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Introduction & Market Context
Nykode Therapeutics ASA (Nykode Therapeutics) presented its third-quarter 2025 results on November 24, showing significant improvement in its financial position despite revenue challenges. The company’s stock closed at $2.12, up 2.08% following the presentation, as investors responded positively to reduced operating losses and pipeline advancements.
The biotechnology company continues to focus on its three core therapeutic areas: Abi-suva for HPV-driven cancers, VB10.NEO for individualized neoantigen therapy, and its emerging antigen-specific immune tolerance (ASIT) platform for autoimmune diseases. These programs target substantial market opportunities, with the HPV16+ head and neck cancer market alone forecasted to grow from $1.1 billion in 2025 to $2.3 billion by 2034.
Quarterly Performance Highlights
Nykode reported a substantial improvement in its financial performance for Q3 2025, with net losses narrowing to $3.66 million from $9.73 million in the same period last year. This improvement came despite a decrease in total revenue to $118,000 from $665,000 in Q3 2024, primarily due to the termination of its agreement with Genentech in Q4 2024.
The company’s strategic focus on operational efficiency has yielded significant results, with operating expenses reduced from $15.6 million to $6.4 million year-over-year. This disciplined approach to capital management has allowed Nykode to extend its cash runway into 2028-2029.
As shown in the following income statement from the presentation:
The company maintained a strong financial position with total assets of $105.7 million as of September 30, 2025, including a cash position of $63.9 million. Nykode’s high equity ratio of 94% further underscores its solid financial foundation.
Pipeline Developments
Nykode made significant progress across its pipeline during the quarter, with several key developments highlighted in the presentation:
For its lead asset Abi-suva (VB10.16), the company submitted the Abili-T trial protocol to UK regulatory authorities and secured an agreement for the supply of pembrolizumab for the trial. The Abili-T randomized controlled trial will evaluate Abi-suva in combination with pembrolizumab in first-line recurrent/metastatic head and neck squamous cell carcinoma (HNSCC).
The company’s VB10.NEO program received a significant boost with the granting of a U.S. patent related to its NeoSELECT™ platform, which expires in September 2039. This proprietary AI algorithm prioritizes superior immunogenic neoantigens, as demonstrated by new analyses validating the platform’s effectiveness.
As illustrated in the following slide, the NeoSELECT platform shows clear correlation between neoantigen quality and clinical outcomes:
In the autoimmune disease space, Nykode presented novel data demonstrating its ASIT platform’s ability to deliver durable immune tolerance. The company is targeting a global autoimmune disease market valued at $226 billion, with an approach that aims to address the underlying causes rather than just managing symptoms.
Strategic Initiatives
Nykode’s focused strategy centers on delivering significant clinical and commercial impact across its three key therapeutic areas. For Abi-suva, the company is advancing into first-line recurrent/metastatic HNSCC treatment, addressing substantial unmet needs in a market with forecasted strong growth.
The VB10.NEO program is positioned to leverage upcoming peer readouts, with 10 ongoing Phase 2 and Phase 3 clinical trials in the individualized neoantigen therapy space expected to report data within the next 15 months. Nykode believes its platform offers advantages in clinical experience, antigen selection, supply chain robustness, and cost structure.
The company’s innovative approach to therapeutic development is exemplified by its use of AI in the ASIT platform:
This AI-guided design framework has enabled Nykode to efficiently identify promising therapeutic candidates from thousands of potential molecules, demonstrating the company’s strong in-house AI/ML expertise.
Financial Analysis
Nykode’s financial performance shows significant improvement in operating efficiency despite revenue challenges. The company’s operating loss decreased to $6.28 million in Q3 2025 from $14.95 million in Q3 2024, while net loss improved to $3.66 million from $9.73 million.
The balance sheet remains strong, with total equity of $99.25 million as of September 30, 2025, representing an equity ratio of 94%. The company’s cash position of $63.9 million, combined with disciplined capital allocation, provides runway into 2028-2029, potentially extended further by a favorable outcome in a pending tax case worth approximately $32.5 million.
Forward-Looking Statements
Nykode outlined several key milestones expected in the coming years that could serve as significant value inflection points:
In the next 6-12 months, the company expects to report interim efficacy data from the C-03 trial for Abi-suva in the first half of 2026, alongside key peer readouts on individualized neoantigen therapy. The company will continue strengthening VB10.NEO’s position as an ideal individualized neoantigen therapy and advancing its ASIT platform.
Looking further ahead to 2027, Nykode anticipates completing the first interim analysis of the Abili-T trial, which could provide important validation for Abi-suva in first-line HNSCC treatment.
With its improved financial position, advancing pipeline, and extended cash runway, Nykode appears well-positioned to execute its strategy and reach these critical inflection points, potentially transforming the company’s market position in oncology and autoimmune disease treatment.
Full presentation:
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