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February 25, 2026 Q4 2025 ABG - Investor 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. ABG Investor Presentation| Non-confidential 22
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Nykode Therapeutics | ABG Investor Presentation| Non-confidential Today’s presenters from Nykode HARALD GURVIN Chief Financial Officer MICHAEL ENGSIG Chief Executive Officer AGNETE FREDRIKSEN Chief Scientific Officer & Business Development 3
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Nykode Therapeutics | Focused strategy with clear value drivers 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 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 ABG Investor Presentation| Non-confidential APCs 4
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Nykode Therapeutics | ABG Investor Presentation| Non-confidential 5 Highlights • Abili-T protocol submitted to UK regulatory authorities in November and relevant EU regulatory authorities in December • Approved by UK regulatory authorities in December • Announced interim data from the VB-C-03 Trial showing an ORR of 38.5%, significantly higher than current standard of care (19%). Further details to be presented at ICHNO in March 2026 Abi-suva • New results showcasing the ASIT platform’s ability to regulate human immune cells with potential translatability and bridging between preclinical and human setting for treatment of autoimmune diseases Tolerance • U.S. patent granted relating to the company's proprietary NeoSELECTTM platform used for the selection of neoantigens for VB10.NEO, strengthening our intellectual property portfolio. • Presented new analyses from two clinical trials further validating NeoSELECT's ability to identify neoantigens that drive strong and durable immune responses. VB10.NEO
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Abi-suva Nykode Therapeutics | 6ABG Investor Presentation| Non-confidential
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Nykode Therapeutics | The current focus of abi-suva is 1L r/m HNSCC with the potential to expand to additional indications and lines 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) ABG Investor Presentation| Non-confidential
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Nykode Therapeutics | 1 compared to CPI used in combination with abi-suva in clinical trial 2 Salani et al. Efficacy and safety results from Skyscraper-04: An open-label randomized phase 2 trial of tiragolumab plus atezolizumab for PD-L1-positive recurrent cervical cancer. IGCS 2023. 3 Pembrolizumab alone or with chemotherapy versus cetuximab with chemotherapy for recurrent or metastatic squamous cell carcinoma of the head and neck (KEYNOTE-048): a randomised, open-label, phase 3 study VB-C-02: Abi-suva in combination with atezolizumab in 2L+ r/m Cervical Cancer & VB-C-03: Abi-suva in combination with pembrolizumab in 1L r/m HNSCC 8 Abi-suva shows strong and consistent clinical effect across several trials and HPV16 driven indications VB-C-02 VB-C-03 ORR 29% ORR 39% Δ~81% Δ~103% Objective response rate (ORR) of abi-suva in combination with CPI compared to historical CPI monotherapy1 CPI mono1 = 19%3 (Pembrolizumab)CPI mono1 = 16%2 (Atezolizumab) 2L+ r/m Cervical Cancer 1L r/m Head and Neck Cancer Abi-suva + atezo Abi-suva + pembro
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Nykode Therapeutics | Abi-suva 9 HNSCC: Different MoA for HPV+ patients compared to HPV- patients HNSCC patients HPV16- HNSCC Exhibits EGFR overexpression in up to 90% of tumors, playing a critical role in tumor growth, invasion, and metastasis Different MoA compared to abi-suva = out of scope Companies Petosemtamab (Merus/Genmab) binds to EGFR & LGR5 Ficerafusp alfa (Bicara) binds to EGFR & TGF-beta HPV16+ HNSCC Tumor growth driven by HPV viral oncogenes SOC: Pembrolizumab monotherapy PD-L1+ in 1L r/m (ORR = 19%1) Patients are divided into two distinct disease entities with very different prognoses and management 1. Burtness, B. et al. Lancet 2019
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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 ABG Investor Presentation| Non-confidential 10 Abili-T randomized controlled trial enrolling up to 100 patients, designed to demonstrate contribution of abi-suva Key inclusion criterion Treatment Endpoints ORR PFS DOR RMDOR DCR 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 | Significant advancements in the Abili-T trial 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 ABG Investor Presentation| Non-confidential 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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VB10.NEO Nykode Therapeutics | 12ABG Investor Presentation| Non-confidential
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Nykode Therapeutics | Individualized cancer neoantigen therapy 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 ABG Investor Presentation| Non-confidential
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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 NeoAntigens Supply chain Nykode has a robust and proven supply chain with competitive turn- around-time Costs Nykode’s DNA based therapy has advantage on cost and manufacturing complexity VB10.NEO delivers on all key success factors for an ideal INT candidate Nykode is well positioned as most attractive unencumbered INT ready to leverage peer readouts * N-01 and N-02 ABG Investor Presentation| Non-confidential
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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 ABG Investor Presentation| Non-confidential
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Nykode Therapeutics | 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 ABG Investor Presentation| Non-confidential
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Nykode Therapeutics | 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 ABG Investor Presentation| Non-confidential
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Nykode Therapeutics | ABG Investor Presentation| Non-confidential 18 Further important milestones 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
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Nykode Therapeutics | Peer readouts within next 15 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. ABG Investor Presentation| Non-confidential
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Tolerance Nykode Therapeutics | 20ABG Investor Presentation| Non-confidential
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Nykode Therapeutics | A new way of thinking about autoimmune disease treatment 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 2025-2035ABG Investor Presentation| Non-confidential
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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 Key factors for a successful ASIT platform An ASIT platform should have following key factors to succeed: Corporate Presentation - October 2025 Manufacture & Delivery AI competencies for multi-antigen drug design to address disease complexity ABG Investor Presentation| Non-confidential
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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 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 ABG Investor Presentation| Non-confidential
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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 Endocrinology 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) Autoimmune effector response CD4 CD4/CD8 CD8 / auto-antibody ABG Investor Presentation| Non-confidential
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Nykode Therapeutics | 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. 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 ABG Investor Presentation| Non-confidential 25 Continues progress with the ASIT platform
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Nykode Therapeutics | Binding of Nykode APC Targeted Therapy to human APCs Clinical translatability: proof of principle on human cells Tuneable immune regulation observed with novel human specific APC-targeting APC targeting can either increase or decrease immune stimulation ABG Investor Presentation| Non-confidential Human Targeting Units PBMC APC APC 2 Targeted Therapy 2nM Non-targeted Therapy 1000 nM APC 1 Targeted Therapy 2nM CD40 agonist Non-targeted Therapy APC 1 Targeted Therapy APC 2 Targeted Therapy 0 5000 10000 15000 20000 25000 TNFα secretion TNFα (pg/mL) + CD40 agonist CD40 agonist Non-targeted Therapy APC 1 Targeted Therapy APC 2 Targeted Therapy 0 500 1000 1500 2000 IL-6 secretion IL-6 (pg/mL) + CD40 agonist
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Nykode Therapeutics | Nykode to present progress for the ASIT platform 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 ABG Investor Presentation| Non-confidential
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Outlook Nykode Therapeutics | 28ABG Investor Presentation| Non-confidential
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Nykode Therapeutics | Well-positioned to execute strategy and meet inflection points 29*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 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 Abili-T first interim analysis (2027) Continued expected key peer readouts on INT Cash runway Next 12 months Next 12-24 months ABG Investor Presentation| Non-confidential
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Q&A • Michael Engsig, CEO • Agnete Fredriksen, CSO and Business Development • Harald Gurvin, CFO Nykode Therapeutics | ABG Investor Presentation| Non-confidential 30
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Nykode Therapeutics | UNLOCKING THE FUTURE OF MEDICINE Contact: IR@nykode.com https://nykode.com/investors/ ABG Investor Presentation| Non-confidential