Nykode Therapeutics rose after the company reported progress in its cancer vaccine programs and posted a narrower-than-expected net loss for the second quarter of 2026. The Oslo-based biotech said its shares were recently up 4.3% at $77, near the top of its 52-week range.
The company posted a net loss of NOK 7.2 million in Q2 2026, compared with a net profit of NOK 800,000 in the same period a year earlier. Cash and cash equivalents totaled NOK 44.8 million at quarter-end, while total equity stood at NOK 80 million, translating to a 93% equity ratio. Employee benefit expenses declined 20.7% year-over-year to NOK 2.3 million, though other operating expenses rose 20.6% to NOK 4.1 million. Finance costs were net negative NOK 400,000, primarily due to interest income and currency effects.
Nykode’s Abi-suva, a therapeutic cancer vaccine targeting HPV 16-driven cancers, continues to advance in clinical trials. The company initiated the randomized Phase II Abili-T study in May 2026, enrolling patients in Poland, with interim results expected in 2027. CEO Michael Engsig highlighted “encouraging results” across three indication trials involving nearly 100 patients, supporting the transition to the Phase II trial. CSO Agnete Fredriksen noted that the company’s individualized neoantigen program remains “unencumbered” and clinically validated, with observed immune responses in all trial patients and a documented link between vaccine-induced responses and overall survival.
Manufacturing efficiency has improved significantly, with turnaround times reduced from 18 weeks at the program’s outset to less than six weeks currently, with a target of four weeks. Fredriksen described the recent Moderna/MSD Phase III readout as an “emotional week” for the company, citing it as strong validation for cancer vaccines broadly.
Nykode’s cash runway extends into 2028, with potential extension into 2029 pending a favorable resolution of a pending tax case. The Tax Appeal Board Secretariat is expected to issue a draft recommendation in August 2026, with a NOK 33.4 million tax receivable tied to the outcome.
