Nykode Therapeutics (NYKD) Q3 2025 earnings summary

Executive summary

• Focused on three core assets: Abi-suva (lead HPV16-driven cancer immunotherapy), VB10.NEO (individualized neoantigen therapy), and the ASIT/tolerance platform for autoimmune diseases and allergies.

• Advanced Abi-suva into a randomized controlled phase II trial (Abili-T/Ability trial) for first-line head and neck cancer, with protocol submitted to UK authorities and EMA submission planned.

• Strengthened proprietary position for VB10.NEO with a new US patent for the NeoSELECT platform and presented validating clinical and preclinical data.

• Demonstrated long-lasting, multi-compartment immune modulation with the tolerance/ASIT platform, showing efficacy in multiple autoimmune disease models.

• Achieved key milestones: protocol submission for Abili-T trial, supply agreement for pembrolizumab, and new U.S. patent for NeoSELECT platform.

Financial highlights

• Q3 2025 revenue and other income: USD 0.1 million (NOK 118,000), down from USD 0.7 million (NOK 665,000) in Q3 2024, mainly due to reduced revenue from Genentech and Regeneron.

• Operating expenses reduced to USD 6.4 million (NOK 6.4 million) from USD 15.6 million (NOK 15.6 million) year-over-year, reflecting organizational streamlining and lower clinical activity.

• Net loss of USD 3.7 million (NOK 3.7 million), improved from USD 9.7 million (NOK 9.7 million) in Q3 2024.

• Cash position of USD 63.9 million (NOK 64 million) at quarter-end; equity of USD 99 million with a 94% equity ratio.

• Dividend of USD 32.3 million paid in Q2 2025.

Outlook and guidance

• Cash runway extends into 2028, potentially 2029 pending a positive tax case outcome.

• Interim data from the ongoing C-03/CO3 trial expected in the first half of 2026; first interim data from the Abili-T/Ability trial anticipated in 2027.

• Focus on leveraging peer data readouts in the individualized neoantigen therapy field over the next 15 months.