Q2 2026 Nykode Therapeutics ASA Earnings Call Transcript
Key Points
- The positive Phase 3 data from Moderna and Merck's individualized neoantigen cancer vaccine clinically validates the entire cancer vaccine field, including Nykode's off-the-shelf and individualized approaches.
- VB10.NEO has demonstrated immune responses in 88-100% of patients across more than 10 tumor types, including low tumor mutational burden indications, with a clean safety profile and low reactogenicity.
- Nykode's proprietary NEOSELECT algorithm systematically prioritizes the most immunogenic neoantigens, and the company has shown a correlation between immune responses and overall survival, a unique finding in the field.
- The manufacturing process for VB10.NEO (plasmid DNA) has been optimized to less than six weeks turnaround time, with a clear path to four weeks, offering competitive cost and speed advantages over mRNA-based vaccines.
- The company is well-capitalized with a cash runway into 2028 (extendable to 2029 with a positive tax case outcome), and the Abili-T Phase 2 trial for Abisuva is progressing on track for an interim readout in 2027.
- The company reported a net loss of $7.2 million in Q2 2026, a significant decline from a net profit of $0.8 million in the same period of 2025, due to increased clinical activities and currency movements.
- The Abili-T trial is still in early stages with no meaningful trends in screening-to-enrollment ratios yet, and the interim readout is not expected until 2027, leaving a long period of uncertainty.
- The pending tax case, which could provide $33.4 million, is still unresolved, with only a draft recommendation expected in August, creating financial uncertainty despite management's confidence.
- VB10.NEO's clinical data is based on late-stage basket trials, not randomized controlled trials, and the company has not yet demonstrated efficacy in a Phase 3 setting, unlike Moderna's recent success.
- The company's focus on HPV-16-driven head and neck cancer targets a niche population, and while the market is projected to grow, the current standard of care has low response rates, and competition in the broader head and neck space is intense.
Greetings and welcome to the Nykode Therapeutics Q2 2026 financial results presentation. (Operator Instructions) As a reminder, this conference is being recorded. It's not my pleasure to turn the call over to CEO, Michael Engsig. Please go ahead, sir.
Thank you very much, Kevin, and also from our side, a very warm welcome and good morning to all participants on this quarterly results presentation. We assume you are familiar with our forward-looking statements, and on that note, we'll move forward. As usual, I am very pleased to have with me here today, Agnete Fredriksen, our co-founder, Chief Scientific Officer, and head of business development, as well as Harald Gurvin, our CFO.
For those not familiar with Nykode, just a few words on the company, Nykode is a clinical stage immunotherapy company with a focus on oncology and autoimmune diseases. Our lead asset is Abi-suva, a therapeutic cancer vaccine targeted against HPV-16-driven cancer types. We have encouraging results across three
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