Nykode Therapeutics (NYKD) Status Update summary

VB10.NEO program update

• Genentech is terminating its collaboration and licensing agreement for VB10.NEO, effective January 6, 2025, with Nykode regaining full control and intellectual property rights, including future licensing opportunities and no obligation to refund or make future payments to Genentech.

• The termination is not related to clinical data, technology platform, or adverse events, and Nykode maintains confidence in the program's potential.

• Nykode attributes the termination to Genentech's broader portfolio review and will independently determine the best path forward for VB10.NEO, including exploring new partnerships.

• VB10.NEO is a fully individualized cancer vaccine targeting patient-specific mutations, tested in two clinical trials (N-01 and N-02) across more than 10 solid tumor types, and has shown to be generally well tolerated with broad, long-lasting immune responses.

• Nykode has operational capabilities to independently run personalized cancer vaccine trials, though these are more capital-intensive than off-the-shelf vaccine programs.

Data ownership and disclosure

• Ownership of N-02 trial data, funded by Genentech, is under negotiation; Nykode aims to make the data public but cannot commit to a timeline.

• Nykode has good insight into the data generated and believes Genentech's decision was not data-driven.

• Discussions with Genentech over the next 60 days will determine data access and any potential costs for obtaining the data.

Financial and operational outlook

• Nykode is in a strong cash position due to previous partnerships and does not need to raise capital in the near term.

• The company is prioritizing cost containment and runway extension, with recent organizational adjustments and project reprioritizations.

• Plans for the VB10.16 program remain unchanged, while the path forward for VB10.NEO will be determined after internal and board discussions.