Nykode Therapeutics (NYKD) Q1 2025 earnings summary

Executive summary

• Organizational streamlining completed in Q1 2025, emphasizing cost control and strategic focus for greater efficiency and flexibility.

• Susanne Stuffers elected as Chair of the Board in April 2025; dividend of NOK 1.00 per share approved at AGM in May.

• Final Phase II data for VB10.16 published, confirming prolonged benefit and favorable safety profile in HPV16+ cervical cancer.

• New preclinical data from the immune tolerance/APC-targeted platform presented, showing broad potential in autoimmune disorders.

• Announced upcoming presentations at ASCO 2025 for VB10.NEO and VB10.16 in combination with atezolizumab.

Financial highlights

• Q1 2025 revenue from contracts was $0.1M, down from $8.7M in Q1 2024, mainly due to Genentech agreement termination.

• Net loss narrowed to $1.4M in Q1 2025 from $14.9M in Q1 2024, reflecting lower operating expenses.

• Operating expenses reduced to $7.7M from $16.6M year-over-year, driven by lower employee and clinical costs.

• Strong cash position of $106.2M at quarter-end; total equity of $134M and equity ratio of 91%.

• Net cash outflow from operations was $10.4M, improved from $13.9M in Q1 2024.

Outlook and guidance

• Full effect of restructuring expected by Q3 2025; updated guidance on cash flow and OpEx to be provided with Q2 results.

• Strategic update and detailed company priorities to be announced with Q2 2025 results in August; ongoing dialogue with potential partners.

• Focus remains on advancing VB10.16, VB10.NEO, and the immune tolerance/APC-targeted platform.