NYKD: Nykode Therapeutics receives ruling from Tax Appeal Board in pending tax case

o	Nykode tonight received a non-favorable ruling from the Tax Appeal Board
despite a clear recommendation from the Secretariat of the Tax Appeal Board
supporting Nykode's position (as previously communicated on August 26, 2026).
The ruling was not unanimous. 

o	The ruling agrees with Nykode on the main issue of the dispute, that entering
the VB10.NEO license agreement in 2020 constituted a realization of the asset
for tax purposes. This was also supported by the Secretariat of the Tax Appeal
Board. 

o	However, the Tax Appeal Board in their ruling reclassified the VB10.NEO
program as an asset developed for sale rather than an operating asset, a basis
not previously raised in the case. As a consequence, the use of gain/loss
account is not applicable. 

o	Nykode has not had the occasion to comment on the relevant facts and
circumstances of the new line of arguments and believes the Tax Appeal Board, in
its ruling, relied on an incorrect factual basis. 

o	Nykode will therefore address the new circumstances and request the Tax Appeal
Board to reconsider its conclusion in accordance with applicable legislation. 

o	Should the conclusion of the Tax Appeal Board stand, Nykode expects to contest
the outcome in the courts.

o	The disputed tax amount was settled by Nykode in 2023, and the negative
outcome will not trigger any additional payments.

o	Nykode maintains a cash runway beyond key value inflection points and the
negative outcome will not have an impact on current plans. 


Oslo, Norway, September 25, 2026 - Nykode Therapeutics ASA (OSE: NYKD), a
clinical-stage biopharmaceutical company dedicated to the discovery and
development of novel immunotherapies, tonight received a non-favorable ruling
from Norwegian Tax Appeal Board (Norw: Skatteklagenemnda) in the pending tax
case. 

Reference is made to the press release published on August 26, 2026, where
Nykode announced that it had received a positive draft recommendation from the
Secretariat of the Norwegian Tax Appeal Board in the pending tax case. The final
recommendation of the Secretariat (received September 4, 2026) was also in favor
of the appeal to be resolved in favor of Nykode. Nykode has tonight received the
ruling from the Tax Appeal Board, which is not in favor of Nykode, and against
the recommendation from the Secretariat. 

Importantly, the ruling agrees with Nykode on the main issue of the dispute,
that entering the VB10.NEO license agreement in 2020 constituted a realization
of the asset for tax purposes. This was also supported by the Secretariat of the
Tax Appeal Board in their recommendation. 

However, the Tax Appeal Board in their ruling reclassified the VB10.NEO program
as an asset developed for sale rather than an operating asset, a basis not
previously raised in the case. As a consequence, the use of gain/loss account is
not applicable. Nykode has not had the occasion to comment on the relevant facts
and circumstances of the new line of arguments and believes the Tax Appeal
Board, in its ruling, relied on an incorrect factual basis.
 
Nykode will therefore address the new circumstances and request the Tax Appeal
Board to reconsider its conclusion in accordance with applicable legislation.
Should the conclusion of the Tax Appeal Board stand, Nykode expects to contest
the outcome in the courts.

Nykode maintains a cash runway beyond key value inflection points and the
negative outcome will not have an impact on current plans. 

Michael Engsig, Chief Executive Officer of Nykode, commented: "We are obviously
disappointed that the Tax Appeal Board chose to diverge from the clear positive
recommendation from the Secretariat of the Tax Appeal Board. We will address the
newly raised arguments and provide a complete picture of the factual
circumstances to the Tax Appeal Board and ask them to reconsider their
conclusion." 

The dispute relates to the tax treatment of up-front payments received under a
license agreement entered into in 2020 under the VB10.NEO program. In October
2023, Nykode received a decision from the Norwegian Tax Administration (Norw:
Skatteetaten), whereby the up-front payments were re-classified as taxable
income in full in 2020. The decision triggered a tax payable of NOK 325 million
(~USD 34 million), which has been booked as "Other non-current receivables" in
the balance sheet. The decision was subsequently appealed to the Norwegian Tax
Appeal Board. 

The disputed tax amount was settled by Nykode in 2023, and the negative outcome
will not trigger any additional payments to the Norwegian Tax Administration. 

Nykode continues to believe that its assessment of the tax treatment is correct,
which is also supported by several third-party tax experts, and by the
recommendation from the Secretariat of the Tax Appeal Board.


About Nykode Therapeutics
Nykode Therapeutics is a clinical-stage biopharmaceutical company dedicated to
the discovery and development of novel immunotherapies with a focus on the
treatment of cancer and autoimmune diseases. Nykode's modular immunotherapy
technology specifically targets antigens to antigen presenting cells (APC),
which have been shown to induce a broad, strong and long-lasting antigen
specific immune response in cancer, which correlates with clinical responses.

Nykode's lead product candidates are abi-suva, a therapeutic immunotherapy for
the treatment of HPV16 induced malignancies which demonstrated favorable safety
and efficacy results from its Phase 2 trial for the treatment of late-line r/m
cervical cancer. Abi-suva is currently being further developed in head and neck
cancer. VB10.NEO, an individualized cancer neoantigen immunotherapy, has been
investigated in two trials with more than 10 different indications. 

Nykode is also utilizing its APC-targeted technology to create an immune
tolerance platform for the potential use in autoimmune disorders, organ
transplant rejections, anti-drug antibody reactions and allergy.

Nykode Therapeutics' shares are traded on the Oslo Stock Exchange (OSE: NYKD).
Further information about Nykode Therapeutics can be found at
http://www.nykode.com.

Forward-looking statements for Nykode Therapeutics
This announcement and any materials distributed in connection with this
announcement may contain certain forward-looking statements. By their nature,
forward-looking statements involve risk and uncertainty because they reflect the
company's current expectations and assumptions as to future events and
circumstances that may not prove accurate. A number of material factors could
cause actual results and developments to differ materially from those expressed
or implied by these forward-looking statements.

Contact for Nykode Therapeutics ASA:
IR@nykode.com

Nykode Therapeutics ASA
Oslo Science Park
Gaustadalléen 21
N-0349 Oslo, Norway

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 of the Norwegian Securities Trading Act. This stock exchange
announcement was published by Harald Gurvin, CFO at Nykode Therapeutics ASA, on
September 25, 2026 at 23:35 CET.
5-12 of the Norwegian Securities Trading Act. This stock exchange\
announcement was published by Harald Gurvin\, CFO at Nykode Therapeutics ASA\, on\
September 25\, 2026 at 23:35 CET.\