Nykode Therapeutics ASA

Earnings Release • Nov 24, 2025

HIGHLIGHTS

Osloᆸ Norwayᆸ Novemberᇕᆾᇀᆸ ᆾᆼᆾᇁ ᇖ Nykode Therapeutics ASA ᆴOSEᇆ NYKDᆵᆸ a clinicalᆹstage biopharmaceutical company dedicated to the discovery and development of novel immunotherapiesᆸ today announced its unaudited financial results for the quarter ended September ᆿᆼᆸ ᆾᆼᆾᇁᆺ

Financial results for the third quarter ᆾᆼᆾᇁᇆ

• Total revenue and other income of USD ᆼᆺᆽ millionᆸ compared to USD ᆼᆺᇃ million for the third quarter of ᆾᆼᆾᇀᆺ
• Total operating expenses of USD ᇂᆺᇀ millionᆸ compared to USD ᆽᇁᆺᇂ million for the third quarter of ᆾᆼᆾᇀᆺ
• Net loss of USD ᆿᆺᇃ millionᆸ compared to a net loss of USD ᇅᆺᇃ million for the third quarter of ᆾᆼᆾᇀᆺ
• Strong cash position of USD ᇂᆿᆺᇅ million as of September ᆿᆼᆸ ᆾᆼᆾᇁᆺ

Highlights for the third quarter ᆾᆼᆾᇁᇆ

• Announced updated strategyᆸ prioritizing three core assets with the greatest potential to deliver significant clinical and commercial impactᇆ
• Abiᆹsuva prioritized as lead value driverᆸ with a focus on initiating the new randomized controlled AbiliᆹT trial in HPVᆽᇂᆹdriven ᆽstᆹline recurrentᆻmetastatic head and neck cancer ᆴᆽL rᆻm HNSCCᆵᆸ designed to demonstrate clinical efficacy in order to advance the assetᆺ
• VBᆽᆼᆺNEO development streamlinedᆸ with targeted investments focused on strengthening its position as the most attractive unencumbered individualized neoantigen therapyᆸ leveraging anticipated peer data readoutsᆺ
• AntigenᆹSpecific Immune Tolerance ᆴASITᆵ platform further advancedᆸ aiming to leverage the differentiated technology with bestᆹinᆹclass potential and pursuing partnerships to accelerate developmentᆺ
• Presented novel data demonstrating that our ASIT platform has the ability to deliver durableᆸ antigenᆹspecific immune tolerance and reduce disease activityᆸ even after onset in autoimmune diseasesᆺ

Highlights after September ᆿᆼᆸ ᆾᆼᆾᇁᇆ

• Protocol for AbiliᆹT trial submitted to UK regulatory authorities in Novemberᆸ with relevant EMA submissions expected in Decemberᆺ
• Agreed supply of pembrolizumab for the AbiliᆹT trialᆺ
• UᆺSᆺ patent granted relating to the companyᆳs proprietary NeoSELECTTM platform used for the selection of neoantigens for VBᆽᆼᆺNEOᆸ strengthening our intellectual property portfolioᆺ
• Presented new analyses from two clinical trials that further validate the ability of Nykodeᆳs proprietary NeoSELECTTM platform to identify neoantigens that drive strong and durable immune responsesᆺ
• Presented new preclinical data indicating that our ASIT platform has the ability to modulate the humoral component of the immune responseᆺ

KEY FINANCIAL FIGURES

	ᆿRD QUARTER		NINE MONTHS ENDED	FULL YEAR
Amounts in USD ᇘᆼᆼᆼ	ᆾᆼᆾᇁ	ᆾᆼᆾᇀ	ᆾᆼᆾᇁ	ᆾᆼᆾᇀ	ᆾᆼᆾᇀ
Total revenue and other income	ᆽᆽᇄ	ᇂᇂᇁ	ᇀᇁᆿ	ᆾᆸᆾᇂᇁ	ᇅᆸᆽᇁᇄ
Total operating expenses	ᇂᆸᆿᇅᇁ	ᆽᇁᆸᇂᆽᇀ	ᆾᆼᆸᇅᇁᆾ	ᇀᇀᆸᇂᆼᇃ	ᇁᇃᆸᇀᇄᇅ
Operating profit ᆴlossᆵ	ᆴᇂᆸᆾᇃᇃᆵ	ᆴᆽᇀᆸᇅᇀᇅᆵ	ᆴᆾᆼᆸᇀᇅᇅᆵ	ᆴᇀᆾᆸᆿᇀᆾᆵ	ᆴᇀᇄᆸᆿᆿᆽᆵ
Net profit ᆴlossᆵ for the period	ᆴᆿᆸᇂᇂᆼᆵ	ᆴᇅᆸᇃᆿᆾᆵ	ᆴᇀᆸᆾᇀᇁᆵ	ᆴᆿᆾᆸᆼᇂᇀᆵ	ᆴᆿᇄᆸᇄᆾᆽᆵ
Net cash flow	ᆴᇂᆸᆿᇀᇀᆵ	ᆴᆽᆽᆸᇅᇂᇄᆵ	ᆴᇁᇂᆸᆽᇅᆿᆵ	ᆴᆿᇃᆸᆼᇀᇃᆵ	ᆴᇀᇁᆸᇂᇄᇅᆵ
Cash and cash equivalentsᆸ end of period	ᇂᆿᆸᇅᆿᆼ	ᆽᆾᇀᆸᇂᆽᇅ	ᇂᆿᆸᇅᆿᆼ	ᆽᆾᇀᆸᇂᆽᇅ	ᆽᆽᇁᆸᆿᇅᇄ
Outstanding sharesᆸ end of period	ᆿᆾᇂᆸᇁᇀᇂᆸᇀᇀᇀ	ᆿᆾᇂᆸᇁᇀᇂᆸᇀᇀᇀ	ᆿᆾᇂᆸᇁᇀᇂᆸᇀᇀᇀ	ᆿᆾᇂᆸᇁᇀᇂᆸᇀᇀᇀ	ᆿᆾᇂᆸᇁᇀᇂᆸᇀᇀᇀ
Cash and cash equivalentsᆻtotal assets	ᇂᆼ ᆲ	ᇃᇀ ᆲ	ᇂᆼ ᆲ	ᇃᇀ ᆲ	ᇃᇁ ᆲ
Equity ratio	ᇅᇀ ᆲ	ᇄᇁ ᆲ	ᇅᇀ ᆲ	ᇄᇁ ᆲ	ᇄᇅ ᆲ
Equity	ᇅᇅᆸᆾᇁᆿ	ᆽᇀᆾᆸᇂᆿᇅ	ᇅᇅᆸᆾᇁᆿ	ᆽᇀᆾᆸᇂᆿᇅ	ᆽᆿᇂᆸᆾᆽᇀ
Total assets	ᆽᆼᇁᆸᇂᇅᇄ	ᆽᇂᇄᆸᇀᆽᆿ	ᆽᆼᇁᆸᇂᇅᇄ	ᆽᇂᇄᆸᇀᆽᆿ	ᆽᇁᆿᆸᇀᇄᆽ
Employeesᆸ average	ᇂᇀ	ᆽᇄᇃ	ᇃᇃ	ᆽᇄᆼ	ᆽᇂᇃ
Employeesᆸ end of period	ᇂᆾ	ᆽᇄᇁ	ᇂᆾ	ᆽᇄᇁ	ᆽᆿᇅ

Michael Engsigᆸ

Chief Executive Officer of Nykode, comments:

Our focused strategy is driving momentum across our three core assetsᆺ We continue to progress on abiᆹsuvaᆸ including preparations for the randomized AbiliᆹT trial evaluating abiᆹsuva with pembrolizumab compared to pembrolizumab alone in firstᆹline recurrentᆻmetastatic head and neck cancerᆺ

We are grateful to our partners at MSD for supplying pembrolizumab and supporting the rapid preparations that enable us to begin regulatory interactions nowᆺ

BUSINESS UPDATE

Business Update

Strategy update

In August ᆾᆼᆾᇁᆸ Nykode announced an updated strategyᆸ highly focused on three core assets with the greatest potential to deliver significant clinical and commercial impactᆺ

Abiᆹsuva will be prioritized as the lead value driverᆸ with a focus on initiating a new randomized controlled trialᆸ AbiliᆹTᆸ in HPVᆽᇂᆹdriven ᆽstᆹline recurrentᆻmetastatic head and neck cancer ᆴᆽL rᆻm HNSCCᆵ designed to demonstrate clinical efficacy and support continued advancement of the assetᆺ

Development of VBᆽᆼᆺNEO will be streamlinedᆸ with targeted investments focused on strengthening its position as the most attractive unencumbered individualized neoantigen therapyᆸ leveraging anticipated peer data readoutsᆺ

The tolerance platform will be advanced furtherᆸ aiming to leverage the differentiated technology with bestᆹinᆹclass potential and pursuing partnerships to accelerate developmentᆺ

Nykode will maintain disciplined execution and financial focus to reach key inflection points within the estimated cash runway into ᆾᆼᆾᇄᆸ further extending into ᆾᆼᆾᇅ based on a positive outcome in the pending tax caseᆺ

Abiᆹsuva

Abiᆹsuva is an offᆹtheᆹshelf therapeutic immunotherapy targeting HPVᆽᇂᆷ induced malignanciesᆸ with head and neck cancer and cervical cancer as the primary indicationsᆸ both representing areas of significant unmet medical needᆺ The product candidate is wholly owned by Nykodeᆺ

The ongoing VBᆹCᆹᆼᆿ trial is an openᆹlabelᆸ doseᆹescalation Phase ᆽᆻᆾa study of abiᆹsuva in combination with pembrolizumab ᆴKEYTRUDA®^ᆽ ᆵ for PDᆹLᆽ positiveᆸ first lineᆸ nonᆹresectableᆸ recurrent or metastatic squamous cell head and neck cancer ᆴNCTᆼᇂᆼᆽᇂᇅᆾᆼᆵ with doses up to ᇅ mgᆺ All doses have been cleared for safetyᆸ and the trial is now fully enrolledᆺ The last patient is expected to receive the final abiᆹ suva dose in May ᆾᆼᆾᇂᆺ Nykode expects to present preliminary data during the first half of ᆾᆼᆾᇂᆺ

In the third quarterᆸ Nykode announced a randomizedᆸ openᆹ labelᆸ multicenter Phase ᆾ trial which will evaluate abiᆹsuva in combination with MSDᇙs ᆴMerck & Coᆺᆸ Incᆺᆸ Rahwayᆸ NJᆸ USAᆵ antiᆹPDᆹᆽ therapyᆸ pembrolizumab ᆴKEYTRUDA®ᆵᆸ versus pembrolizumab aloneᆸ as firstᆹline treatment for human papilloma virus ᆴHPVᆵᆽᇂᆹpositiveᆸ PDᆹLᆽᆹpositive recurrent or metastatic head and neck squamous cell carcinoma ᆴᆽL rᆻm HNSCCᆵᆺ The trial will enroll up to ᆽᆼᆼ patients and is powered to deliver robust efficacy data in combination with pembrolizumabᆸ the current standard of care for PDᆹLᆽᆹ positive ᆽL rᆻm HNSCCᆺ Interim analyses for efficacy are

planned throughout the trialᆸ with the first interim analysis expected in ᆾᆼᆾᇃᆺ

Preparations for the initiation of the AbiliᆹT trial are proceeding according to planᆺ MSD ᆴMerck & Coᆺᆸ Incᆺᆸ Rahwayᆸ NJᆸ USAᆵ will supply pembrolizumab ᆴKEYTRUDA®ᆵ for the AbiliᆹT trialᆺ Together with MSDᆸ Nykode has finalized the clinical trial protocol for AbiliᆹT and look forward to interacting with the regulatory authoritiesᆺ

The protocol for the trial was submitted to the UK authorities in November ᆾᆼᆾᇁᆸ and we expect to submit it to the relevant EU authorities in Decemberᆺ

VBᆽᆼᆺNEO

VBᆽᆼᆺNEO is a clinically validated individualized neoantigen therapy ᆴINTᆵ with potential applicability across a broad spectrum of cancer indicationsᆺ

In November ᆾᆼᆾᇁᆸ Nykode was granted a UᆺSᆺ patent ᆴnoᆺ ᆽᆾᆸᇀᇂᆾᆸᇄᇅᇄᆵ titled ᆰMethod For Selecting Neoepitopesᆸᆰ which relates to the companyᆳs proprietary NeoSELECTTM platform used for the selection of neoantigens for VBᆽᆼᆺNEOᆺ The patent strengthens Nykodeᆳs intellectual property position on one of the key elements of the INT processᆺ The patent is valid until September ᆾᆼᆿᇅᆺ

At the Society for Immunotherapy of Cancer ᆴSITCᆵ ᆾᆼᆾᇁ annual meeting in Novemberᆸ Nykode presented new data

KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLCᆸ a subsidiary of Merck & Coᆺᆸ Incᆺᆸ Rahwayᆸ NJᆸ USAᆺ

from two clinical trials that further validate the ability of Nykodeᆳs proprietary NeoSELECTTM platform to identify neoantigens that drive strong and durable immune responsesᆺ VBᆽᆼᆺNEO induced neoantigenᆹspecific T cell responses in ᇅᇀᆲ and ᆽᆼᆼᆲ of participants in the VB Nᆹᆼᆽ and VB Nᆹᆼᆾ trialsᆸ respectivelyᆺ Furtherᆸsurvival analyses from the VB Nᆹᆼᆽ trial showed that highᆹqualityᆸ immunogenic neoantigens prioritized by NeoSELECTTM were associated with favorable overall survival in a heterogeneousᆸ heavily preᆹtreated patient populationᆺ

With an established supply chainᆸ an inᆹhouse AIᆹpowered epitope selection algorithmᆸ and strong durable clinical immune responseᆸ VBᆽᆼᆺNEO is well positioned to attract potential partner following key peer data readouts expected within the next ᆽᇁ monthsᆺ

ImmuneᆹTolerance

Autoimmune disorders are caused by unwanted immune responses to selfᆹantigensᆺ Antigenᆹspecific immune tolerance ᆴASITᆵ can suppress autoimmunity without compromising normal immune functionᆺ This approach also has potential applications in treating allergies and preventing organ transplant rejectionᆺ Recent advancements support the bestᆹinᆹclass potential of Nykodeᆳs proprietary APCᆹ targeting platformᆸ specifically in reducing unwantedᆸ diseaseᆹcausing immune responses with longᆸ durable reversion of disease symptoms and with efficacy proven to be dependent on APCᆹtargetingᆺ Nykode will further substantiate the platformᇙs potential and explore partnerships to advance development and diversify indicationsᆺ

At the ᆽᇅth International Congress of Immunology ᆴIUISᆵ in Augustᆸ Nykode presented further progress on the proprietary APCᆹtargeted platformᆳs ability to modulate multiple key immune components in autoimmune disease preclinical modelsᆺ Novel data in EAEᆸ a mouse model of multiple sclerosisᆸ demonstrated disease improvements and longᆹlasting disease control for up to ᇂᆼ daysᆸ when the Nykodeᇙs APCᆹtargeted vaccine was delivered to symptomatic mice in a later therapy protocolᆺ In additionᆸ data showed that the reduced EAE disease was associated with significantly reduced number of CNSᆹinfiltrating immune cells in Nykode vaccineᆹtolerized miceᆺ

At the Protein & Antibody Engineering Summit ᆴPEGSᆵ in Novemberᆸ Nykode showcased novel data demonstrating that itᆳs APCᆹtargeted vaccine candidates reduced antigenᆹ specific IgG autoᆹantiody production in the EAE preᆹclinical modelᆸ even when administered after disease inductionᆺ This ability to effectively modulate also the humoral component of the immune response underscores the potential of Nykodeᇙs APCᆹtargeted vaccine candidateᇙs for advancing autoimmune disease therapiesᆺ

In additionᆸ in the NOD preclinical model for type ᆽ diabetesᆸ preliminary IHC data suggested that vaccination with the Nykode APCᆹtargeted construct boosted pancreatic islet CDᇀᆷ T cells with a regulatory phenotypeᆺ

Overallᆸ these findings demonstrate that Nykodeᆳs APCᆹ targeted immune tolerance therapy can act through multiple arms of the antigenᆹspecific immune system and create durable responses in several therapeutic areasᆺ Accordinglyᆸ Nykode is actively extending its exploratory efforts in other preclinical models and continuing its pioneering work using AI for antigen selection and optimal product design to further showcase a strong and diverse technology that can be applied for various autoimmune disordersᆺ

Other

Nykode finalized its organizational streamlining in the first quarter of ᆾᆼᆾᇁ and continues to maintain a strong focus on cost controlᆺ

Nykode continues discussions with Regeneron regarding the future of the collaboration programsᆸ and these programs are no longer included in Nykodeᇙs strategy or financial forecastsᆺ

FINANCIAL REVIEW

(Numbers in brackets are for the corresponding period the previous year unless otherwise specified)

Income statement for the third quarter ᆾᆼᆾᇁ

The third quarter of ᆾᆼᆾᇁ showed a net loss of USD ᆿᆺᇃ million compared to a net loss of USD ᇅᆺᇃ million for the same period in ᆾᆼᆾᇀᆺ

Total revenue and other income amounted to USD ᆼᆺᆽ millionᆸ compared to USD ᆼᆺᇃ million for the same period in ᆾᆼᆾᇀᆺ Revenue from contracts with customers was USD ᆼᆺᆼ million ᆴUSD ᆼᆺᇁ millionᆵᆺ The decrease is mainly due to the termination of the Genentech agreement in the fourth quarter of ᆾᆼᆾᇀᆺ Other income was USD ᆼᆺᆽ million ᆴUSD ᆼᆺᆽ millionᆵ and relates to government grantsᆺ

Total operating expenses amounted to USD ᇂᆺᇀ millionᆸ compared to USD ᆽᇁᆺᇂ million for the same period in ᆾᆼᆾᇀᆺ Employee benefit expenses were USD ᆿᆺᆽ million in the third quarter of ᆾᆼᆾᇁ ᆴUSD ᇄᆺᆾ millionᆵᆺ The decrease in employee benefit expenses is mainly due to fewer employees in the third quarter of ᆾᆼᆾᇁ compared to the same period in ᆾᆼᆾᇀ following an organizational restructuringᆺ Other operating expenses decreased from USD ᇂᆺᇅ million in the third quarter of ᆾᆼᆾᇀ to USD ᆾᆺᇄ million in the third quarter of ᆾᆼᆾᇁᆺ The decrease mainly reflects reduced clinical activities compared to previous yearᆺ

Net financial income and costs were positive USD ᆽᆺᆿ million in the third quarter of ᆾᆼᆾᇁ ᆴUSD ᆾᆺᇀ million positiveᆵᆺ Finance income and finance costs mainly relate to interest income and movements in foreign currency exchange ratesᆺ The currency gain is mainly caused by movements in the USDᆻ NOK exchange rate relating to the cash balance held in NOK and the nonᆹcurrent receivable denominated in NOKᆺ

The Group recognized tax income of USD ᆽᆺᆿ million in the third quarter of ᆾᆼᆾᇁ compared to a tax income of USD ᆾᆺᇅ million in the same period of ᆾᆼᆾᇀᆺ The income tax expense is primarily related to movement in deferred tax and currency translation effectsᆺ

Income statement for the nine months ended September ᆿᆼᆸ ᆾᆼᆾᇁ

The net result for the nine months ended September ᆿᆼᆸ ᆾᆼᆾᇁ was a net loss of USD ᇀᆺᆾ million compared to a net loss of USD ᆿᆾᆺᆽ million for the same period in ᆾᆼᆾᇀᆺ

Total revenue and other income amounted to USD ᆼᆺᇁ million compared to USD ᆾᆺᆿ million for the same period in ᆾᆼᆾᇀᆺ Revenue from contracts with customers was USD ᆼᆺᆼ million ᆴUSD ᆽᆺᇅ millionᆵᆺ The decrease is mainly due to the termination of the Genentech agreement in the fourth quarter of ᆾᆼᆾᇀᆺ Other income was USD ᆼᆺᇁ million ᆴUSD ᆼᆺᇀ millionᆵ and relates to government grantsᆺ

Total operating expenses amounted to USD ᆾᆽᆺᆼ million compared to USD ᇀᇀᆺᇂ million for the same period in ᆾᆼᆾᇀᆺ Employee benefit expenses were USD ᇅᆺᇃ million ᆴUSD ᆾᆾᆺᇄ millionᆵᆺ The decrease in employee benefit expenses is mainly

due to the decreased number of employeesᆺ Other operating expenses decreased from USD ᆾᆼᆺᆽ million in the nine months ended September ᆿᆼᆸ ᆾᆼᆾᇀ to USD ᇅᆺᇃ million in the nine months ended September ᆿᆼᆸ ᆾᆼᆾᇁᆺ The decrease mainly reflects reduced clinical activities compared to previous yearᆺ

Net financial income and costs were positive USD ᆽᆼᆺᇄ million in the nine months ended September ᆿᆼᆸ ᆾᆼᆾᇁ ᆴUSD ᆿᆺᇄ million positiveᆵᆺ Finance income and finance costs mainly relate to interest income and movements in foreign currency exchange ratesᆺ The increase is primarily due to a net currency gain of USD ᇄᆺᆼ million in ᆾᆼᆾᇁᆸ compared to a net loss of USD ᆽᆺᇃ million in ᆾᆼᆾᇀᆺ The currency gainᆻloss is mainly caused by movements in the USDᆻNOK exchange rate relating to the cash balance held in NOK and the nonᆹcurrent receivable denominated in NOKᆺ

The Group recognized tax income of USD ᇁᆺᇀ million compared to USD ᇂᆺᇁ million in the same period of ᆾᆼᆾᇀᆺ The income tax expense is primarily related to movement in deferred tax and currency translation effectsᆺ

Statement of financial position

Cash and cash equivalents amounted to USD ᇂᆿᆺᇅ million at September ᆿᆼᆸ ᆾᆼᆾᇁ compared to USD ᆽᆽᇁᆺᇀ million at Decemberᇕᆿᆽᆸ ᆾᆼᆾᇀᆺ

Total equity amounted to USD ᇅᇅᆺᆿ million at September ᆿᆼᆸ ᆾᆼᆾᇁᆸ compared to USD ᆽᆿᇂᆺᆾ million at Decemberᇕᆿᆽᆸ ᆾᆼᆾᇀᆺ The decrease is mainly due to the net loss for the period of USD ᇀᆺᆿ million and the dividend of USD ᆿᆾᆺᆿ million paid in the second quarter of ᆾᆼᆾᇁᆺ

Other nonᆹcurrent receivables were USD ᆿᆾᆺᇁ million ᆴUSD ᆾᇄᆺᇂ millionᆵᆸ which mainly reflects the NOK ᆿᆾᇁ million ᆴUSD ᆾᇅ millionᆵ payment to the Norwegian Tax Authorities ᆴᆰNTAᆰᆵ in the fourth quarter of ᆾᆼᆾᆿ following their negative

decisionᆸ where the NTA reiterated their position that the upᆹ front payments received under a license agreement entered into in ᆾᆼᆾᆼ should be treated as taxable income in full in ᆾᆼᆾᆼᆸ rather than the use of taxable gainᆻloss whereby part of the taxable income should be deferred to subsequent yearsᆺ Nykode has appealed the decision to the Norwegian Tax Administration ᆴNorwᇆ Skatteklagenemdaᆵᆺ The increase is due to movements in exchange ratesᆺ

Cash flow for the third quarter ᆾᆼᆾᇁ

Net change in cash and cash equivalents was negative USD ᇂᆺᆿ million in the third quarter of ᆾᆼᆾᇁ compared to negative USD ᆽᆾᆺᆼ million for the same period in ᆾᆼᆾᇀᆺ

Net cash flow from operating activities was negative USD ᇂᆺᆼ million in the third quarter of ᆾᆼᆾᇁ ᆴUSD ᆽᆾᆺᇃmillion negativeᆵᆸ primarily driven by reduced loss before tax for the third quarter of ᆾᆼᆾᇁ compared to the same period in ᆾᆼᆾᇀᆺ

Net cash flow from investing activities was positive USD ᆼᆺᆼᆽ million in the third quarter of ᆾᆼᆾᇁ ᆴUSD ᆽᆺᆽ million positiveᆵᆺ The amounts mainly relate to interest receivedᆺ

Net cash flow from financing activities was negative USD ᆼᆺᆿ million in the third quarter of ᆾᆼᆾᇁ ᆴUSD ᆼᆺᆿ million negativeᆵᆺ

Cash flow for the nine months ended September ᆿᆼᆸ ᆾᆼᆾᇁ

Net change in cash and cash equivalents was negative USD ᇁᇂᆺᆾ million in the nine months ended September ᆿᆼᆸ ᆾᆼᆾᇁᆸ compared to USD ᆿᇃᆺᆼ million negative for the same period in ᆾᆼᆾᇀᆺ

Net cash flow from operating activities was negative USD ᆾᇀᆺᆿ million in the nine months ended September ᆿᆼᆸ ᆾᆼᆾᇁᆸ compared to USD ᆿᇅᆺᇄ million negative for the same period in ᆾᆼᆾᇀᆸ primarily driven by reduced loss before tax in ᆾᆼᆾᇁ

compared to the same period in ᆾᆼᆾᇀᆸ offset by increased unrealized currency gainᆺ

Net cash flow from investing activities was positive USD ᆽᆺᇀ million in the nine months ended September ᆿᆼᆸ ᆾᆼᆾᇁ ᆴUSD ᆿᆺᇃ million positiveᆵᆺ The amounts mainly relate to interest receivedᆺ

Net cash flow from financing activities was negative USD ᆿᆿᆺᆿ million in the nine months ended September ᆿᆼᆸ ᆾᆼᆾᇁ ᆴUSD ᆼᆺᇅ million negativeᆵᆸ primarily due to the USD ᆿᆾᆺᆿ million dividend payment in June ᆾᆼᆾᇁᆺ

OUTLOOK

Nykodeᆳs main priority is initiating the randomized controlled trial in HPVᆽᇂᆹdriven ᆽstᆹline recurrentᆻ metastatic head and neck cancerᆸ designed to demonstrate clinical efficacy and support the continued advancement of abiᆹsuvaᆺ Interim efficacy analyses are planned throughout the trialᆸ with the first interim analysis expected in ᆾᆼᆾᇃᆺ

Preliminary data from the VBᆹCᆹᆼᆿ trial are expected to be presented during the first half of ᆾᆼᆾᇂᆺ

With an established supply chainᆸ an inᆹhouse AIᆹpowered epitope selection algorithmᆸ and strongᆸ durable clinical immune responsesᆸ VBᆽᆼᆺNEO is wellᆹpositioned to attract potential partners following key peer data readouts expected within the next ᆽᇁ monthsᆺ

Nykode will also continue investing in its ASIT platform to substantiate the platformᆳs potential and explore partnerships to advance development and diversify indicationsᆺ

Nykode will continue disciplined execution and financial focus to reach key inflection points within the estimated cash runway into ᆾᆼᆾᇄᆸ with further extension into ᆾᆼᆾᇅ based on a positive outcome of the pending tax caseᆺ

Disclaimer

This announcement and any materials distributed in connection with this announcement may contain certain forwardᆹlooking statementsᆺ By their natureᆸ forwardᆹlooking statements involve risk and uncertainty because they reflect the companyᆳs current expectations and assumptions as to future events and circumstances that may not prove accurateᆺ

A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forwardᆹlooking statementsᆺ

About Nykode

Nykode Therapeutics is a clinicalᆹstage biopharmaceutical company dedicated to the discovery and development of novel immunotherapies with a focus on the treatment of cancer and autoimmune diseasesᆺ Nykodeᇙs modular vaccine technology specifically targets antigens to Antigen Presenting Cellsᆸ which have been shown to induce broadᆸ strongᆸ and longᆹlasting antigen specific immune response in cancerᆸ which correlates with clinical responses

Nykodeᇙs lead product candidates are abiᆹsuvaᆸ a therapeutic immunotherapy for the treatment of human papilloma virus ᆴHPVᆵᆹᆽᇂ induced malignancies which demonstrated favorable safety and efficacy results from its Phase ᆾ trial for the treatment of lateᆹline rᆻm cervical cancerᆺ Abiᆹsuva is currently being further developed in head and neck cancerᆺ VBᆽᆼᆺNEOᆸ an individualized cancer neoantigen immunotherapyᆸ has been investigated in two trials with more than ᆽᆼ different indicationsᆺ

Nykode is also utilizing its APCᆹtargeted technology to create an immune tolerance platform for potential use in autoimmune disordersᆸ organ transplant rejectionᆸ antiᆹdrug antibody reactionsᆸ and allergiesᆺ

Nykode Therapeuticsᇙ shares are traded on Oslo Stock Exchange ᆴOSEᇆ NYKDᆵᆺ Further information about Nykode Therapeutics may be found at httpᇆᆻᆻwwwᆺnykodeᆺcom or you may contact the company at IR@nykodeᆺcomᆺ

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME

Amounts in USD ᆳᆼᆼᆼ	Notes	Qᆿ ᆾᆼᆾᇁ	Qᆿ ᆾᆼᆾᇀ	YTD ᆾᆼᆾᇁ	YTD ᆾᆼᆾᇀ
Revenue from contracts with customers	ᇀ	ᇗ	ᇁᆿᇂ	ᇗ	ᆽᆸᇅᆼᇃ
Other income	ᇁ	ᆽᆽᇄ	ᆽᆾᇅ	ᇀᇁᆿ	ᆿᇁᇄ
Total revenue and other income		ᆽᆽᇄ	ᇂᇂᇁ	ᇀᇁᆿ	ᆾᆸᆾᇂᇁ
Employee benefit expenses		ᆿᆸᆼᇁᇅ	ᇄᆸᆽᇅᇀ	ᇅᆸᇃᆼᆽ	ᆾᆾᆸᇃᇃᇅ
Other operating expenses	ᇂ	ᆾᆸᇄᆾᇅ	ᇂᆸᇄᇁᇁ	ᇅᆸᇃᆽᇂ	ᆾᆼᆸᆽᆾᇀ
Depreciation		ᇁᆼᇃ	ᇁᇂᇁ	ᆽᆸᇁᆿᇁ	ᆽᆸᇃᆼᇀ
Operating profit ᆴlossᆵ		ᆴᇂᆸᆾᇃᇃᆵ	ᆴᆽᇀᆸᇅᇀᇅᆵ	ᆴᆾᆼᆸᇀᇅᇅᆵ	ᆴᇀᆾᆸᆿᇀᆾᆵ
Finance income	ᇃ	ᆾᆸᆽᆿᇅ	ᆾᆸᇄᆽᆼ	ᆽᆾᆸᇂᆾᇅ	ᇃᆸᇅᆼᇂ
Finance costs	ᇃ	ᇄᆿᇄ	ᇀᇁᆽ	ᆽᆸᇃᇄᆾ	ᇀᆸᆼᇄᇅ
Profit ᆴlossᆵ before tax		ᆴᇀᆸᇅᇃᇂᆵ	ᆴᆽᆾᆸᇁᇅᆼᆵ	ᆴᇅᆸᇂᇁᆾᆵ	ᆴᆿᇄᆸᇁᆾᇁᆵ
Income tax expense ᆴincomeᆵ		ᆴᆽᆸᆿᆽᇂᆵ	ᆴᆾᆸᇄᇁᇄᆵ	ᆴᇁᆸᇀᆼᇃᆵ	ᆴᇂᆸᇀᇂᆽᆵ
Profit ᆴlossᆵ for the period		ᆴᆿᆸᇂᇂᆼᆵ	ᆴᇅᆸᇃᆿᆾᆵ	ᆴᇀᆸᆾᇀᇁᆵ	ᆴᆿᆾᆸᆼᇂᇀᆵ
Other comprehensive income:
Items that subsequently may be reclassified to profit or loss:
Foreign currency translation effects		ᆴᇃᆼᆵ	ᆾ	ᆴᇃᆼᆵ	ᇀ
Total items that may be reclassified to profit or loss		ᆴᇃᆼᆵ	ᆾ	ᆴᇃᆼᆵ	ᇀ
Total other comprehensive income for the period		ᆴᇃᆼᆵ	ᆾ	ᆴᇃᆼᆵ	ᇀ
Total comprehensive income for the period		ᆴᆿᆸᇃᆿᆼᆵ	ᆴᇅᆸᇃᆿᆼᆵ	ᆴᇀᆸᆿᆽᇁᆵ	ᆴᆿᆾᆸᆼᇂᆼᆵ
Earnings per share ᆴᆰEPSᆰᆵᇆ
Basic EPS ᆹ profit or loss attributable to equity holders		ᆴᆼᆺᆼᆽᆵ	ᆴᆼᆺᆼᆿᆵ	ᆴᆼᆺᆼᆽᆵ	ᆴᆼᆺᆼᇃᆵ
Diluted EPS ᆹ profit or loss attributable to equity holders		ᆴᆼᆺᆼᆽᆵ	ᆴᆼᆺᆼᆿᆵ	ᆴᆼᆺᆼᆽᆵ	ᆴᆼᆺᆼᇃᆵ

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

Amounts in USD ᆳᆼᆼᆼ	Notes	ᆿᆼᆻᆼᇅᆻᆾᆼᆾᇁ	ᆿᆽᆻᆽᆾᆻᆾᆼᆾᇀ
ASSETS
Nonᆹcurrent assets
Propertyᆸ plant and equipment		ᆿᆸᆾᆾᆿ	ᆿᆸᇃᇀᆽ
Rightᆹofᆹuse assets		ᆾᆸᇅᇂᇀ	ᇀᆸᆼᆼᆽ
Intangible assets		ᇃᆾ	ᇃᆾ
Other nonᆹcurrent receivables		ᆿᆾᆸᇁᆼᇃ	ᆾᇄᆸᇂᆼᆽ
Total nonᆹcurrent assets		ᆿᇄᆸᇃᇂᇂ	ᆿᇂᆸᇀᆽᇁ
Current assets
Other receivables		ᆿᆸᆼᆼᆾ	ᆽᆸᇂᇂᇄ
Cash and cash equivalents		ᇂᆿᆸᇅᆿᆼ	ᆽᆽᇁᆸᆿᇅᇄ
Total current assets		ᇂᇂᆸᇅᆿᆾ	ᆽᆽᇃᆸᆼᇂᇂ
TOTAL ASSETS		ᆽᆼᇁᆸᇂᇅᇄ	ᆽᇁᆿᆸᇀᇄᆽ
EQUITY AND LIABILITIES
Equity
Share capital		ᆿᇂᇃ	ᆿᇂᇃ
Share premium		ᇅᇂᆸᇃᆼᇃ	ᆽᆾᇄᆸᇅᇄᇂ
Other capital reserves		ᆽᇄᆸᇀᇅᇄ	ᆽᇄᆸᇂᇄᆿ
Other components of equity		ᆴᆿᆸᆽᆿᆼᆵ	ᆴᆿᆸᆼᇂᆼᆵ
Retained earnings		ᆴᆽᆿᆸᆽᇄᇅᆵ	ᆴᇄᆸᇃᇂᆾᆵ
Total equity		ᇅᇅᆸᆾᇁᆿ	ᆽᆿᇂᆸᆾᆽᇀ
Nonᆹcurrent liabilities
Nonᆹcurrent lease liabilities		ᆽᆸᇂᆾᆾ	ᆾᆸᆽᇀᇁ
Other nonᆹcurrent liabilities		ᇅᆿᇁ	ᇄᆾᆾ
Deferred tax liabilities		ᆴᆽᇄᆵ	ᇁᆸᆾᆼᆽ
Total nonᆹcurrent liabilities		ᆾᆸᇁᆿᇅ	ᇄᆸᆽᇂᇄ
Current liabilities
Current lease liabilities		ᆽᆸᆾᇃᇃ	ᆽᆸᆾᇅᆿ
Trade and other payables		ᆽᆸᇅᇅᆽ	ᆿᆸᇂᇃᇅ
Current provisions		ᇂᆾᆼ	ᇀᆸᆽᆼᆿ
Income tax payable		ᆽᇄ	ᆾᇀ
Total current liabilities		ᆿᆸᇅᆼᇂ	ᇅᆸᆼᇅᇅ
Total liabilities		ᇂᆸᇀᇀᇁ	ᆽᇃᆸᆾᇂᇃ
TOTAL EQUITY AND LIABILITIES		ᆽᆼᇁᆸᇂᇅᇄ	ᆽᇁᆿᆸᇀᇄᆽ

Osloᆸ Novemberᇕᆾᆿᆸ ᆾᆼᆾᇁ
Susanne Stuffers	Christian Åbyholm	Trygve Lauvdal
Chair of the Board	Board Member	Board Member
	Michael Thyrring Engsig
	CEO

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

Amounts in USD ᆳᆼᆼᆼ	Notes	Qᆿ ᆾᆼᆾᇁ	Qᆿ ᆾᆼᆾᇀ	YTD ᆾᆼᆾᇁ	YTD ᆾᆼᆾᇀ
CASH FLOWS FROM OPERATING ACTIVITIES
Profit ᆴlossᆵ before tax		ᆴᇀᆸᇅᇃᇂᆵ	ᆴᆽᆾᆸᇁᇅᆼᆵ	ᆴᇅᆸᇂᇁᆾᆵ	ᆴᆿᇄᆸᇁᆾᇁᆵ
Adjustments to reconcile profit before tax to net cash flows:
Net financial items		ᆴᇁᇂᇅᆵ	ᆴᆽᆸᇀᇄᆾᆵ	ᆴᇅᆸᇀᆼᇄᆵ	ᆴᆽᆸᇅᆼᇂᆵ
Depreciation of propertyᆸ plant and equipment		ᆽᇄᆾ	ᆽᇄᇃ	ᇁᇁᇀ	ᇁᇁᇅ
Depreciation of Rightᆹofᆹuse assets		ᆿᆾᇁ	ᆿᇃᇅ	ᇅᇄᆽ	ᆽᆸᆽᇀᇁ
Shareᆹbased payment expense		ᆽᇂᇂ	ᆿᆼᆽ	ᆴᆽᇄᇁᆵ	ᆿᆸᇀᇀᇅ
Working capital adjustments:
Changes in trade receivables and other receivables		ᆴᆾᆿᇀᆵ	ᆴᇂᆽᇁᆵ	ᆴᆽᆸᆿᆿᇀᆵ	ᆴᆽᆸᆼᆾᇄᆵ
Changes in trade and other payables and other liabilities		ᆴᇅᇃᆾᆵ	ᆽᆸᆿᇅᇁ	ᆴᆽᆸᇂᇄᇄᆵ	ᆴᆽᆸᆿᇃᇃᆵ
Changes in contract liabilitiesᆸ current provisions and government grants	ᇀ	ᇂᆽ	ᆴᆿᆾᆽᆵ	ᆴᆿᆸᇁᇁᆿᆵ	ᆴᆾᆸᆽᆿᆿᆵ
Changes in nonᆹcurrent provisions		ᇗ	ᆴᆽᆵ	ᇗ	ᆴᆾᆵ
Net cash flows from operating activities		ᆴᇂᆸᆼᆽᇃᆵ	ᆴᆽᆾᆸᇃᇀᇃᆵ	ᆴᆾᇀᆸᆾᇄᇁᆵ	ᆴᆿᇅᆸᇄᆽᇄᆵ
Cash flows from investing activities
Purchase of propertyᆸ plant and equipment		ᆴᆽᆵ	ᆴᆿᆵ	ᆴᆿᇄᆵ	ᆴᆾᆾᆵ
Interest received		ᇄ	ᆽᆸᆼᇄᇄ	ᆽᆸᇀᆼᇁ	ᆿᆸᇃᆼᇂ
Net cash flows from investing activities		ᇃ	ᆽᆸᆼᇄᇁ	ᆽᆸᆿᇂᇃ	ᆿᆸᇂᇄᇀ
Cash flow from financing activities
Payments of the principal portion of the lease liability		ᆴᆿᆼᇁᆵ	ᆴᆾᇂᆽᆵ	ᆴᇅᆼᇀᆵ	ᆴᇃᇃᆽᆵ
Payments of the interest portion of the lease liability		ᆴᆾᇄᆵ	ᆴᇀᇁᆵ	ᆴᇅᆽᆵ	ᆴᆽᇀᆽᆵ
Dividend paid		ᇗ	ᇗ	ᆴᆿᆾᆸᆾᇃᇅᆵ	ᇗ
Net cash flows from financing activities		ᆴᆿᆿᆿᆵ	ᆴᆿᆼᇂᆵ	ᆴᆿᆿᆸᆾᇃᇀᆵ	ᆴᇅᆽᆾᆵ
Net increaseᆻᆴdecreaseᆵ in cash and cash equivalents		ᆴᇂᆸᆿᇀᇀᆵ	ᆴᆽᆽᆸᇅᇂᇄᆵ	ᆴᇁᇂᆸᆽᇅᆿᆵ	ᆴᆿᇃᆸᆼᇀᇂᆵ
Cash and cash equivalents at beginning of the yearᆻperiod		ᇂᇅᆸᇅᇄᇂ	ᆽᆿᇂᆸᇁᆿᇀ	ᆽᆽᇁᆸᆿᇅᇄ	ᆽᇂᆾᆸᇂᆼᆾ
Net foreign exchange difference		ᆾᇄᇅ	ᇁᆿ	ᇀᆸᇃᆾᇁ	ᆴᇅᆿᇂᆵ
Cash and cash equivalentsᆸ end of period		ᇂᆿᆸᇅᆿᆼ	ᆽᆾᇀᆸᇂᆽᇅ	ᇂᆿᆸᇅᆿᆼ	ᆽᆾᇀᆸᇂᆽᇅ

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

Amounts in USD ᆳᆼᆼᆼ	Share capital	Share premium	Other capital reserves	Other components of equity	Retained earnings	Total equity
Balance at December ᆿᆽᆸ ᆾᆼᆾᇀ	ᆿᇂᇃ	ᆽᆾᇄᆸᇅᇄᇂ	ᆽᇄᆸᇂᇄᆿ	ᆴᆿᆸᆼᇂᆼᆵ	ᆴᇄᆸᇃᇂᆾᆵ	ᆽᆿᇂᆸᆾᆽᇀ
Profit ᆴlossᆵ for the period	ᇗ	ᇗ	ᇗ	ᇗ	ᆴᇀᆸᆾᇀᇁᆵ	ᆴᇀᆸᆾᇀᇁᆵ
Other comprehensive income	ᇗ	ᇗ	ᇗ	ᆴᇃᆼᆵ	ᇗ	ᆴᇃᆼᆵ
Dividend paid	ᇗ	ᆴᆿᆾᆸᆾᇃᇅᆵ	ᇗ	ᇗ	ᇗ	ᆴᆿᆾᆸᆾᇃᇅᆵ
Share based payments	ᇗ	ᇗ	ᆴᆽᇄᇁᆵ	ᇗ	ᇗ	ᆴᆽᇄᇁᆵ
Other	ᇗ	ᇗ	ᇗ	ᇗ	ᆴᆽᇄᆾᆵ	ᆴᆽᇄᆾᆵ
Balance at September ᆿᆼᆸ ᆾᆼᆾᇁ	ᆿᇂᇃ	ᇅᇂᆸᇃᆼᇃ	ᆽᇄᆸᇀᇅᇄ	ᆴᆿᆸᆽᆿᆼᆵ	ᆴᆽᆿᆸᆽᇄᇅᆵ	ᇅᇅᆸᆾᇁᆿ

Amounts in USD ᆳᆼᆼᆼ	Share capital	Share premium	Other capital reserves	Other components of equity	Retained earnings	Total equity
Balance at December ᆿᆽᆸ ᆾᆼᆾᆿ	ᆿᇂᇃ	ᆽᆾᇄᆸᇅᇄᇂ	ᆽᇁᆸᆿᇅᇁ	ᆴᆿᆸᆼᇀᇄᆵ	ᆾᇅᆸᇁᇁᇅ	ᆽᇃᆽᆸᆾᇁᇅ
Profit ᆴlossᆵ for the period	ᇗ	ᇗ	ᇗ	ᇗ	ᆴᆿᆾᆸᆼᇂᇀᆵ	ᆴᆿᆾᆸᆼᇂᇀᆵ
Other comprehensive income	ᇗ	ᇗ	ᇗ	ᆴᇁᆵ	ᇗ	ᆴᇁᆵ
Share based payments	ᇗ	ᇗ	ᆾᆸᇅᇀᇅ	ᇗ	ᇁᆼᆼ	ᆿᆸᇀᇀᇅ
Balance at September ᆿᆼᆸ ᆾᆼᆾᇀ	ᆿᇂᇃ	ᆽᆾᇄᆸᇅᇄᇂ	ᆽᇄᆸᆿᇀᇀ	ᆴᆿᆸᆼᇁᆿᆵ	ᆴᆾᆸᆼᆼᇁᆵ	ᆽᇀᆾᆸᇂᆿᇅ

NOTES TO THE INTERIM FINANCIAL STATEMENTS

ᆽ General Information

The condensed consolidated interim financial statements of Nykode Therapeutics ASA and its subsidiaries ᆴᆰNykodeᆰ or ᆰthe Groupᆰᆵ for the period ended September ᆿᆼᆸ ᆾᆼᆾᇁ were authorized by the Board of Directors on Novemberᇕᆾᆿᆸ ᆾᆼᆾᇁᆺ Nykodeᆳs shares are traded on the Oslo Stock Exchangeᆸ with the ticker symbol NYKDᆺ Nykode Therapeutics ASA is incorporated and domiciled in Norwayᆸ and the address of its registered office is Gaustadalléen ᆾᆽᆸ ᆼᆿᇀᇅ Osloᆸ Norwayᆺ

The Group consists of clinicalᆹstage biopharmaceutical companiesᆸ dedicated to the discovery and development of novel immunotherapies with a focus on the treatment of cancer and autoimmune diseasesᆺ Nykodeᇙs modular immunotherapy technology specifically targets antigens to Antigen Presenting Cells ᆴAPCsᆵᆸ which have been shown to induce broadᆸ strong and longᆹlasting antigen specific immune response in cancerᆸ which correlates with clinical responsesᆺ Nykodeᇙs lead product candidates are abiᆹsuvaᆸ a therapeutic immunotherapy for the treatment of human papilloma virus ᆽᇂ induced malignancies which demonstrated positive efficacy and safety results from its Phase ᆾ trial for the treatment of lateᆹline rᆻm cervical cancerᆺ Abiᆹsuva is currently being further developed in head and neck cancerᆺ VBᆽᆼᆺNEOᆸ an individualized cancer neoantigen immunotherapyᆸ has been investigated two trials with more than ᆽᆼ different indicationsᆺ The Group is also utilizing its APCᆹtargeted technology to create an immune tolerance platform for the potential use in autoimmune disordersᆸ organ transplant rejectionsᆸ antiᆹdrug antibody reactions and allergyᆺ

ᆾ Basis of preparation and significant accounting policies

The condensed consolidated interim financial statements of the Group comprise statement of comprehensive incomeᆸ statement of financial positionᆸ statement of cash flowsᆸ statement of changes in equity and selected explanatory notesᆺ The interim financial statements have been prepared in accordance with IAS ᆿᇀ Interim Financial Reporting as adopted by the European Union ᆴᆰEUᆰᆵᆺ The condensed consolidated interim financial statements are unauditedᆺ

The condensed consolidated interim financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with Nykodeᇙs annual financial statements as at Decemberᇕᆿᆽᆸ ᆾᆼᆾᇀᆺ The accounting policies adopted in the preparation of the condensed consolidated interim financial statements are consistent with those followed in the preparation of Nykodeᇙs annual financial statements for the year ended Decemberᇕᆿᆽᆸ ᆾᆼᆾᇀᆺ The Group has not early adopted any standardᆸ interpretation or amendment that has been issued but is not yet effectiveᆺ

The condensed consolidated interim financial statements have been prepared on a historical cost basisᆸ except for financial instruments measured at fair valueᆺ The interim financial statements are presented in United States dollar ᆴUSDᆵ which is also the functional currency of the parent companyᆺ Amounts are reported in whole thousands ᆴUSD ᆳᆼᆼᆼᆵ except when otherwise statedᆺ Furtherᆸ the interim financial statements are prepared based on the going concern assumptionᆺ

ᆿ Material accounting judgementsᆸ estimates and assumptions

The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstancesᆺ Actual results may differ from these estimatesᆺ The estimates and the underlying assumptions are reviewed on an ongoing basisᆺ

In preparing the condensed consolidated interim financial statementsᆸ the material judgmentsᆸ estimates and assumptions made by management in applying the Groupᆳs accounting policies and the key source of estimation uncertainty were the same as those applied to Nykodeᆳs annual financial statements for the year ended Decemberᇕᆿᆽᆸ ᆾᆼᆾᇀ

ᇀ Operating segment and Revenue from contracts with customers

The Group is organized as one operating segmentᆺ

In the table below nonᆹcurrent assets are broken down by geographical areas based on the location of the operationsᇆ

Nonᆹcurrent assets	ᆿᆼᆻᆼᇅᆻᆾᆼᆾᇁ	ᆿᆽᆻᆽᆾᆻᆾᆼᆾᇀ
Norway	ᆿᇄᆸᆾᆿᆿ	ᆿᇁᆸᇃᆾᇂ
Denmark	ᇁᆿᆿ	ᇂᇄᇅ
Total nonᆹcurrent assets	ᆿᇄᆸᇃᇂᇂ	ᆿᇂᆸᇀᆽᇁ

Revenue from contracts with customers

Revenue from contracts with customers relates to Nykodeᇙs delivery of R&D activities to Genentech and Regeneron under the respective agreementsᆺ

Following the termination of the agreement with Genentech in November ᆾᆼᆾᇀᆸ Nykode recognized the remaining contract liability as revenue in the fourth quarter of ᆾᆼᆾᇀᆺ

Revenue from contracts with customers	Qᆿ ᆾᆼᆾᇁ	Qᆿ ᆾᆼᆾᇀ	YTD ᆾᆼᆾᇁ	YTD ᆾᆼᆾᇀ
Major products and services
R&D services	ᇗ	ᇁᆿᇂ	ᇗ	ᆽᆸᇅᆼᇃ
Total revenue	ᇗ	ᇁᆿᇂ	ᇗ	ᆽᆸᇅᆼᇃ

Geographical distribution	Qᆿ ᆾᆼᆾᇁ	Qᆿ ᆾᆼᆾᇀ	YTD ᆾᆼᆾᇁ	YTD ᆾᆼᆾᇀ
United States of America	ᇗ	ᇁᆿᇂ	ᇗ	ᆽᆸᇅᆼᇃ
Total revenue	ᇗ	ᇁᆿᇂ	ᇗ	ᆽᆸᇅᆼᇃ

The revenue information above is based on the location of the customersᆺ

Timing of revenue recognition	Qᆿ ᆾᆼᆾᇁ	Qᆿ ᆾᆼᆾᇀ	YTD ᆾᆼᆾᇁ	YTD ᆾᆼᆾᇀ
Goodsᆻservices transferred at a point in time	ᇗ	ᇂ	ᇗ	ᆾᆽᆿ
Services transferred over time	ᇗ	ᇁᆿᆼ	ᇗ	ᆽᆸᇂᇅᇀ
Total revenue	ᇗ	ᇁᆿᇂ	ᇗ	ᆽᆸᇅᆼᇃ

The transaction price allocated to the remaining performance obligations ᆴunsatisfied or partially unsatisfiedᆵ as at September ᆿᆼᆸ are as followsᇆ

	ᆾᆼᆾᇁ	ᆾᆼᆾᇀ
Within one year	ᇗ	ᇀᆸᇀᆽᆽ
More than one year	ᇗ	ᆾᆸᆿᇀᇅ
Total	ᇗ	ᇂᆸᇃᇂᆼ

Following the termination of the agreement with Genentech in the fourth quarter of ᆾᆼᆾᇀᆸ Nykode no longer has any performance obligationsᆺ

Contract assetsᆻliabilities ᆴᆹᆵ	ᆿᆼᆻᆼᇅᆻᆾᆼᆾᇁ	ᆿᆽᆻᆽᆾᆻᆾᆼᆾᇀ
At ᆽ January	ᇗ	ᆴᇄᆸᆾᆿᆿᆵ
Transferred to trade receivables	ᇗ	ᆴᆾᆾᆼᆵ
Rendering of services in the period	ᇗ	ᇄᆸᇀᇁᆿ
Total contract assetsᆻliabilities ᆴᆹᆵ	ᇗ	ᇗ

ᇁ Government grants

Grant from SkatteFUNN

The Group has one active R&D project approved by SkatteFUNN ᆴa Norwegian government R&D tax incentive program designed to stimulate R&D in Norwegian trade and industryᆵᆺ The Group has recognized USD ᆼᆺᆽ million in the third quarter of ᆾᆼᆾᇁ ᆴQᆿ ᆾᆼᆾᇀᇆ USD ᆼᆺᆽ millionᆵ and USD ᆼᆺᇁ million in the first nine months of ᆾᆼᆾᇁ ᆴYTD ᆾᆼᆾᇀᇆ USD ᆼᆺᆾ millionᆵ classified as other incomeᆺ

The Group had government grant receivables related to SkatteFUNN of USD ᆼᆺᇁ million at September ᆿᆼᆸ ᆾᆼᆾᇁ and USD ᆼᆺᇀ million as at December ᆿᆽᆸ ᆾᆼᆾᇀᆺ

ᇂ Other operating expenses

Other operating expenses consisted mainly of research and development expenses in the third quarters of ᆾᆼᆾᇁ and ᆾᆼᆾᇀᆺ Total research and development expenses were USD ᆿᆺᆾ million in the third quarter of ᆾᆼᆾᇁ ᆴQᆿ ᆾᆼᆾᇀᇆ USD ᆽᆼᆺᇅ millionᆵᆸ and USD ᇅᆺᇃ million in nine months ended September ᆿᆼᆸ ᆾᆼᆾᇁᆺ ᆴNine months ended Septemberᆸ ᆿᆼ ᆾᆼᆾᇀᇆ USD ᆿᆼᆺᇂ millionᆵᆸ recognized as employee benefit expensesᆸ other operating expenses and depreciation in the statement of comprehensive incomeᆺ

ᇃ Financial income and costs

Finance income	Qᆿ ᆾᆼᆾᇁ	Qᆿ ᆾᆼᆾᇀ	YTD ᆾᆼᆾᇁ	YTD ᆾᆼᆾᇀ
Gain on foreign exchange	ᆽᆸᇀᆾᇂ	ᇃᆿᆾ	ᇅᆸᇂᇄᇀ	ᆾᆸᆾᇀᆼ
Interest income	ᇃᆽᆿ	ᆾᆸᆼᇃᇄ	ᆾᆸᇅᇀᇁ	ᇁᆸᇂᇂᇁ
Total finance income	ᆾᆸᆽᆿᇅ	ᆾᆸᇄᆽᆼ	ᆽᆾᆸᇂᆾᇅ	ᇃᆸᇅᆼᇂ

Finance costs	Qᆿ ᆾᆼᆾᇁ	Qᆿ ᆾᆼᆾᇀ	YTD ᆾᆼᆾᇁ	YTD ᆾᆼᆾᇀ
Loss on foreign exchange	ᇄᆼᇄ	ᇀᆼᇂ	ᆽᆸᇂᇄᇂ	ᆿᆸᇅᇀᆿ
Interest expenses	ᆽ	ᆽ	ᆿ	ᇁ
Interest expense on lease liabilities	ᆾᇅ	ᇁᇀ	ᇅᆿ	ᆽᇀᆽ
Total finance costs	ᇄᆿᇄ	ᇀᇁᆽ	ᆽᆸᇃᇄᆾ	ᇀᆸᆼᇄᇅ

ᇄ Shareholder Information

Nykodeᆳs Shareholdersᇆ

Shareholders in Nykode Therapeutics ASA at September ᆿᆼᆸ ᆾᆼᆾᇁ	Total shares	Ownershipᆻ Voting rights
RASMUSSENGRUPPEN AS	ᆿᆼᆸᆽᇄᆼᆸᇃᇁᆼ	ᇅᆺᆾᇀ ᆲ
Datum Opportunity AS	ᆾᇂᆸᆼᆼᆼᆸᆼᆼᆼ	ᇃᆺᇅᇂ ᆲ
Victoria India Fund AS	ᆽᇃᆸᇃᆼᇁᆸᆽᇃᇁ	ᇁᆺᇀᆾ ᆲ
Norda ASA	ᆽᇁᆸᇅᇅᇂᆸᇃᇁᇁ	ᇀᆺᇅᆼ ᆲ
State Street Bank and Trust Comp	ᆽᇁᆸᇃᇀᇁᆸᇀᇃᇃ	ᇀᆺᇄᆾ ᆲ
Datum AS	ᆽᆾᆸᇁᇂᆼᆸᆾᇁᆼ	ᆿᆺᇄᇁ ᆲ
Joh Johannson Eeiendom AS	ᆽᆼᆸᇁᇂᆽᆸᇂᆿᆽ	ᆿᆺᆾᆿ ᆲ
Radforsk Investeringsstiftelse	ᆽᆼᆸᆿᆽᇁᆸᆿᆽᆽ	ᆿᆺᆽᇂ ᆲ
OM Holding AS	ᇂᆸᇁᆽᇅᆸᇁᆾᇁ	ᆾᆺᆼᆼ ᆲ
Portia AS	ᇀᆸᇁᆼᆼᆸᆼᆼᆼ	ᆽᆺᆿᇄ ᆲ
Krag Invest AS	ᇀᆸᇀᇃᆼᆸᆽᆼᆼ	ᆽᆺᆿᇃ ᆲ
Clearstream Banking SᆺAᆺ	ᆿᆸᇁᇂᆼᆸᇂᇂᆽ	ᆽᆺᆼᇅ ᆲ
JᆺPᆺ Morgan SE	ᆿᆸᇁᆾᆽᆸᆼᇃᇄ	ᆽᆺᆼᇄ ᆲ
Alden AS	ᆾᆸᇁᇁᆼᆸᆼᆼᆼ	ᆼᆺᇃᇄ ᆲ
Datum Finans AS	ᆾᆸᆿᇅᇁᆸᇁᆼᆼ	ᆼᆺᇃᆿ ᆲ
Hofland	ᆾᆸᆾᇁᇁᆸᆼᆿᇁ	ᆼᆺᇂᇅ ᆲ
The Northern Trust Compᆸ London Br	ᆾᆸᆾᇁᇁᆸᆼᆿᇀ	ᆼᆺᇂᇅ ᆲ
Caaby AS	ᆾᆸᆽᇁᇁᆸᆾᇅᇁ	ᆼᆺᇂᇂ ᆲ
RTTM Holding AS	ᆾᆸᆼᇁᆼᆸᆼᆼᆼ	ᆼᆺᇂᆿ ᆲ
Fougner Invest AS	ᆾᆸᆼᆼᇀᆸᇀᇃᇃ	ᆼᆺᇂᆽ ᆲ
Other Shareholders	ᆽᇀᇅᆸᆾᇀᇀᆸᆿᇅᆼ	ᇀᇁᆺᇃᆼ ᆲ
Total	ᆿᆾᇂᆸᇁᇀᇂᆸᇀᇀᇀ	ᆽᆼᆼᆺᆼᆼ ᆲ

ᇅ Financial instruments

Set out below is an overview of financial assets and liabilities held by the Group as at September ᆿᆼᆸ ᆾᆼᆾᇁ and Decemberᇕᆿᆽᆸ ᆾᆼᆾᇀᇆ

	Financial instruments at	Financial instruments at fair
	amortized cost	value through profit or loss	Total
AS AT SEPTEMBER ᆿᆼᆸ ᆾᆼᆾᇁ
Assets
Other nonᆹcurrent receivables	ᆿᆾᆸᇁᆼᇃ	ᇗ	ᆿᆾᆸᇁᆼᇃ
Other receivables	ᆿᆸᆼᆼᆾ	ᇗ	ᆿᆸᆼᆼᆾ
Other current financial assets
Cash and cash equivalents	ᇂᆿᆸᇅᆿᆼ	ᇗ	ᇂᆿᆸᇅᆿᆼ
Total financial assets	ᇅᇅᆸᇀᆿᇅ	ᇗ	ᇅᇅᆸᇀᆿᇅ
Liabilities
Trade and other payables	ᆽᆸᇅᇅᆽ	ᇗ	ᆽᆸᇅᇅᆽ
Nonᆹcurrent lease liabilities	ᆽᆸᇂᆾᆾ	ᇗ	ᆽᆸᇂᆾᆾ
Current lease liabilities	ᆽᆸᆾᇃᇃ	ᇗ	ᆽᆸᆾᇃᇃ
Total financial liabilities	ᇀᆸᇄᇅᆼ	ᇗ	ᇀᆸᇄᇅᆼ
AS AT DECEMBER ᆿᆽᆸ ᆾᆼᆾᇀ
Assets
Other nonᆹcurrent receivables	ᆾᇄᆸᇂᆼᆽ	ᇗ	ᆾᇄᆸᇂᆼᆽ
Other receivables	ᆽᆸᇂᇂᇄ	ᇗ	ᆽᆸᇂᇂᇄ
Other current financial assets
Cash and cash equivalents	ᆽᆽᇁᆸᆿᇅᇄ		ᇗ ᆽᆽᇁᆸᆿᇅᇄ
Total financial assets	ᆽᇀᇁᆸᇂᇂᇃ		ᇗ ᆽᇀᇁᆸᇂᇂᇃ
Liabilities
Trade and other payables	ᆿᆸᇂᇃᇅ	ᇗ	ᆿᆸᇂᇃᇅ
Nonᆹcurrent lease liabilities	ᆾᆸᆽᇀᇁ	ᇗ	ᆾᆸᆽᇀᇁ
Current lease liabilities	ᆽᆸᆾᇅᆿ	ᇗ	ᆽᆸᆾᇅᆿ
Total financial liabilities	ᇃᆸᆽᆽᇃ	ᇗ	ᇃᆸᆽᆽᇃ

There are no changes in the classification and measurement of the Groupᇙs financial assets and liabilitiesᆺ

ᆽᆼ Share based payments

The following tables illustrates the number and weighted average exercise price ᆴWAEPᆵ ofᆸ and movements inᆸ share options during the periodsᇆ

	ᆾᆼᆾᇁ	ᆾᆼᆾᇁ Number
	WAEP ᆴNOKᆵ
Outstanding options at January ᆽ	ᆾᇃᆺᇀᆼ	ᆽᆾᆸᆿᇁᇀᆸᇀᆿᆽ
Options granted	ᇃᆺᆼᆼ	ᆽᆾᆸᆿᇄᇁᆸᆼᆼᆼ
Options forfeited	ᆾᆽᆺᇃᆾ	ᆴᆾᆸᆾᇅᆼᆸᆿᆽᇅᆵ
Options exercised	ᇗ	ᇗ
Options expired	ᆿᇄᆺᇃᆼ	ᆴᆽᆸᇅᇂᆾᆸᇀᇅᇃᆵ
Options cancelled	ᆾᆾᆺᇂᇃ	ᆴᇃᆸᆾᇅᇃᆸᇃᆽᇀᆵ
Outstanding options at September ᆿᆼ	ᇄᆺᇀᇅ	ᆽᆿᆸᆽᇄᇄᆸᇅᆼᆽ

	ᆾᆼᆾᇀ	ᆾᆼᆾᇀ
	WAEP ᆴNOKᆵ	Number
Outstanding options at January ᆽ	ᆿᆾᆺᆽᆿ	ᆽᆼᆸᇅᇁᆽᆸᇃᇁᆽ
Options granted	ᆽᇁᆺᇁᆿ	ᆿᆸᇀᇁᇃᆸᇀᇅᆽ
Options forfeited	ᆿᆾᆺᇂᆿ	ᆴᆾᆸᆼᇁᇀᆸᇄᆽᆽᆵ
Options exercised	ᇗ	ᇗ
Options expired	ᇗ	ᇗ
Outstanding options at December ᆿᆽ	ᆾᇃᆺᇀᆼ	ᆽᆾᆸᆿᇁᇀᆸᇀᆿᆽ

ᆽᆽ Events after the reporting date

On October ᆽᆼᆸ ᆾᆼᆾᇁ a total of ᆽᆸᆾᆼᆼᆸᆼᆼᆼ share options were granted to an employee under the companyᇙs share option schemeᆺ The share options will have a strike price of NOK ᇃᆺᆼᆼ per shareᆸ vest equally over a fourᆹyear vesting period and expire in ᆾᆼᆿᆼᆺ

Nykode Therapeutics ASA Gaustadalléen ᆾᆽ ᆼᆿᇀᇅ Oslo Norway

Phoneᇆ ᆷᇀᇃ ᆾᆾ ᇅᇁ ᇄᆽ ᇅᆿ Eᆹmailᇆ info@nykodeᆺcom

Organization numberᇆ Nᆹᇅᇅᆼ ᇂᇀᇂ ᆼᇂᇂ MVA

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