Nykode Therapeutics (NYKD) Q4 2025 earnings summary

Executive summary

• Focused strategy on three core assets: abisuvva (HPV-16 immunotherapy), VB10.NEO (individualized neoantigen therapy), and Tolerance/ASIT (antigen-specific immune tolerance platform), with advanced clinical programs in HPV16+ cancers and strong efficacy in head and neck and cervical cancer trials.

• Abisuvva progressing with Abili-T trial in first-line recurrent metastatic head and neck cancer; interim results expected in 2027, with first patient dosing in the UK in H1 2026.

• VB10.NEO leverages proprietary NeoSELECT algorithm; new U.S. patents granted and clinical data presented, confirming strong immune responses and competitive positioning.

• Tolerance/ASIT platform shows preclinical efficacy and durability, with unique ability to reduce autoantibodies and pathogenic T cells, and expansion into new autoimmune indications.

• Net loss of $8.0 million in Q4 2025, compared to $6.8 million in Q4 2024, with full-year net loss at $12.2 million, a significant improvement from $38.8 million loss in 2024.

Financial highlights

• Q4 2025 revenue from contracts with customers was $0.0 million, down from $6.8–6.9 million in Q4 2024, mainly due to the termination of the Genentech agreement.

• Operating expenses reduced to $8.1 million in Q4 2025 from $12.9 million year-over-year, reflecting organizational streamlining and reduced clinical activity.

• Cash and cash equivalents at year-end 2025 were $60.3 million, with an equity ratio of 92%.

• Dividend of $32.3 million paid in Q2 2025.

• Positive net financial income of $10.9 million in 2025, mainly due to currency gains.

Outlook and guidance

• Cash runway extends into 2028, with potential extension to 2029 pending outcome of a $32.2 million tax case.

• First patient dosing in Abili-T trial expected in H1 2026 in the UK; interim data expected in 2027.

• Anticipated peer readouts in individualized neoantigen therapy and cell therapy fields over the next 15 months.

• No guidance on partner revenue for 2026; potential partnerships considered upside.