Oslo, Norway, December 30, 2024 - Nykode Therapeutics ASA (OSE: NYKD), a
clinical-stage biopharmaceutical company dedicated to the discovery and
development of novel immunotherapies, today announced that it is streamlining
its Board of Directors. This is in line with its updated strategy to realign
financial resources and cash runway with organizational priorities, aimed at
reducing the annual cost base to approximately USD 20 million and extending the
cash runway into 2030.

Nykode Therapeutics ASA is reducing the number of its Board Members to five and
the Board of Directors will until the next General Meeting constitute of Martin
Nicklasson (Chairman), Harald Arnet, Elaine Sullivan, Anne Whitaker and
Christian Åbyholm. The other Board Members have resigned. This move is expected
to enhance decision-making processes and enable the company to allocate
resources more effectively towards its core research and development efforts.


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 vaccine technology
specifically targets antigens to antigen presenting cells (APC), employed with
their cancer vaccines to induce a broad, strong and long-lasting antigen
specific immune response, which correlates with clinical responses in cancer
patients.

Nykode's lead product candidates are VB10.16, a therapeutic vaccine for the
treatment of HPV16 induced malignancies, which demonstrated favorable safety and
efficacy results from its Phase 2 trial for the treatment of cervical cancer.
VB10.NEO, an individualized cancer neoantigen vaccine, is being investigated in
a trial with more than 10 different indications.

The Company's partnerships include a multi-target collaboration with Regeneron
in oncology and infectious diseases.

Nykode is also utilizing its APC-targeted technology to create an inverse
vaccine 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:
Alexandra Deschner, Head of IR
Nykode Therapeutics ASA
IR@nykode.com

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