of IFN ELIspot responses Breadth of Responses Magnitude of Responses • Maximum breadth achieved by week 10 after 3 vaccinations during the induction phase of treatment • Magnitude of responses continue to increase up to week 34 N-01 clinical trial Immunogenicity was determined by in vitro stimulation (IVS) and expansion of patient PBMC with neoantigen peptides for 12-14 days followed by INF ELIspot assay. Positive responses were defined using the distribution-free resampling (DFR) method with a >1.3-fold above background signal. 'De novo’ responses were negative at baseline and immunogenic on at least one on-treatment timepoint. 'Amplified’ responses were immunogenic at baseline and showed a >1.3-fold increase on at least one on-treatment timepoint with a >100 spot-forming unit (SFU)/mill increase.
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Nykode Therapeutics | Company Presentation - January 2026 Immune responses are durable up to a year following the last vaccination vaccinations Durable responses to vaccination (ELISpot) Durable responses to treatment (TCRseq)
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Nykode Therapeutics | Company Presentation - January 2026 Clinically validated proprietary neoantigen selection method trained and optimized for Nykode technology • The proprietary AI-driven platform, NeoSELECTTM systematically prioritizes the most immunogenic neoantigens • Validated in clinical trials across indications • Significant correlation between neoantigens prioritized by NeoSELECTTM and their proven immunogenicity in patients • New U.S. patent issued for the NeoSELECT platform, strengthening IP protection for VB10.NEO through 2039 NeoSELECT prioritized superior immunogenic neoepitopes
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Nykode Therapeutics | Company Presentation - January 2026 VB10.NEO - clinically-proven supply chain with a competitive manufacturing process Competitive turn-around-time from patient biopsy to patient treatment Turn-Around-Time (weeks) 18 14 4 N-01 Average N-02 Average N-02 Best case Today Potential 9.3 6.4 Nykode has consistently improved Turn-Around-Time (TAT) during the last years Current set up allows a robust 6.4 week TAT in clinical setting with identified further potential for improvement 1. Biological Material Tumor biopsy & blood sample 2. DNA & RNA sequencing and HLA Typing Sequencing to identify each patient’s relevant tumor-specific mutations 3. Selection of the optimal neoantigens NeoSELECT ranks and selects the optimal set of tumor specific neoantigens for vaccine design 5. Treatment with INT Individualized Neoantigen Therapy4. Gene synthesis and upscaling Synthesis, manufacturing and fill&finish Nykode has successfully manufactured >60 INT vaccines
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Nykode Therapeutics | Company Presentation - January 2026 pDNA offers significantly less complex production process and COGS for individualized NeoAntigen therapy High potential for fast turn-around-time and lower COGS compared to mRNA Fermentation Fermentation DNA Purification DNA Purification Fill Product QA and release Fill Product Final QA and release In vitro Transcription* LNP Formulation pDNA mRNA Significantly added complexity and cost- driving steps for mRNA compared to pDNA • Depending on the setup, the in vitro transcription (IVT) process for mRNA production can involve multiple steps (RNA transcription, 5’ capping, and the addition of a 3’ poly(A) tail) or done in a co-transcriptional process. mRNA QA and Release Downstream Purification
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Nykode Therapeutics | 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 turn- around-time Costs Nykode’s DNA based therapy has both advance on cost and manufacturing complexity VB10.NEO delivers on all key success factors for an ideal INT candidate Company Presentation - January 2026 Nykode is well positioned as most attractive unencumbered INT ready to leverage peer readouts
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Nykode Therapeutics | 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 is well positioned in the field of individualized neoantigen therapies Company Presentation - January 2026
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Antigen-Specific Immune Tolerance Nykode Therapeutics | Company Presentation - January 2026
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Nykode Therapeutics | A new way of thinking about autoimmune disease treatment Company Presentation - January 2026 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 Can increase the number of patients who can get treatment, and significantly improve quality of life 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 is well positioned to lead the next generation of antigen-specific immune tolerance therapies Current therapy Nykode APC Technology PRECISIONNot antigen-specific and unable to tightly control several immune response components simultaneously DURATIONRely on broad, often life-long, immunosuppressive treatments which offer symptomatic relief but without treating the underlying cause of disease Adress the fundamental mechanisms driving disease pathology, thereby reestablishing immune tolerance to achieve long-lasting disease control TOLERABILITYSystemic immunosuppression leads to susceptibility to infections and malignancies High specificity resulting infew side effects MANUFACTURING Most often require life-long treatment and some therapies have complex and expensive manufacturing Ease of manufacturing and lower cost of goods supports scale up and broader access to treatment Specifically targets the pathogenic cells through controlled modulation of the antigen-specific immune responses and memory Company Presentation - January 2026 DELIVERYIncludes complex routes of delivery andless conventional modalities Well established modality with ease of administration
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Nykode Therapeutics | TARGETING SPECIFIC TOLERANCE INDUCTION 1 2 3 Induction of antigen-specific immune tolerance by targeting disease causing epitopes to specific APCs Company Presentation - January 2026 Distinct APC targeting Modified adaptive response Specific effector regulation Effector T cell Therapy delivered as recombinant protein, or as pDNA through cell transfection Regulatory T cell APCs Macrophages B cells Dendritic cells Effector B cell Regulatory T cell Anergy or Deletion Non-targeted Therapy APC-targeted Therapy
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Nykode Therapeutics | Nykode’s preclinical data shows promise across several therapeutic areas Therapeutic Area Neurology Therapies to halt or slow immune- mediated nerve damage and promote neuroprotection and remyelination Model EAE Metabolism Therapy to provide disease modifying treatment for Type 1 diabetes NOD T1D Dermatology Therapies to ameliorate autoimmune skin diseases and restore tolerance Vitiligo / Pemphigus Vulgaris (PV) Company Presentation - January 2026 Autoimmune effector response CD4 CD4/CD8 CD8 / auto-antibody
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Nykode Therapeutics | Efficacy Therapeutic efficacy across diseases Durability Long durable reversion of disease symptoms Immune regulation Regulate all major autoreactive disease-causing cells MultiAg Capability Convenient delivery route supporting clinical translation Aspiring for Best in Class ASIT platform Critical success factors for the Best in Class ASIT platform Corporate Presentation - October 2025 Manufacture & Delivery AI competencies for multi-antigen drug design to address disease complexity Company Presentation - January 2026
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Nykode Therapeutics | Nykode vaccine elicit durable amelioration of disease in symptomatic mice Daily clinical scores (5-60) Score >/= 1 & 3 days later EAE induction Pertussis toxin Day 60 Vaccine protein injection i.v. EAE MODEL – LATER THERAPEUTIC TREATMENT Targeted vaccine 2 Target 2 MOG (27-63) 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 Targeted vaccine 2 PBS 0 40 80 120 160 200 AUC (5-35) **p<0.01, Mann-Whitney test ✱✱ Company Presentation - January 2026
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Nykode Therapeutics | EAE MODEL – REDUCTION OF AUTO-ANTIBODIES Nykode vaccine therapeutically reduces auto-antibodies in EAE mice Targeted vaccine 2 MOG (27-63) EAE induction MOG/CFA day 32 Termination Serum harvest day 0 i.v. Daily clinical scores Non-targeted vaccine MOG (27-63) PBS Non-targeted vaccine Targeted vaccine 2 0 200 400 600 800 1000 MOG-specific IgG (µg/mL) ✱ *p<0.05, Mann-Whitney test anti-MOG (35-55) IgG 10 µg dose per timepoint Company Presentation - January 2026
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Nykode Therapeutics | SIGNIFICANTLY REDUCE THE NUMBER OF CNS-INFILTRATING CELLS IN EAE Nykode vaccine regulate disease in affected organs 0 4×104 8×104 1.2×10 5 CD4+ cells Cell number per 100 mg of spinal cord ✱✱✱✱ ✱✱✱ 0 4×104 8×104 1.2×10 5 CD8+ cells Cell number per 100 mg of spinal cord ✱✱✱ ✱✱✱ ✱ 0 1×105 2×105 3×105 4×105 5×105 CD45+CD11b+ cells Cell number per 100 mg of spinal cord ✱✱✱✱ ✱✱✱✱ ✱ Targeted vaccine 2 Early treatment, day 7 & 10 Targeted vaccine 2 Late treatment, day 11 & 14 Non-targeted vaccine Late treatment, day 11 & 14 PBS Unpaired t-test BOOSTS PANCREATIC ISLET CD4+ T CELLS WITH A REGULATORY PHENOTYPE IN NOD (T1D) Distribution of CD4+FOXP3+ cell density Distribution of CD4+Tim3+ cell density Distribution of CD4+FOXP3+Tim3+ cell density PRELIMINARY IHC RESULTS Company Presentation - January 2026
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Nykode Therapeutics | Nykode AI-driven design and selection framework delivers high- yield, high-quality multi-antigen constructs Model-S: High-throughput screening Model-F: Features extraction and explainability In-silico constructs generation Selected Candidates 3D structural prediction T1D example: 5 antigens 18 peptides ~65000 2171 200* 39 200~2.7 billion Theoretical candidates 39 constructs experimentally screened; 16 met yield and quality criteria Multiple disease-relevant peptides inserted into one Nykode construct Model-S is based on the protein large langauge model ESM-2 and is trained to classify a given amino acid sequence as secreted or non-secreted. Model-F is a Machine Learning model trained on proteins features extracted from thousands of natural proteins. ➢ Leveraging strong AI/ML in house expertise to create next-generation multi- antigen constructs that address the complexity of autoimmune disease ➢ Applied for construct design in the ASIT program across disease indications incl. T1D and Pemphigus vulgaris (PV) ➢ A high proportion of in silico-selected construct candidates successfully meet yield and quality criteria Company Presentation - January 2026
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Nykode Therapeutics | EAE model – LATE THERAPEUTIC DELIVERY Efficacy obtained with convenient delivery route 5 7 9 11 13 15 17 19 21 23 25 27 0 1 2 3 4 5 Days post EAE induction EAE score (0-8) PBS Targeted Therapy, i.v. Targeted Therapy, s.c. ***p<0.001 ****p<0.0001 Day 28: Mann-Whitney test Company Presentation - January 2026 ➢ Comparable efficacy obtained by intravenous and subcutaneous delivery supports convenient administration and strong translational potential
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Nykode Therapeutics | VITILIGO MODEL Expansion into a third disease model Nykode vaccine reduces TRP2-specific CD8+ T cell responses in a vitiligo model Targeted vaccine 2 TRP2 (180-188) ➢ Vitiligo: CD8+ T cell-mediated destruction of melanocytes ➢ TRP2 is a well-characterized melanocyte autoantigen PBS Targeted vaccine 2 naive mice 0 1 2 3 % of TRP2(180-88)-specific CD8+ T cells ✱✱ ✱✱✱✱ ns **p<0.01, ****p<0.0001, One way Anova, Tukey's mult. comp. test TRP2 immunization day 13 day -1 day 0 day 6 day 7 TRP2 immunization PBMC harvest & TRP2 Dextramer staining TRP2 immunization: Xenogenic hTRP2 ECD pDNA i.m. + EP Targeted vaccine 2 dose: 30 µg per time point Company Presentation - January 2026
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Nykode Therapeutics | Efficacy Pre-clinical data shows therapeutic efficacy Durability Pre-clinical data shows durable reversal of disease symptoms Immune regulation Pre-clinical data shows ability to regulate all major parts of immune system MultiAg Capability Nykode shows convenient delivery route supporting clinical translation Nykode’s ASIT platform shows best-in-class potential Nykodes’s platform shows potential in all key success factors Company Presentation - January 2026 Manufacture & Delivery Nykode’s AI competencies shows ability to integrate multiple antigens
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Nykode Therapeutics | Promising data in preclinical models show long-lasting efficacy across disease models Efficacy with recombinant protein delivered through convenient route of administration Efficacy observed both through effect on T regs, CD8 T cells and auto-antibodies and in affected organs Nykode is developing a best-in-class ASIT Platform Company Presentation - January 2026 In house AI/ML and multi-antigen design capabilities
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Outlook Nykode Therapeutics | Company Presentation - January 2026
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Nykode Therapeutics | Well-positioned to execute strategy and meet inflection points *2029 based on a predicated positive outcome of the pending tax case Cash runway into 2028-2029* Cash runway exceeding significant inflection points C-03 interim efficacy data (March 20, 2026 at ICHNO) Key peer readouts on INT Strengthening VB10.NEO as ideal INT Continued progress on ASIT platform Abili-T first interim analysis (2027) Continued key peer readouts on INT Cash runway Next 6-12 months Next 12-24 months Company Presentation - January 2026
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Nykode Therapeutics | UNLOCKING THE FUTURE OF MEDICINE Contact: Alexandra Deschner Head of Investor Relations IR@nykode.com https://nykode.com/investors/ Company Presentation - January 2026
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Appendix Nykode Therapeutics | Company Presentation - January 2026
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Abipapogine Suvaplasmid Nykode Therapeutics | Company Presentation - January 2026
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VB-C-01
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Nykode Therapeutics | VB C-01 Exploratory, open labelled, multi-centre study in patients with HPV16+ High Grade Cervical Intraepithelial Neoplasia (HSIL, CIN 2/3) Interim analysis Company Presentation - January 2026 VB C-01: First trial with VB10.16 as monotherapy for treatment of HPV16+ precancerous lesions Cohort 1: 0 – 3 – 6 weeks Cohort 2: 0 – 4 – 12 weeks Schedule 1: 0 – 3 – 6 – 16 weeks Dosing phase (3mg per dose) Expansion phase CIN 2 CIN 2/3 8 patients 8 patients 18 patients
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Nykode Therapeutics | 13 of 14 patients showed increased T cell responses after vaccination with VB10.16 Strong correlation between strength of T cell responses (>650 SFU/mill) and lesion size reduction Company Presentation - January 2026 COHORT 1: 0 – 3 – 6 WEEKS COHORT 2: 0 – 4 – 12 WEEKS LESION SIZE REGRESSION CORRELA TES WITH STRONG HPV-16 SPECIFIC RESPONSES VB10.16: Strong correlation with strength of induced HPV16- specific immune response and lesion size reduction 0 200 400 600 800 10001000 2000 3000 4000 5000 6000 SFU/106 PBMC 0 200 400 600 800 10001000 2000 3000 4000 5000 6000 SFU/106 PBMC Lesion size regression No lesion size regression 0 2000 4000 6000 8000 SFU/106 PBMC 650 ✱✱✱ • Cohort 1 • Cohort 2 Baseline Post vaccination Baseline Post vaccination
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Nykode Therapeutics | Company Presentation - January 2026 HOMOLOGOUS BOOST ENSURE STRONG AND LONG-LASTING T CELL RESPONSE STRONGHPV16-SPECIFIC T CELLREPSONSESIN ALL P A TIENTSIN THEEXP ANSIONCOHORT 1000 2000 3000 4000 SFU/106 PBMC The vaccination regimen from cohort 1 (Q3W) plus a booster vaccination at W16 was introduced in the Expansion Cohort to make sure at patients could have a strong T cell response All patients in the expansion cohort achieved a strong T cell response (>650 SFU/mill) VB10.16: homologous booster dose induced strong T cell responses in all patients in the expansion cohort Baseline Post vaccination
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Nykode Therapeutics | Company Presentation - January 2026 LESION SIZE REGRESSION CORRELA TES WITH HPV-16 SPECIFIC RESPONSES SIGNIFICANT CORRELA TION OBSERVED WITH % LESION SIZE REDUCTION AND # SFU/MILL Lesion size regression No lesion size regression 0 2000 4000 6000 8000 SFU/106 PBMC 650 ✱✱✱ VB10.16: highly significant correlation between immunotherapy induced HPV16-specific T cell responses and lesion size across all cohorts • Cohort 1 • Cohort 2 • Expansion cohort
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Nykode Therapeutics | Promising clinical data as monotherapy in pre-cancerous lesions Lesion size reduction observed in majority of subjects (16 of 17) in the Expansion cohort CIN regression to CIN1 or no CIN in 10 subjects HPV16 and/or p16 clearance in 8 subjects Upregulation of PD-L1 in lesions post-vaccination - scientific rationale for combination with anti- PD(L)1 inhibitor in HPV16+ cancers Company Presentation - January 2026
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VB-C-02
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Nykode Therapeutics | Advancing into the future of 1L r/m HNSCC treatment with abi-suva Incidences Unmet need Forecasted HPV16+ HNSCC sales* 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** *Delveinsight: HPV16-positive Head and Neck Squamous Cell Carcinoma (HNSCC) – Market Insight, Epidemiology, and Market Forecast – 2030 (December 2024) **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. HNSCC has the highest number of incidences in HPV16+ driven cancers. HPV16+ HNSCC shows a significant estimated growth in the coming year in the 7 major markets: Current SOC has 19% ORR and 12.3 mOS, leaving room for significant improvements Most HNSCC treatments in development are focused on HPV negative population KOLs are seeking more HPV positive specific treatment USD bn Company Presentation - January 2026
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Nykode Therapeutics | VB-C-02 data compare strongly to CPI monotherapy as well as expected SoC in ≥2L r/m cervical cancer CPI Monotherapy in r/m CC VB10.16 plus atezolizumab in PD-L1+*** Atezolizumab in PD-L1+††† Pembrolizumab in PD-L1+** Cemiplimab in PD-L1+ †† Tisotumab vedotin (PD-L1 agnostic) ‡ ‡ Trial name C-02 Skyscraper-04, atezolizumab arm Keynote-158 Empower-Cervical 1, cemiplimab arm InnovaTV 301, tisotumab vedotin arm ORR 29% 16% 17% 18% 18% mPFS 6.3 mo 1.9 mo 2.1 mo 3.0 mo 4.2 mo mOS 24.7 mo 10.6 mo 11.0 mo 13.9 mo 11.5 mo Notes: The data shown on this slide represents third-party clinical trials involving different trial designs and patient populat ions. These trials are not head-to-head evaluations of VB10.16 against standard of care ***https://jitc.bmj.com/content/jitc/13/1/e010827.full.pdf ††† 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. ** Chung et al. Efficacy and safety of pembrolizumab in previously treated advanced cervical cancer: Results from the phase II K EYNOTE-158 study. J Clin Oncol 2019 †† Tewari et al. Survival with cemiplimab in recurrent cervical cancer. N Engl J Med 2022 ‡ ‡ Confirmatory phase 3 RCT evaluating tisotumab vedotin vs. investigator’s choice chemotherapy (topotecane, vinorelbine, gemcit abine, irinotecan, or pemetrexed). Ignace Vergote: innovaTV 301/ENGOT-cx12/GOG-3057: A Global, Randomized, Open-Label, Phase 3 Study of Tisotumab Vedotin vs Investigator’s Choice of Chemotherapy in 2L or 3L Recurrent or Metastatic Cervical Cancer. ESMO 2023. Company Presentation - January 2026
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Nykode Therapeutics | VB-C-02 data show improved efficacy over ICI alone or other cancer immunotherapy in PD-L1+ R/M cervical cancer Therapeutic vaccine HPV 16+ in R/M CC Comparison VB10.16 plus atezolizumab PD-L1+ Atezolizumab PD-L1+††† Cemiplimab and ISA101b PDL1+ (1) Cemiplimab PD-L1+ †† (CPS>1) ORR 29% 16% 22.4% 18% mPFS 6.3 mos 1.9 mos 3.3 mos 3.0 mos mOS 24.7 mos 10.6 mos 14.3 mos 13.9 mos Notes: The data shown on this slide represents third-party clinical trials involving different trial designs and patient populat ions. These trials are not head-to-head evaluations of VB10.16 against standard of care ††† 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. ** Chung et al. Efficacy and safety of pembrolizumab in previously treated advanced cervical cancer: Results from the phase II K EYNOTE-158 study. J Clin Oncol 2019 †† Tewari et al. Survival with cemiplimab in recurrent cervical cancer. N Engl J Med 2022 • VB10.16 + atezolizumab demonstrated strong and durable clinical responses with improvement in all key clinical endpoints in PD-L1+ R/M cervical cancer patients compared to ICI alone • Other HPV16+ cancer vaccines failed to meet end points in similar setting in R/M cervical cancer: × ISA101b (ISA pharmaceuticals)1 × TG4001 (Transgene)2 1https://ascopubs.org/doi/10.1200/JCO.2024.42.16_suppl.5522 2Company press release Company Presentation - January 2026
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Nykode Therapeutics | Company Presentation - January 2026 VB-C-02 induced HPV16-specific T cell responses are significantly correlated with clinical response HIGHER PEAK T CELL RESPONSES IN PATIENTS WITH DISEASE CONTROL HIGHER FOLD INCREASED T CELL RESPONSES IN PATIENTS WITH DISEASE CONTROL DCR PD 0 50 100 150 200 250 500 1000 1500 SFU/106 PBMC p=0.0113 DCR PD 0 2 4 6 8 10 50 Fold change p=0.0346 Absolute count at peak visit post-treatment Fold change, baseline to peak count post-treatment Note: Ex vivo ELISpot analysing HPV16 E6 and E7 responses with background subtracted n = 36 (n = 24 DCR, n = 12 PD). Data not available for 11 subjects 69
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Nykode Therapeutics | Company Presentation - January 2026 VB-C-02 Ph2 trial: Strong efficacy with survival benefit Endpoint Population ALL (N=47) PD-L1+ (N=24) PD-L1+ with 1 prior line of therapy (N=15) ORR (%) EAS 19% 29% 40% mPFS (mos) EAS 4.1 6.3 15.8 mOS (mos) EAS 21.3 24.7 NR ORR=objective response rate, DOR=duration of response, OS=overall survival, PFS=progression-free survival, SACT=systemic anti-cancer therapy. NR = Not Reached. EAS: Evaluable for Analysis Set. Data Cut-Off =Nov 24, 2023 (LPLV). Data from phone visits in the follow-up period up to the end of trial is included. The median observation time from first treatment to end of study was 14.1 months for EAS (N=47). Subgroup identified with best responese (PD-L1+, >1 line of prior therapy)
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Nykode Therapeutics | Company Presentation - January 2026 VB-C-02 is generally well-tolerated VB10.16 plus atezolizumab tolerability profile was consistent with checkpoint inhibitor monotherapy 1 System Organ Class Preferred Term Grade 1-2 n (%) Grade 3-4 n (%) All AEs related to VB10.16 15 (31%) 1 (2%) General disorders and adm. site conditions. 10 (19%) – Administration site pain 2 (4%) – Fatigue 1 (2%) – Injection site bruising 2 (4%) – Injection site discomfort 3 (6%) – Injection site haematoma 1 (2%) – Injection site pain 2 (4%) – Injury, poisoning and procedural complications 1 (2%) – Infusion related reaction 1 (2%) – Metabolism and nutrition disorders 1 (2%) – Decreased appetite 1 (2%) – Musculoskeletal and connective tissue disorders 2 (4%) 1 (2%) Arthralgia – 1 (2%) Myalgia 2 (4%) – Skin and subcutaneous tissue disorders 4 (8%) – Erythema 1 (2%) – Pruritus 2 (4%) – Rash 2 (4%) – Treatment-related AEs of any grade related to either VB10.16 or atezolizumab were seen in 67% of patients Most treatment-related AEs were mild or moderate (gr. 1-2) Five patients (10%) experienced treatment-related AEs of gr. 3 related to atezolizumab Of these, 1 event of gr. 3 arthralgia was additionally reported as related to VB10.16 No serious AEs were reported related to VB10.16 No deaths were related to either VB10.16 or atezolizumab Note: 52 patients were included in the safety population; Median number of VB10.16 doses given was 5 (range 1-11); AE = adverse event; 1 Tabernero et al. Phase II multicohort study of atezolizumab monotherapy in multiple advanced solid cancers. ESMO Open. 2022. Treatment-related Adverse Events assessed as related to VB10.16 (n = 52) VB10.16 in combination with atezolizumab was generally well-tolerated and showed a favourable tolerability profile 71
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Nykode Therapeutics | HPV16 circulating tumor DNA dynamics is associated with clinical response All patients with PR and CR have >50% reduction in ctDNA as best molecular response ALL P A TIENTS WITH CLINICAL RESPONSE PER RECIST 1.1 HA VE MOLECULAR RESPONSE n=25 patients with detectable ctDNA at baseline and available on-treatment sample Molecular response defined as >50% decrease in HPV16 ctDNA level Early ctDNA dynamics is defined as increase or decrease at week 9-11 from baseline Fisher’s exact test Increase Decrease Disease control N=16 5 (31%) 11 (69%) PD N=9 8 (89%) 1 (11%) p = 0.011 DCR PD EARL Y CTDNA DYNAMICS (WEEK 9-1 1) ASSOCIA TED WITH IMPROVED CLINICAL OUTCOME Company Presentation - January 2026
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Nykode Therapeutics | EXPANSION OF NOVEL AND EXPANDED CLONES ON TREATMENT • Novel expanded clones constituted a median of 0.66% of the peripheral T cell pool at peak, ranging from 0.04% to 7.4 % T cell responses remain strong and long-lasting Sequencing of T cell receptors in PBMC from 10 patients by ImmunoSEQ. Left: peak was defined as the visit with the highest number of uniquely expanded clones. Summed frequency at peak was calculated by adding up clone frequencies of the expanded clones at this visit. Summed frequency at baseline was calculated for the same clones. Right: line plot shows the number of uniquely expanded clones at each visit in pairwise comparisons versus baseline. • Rapid and persistent on-treatment T cell expansion • Peak expansion of 46-342 clonotypes in 10 patients RAPID AND PERSISTENT EXPANSION OF T CELL CLONES Company Presentation - January 2026 T cell clonotype analysis
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Nykode Therapeutics | Pre-exising expanded Novel A persistent expansion of novel and pre-existing clones throughout the treatment period Novel and pre-existing HLA class I-restricted clones were identified by the HPV16 TMAP database, verified as HPV16-specific CD8 T cell clones Patient case: longitudinal T cell clonal expansion Persistent expansion of novel and pre-existing clones throughout the treatment Sequencing of T cell receptors in PBMC by ImmunoSEQ. Left: the frequency of expanded clones at each visit in pairwise comparisons versus baseline. Only frequencies of significantly expanded clones are shown. Right: the number of uniquely expanded clones in pairwise comparisons versus baseline. HPV16-specific CD8 T cell clones were identified by the HPV16 TMAP database (Adaptive Biotechnologies) FREQUENCY OF EXPANDED CLONOTYPES NUMBER OF EXPANDED CLONES Each dot represents a unique T cell clone significantly expanded from baseline Company Presentation - January 2026
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VB10.NEO Nykode Therapeutics | Company Presentation - January 2026
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Nykode Therapeutics | CD8 CD4 7 8 2 6 20 10 16 14 15 18 13 17 11 12 01-005 Preliminary immune phenotyping shows that the majority of neoepitopes activates CD8 T cells T cell responses are characterized by both CD8 and CD4 T cells The majority of tested neoepitopes activated functional CD8 T cells in all subjects analyzed CD8 response defined as ≥ 0.2% above DMSO background. Phenotyping was performed by IVS ICS using PBMC from week 22 for 6 subjects. Number indicate neoepitope in VB10.NEO CD8 CD4 19 9 20 18 17 8 16 15 14 11 1 13 2 6 7 5 4 3 12 01-001 CD8 CD4 15 19 17 18 16 3 20 14 13 9 5 4 01-004 CD8 CD4 7 3 4 19 16 1 13 18 6 12 stacked %+ve IFN-g/IL-2/TNF-a 02-003 Low High CD8 CD4 20 16 17 9 10 4 11 18 19 1 3 7 6 8 5 13 12 15 14 2 01-002 CD8 CD4 198 18 14 15 17 13 20 12 610 16 4 11 1 3 9 2 7 01-006 RCC SCCHN Melanoma CD8 T cells response detected No CD8 T cells response detected 53% 100% 75% 80%100% 100% Selected patients Company Presentation - January 2026
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Nykode Therapeutics | Total T cell responses De novo T cell responses T cell responses per patient Patients grouped in lower and higher than median immune responses Patients included are overlapping between EFR and FAS (N=32).Company Presentation - January 2026
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Nykode Therapeutics | A greater number of high quality immunogenic neoantigens is associated with prolonged survival in the N-01 trial Company Presentation - January 2026 ⬧ N-01 patients were divided into groups based on whether they had a high or low number of high quality (HQ) immunogenic neoantigens. ⬧ A greater number of HQ immunogenic neoantigens (High) was associated with improved overall survival.
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Antigen Specific Immune Tolerance Nykode Therapeutics | Company Presentation - January 2026
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Nykode Therapeutics | Discovery, development, and confirmation of multiple new APC-targeting units Nykode’s strategy is to target auto-antigens to the optimal APC through specific receptor ligation and internalization. We prioritized targets for their specificity and tolerogenic potential using sc-RNA sequencing to identify upregulated cell surface receptors across various states of APCs. Receptor specific natural ligands and Ig-derived variable regions were developed for mice and human receptors, incorporated into our constructs as targeting units, and evaluated in our Antigen-Specific Immune Tolerance technology. Functionality was validated through in vitro, ex vivo and in vivo experiments: • Human PBMC response analysis • Receptor binding specificity analysis • Signaling cytokine assays • Activation marker • Internalization assays • In vivo studies using mouse preclinical models. APC subset specific binding Pro-inflammatory cytokines unwanted in a tolerance setting PBMC Ex vivo qualification of cellular response to targeted vaccine Company Presentation - January 2026
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EAE (MS) studies Nykode Therapeutics | Company Presentation - January 2026
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Nykode Therapeutics | Company Presentation - January 2026 Nykode vaccine outperforms equimolar antigen peptide in early therapy disease protection Targeted Vaccine 1 MOG (27-63) EAE induction MOG/CFA day 20 Termination day 0 i.v. Daily clinical scores 6 8 10 12 14 16 18 20 0 1 2 3 4 5 Paralysis Days post EAE induction EAE score (0-8) Targeted vaccine 1 MOG(27-63) PBS 0 3 6 9 13 17 20 17 18 19 20 21 22 23 Weight Days post EAE induction Weight (g) PBS MOG(27-63) Targeted vaccine 1 0 20 40 60 AUC (5-20) ✱✱ ✱✱ **p<0.01, Mann-Whitney test 30 µg vaccine protein/time point EFFECT OF NYKODE VACCINES IN EAE MODELS
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Nykode Therapeutics | EAE MODEL – EARLY THERAPEUTIC DELIVERY APC targeting is required for effective early therapy of EAE disease Targeted Vaccine 1 MOG (27-63) Non-targeted vaccine MOG (27-63) APC 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 Daily clinical scores (5-28) EAE induction day 28 Termination Pertussis toxin Vaccine protein injection i.v. Company Presentation - January 2026
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Nykode Therapeutics | Nykode vaccine reduce Ag-specific effector T cell responses and increases frequency of T cells with immune inhibitor EAE MODEL – EARLY THERAPEUTIC DELIVERY Daily clinical scores (5-15) EAE induction Spleen harvest Day 12Vaccine protein injection i.v. Targeted Vaccine 1 MOG (27-63) 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 PBS Targeted vaccine 1 0 2 4 6 Lag3 % Lag3+ of CD4+Foxp3- cells ✱✱✱✱ Company Presentation - January 2026
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Nykode Therapeutics | Nykode vaccine potently expands and induces Ag-specific Foxp3+ T cells in vivo ADOPTIVE TRANSFER OF MOG-SPECIFIC CD4+ T CELLS Termination Spleens Thy 1.2 2D2 CD4+ donor B6 Thy 1.1 recipient Targeted Vaccine 1 MOG (27-63) Vaccine protein injection i.m. PBS Targeted vaccine 1 0 20 40 60 80 100 Proliferation Day 4 (after 1x injection) % Ki67+ of CD4+Thy1.2+ cells ✱✱✱✱ 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 Company Presentation - January 2026
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Nykode Therapeutics | EAE MODEL – LATE THERAPEUTIC DELIVERY Company Presentation - January 2026 APC targeting is required for effective durable disease amelioration in symptomatic mice Daily clinical scores (5-24) Early or late EAE induction Pertussis toxin Day 24 Vaccine protein injection i.v. Non- targeted vaccine MOG (27-63) Targeted vaccine 2 MOG (27-63) Target 1 Target 2 Tol APC 30 µg dose per timepoint 5 6 7 8 9 10 1112 13 1415 16 17 18 19 20 21 22 23 24 0 1 2 3 4 5 Days post EAE induction EAE score (0-8) ** * ** * 0 20 40 60 80 AUC (11-24) ✱✱ ✱✱✱✱ Unpaired t-test Targeted vaccine 2 Late treatment, day 11 & 14 Non-targeted vaccine Late treatment, day 11 & 14 PBS Targeted vaccine 2 Early treatment, day 7 & 10
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Nykode Therapeutics | EAE MODEL – LATE THERAPEUTIC DELIVERY Company Presentation - January 2026 Nykode vaccine significantly reduce the number of CNS- infiltrating cells Daily clinical scores (5-24) Early or late EAE induction Pertussis toxin Day 24 Vaccine protein injection i.v. Targeted vaccine 2 Target 2 MOG (27-63) Spinal cord harvest 0 4×104 8×104 1.2×10 5 CD4+ cells Cell number per 100 mg of spinal cord ✱✱✱✱ ✱✱✱ 0 4×104 8×104 1.2×10 5 CD8+ cells Cell number per 100 mg of spinal cord ✱✱✱ ✱✱✱ ✱ 0 1×105 2×105 3×105 4×105 5×105 CD45+CD11b+ cells Cell number per 100 mg of spinal cord ✱✱✱✱ ✱✱✱✱ ✱ Targeted vaccine 2 Early treatment, day 7 & 10 Targeted vaccine 2 Late treatment, day 11 & 14 Non-targeted vaccine Late treatment, day 11 & 14 PBS Unpaired t-test
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Nykode Therapeutics | EAE MODEL – EARLY THERAPEUTIC DELIVERY Nykode vaccine therapeutically reduces auto-antibodies in EAE mice Targeted vaccine 2 MOG (27-63) 6 8 10 12 14 16 18 20 22 24 26 28 30 32 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Days post EAE induction EAE score (0-8) Targeted vaccine 2 PBS Non-targeted vaccine PBS Non-targeted vaccine Targeted vaccine 2 0 20 40 60 80 AUC (5-32) ✱✱✱ EAE induction MOG/CFA day 32 Termination Serum harvest day 0 i.v. Daily clinical scores Non-targeted vaccine MOG (27-63) PBS Non-targeted vaccine Targeted vaccine 2 0 200 400 600 800 1000 MOG-specific IgG (µg/mL) ✱ *p<0.05, Mann-Whitney test anti-MOG (35-55) IgG 10 µg dose per timepoint Company Presentation - January 2026
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Type 1 diabetes (T1D) NOD studies Nykode Therapeutics | Company Presentation - January 2026
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Nykode Therapeutics | 90 Bi-weekly glucose monitoring Week 16 of treatment Remove treatment NOD DIABETES MODEL Targeted vaccine Diabetes antigen Diabetes antigen: PPI +/- 4th module cytokines Vaccine pDNA injection i.m. Dosing once weekly Nykode DNA vaccination targeting APCs show durable effect in late-preventative NOD model PPI antigen alone is not protective in this model. Grönholm J et al.,2017, Pagni PP et al (2022), Pham MN et al, 2016, Daniel C et al. 2011 Weekly glucose monitoring ** ** Blood glucose levels Week 26 termination of study 0 1 2 3 4 5 6 7 8 9 10 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 0 10 20 30 40 50 Incidence of Diabetes Weeks after first vaccination (%) Diabetic mice PBS 100 ug Targeted vaccine 100 ug Targeted vaccine + 4th module Treatment removed 9 wk old NOD mice *** 0 7 14 21 28 35 42 49 56 63 70 100 125 150 175 200 225 250 275 Weeks after first vaccination mg/dL 100 µg Targeted vaccine + 4th module PBS 100 µg Targeted vaccine Wk 0 Company Presentation - January 2026
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Nykode Therapeutics | NOD DIABETES MODEL Preliminary IHC results suggest that vaccination boosts pancreatic islet CD4+ T cells with a regulatory phenotype Distribution of CD4+FOXP3+ cell density Distribution of CD4+Tim3+ cell density Distribution of CD4+FOXP3+Tim3+ cell density Islet scoring annotated independently Score 1: no damage, minimal cell infiltrate Score 2: regular morphology, minimal damage, mild infiltrate Score 3: Irregular morphology, moderate damage, cell infiltrate Score 4: Severe damage and significant cell infiltrate Company Presentation - January 2026
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Nykode Therapeutics | Current Late Preventive Study Modular T1D Ag-specific Tolerance Design: Combinatorial evaluation of multiple targeting, antigen and immuno-modulatory units 2 distinct targeting units with several corresponding non- targeted controls Distinct auto-antigens with non- relevant antigen controls 3 different cytokines/ immune modulators Multiple exploratory vaccine constructs built on modules and evaluated experimentally Targeting strategies influencing clinical outcomes and disease progression Individual autoantigens contribute differentially to immune tolerance induction Insights into the local immune microenvironment and its role in response modulations Vector encoding Nykode vaccine Dimerization unit To facilitate strong bivalent interaction + / - Company Presentation - January 2026 Module 1Module 2Module 3Module 4 Wk 0 Wk2 Wk 1 Wk 3 Wk 4 Wk 5 …. Bi-weekly glucose and BW monitoring 10 wk old mice Rando + Baseline n=20/gr Serum Pancreas Spleen
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Nykode Therapeutics | Company Presentation - January 2026 VB vaccination reduces diabetes prevalence in late- preventative study using distinct antigenic units Statistics= Log-rank test 0 (9.29) 4 (9.86) 7 (10.29) 11 (10.86) 14 (11.29) 18 (11.86) 21 (12.29) 25 (12.86) 28 (13.29) 32 (13.86) 35 (14.29) 39 (14.86) 42 (15.29) 46 (15.86) 49 (16.29) 53 (16.86) 56 (17.29) 60 (17.86) 63 (18.29) 67 (18.86) 70 (19.29) 74 (19.86) 77 (20.29) 81 (20.86) 84 (21.29) 88 (21.86) 91 (22.29) 95 (22.86) 98 (23.29) 102 (23.86) 105 (24.29) 109 (24.86) 0 10 20 30 40 50 60 Percent Onset of diabetes (%) TV009 Ag1 VB5080 Empty Vector Days(weeks of age) TV093 Ag2 *** p=0.0003 ** p=0.0066 Both constructs include 4th module cytokines NOD DIABETES MODEL