Nykode Therapeutics ASA

AGM Information • Dec 18, 2025

Denne innkallingen er utferdiget både på norsk og på engelsk. Ved uoverensstemmelser mellom de to versjonene, skal den norske versjonen gå foran.

This notice has been prepared both in Norwegian and in English. In case of discrepancies between the two versions, the Norwegian version shall prevail.

INNKALLING TIL EKSTRAORDINÆR GENERALFORSAMLING I NYKODE THERAPEUTICS ASA

NOTICE OF AN EXTRAORDINARY GENERAL MEETING IN NYKODE THERAPEUTICS ASA

Styret innkaller med dette til ekstraordinær generalforsamling i Nykode Therapeutics ASA ("Selskapet") på møterom VIA - Bygg G, Plan 0 i Gaustadalléen 21, Oslo, den 21. januar 2026 kl. 10:00.

The Board of Directors ("Board") hereby calls for an Extraordinary General Meeting of Nykode Therapeutics ASA (the "Company") at meeting room VIA - Building G, Plan 0 in Gaustadalléen 21, Oslo, Norway at 10:00 (CET) on January 21, 2026.

Styrets leder eller en person utpekt av styrets leder vil åpne generalforsamlingen og foreta registrering av fremmøtte aksjonærer og fullmakter.

The Chair of the Board or a person appointed by the Chair of the Board will open the General Meeting and perform registration of the shareholders in attendance and the powers of attorney.

Følgende saker foreligger på agendaen: The following items are on the agenda:

• 1. VALG AV MØTELEDER OG ÉN PERSON TIL Å MEDSIGNERE PROTOKOLLEN
• 1. ELECTION OF CHAIR OF THE MEETING AND ONE PERSON TO CO-SIGN THE MINUTES
• 2. GODKJENNELSE AV INNKALLING OG DAGSORDEN
• 2. APPROVAL OF NOTICE AND AGENDA
• 3. VALG AV NY STYRELEDER OG STYREMEDLEMMER
• 3. ELECTION OF NEW CHAIR OF THE BOARD AND BOARD MEMBERS

Selskapets valgkomité har avgitt innstilling om valg av ny styreleder, styremedlemmer og honorar til styreleder og styremedlemmer. Valgkomitéens innstilling er lagt ved som Vedlegg 1.

The Company's Nomination Committee has issued a recommendation for election of new Chair of the Board, Board members and remuneration to the Chair of the Board and Board members. The Nomination Committee's recommendation is enclosed in Appendix 1.

Valgkomiteens innstilling er at Barbara Krebs-Pohl velges som ny styreleder, og John Beadle og Susanne Stuffers velges som medlemmer av styret.

The Nomination Committee's recommendation is that Barbara Krebs-Pohl is elected as new Chair of the Board, and John Beadle and Susanne Stuffers are elected as Board members.

Valgkomitéen har foreslått at generalforsamlingen treffer følgende vedtak om valg av medlemmer til styret:

The Nomination Committee has proposed that the General Meeting passes the following resolution regarding election of members of the Board:

Barbara Krebs-Pohl velges som ny styreleder, og John Beadle og Susanne Stuffers velges som medlemmer av styret.

Barbara Krebs-Pohl is elected as new Chair of the Board, and John Beadle and Susanne Stuffers are elected as Board members.

4. HONORAR TIL STYRELEDER OG STYREMEDLEMMER

Valgkomitéen har foreslått at generalforsamlingen treffer følgende vedtak om honorar til ny styreleder Barbara Krebs-Pohl, styremedlemmer John Beadle og Susanne Stuffers, og honorar for arbeid i utvalg:

Barbara Krebs-Pohl vil motta et årlig honorar på EUR 50 000, beregnet pro-rata fra datoen for den ekstraordinære generalforsamlingen til datoen for den ordinære generalforsamlingen i 2026.

Susanne Stuffers vil motta et årlig honorar på NOK 500 000, beregnet pro-rata fra datoen for den ordinære generalforsamlingen 26. mai 2025 til datoen for den ekstraordinære generalforsamlingen i henhold til vedtaket på den ordinære generalforsamlingen 26. mai 2025.

John Beadle vil motta et årlig honorar på EUR 30 000, beregnet pro-rata fra datoen for den ekstraordinære generalforsamlingen til datoen for den ordinære generalforsamlingen i 2026.

Susanne Stuffers vil motta et årlig honorar på NOK 350 000, beregnet pro-rata fra datoen for den ekstraordinære generalforsamlingen til datoen for den ordinære generalforsamlingen i 2026.

Barbara Krebs-Pohl blir tildelt 300,000 opsjoner med en utøvelseskurs på NOK 7,00 per aksje. Opsjonene vil opptjenes med 100 000 på dato for ordinær generalforsamling i 2027, 100 000 den på dato for ordinær generalforsamling i 2028 og 100 000 på dato for ordinær generalforsamling i 2029. Opsjonene vil utløpe den 1. januar 2030.

John Beadle og Susanne Stuffers blir tildelt 150 000 opsjoner hver med en utøvelseskurs på NOK 7,00 per aksje. Opsjonene vil opptjenes med 50 000 på dato for ordinær generalforsamling i 2027, 50 000 på dato for

4. REMUNERATION TO THE CHAIR OF THE BOARD AND BOARD MEMBERS

The Nomination Committee has proposed that the General Meeting passes the following resolution regarding remuneration to the new Chair of the Board Barbara Krebs-Pohl, Board members John Beadle and Susanne Stuffers and remuneration for committee work:

Barbara Krebs-Pohl will receive an annualremuneration of EUR 50,000, calculated on a pro-rata basis from the date of the Extraordinary General Meeting until the date of the Annual General Meeting in 2026.

Susanne Stuffers will receive an annual remuneration of NOK 500,000, calculated on a pro-rata basis from the date of the Annual General Meeting May 26, 2025 until the date of the Extraordinary General Meeting in accordance with the resolution passed by the Annual General Meeting on May 26, 2025.

John Beadle will receive an annual remuneration of EUR 30,000, calculated on a pro-rata basis from the date of the Extraordinary General Meeting until the date of the Annual General Meeting in 2026.

Susanne Stuffers will receive an annual remuneration of NOK 350,000, calculated on a pro-rata basis from the date of the Extraordinary General Meeting until the date of the Annual General Meeting in 2026.

Barbara Krebs-Pohl is granted 300,000 share options with a strike price of NOK 7.00 per share. The share options will vest with 100,000 on the date of the Annual General Meeting in 2027, 100,000 on the date of the Annual General Meeting in 2028 and 100,000 on the date for the Annual General Meeting in 2029. The share options will expire on January 1, 2030.

John Beadle and Susanne Stuffers are granted 150,000 share options each with a strike price of NOK 7.00 per share. The share options will vest with 50,000 on the date of the Annual General Meeting in 2027, 50,000 on ordinær generalforsamling i 2028 og 50 000 på dato for ordinær generalforsamling i 2029. Opsjonene vil utløpe den 1. januar 2030.

the date of the Annual General Meeting in 2028 and 50,000 on the date for the Annual General Meeting in 2029. The share options will expire on January 1, 2030.

Andre vilkår i henhold til Selskapets opsjonsprogram.

Other terms and conditions as per the Company's share option scheme.

I den utstrekning styret velger å etablere et Forskningsog utviklingsutvalg, skal medlemmene motta følgende årlige kontantkompensasjon:

To the extent the Board elects to establish a Research and Development Committee, the members shall receive the following annual cash compensation:

Utvalgets leder: NOK 90 000 Medlem: NOK 45 000

Chairperson: NOK 90,000 Member: NOK 45,000

I den utstrekning styret velger å etablere et Godtgjørelsesutvalg, skal medlemmene motta følgende årlige kontantkompensasjon:

To the extent that the Board elects to establish a Remuneration Committee, the members shall receive the following annual cash compensation:

Utvalgets leder: NOK 60 000 Medlem: NOK 30 000

Chairperson: NOK 60,000 Member: NOK 30,000

– – – – – –

Påmelding

Aksjonærer som ønsker å delta på generalforsamlingen må melde seg på senest 19. januar 2026 kl. 16:00.

Påmelding kan registreres ved å fylle ut og sende inn vedlagte påmeldings- eller fullmaktsskjema til:

Nordea Bank Abp Issuer Services PB 1166 Sentrum 0107 Oslo

E-post: nis@nordea.com

Fullmakt

Aksjonærer som ønsker å la seg representere ved fullmektig må sende inn vedlagte fullmaktsseddel. Dersom det gis fullmakt til styremedlemmet angitt i seddelen bør vedlagte skjema for fullmaktsinstruks fylles ut. Dersom instruksen ikke fylles ut, anses dette som en instruks om å stemme for styrets og valgkomitéens forslag i innkallingen og for styrets anbefaling knyttet til innkomne forslag. Ved fullmakt til styremedlemmet med stemmeinstruks skal instruksen gis ved bruk av vedlagte skjema.

Annen informasjon

En aksjonær kan kreve at styremedlemmer og daglig leder på generalforsamlingen gir tilgjengelige opplysninger om forhold som kan innvirke på bedømmelsen av (i) sakene som er forelagt aksjeeierne til avgjørelse og (ii) Selskapets økonomiske stilling, herunder om virksomheten i andre selskaper som selskapet deltar i, og andre saker som generalforsamlingen skal behandle, med mindre de opplysninger som kreves, ikke kan gis uten uforholdsmessig skade for Selskapet.

I henhold til allmennaksjeloven § 5-2 (1), er det kun den som er aksjonær fem virkedager før generalforsamlingen, altså 14. januar 2026 (registreringsdatoen), som har rett til å stemme og delta på generalforsamlingen

Registration of attendance

Shareholders wishing to attend the General Meeting must register their attendance no later than 16:00 (CET) on January 19, 2026.

Attendance can be registered by completing and submitting the attached registration or proxy form to:

Nordea Bank Abp Issuer Services P.O. Box 1166 Sentrum 0107 Oslo, Norway E-mail: nis@nordea.com

Proxy

Shareholders wishing to attend by proxy must submit the attached form. If proxy is given to the board member set out in the form, the attached power of attorney instruction form should be completed. If proxy is given to the board member and the instruction form is not completed, this will be regarded as an instruction to vote in favour of the proposals made by the Board and the Nomination Committee as set out in the notice of the General Meeting and in favour of the Board's recommendations in relation to any proposals received. Instructions to the board member may only be given using the attached instruction form.

Other information

A shareholder may require Board members and the chief executive officer to furnish in the General Meeting all available information regarding circumstances that may affect the evaluation of (i) the matters submitted to the shareholders for resolution and (ii) the Company's financial position, and the business of other companies relating to which the Company has an interest, and any other matters the General Meeting shall consider, unless the information requested cannot be provided without disproportionately harming the Company.

Pursuant to Section 5-2 (1) of the Norwegian Public Limited Liability Act, only those who are shareholders five business days prior to the general meeting, i.e. January 14, 2026 (the record date) have the right to participate and vote at the general meeting.

I henhold til allmennaksjeloven § 1-8, samt forskrift om formidlere omfattet av verdipapirsentralloven § 4-5 og tilhørende gjennomføringsforordninger, sendes innkalling til forvalter som videreformidler til aksjonærer de holder aksjer for. Aksjonærer skal kommunisere med sin forvalter, som har ansvar for å formidle påmeldinger, fullmakter eller stemmeinstrukser. Forvalter må i henhold til allmennaksjeloven § 5-3 registrere dette med selskapet senest to virkedager før generalforsamlingen, altså senest 19. januar 2026.

According to Section 1-8 of the Norwegian Public Limited Liability Companies Act, as well as regulations on intermediaries covered by Section 4-5 of the Norwegian Act on Central Securities Depositories and Securities Settlement etc. and related implementing regulations, the notice is sent to custodians who pass it on to shareholders for whom they hold shares. Shareholders must communicate with their custodians, who are responsible for conveying notices of attendance, proxies or voting instructions. Custodians must according to Section 5-3 of the Norwegian Public Limited Liability Companies Act register this with the company no later than two working days before the general meeting, i.e. no later than January 19, 2026.

Per dato for innkallingen er det totalt 326 546 444 aksjer i Selskapet, hver pålydende NOK 0,01 og hver med én stemme på selskapets generalforsamling.

As of the date of this notice, there are a total of 326,546,444 shares of the Company, each with a nominal value of NOK 0.01 and each representing one vote at the Company's General Meeting.

Oslo, 18. desember 2025 / December 18, 2025

På vegne av styret i Nykode Therapeutics ASA / On behalf of the Board of Directors of Nykode Therapeutics ASA

Susanne Stuffers Styrets leder / Chair of the Boad

• 1. Innstilling fra Valgkomitéen
• 1. Påmeldings- og fullmaktsblanketter

VEDLEGG: APPENDICES:

• 1. Recommendation from the Nomination Committee
• 1. Attendance and proxy forms

		Ref no:	PIN code:
			Notice of Extraordinary General Meeting
			An Extraordinary General Meeting of Nykode Therapeutics ASA will be held on January 21, 2026, at 10:00 (CET) at meeting room VIA - Building G, Floor 0 in Gaustadalléen 21, Oslo, Norway
If the above-mentioned shareholder is an enterprise, it will be represented by:
		Name of enterprise's representative	(To grant a proxy, use the proxy form below)
Notice of attendance		The undersigned will attend the Extraordinary General Meeting on January 21, 2026, and vote for:
A total of		own shares other shares in accordance with enclosed Power of Attorney Shares
Sentrum, 0107 Oslo, Norway.			This notice of attendance must be received by Nordea Bank Abp no later than 16:00 (CET) on January 19, 2026. Notice of attendance may be sent by e-mail: nis@nordea.com, or by regular mail to Nordea Bank Abp, Issuer Services, P.O. Box 1166
Place	Date	Shareholder's signature	(If attending personally. To grant a proxy, use the form below)
Proxy (without voting instructions)		Ref no:	PIN code:
2.			This proxy form is to be used for a proxy without voting instructions. To grant a proxy with voting instructions, please go to page
the Board of Directors or a person authorised by her.			If you are unable to attend the Extraordinary General Meeting in person, this proxy may be used by a person authorised by you, or you may send the proxy without naming the proxy holder, in such case, the proxy will be deemed to be given to the Chair of
Sentrum, 0107 Oslo, Norway.		The proxy form must be received by Nordea Bank Abp no later than 16:00 (CET) on January 19, 2026.	The proxy may be sent by e-mail: nis@nordea.com, or by regular mail to Nordea Bank Abp, Issuer Services, P.O. Box 1166
The undersigned hereby grants (tick one of the two):
		Chair of the Board of Directors, or a person authorised by her, or
 (Name of proxy holder in capital letters)
2026.			a proxy to attend and vote for my/our shares at the Extraordinary General Meeting of Nykode Therapeutics ASAon January 21,
Place		Date Shareholder's signature	(Signature only when granting a proxy)

With regard to rights of attendance and voting, reference is made to the Norwegian Public Limited Liability Companies Act, in particular Chapter 5. If the shareholder is a company, the company's certificate of registration must be attached to the prox y.

This proxy form is to be used for a proxy with voting instructions. If you are unable to attend the Extraordinary General Meeting in person, you may use this proxy form to give voting instructions. You may grant a proxy with voting instructions to a perso n authorised by you, or you may send the proxy without naming the proxy holder, in which case the proxy will be deemed to have been given to the Chair of the Board of Directrors or a person authorised by her.
The proxy form must be received by Nordea Bank Abp no later than 16:00 (CET) on January 19, 2026. The proxy may be sent by e-mail: nis@nordea.com, or by regular mail to Nordea Bank Abp, Issuer Services, P.O. Box 1166 Sentrum, 0107 Oslo, Norway.
The undersigned: hereby grants (tick one of the two):
 Chair of the Board of Directors, or a person authorised by her, or

Name of proxy holder (in capital letters)
a proxy to attend and vote for my/our shares at the Extraordinary General Meeting of Nykode Therapeutics ASAon January 21, 2026.
The votes shall be exercised in accordance with the instructions below. Please note that if any items below are not voted on (not ticked off); this will be deemed to be an instruction to vote "for" the proposals in the notice. However, if any motions are made from the floor in addition to or in replacement of the proposals in the notice, the proxy holder may vote or abstain from voting at his discretion. In such case, the proxy holder will vote on the basis of its reasonable understanding of the motion. The same applies if there is any doubt as to how the instructions should be understood. Where no such reasonable interpretation is possible, the proxy holder may abstain from voting.
Agenda	For	Against	Abstention
1. Election of chair of the meeting and one person to co-sign the minutes			
2. Approval of notice and agenda			
3. Election of new Chair of the Board and Board members
a) Barbara Krebs-Pohl (Chair)			
b) John Beadle			
c) Susanne Stuffers			
4. Remuneration to the Chair of the Board and Board members			
Place Date	Shareholder's signature

Proxy (with voting instructions) Ref no: PIN code:

With regard to rights of attendance and voting, reference is made to the Norwegian Public Limited Liability Companies Act, in particular Chapter 5. If the shareholder is a company, the company's certificate of registration must be attached to the prox y.

APPENDIX 1

Proposals from the Nomination Committee in Nykode Therapeutics ASA to the Extraordinary General Meeting (the "EGM") to be held on January 21, 2026

The Nomination Committee of Nykode Therapeutics ASA ("Nykode" or the "Company") is comprised of Tom Pike (chair), Lars Erik Larsson and Jan Fikkan.

In line with previous information from the Company the Nomination Committee has, with the assistance of a well-regarded international executive search company, searched for additional professional high-quality board member candidates. The Nomination Committee has performed its work in accordance with the Instructions for the Nomination Committee latest updated and approved by the Annual General Meeting of Nykode on May 12, 2022.

Election of members to the Board of Directors

The proposed new board members, Dr. Barbara Krebs-Pohl as new Chairperson of the Board and Dr. John Beadle as new board member, both bring significant industry experience. Krebs-Pohl will, if elected, succeed Susanne Stuffers, who has served as interim Chair since April 2025.

Dr. Krebs-Pohl is a seasoned biotech executive with more than 25 years of global experience across R&D, business development, licensing, alliance management, portfolio management and strategic transformation. Her career includes a distinguished 20-year tenure at MorphoSys AG, where she held roles including Chief Business Officer, Chief Integration Officer, and Senior Vice President of Global Business Development & Licensing and Alliance Management. She played a central role in multiple high-value transactions, strategic partnerships, and the company's evolution leading up to its eventual acquisition by Novartis. She currently serves as independent director of CASI Pharmaceuticals (Nasdaq), Chair of the Board of OneChain Immunotherapeutics (Spain), Managing Director of the Foundation of Stem Cell Therapy and Regenerative Medicine and Managing Director of Viopas Venture Consulting (Germany). Her scientific background includes a PhD focused on antibody technologies, combined with extensive early-career work in immunology and discovery research.

Dr. Beadle is an experienced biotechnology entrepreneur, physician, and senior executive with more than 25 years of global leadership across immunotherapy development, gene therapy, and oncology. He was the founding CEO of PsiOxus Therapeutics, where he advanced multiple clinical programs, secured major strategic partnerships, raised substantial capital, and built an IPO-ready organization. He currently serves as Non-Executive Chair of Vitarka Therapeutics and Non-Executive Director of Pneumagen, CamGene Therapeutics and Icosphere Biosciences. Earlier in his career, he co-founded PowderMed and contributed to the first clinical efficacy signal for a nucleotide-based vaccine, later supporting the company's sale to Pfizer. He also held senior roles in R&D, product development, and global medical operations at GSK, Pfizer, PowderJect Pharmaceuticals, and Glaxo Wellcome.

Further biographical details of Dr. Barbara Krebs-Pohl and Dr. John Beadle are attached below.

To secure continuity the Nomination Committee proposes that Susanne Stuffers, who has served as interim Chairperson of the Board since April 2025, continue as board member.

Following the election the Board of Directors will comprise the following persons:

Barbara Krebs-Pohl (Chairperson) John Beadle Susanne Stuffers Christian Åbyholm Trygve Lauvdal

Remuneration of the Board of Directors:

The Nomination Committee proposes a remuneration for the two new board members, Barbara Krebs-Pohl and John Beadle, consisting both of cash and share options as is common in the international market. Further, the Nomination Committee proposes that Susanne Stuffers, as an independent board member, receives the same compensation as John Beadle.

The Nomination Committee proposes the following remuneration for the period to the Annual General Meeting 2026:

Annual cash compensation:

Barbara Krebs-Pohl EUR 50,000 John Beadle EUR 30,000 Susanne Stuffers NOK 350,000

For completeness please be informed that the following remuneration for the remaining board members for the period to the Annual General Meeting 2026 was decided by the Annual General Meeting May 26, 2025:

Christian Åbyholm NOK 250,000 Trygve Lauvdal NOK 250,000

Equity compensation:

The Nomination Committee also proposes that Barbara Krebs-Pohl (Chairperson) will be granted 300,000 share options, with strike price NOK 7 per share, that will vest as follows:

• 100,000 will vest per Annual General Meeting in 2027
• 100,000 will vest per Annual General Meeting in 2028
• 100,000 will vest per Annual General Meeting in 2029

The share options will expire on January 1, 2030.

The Nomination Committee further proposes that John Beadle (board member) and Susanne Stuffers (board member) each will be granted 150,000 share options, with strike price NOK 7 per share, that will vest as follows:

• 50,000 will vest per Annual General Meeting in 2027
• 50,000 will vest per Annual General Meeting in 2028
• 50,000 will vest per Annual General Meeting in 2029

The share options will expire on January 1, 2030.

Additional annual cash compensation for work in committees:

Audit Committee as approved by the AGM May 26, 2025:

Chairperson NOK 60,000 Member NOK 30,000

To the extent that the Board elects to establish a Research and Development Committee, the Nomination Committee proposes the following annual cash compensation:

Chairperson NOK 90,000 Member NOK 45,000

To the extent that the Board elects to establish a Remuneration Committee, the Nomination Committee proposes the following annual cash compensation:

Chairperson NOK 60,000 Member NOK 30,000

***

The proposals from the Nomination Committee are unanimous. Oslo, December 16, 2025

Tom Pike (Chair)

Biographical details of Dr. Barbara Krebs-Pohl and Dr. John Beadle

Biographical details of Barbara Krebs-Pohl include:

Viopas Venture Consulting (deutschland) Gmbh

2025 – Now Managing Director

Self-Employed

2024 – 2025 Advisor, Management of US Biotech with Clinical Asset

MorphoSys AG

2022 - 2024	Chief Business Officer and Executive Committee Member
2021 – 2022	Chief Integration Officer and Executive Committee Member
2019 – 2022	Senior Vice President, Head of Global Business Development and Licensing and
	Alliance Management and Executive Committee Member
2013 – 2019	Senior Vice President and Head of Business Development and Portfolio
	Management
2003 – 2013	Vice President, Senior Director and Director, Business Development
2001 – 2002	Director and Associate Director, International Project Management
1998 – 2000	Associate Director, Team Leader and Scientist
1998 – 1998	Postdoctoral Scientist

Current directorships include:

Public

CASI Pharmaceuticals Inc. Non-Executive Director (2025-Current)

Private

OneChain Immunotherapeutics Chair (2025-Current)

Previous directorships include:

Private

HI-Bio Non-Executive Director (2022-2024)

Education:

Johannes Gutenberg-Universität Mainz, PhD (1997) University of Cologne, Masters, Chemistry (1992)

Biographical details of John Beadle include:

PsiOxus Therapeutics

2009 – 2021 Founding Chief Executive Officer

Hybrid Biosystems

2008 – 2010 Chief Executive Officer

Myotec Therapeutics Ltd

2008 – 2009 Chief Executive Officer

Imperial Innovations Limited

2007 – 2008 Entrepreneur in Residence

Pfizer

2006 – 2007 Site Head

PowderMed

2004 – 2006 Founder and Chief Medical Officer

Concordas

2003 – 2004 Co-founder, Commercial Director and Company Secretary

PowderJect Pharmaceuticals

2001 – 2003 Vice President, Medical and Product Development

GSK

– 2001 Vice President, Global Medical Operations – 2000 Worldwide Director, Business Process Improvement – 1998 Director, Business Process Improvement, UK – 1997 Clinical Research Physician and Clinical Programme Head – 1995 Medical Advisor, International – 1994 Medical Advisor, South Africa

Johannesburg General Hospital

1989 – 1993 Anaesthesia Registrar

Current directorships include:

Private

Icosphere Biosciences Non-Executive Director (2025-Current) Camgene Therapeutics Non-Executive Director (2025-Current) Vitarka Therapeutics Non-Executive Chairman (2024-Current) Pneumagen Non-Executive Director (2022-Current)

Previous directorships include:

Private

InnDura Therapeutics Non-Executive Chairman (2021-2024) PsiOxus (now Akamis Bio) Non-Executive Director (2021-2022)

Education:

London Business School, Masters (1999) University of Witwatersrand, Bachelor, Medicine (1990)