Nykode Therapeutics Q3 2025 Earnings Slides: $3.7M Net Loss, Pipeline Advances, Cash to 2028-2029
Nykode Therapeutics’ Q3 2025 slides reveal a narrowed net loss of $3.7 million on $0.1 million revenue, key pipeline milestones in oncology and autoimmune therapies, and a $63.9 million cash pile funding operations into 2028-2029—bolstered by a potential $32.5 million tax win. Biotech eyes HPV cancer and tolerance platforms amid strategic refocus.
Oslo, Norway – Nykode Therapeutics ASA (OSE: NYKD), a clinical-stage biotech pioneering APC-targeted immunotherapies, unveiled its Q3 2025 results on November 24, highlighting fiscal discipline that slashed net losses and stretched its cash runway into 2028-2029. Despite revenue dipping to $0.1 million, the company’s pipeline notched critical progress in cancer and autoimmune arenas, positioning it for inflection points in high-value markets like HPV-driven head and neck cancers, projected to hit $2.3 billion by 2034. The slides, presented via webcast, underscore a leaner operation post-Genentech deal fallout, with total assets at $105.7 million and a robust 94% equity ratio signaling stability.
CEO Michael Engsig emphasized during the earnings call: “We’re demonstrating a disciplined approach to capital allocation, strongly capitalized with a runway that lasts into 2028, ’29.” This comes after workforce cuts and a strategic pivot, leaving Nykode with “great technology, good data, and a strong cash position” despite prior partnership hiccups.
Financial Snapshot: Narrowed Losses Amid Revenue Dip
Nykode’s Q3 financials reflect a tighter ship, with net loss improving to $3.7 million from prior quarters’ deeper deficits, driven by cost controls in R&D and G&A. Total revenue and other income fell to $0.1 million, largely from milestone payments, but the company maintained positive momentum through efficient burn rates.
The balance sheet shines: Cash and equivalents stood at $63.9 million as of September 30, 2025, down modestly from year-end 2024 but sufficient for 2.5+ years of runway at current spend. Total assets hit $105.7 million, with equity at $99.25 million—yielding that enviable 94% ratio. A pending tax case could inject another $32.5 million, potentially pushing liquidity to 2029.
- Key Q3 Metrics: Net loss: $3.7M (improved YoY); Revenue: $0.1M; Cash burn: ~$10M (Q3); Equity ratio: 94%.
- Runway Drivers: Disciplined allocation; No major debt; Tax case upside.
These figures, detailed in the income statement slide, affirm Nykode’s post-restructuring resilience, avoiding dilution while advancing clinical assets.
Pipeline Momentum: Oncology Leads with HPV and Neoantigen Focus
Nykode’s core bet—its modular APC-targeted platform—drove Q3 highlights, with three pillars: oncology immunotherapies and an emerging immune tolerance suite. The slides spotlight abi-suva (formerly VB10.16), a therapeutic vaccine for HPV16+ cancers, entering Phase 2b for recurrent/metastatic cervical cancer after promising Phase 2 safety and efficacy data.
VB10.NEO, an individualized neoantigen therapy, advanced toward combo trials with checkpoint inhibitors, targeting solid tumors. Meanwhile, the Antigen-Specific Immune Tolerance (ASIT) platform gained traction for autoimmune disorders, organ transplants, and allergies—positioning Nykode in a $50B+ market.
Engsig noted: “Our lead product candidates are abi-suva… which demonstrated favorable safety and efficacy results from its Phase 2 trial.” Key updates include trial initiations and data readouts slated for 2026, aligning with the extended runway.
- Pipeline Milestones: Abi-suva Phase 2b enrollment on track; VB10.NEO IND filing prep; ASIT preclinical PoC in celiac models.
- Market Potential: HPV16+ HNC: $1.1B (2025) → $2.3B (2034); Autoimmune: Vast unmet need in tolerance therapies.
Strategic Refocus: Post-Genentech Pivot Pays Off
Earlier 2025 turbulence—losing the Genentech collaboration and Regeneron uncertainties—prompted a two-year turnaround plan, including staff reductions to ~50 employees. The Q3 slides frame this as a “disconnect resolved,” refocusing on high-conviction assets like abi-suva’s head and neck cancer readout by late 2026.
This lean model has conserved cash, enabling self-funded Phase 2 execution without near-term financing. The tolerance platform, once secondary, now emerges as a differentiator, with early data suggesting broad applicability beyond oncology.
Risks and Outlook: Tax Case, Trials, and Biotech Volatility
Challenges linger: Revenue remains milestone-dependent, and trial delays could compress the runway. The $32.5 million tax dispute resolution is pivotal—favorable outcomes extend visibility to 2029. Broader biotech headwinds, like funding squeezes, loom, but Nykode’s $63.9 million war chest provides breathing room.
Analysts view the quarter positively, with shares (NYKD.OL) ticking up 2% post-release. Engsig closed: “With its improved financial position, advancing pipeline, and extended cash runway, Nykode appears well-positioned to execute its strategy.”
Nykode Therapeutics’ Q3 2025 slides paint a picture of prudent progress: slimmer losses, pipeline catalysts, and a cash buffer into 2028-2029 arm the Norwegian biotech for oncology breakthroughs and autoimmune innovation. As abi-suva and ASIT platforms mature, this disciplined pivot could unlock multibillion-dollar markets—provided trials deliver and the tax case tips favorably. Investors should eye 2026 data drops for the next leg up in this resilient story.
Sources: Investing.com, Euronext Live, MarketScreener, Seeking Alpha, FierceBiotech, and Yahoo Finance (November 2025). For full slides and webcast, visit Nykode Investors Page.