Nykode Therapeutics reported a net loss of $7.2 million in the second quarter of 2026, narrowing from a NOK 800,000 profit a year earlier, as the Oslo-based biotech advanced its clinical programs despite rising operating expenses.
The company’s share price rose 4.3% to $77, near its 52-week high, reflecting investor optimism tied to ongoing vaccine developments. Employee benefit costs declined 20.7% to NOK 2.3 million year-over-year, while other operating expenses increased 20.6% to NOK 4.1 million. Government grants contributed NOK 106,000 in other income, and finance costs totaled a net NOK 400,000, primarily due to interest income and currency effects. Cash and cash equivalents stood at NOK 44.8 million at quarter-end, with total equity at NOK 80 million and an equity ratio of 93%.
Nykode’s lead asset, the HPV 16-driven cancer vaccine Abi-suva, is being evaluated in the randomized Phase II Abili-T trial for first-line head and neck cancer. The trial, which began enrolling patients in Poland in May 2026, spans four countries initially and targets over 60,000 new cases annually across the EU and U.S. Interim results are expected in 2027. CEO Michael Engsig highlighted “encouraging results across three different indication trials with close to 100 patients in total,” supporting the transition to the Phase II study.
The company’s individualized neoantigen therapy platform, VB10.NEO, has demonstrated manufacturing efficiency gains, reducing turnaround time from 18 weeks to under six weeks, with a clear path to four weeks. Built on plasmid DNA, the platform has shown immune responses in 100% of trial patients across more than 10 tumor types. Chief Scientific Officer Agnete Fredriksen noted the program is “unencumbered” and clinically validated, adding that Nykode is the only company to link vaccine-induced immune responses with overall survival.
Nykode’s manufacturing advancements contrast with broader industry challenges in individualized cancer vaccines. The company’s NeoSELECT platform underpins its proprietary neoantigen selection process, while its VB10.NEO asset remains wholly owned. The firm’s cash runway extends into 2028, potentially to 2029 if a pending tax case is resolved favorably. A draft recommendation from Norway’s Tax Appeal Board Secretariat is expected in August 2026, with a NOK 33.4 million tax receivable at stake.
The company’s progress follows Moderna and MSD’s Phase III INTerpath-001 trial in melanoma, which met its primary and key secondary endpoints, validating individualized cancer vaccine approaches. Nykode entered clinical development for individualized neoantigen therapy in 2018, positioning itself as a specialist in HPV-driven and personalized cancer vaccines.
