Nykode Therapeutics (NYKD) Q2 2025 earnings summary

Executive summary

• Strategic focus shifted to VB10.16 in first-line head and neck cancer, with a randomized phase II trial planned and interim analysis expected in 2027.

• VB10.16 and VB10.NEO demonstrated robust clinical and immunogenicity data, with VB10.NEO leveraging proprietary AI-driven epitope selection and rapid manufacturing.

• Tolerance/ASIT platform for autoimmune diseases advanced, showing long-lasting efficacy and broad immune modulation in preclinical models.

• Organizational restructuring and cost streamlining completed, aligning with strategic priorities and cash runway.

• Susanne Stuffers elected Chair of the Board in April 2025.

Financial highlights

• Q2 2025 revenue and other income totaled $0.2 million, down from $0.6 million in Q2 2024, mainly due to reduced revenue from Genentech and Regeneron.

• Operating expenses dropped to $6.9 million from $12.4 million year-over-year, reflecting organizational streamlining and reduced clinical activity.

• Net profit of $0.9 million in Q2 2025, compared to a net loss of $7.3 million in Q2 2024, driven by lower expenses and unrealized currency gains.

• Cash position of $70 million at quarter-end, with a $32.3 million dividend paid in June 2025.

• Net cash outflow for Q2 2025 was $39.5 million, mainly due to the dividend payment.

Outlook and guidance

• Cash runway extends into 2028, with potential to 2029 pending a positive tax case outcome.

• Highly focused strategy aims to reach key inflection points within 24 months across prioritized core assets.

• No significant organizational growth or cost base increase anticipated, excluding clinical costs.

• VB10.NEO positioned to attract partners after key peer data readouts within 18 months.

• Continued investment in the ASIT platform for autoimmune indications and partnerships.