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August 26, 2026 Q2 2026 Results Presentation
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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. 2Q2'26 webcast | Non-confidential
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Nykode Therapeutics | Today’s presenters from Nykode HARALD GURVIN Chief Financial Officer MICHAEL ENGSIG Chief Executive Officer AGNETE FREDRIKSEN Chief Scientific Officer & Business Development 3Q2'26 webcast | Non-confidential
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Nykode Therapeutics | 4 Nykode Therapeutics - Highlights NYKODE THERAPEUTICS (OSE: NYKD.OL) Clinical assets Abi-suva (HPV16-specific off-the-shelf vaccine) Current program supported by prior clinical data across 3 indications in ~100 patients Randomized phase 2 trial in 1L head and neck cancer ongoing (Abili-T) First interim analysis expected in 2027 VB10.NEO (INT) Individualized Neoantigen Therapy (INT); modality validated by the first positive Phase 3 in the class Clinical data across more than 10 tumor types; simpler manufacturing process (pDNA) compared to mRNA supports competitive COGS and turn around time, AI-driven target selection Well positioned as the most attractive unencumbered asset in the area, with patent protection to 2039 Cash runway into 2028, funding key value-driving milestones Strong financial position with disciplined cost management Cash-runway into 2028-20291 Antigen-presenting cell-targeted immunotherapy platform Precision immune activation for oncology and immune modulation for autoimmune diseases Tolerance platform Autoimmune diseases program utilizing the core technology with preclinical package supporting best-in-class potential 1: 2029 based on a predicated positive outcome of the pending tax caseQ2'26 webcast | Non-confidential
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Nykode Therapeutics | 5 Highlights Key peer announced positive Phase 3 data for their individualized neoantigen cancer vaccine, clinically validating the cancer vaccine field Nykode believe that VB10.NEO is well positioned as the most attractive unencumbered asset in this area New US patent for VB10.NEO The new US patent strengthens IP protection of our individualized cancer vaccine, VB10.NEO VB10.NEO showcased at the Neoantigen Summit in July Demonstrated correlation between de novo immune response and overall survival, substantial enhancements of immune responses by novel vaccine designs, and reduced turnaround-time Abili-T progressing as planned Abili-T trial continues to progress according to plan with first interim readout in 2027 Q2'26 webcast | Non-confidential
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VB10.NEO 6 Nykode Therapeutics | Q2'26 webcast | Non-confidential
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Nykode Therapeutics | Individualized Neoantigen Therapy (INT) Neoantigens • Tumor-specific mutations not found in healthy tissue INT Platform • Fully personalized per patient • Algorithm-driven neoantigen selection • Scalable manufacturing with competitive TAT1 Broad Applicability • Applicable across solid tumors with identifiable mutations • Combines effectively with other immunotherapies Clinically Validated Modality • First positive Phase 3 for an INT: Merck & Moderna's INTerpath-001 (Aug 2026) 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 Personalized vaccines targeting tumor-specific mutations 1: TAT: Turn-around-time 77Q2'26 webcast | Non-confidential
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Nykode Therapeutics | Individualized Neoantigen Therapy (INT) is here to stay Nykode has the most attractive unencumbered assets that can compete in this space Phase 3 INTerpath-001 1,137 patients, completely resected stage IIB–IV melanoma RFS primary endpoint of recurrence-free survival: MET DMFS key secondary endpoint of distant metastatis-free survival: MET Next MSD and Moderna will jointly pursue regulatory approval on back of results What this changes for the cancer vaccine field Cancer vaccines are now de-risked as a modality. Now it is about finding the optimal INT that supports a competitive commercial case across indications. More than 10 pharma-partnered INT Phase 2/3 randomised trials expected to read out in 2026-2027. The next step is building a commercially attractive case in as many indications as possible • Technology: target selection that works across indications for INT and off-the-shelf, immune responses of sufficient breadth and quality, and safety that permits combination with a range of SoC • Economics: per-patient manufacturing, turnaround and cost that support a strong commercial case with broad applicability VB10.NEO is: • Unencumbered, clinically validated INT. Proprietary APC-targeting drives strong, CD8-skewed T cell immunity • Neoantigen selection platform clinically validated across more than 10 tumor types • Less complex manufacturing: faster turnaround and lower cost of goods • Positioned to compete beyond melanoma, across the far larger set of indications this class has yet to prove 8Q2'26 webcast | Non-confidential
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Nykode Therapeutics | The platform: a neoantigen vaccine that targets antigen- presenting cells and improve T cell responses Improved T cell responses compared to antigen alone Significantly increased IFNγ responses versus a non-APC- targeted vaccine encoding the identical neoantigens (MC38 colon carcinoma model) untargeted APC-targeted0 1000 2000 3000 4000 Mean IFNg SFU/106 splenocytes P = 0.03 untargeted APC-targeted0 2000 4000 6000 8000 10000 Mean IFNγ SFU/106 splenocytes P < 0.001 5ug 10ug Targeting unit • Attracts and binds APCs Dimerization unit • Facilitates strong bivalent binding Antigenic unit • Presents entire antigens or a set of T cell epitopes from cancer 9Q2'26 webcast | Non-confidential
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Nykode Therapeutics | NeoSELECT : clinically proven neoantigen selection across more than ten indications 10 • The proprietary AI-driven platform, NeoSELECTTM systematically prioritizes the most immunogenic neoantigens • Validated in clinical trials across multiple tumor types, including tumor types with low TMB* • Clear correlation between prioritized neoantigens by NeoSELECTTM and their proven immunogenicity in patients *HNSCC, TNBC, NSCLC, RCC, CRC, SACC, MM, UC, PDAC, SCC, GEJC, ISA and VINQ2'26 webcast | Non-confidential
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Nykode Therapeutics | To our knowledge, the only INT to link immunogenicity to survival Antigen-specific immunogenicity correlated with overall survival (OS) in the N-01 trial In patients with low baseline immunogenicity, more de-novo immune responses led to improved overall survival Baseline low & de-novo high Baseline low & de-novo low 11 • In N-01, antigen immune-responses correlated with overall survival (OS) • In patients with weak baseline immunity, those in whom VB10.NEO generated more new antigen-specific responses, survived longer Administered by needle-free jet injection (PharmaJet® Stratis), which drives higher DNA vaccine expression than needle injection alone and has generated strong T cell responses across six Nykode clinical trials. Q2'26 webcast | Non-confidential
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Nykode Therapeutics | 12 Our current optimized manufacturing process has a turnaround time (TAT) of less than 6 weeks Manufacturing Time (weeks) 18 14 9,3 5,9 4 N-01 Average N-02 Average N-02 best case Current optimized manufacturing process Target TAT with further consolidation Key improvements: • Drug substance and drug product manufacturing processes consolidated under one roof. Optimized slot utilization and shipment timelines • Improved DNA isolation methods • Optimized DNA plasmid synthesis process • Further development of a consolidated in-house process with removal of holding steps shows a clear path to 4-week manufacturing time More patients eligible for VB10.NEO treatment Q2'26 webcast | Non-confidential
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Nykode Therapeutics | Simpler pDNA production and simpler manufacturing process compared to mRNA positions VB10.NEO competitively in the INT field High potential for fast turn-around-time and simpler manufacturing process 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 13Q2'26 webcast | Non-confidential
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Nykode Therapeutics | A second-generation concept further enhances T cell responses MC38 model B16F10 model IFNγ ELISpot on splenocytes, mean + SEM, Significance calculated by 2-sided T-test on total response per mouse. 0 2000 4000 6000 8000 10000 12000 14000 Mean IFN-γ+ SFU/106 splenocytes Nykode Vaccine Nykode Vaccine Second generation P < 0.001 P = 0.005 Second generation Nykode Vaccine Second generation Nykode Vaccine Second generation 0 3000 6000 9000 12000 15000 Mean IFN-γ+ SFU/106 splenocytes P < 0.001 P = 0.001 2.5ug dose 7.5ug dose 0.5ug dose 2.5ug dose ✓ Nykode’s vaccine technology delivers potent immunogenicity in the clinic. ✓ Stronger immune responses can drive meaningful clinical benefit. 14Q2'26 webcast | Non-confidential
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Nykode Therapeutics | Moderna’s positive Phase 3 for INTerpath-001 has validated the modality and the two leading mRNA INTs are already partnered. Immunogenicity correlated with overall survival, to our knowledge, uniquely in this class. Competitive manufacturing: turnaround of less than 6 weeks, 100% batch success, simpler manufacturing process compared to mRNA. US patents to 2039. Key takeaways from VB10.NEO Two completed trials across 13 tumor types, 88–100% of patients responding, and a clean safety profile. 1515Q2'26 webcast | Non-confidential
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Abi-suva 16 Nykode Therapeutics | Q2'26 webcast | 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 including locally advanced setting 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) 1717Q2'26 webcast | Non-confidential
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Nykode Therapeutics | First patient dosed in randomized Phase 2 Abili-T trial with first interim data expected in 2027 • HPV16+ r/m HNSCC • PD-L1+ • Measurable disease • ECOG PS 0-1 • GRIm 0-1 R (1:1) Abipapogene suvaplasmid + pembrolizumab Pembrolizumab 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 ✓ Protocol approved by 8 European regulatory authorities (UK, Norway, France, Spain, Hungary, Poland, Czech and Germany) ✓ First patient dosed (Poland) in May 2026 ✓ Enrollment expanded across additional sites in the UK, Spain and France • Focus on expansion into additional countries and sites • 1st interim readout expected in 2027 • Explore expansion into locally advanced setting Trial design Achievements in 2026 Forward looking Abili-T continues to progress according to plan 1818Q2'26 webcast | Non-confidential
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Tolerance 19 Nykode Therapeutics | Q2'26 webcast | Non-confidential
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Nykode Therapeutics | 20 ASIT1: A new era of immunotherapy The hammer Today’s standard of care Broad immunosuppression that shuts the whole system down, damaging healthy machinery. The screwdriver Nykode ASIT precision tolerance Targets only the disease-driving cells fixes the mechanism without breaking it. 1 Antigen-specific immune toleranceQ2'26 webcast | Non-confidential
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Nykode Therapeutics | • Strong and durable efficacy across disease models – therapeutic and preventative • Modular APC-targeting platform allows unique customization for tailored immune control • Unprecedented induction of antigen-specific regulatory T cells, suppression of effector CD4 and CD8 T cells and reduction of auto-antibodies • Convenient delivery, favorable safety profile, manufacturable on standard biologics infrastructure, and human APC data to support translation to clinic 21 Advancing Nykode’s ASIT technology towards development path Key highlights of Nykode’s APC ASIT TechnologyBuilds on the same technology as oncology assets • Targets antigen-presenting cells (APCs), the key regulators of immune responses • Adapted to restore immune tolerance in autoimmune disease instead of attaching tumor cells Q2'26 webcast | Non-confidential
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Q2 2026 Financial Results 22 Nykode Therapeutics | Q2'26 webcast | Non-confidential
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Nykode Therapeutics | 23 Income Statement Amounts in USD ‘000 Q2 2026 Q2 2025 YTD 2026 YTD 2025 Other income 106 198 346 335 Total other income 106 198 346 335 Employee benefit expenses 2,290 2,934 5,163 6,642 Other operating expenses 4,074 3,433 7,353 6,887 Depreciation 487 510 1,111 1,028 Operating profit (loss) (6,745) (6,679) (13,281) (14,222) Finance income 497 6,057 3,071 10,490 Finance costs 915 558 1,059 945 Profit (loss) before tax (7,163) (1,180) (11,269) (4,677) Income tax expense (income) 22 (2,039) 29 (4,092) Profit (loss) for the period (7,185) 859 (11,298) (585) Other income • Government grants from SkatteFUNN Employee benefit expenses • Decrease in 2026 mainly due to reduced organization Finance income/costs • Mainly interest income and unrealized currency movements Q2'26 webcast | Non-confidential
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Nykode Therapeutics | 24 Balance Sheet Amounts in USD ‘000 30/06/2026 31/12/2025 ASSETS Non-current assets Property, plant and equipment 2,692 3,044 Right-of-use assets 1,717 2,640 Intangible assets 72 72 Deferred tax asset 53 84 Other non-current receivables 33,391 32,224 Total non-current assets 37,925 38,064 Current assets Other receivables 3,398 1,602 Cash and cash equivalents 44,791 60,289 Total current assets 48,189 61,891 TOTAL ASSETS 86,114 99,955 Cash and cash equivalents • Cash position of $44.8m at June 30, 2026 Other non-current receivables • Mainly reflects the NOK 325m payment to the Norwegian Tax Authorities (NTA) in the fourth quarter of 2023 following the decision by the NTA on the tax treatment of upfront payments received under a license agreement entered into in 2020 • Nykode has appealed the decision to the Norwegian Tax Appeal Board (Norw: Skatteklagenemnda) • Nykode has received communication from the secretariat of the Tax Appeal Board that we can expect to receive a draft recommendation from the secretariat in August 2026 • Receivable is in NOK and USD equivalent will fluctuate with exchange rate movements Q2'26 webcast | Non-confidential
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Nykode Therapeutics | 25 Balance Sheet - contd. Amounts in USD ’000 30/06/2026 31/12/2025 EQUITY AND LIABILITIES Equity Share capital 367 367 Share premium 96,707 96,707 Other capital reserves 18,826 18,653 Other components of equity (3,033) (3,006) Retained earnings (32,482) (21,184) Total equity 80,385 91,537 Non-current liabilities Non-current lease liabilities 606 1,300 Other non-current liabilities 941 926 Total non-current liabilities 1,547 2,226 Current liabilities Current lease liabilities 1,179 1,250 Trade and other payables 2,687 4,074 Current provisions 316 868 Total current liabilities 4,182 6,192 Total liabilities 5,729 8,418 TOTAL EQUITY AND LIABILITIES 86,114 99,955 Equity • Total equity of $80.4m as per June 30, 2026 • Equity ratio of 93% Q2'26 webcast | Non-confidential
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Outlook and closing remarks 26 Nykode Therapeutics | Q2'26 webcast | Non-confidential
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Nykode Therapeutics | Well-positioned to execute strategy and meet inflection points 27*2029 based on a predicated positive outcome of the pending tax case Cash runway into 2028-2029* Cash runway exceeding significant inflection points Full focus on enrolment in Abili-T including expanding number of countries and sites Additional peer data readout expected in cancer vaccine field (including both INT and off-the- shelf) Expect outcome of tax case Continued progress on ASIT platform Abili-T first interim analysis (2027) Additional peer data readout expected in cancer vaccine field (including both INT and off-the- shelf) Progress the ASIT platform towards first clinical development program Cash runway H2 2026 2027 Q2'26 webcast | Non-confidential
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Q&A • Michael Engsig, CEO • Agnete Fredriksen, CSO and Business Development • Harald Gurvin, CFO 28 Q2'26 webcast | Non-confidential