Nykode Therapeutics’ shares rose 4.3% to $77 on Wednesday after the company outlined progress in its cancer vaccine programs and cash position through 2028 in its Q2 2026 results presentation.
The Oslo-listed biotech reported a net loss of $7.2 million for the quarter, compared with a $0.8 million profit in the same period last year, as employee benefit expenses fell 22% to $2.29 million. Other operating expenses increased 19% to $4.07 million, while government grants provided $106,000 in other income. As of June 30, 2026, Nykode held $44.8 million in cash and equivalents and reported total equity of $80.4 million, with an equity ratio of 93%.
Clinical development milestones included the start of patient enrollment in May 2026 for the Abili-T trial, which is evaluating the company’s VB10.NEO individualized neoantigen therapy in patients with HPV16-positive head and neck squamous cell carcinoma (HNSCC). The trial, which began in Poland, is expected to deliver its first interim analysis in 2027, covering approximately one-third of enrolled patients. Nykode described VB10.NEO as the most attractive unencumbered asset in the individual neoantigen therapy space.
The company’s ASIT (antigen-specific immune tolerance) platform targets disease-driving cells without broadly suppressing the immune system. Nykode’s pipeline includes the INTerpath-001 trial, which has enrolled 1,137 patients with resected stage IIB-IV melanoma, and the N-01 trial, which demonstrated a log-rank p-value of 0.017 between specific patient immunity response subgroups.
Nykode’s cash runway is projected to extend into 2028 under current spending plans, with a potential extension into 2029 pending the resolution of a tax dispute with Norwegian authorities. The company’s Norwegian Tax Authorities dispute centers on a NOK 325 million payment, with a draft recommendation from the Tax Appeal Board Secretariat expected in August 2026. A favorable outcome could further bolster the company’s financial position.
Longer-term, Nykode projects sales of $2.3 billion by 2034 for its HPV16-positive HNSCC target market, which affects approximately 63,000 patients annually in the EU and US. The company’s US patent protection for VB10.NEO is set to expire in 2039.
