Nykode Therapeutics (NYKD) Q2 2024 earnings summary

Executive summary

• Strategic repositioning focused on VB10.16 for locally advanced cervical cancer and recurrent/metastatic head and neck cancer, discontinuing VB-C-04 and NYK011 due to recruitment and feasibility challenges, and expanding collaboration with MSD for Keytruda in the C-05 trial.

• Discontinued inverse preclinical program to concentrate resources on oncology clinical assets.

• Formed a new subsidiary to advance the immune tolerance platform.

• Granted key U.S. patent for individualized neoantigen-based vaccine VB10.NEO, extending protection to 2037.

• Presented advancements in APC-targeted mRNA vaccines, showing superior immunogenicity and tumor control in preclinical models.

Financial highlights

• Q2 2024 revenue and other income totaled $0.6 million, mainly from R&D activities with Genentech and Regeneron, down from $5.1 million year-over-year.

• Net loss for Q2 2024 was $7.4 million, improved from $9.2 million in Q2 2023.

• Cash and cash equivalents stood at $136.5 million as of June 30, 2024.

• Equity was $152 million with an equity ratio of 85% at quarter end.

• Operating expenses in Q2 2024 were $12.4 million, down from $17.0 million in Q2 2023.

Outlook and guidance

• Dose level recommendation for VB-C-03 (VB10.16 + pembrolizumab in head and neck cancer) expected in H2 2024.

• Updates on APC-targeted mRNA vaccine and autoimmune disease program anticipated in Q4 2024.

• Final design of the C-05 trial to be released after the ESMO meeting in September.

• Detailed clinical data from VB-C-02 (VB10.16 in advanced cervical cancer) to be published.

• Ongoing discussions for new collaborations and partnerships.