Nykode Therapeutics (NYKD) Q1 2026 earnings summary

Executive summary

• Lead asset abi-suva advanced with first patient dosed in phase II Abili-T trial for HPV+ head and neck cancer in May 2026, with regulatory approvals in up to eight European countries and interim analysis expected in 2027.

• Interim data from VB-C-03 trial showed a 39% objective response rate for abi-suva plus KEYTRUDA, compared to 19% for KEYTRUDA alone, with additional data presented at major conferences.

• VB10.NEO individualized neoantigen therapy platform progressing, with focus on technology optimization, readiness for future trials, and positive immune responses.

• Autoimmune disease program demonstrated immune modulation in human cells and preclinical models, leveraging APC-targeted technology, with a strategic review planned.

• AI and machine learning integral to drug design and development, showcased at industry conferences, enhancing candidate selection and operational efficiency.

Financial highlights

• Net loss of $4.1 million for Q1 2026, compared to $1.4 million loss in Q1 2025; operating expenses decreased to $6.8 million from $7.7 million year-over-year.

• Cash and cash equivalents at quarter end totaled $51.3 million, representing 55% of total assets, with runway into 2028 and potentially 2029 pending tax appeal.

• Total equity of $87.5 million and equity ratio of 93% as of March 31, 2026.

• Employee benefit expenses reduced to $2.9 million from $3.7 million year-over-year.

• Net cash outflow from operations was $9.6 million, slightly improved from $10.4 million in Q1 2025.

Outlook and guidance

• Focus on executing Abili-T trial, expanding sites and countries to recruit ~100 patients, with interim analysis expected in H2 2027.

• VB10.NEO positioned to leverage peer data readouts within the next 12–24 months.

• Strategic review for autoimmune program in August to determine next steps.

• Disciplined financial management to reach key milestones within a cash runway extending into 2028, and potentially 2029 pending a positive tax appeal outcome.