Nykode Therapeutics As

Greetings, and welcome to the NICO Therapeutics Second Quarter 2025 Strategy Update and Results Webcast. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. You may ask a question at any time by typing it into the Ask a Question feature on your screen. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to CEO Michael Ensig. Please go ahead, Michael.

Thank you very much, Kevin, and also from my side, a very warm welcome to everybody to this Q2 webcast, and not least, our long-anticipated strategy update from MyCode. Before moving on, I just want to remind every one of you of our forward-looking statements. We assume you are familiar with those, and on that basis, I'll quickly move on. As usual, I am very pleased to have with me here today Ander Fredriksson, our co-founder and CSO, and Al Gurvin, our CFO. Before moving into the strategy update, which I believe you've all been waiting for at this time point here, we'll just very quickly or briefly review the key highlights from our Q2 report, which was also announced or issued this morning here. And because we are focusing most of this call today on the strategy, we'll be reviewing the Q2 a little bit briefer than usual. Still, we did have a couple of very important events during the quarter from the VPT NEO program. We did announce key data from our NO2 trial at ASCO in 2025 in Chicago. And these data, once again, highlight our VP10neo program's ability to induce a robust and durable immune responses across multiple tumor types in a heavily pretreated patient population. And just to remind you here that the number of biotech companies that do have an established manufacturing platform, an epitope selection algorithm, and actually clinical data to boost is very small. So we'll be reviewing more on that one later today. For our VB1016 program, we are conducting the part one of the CO3 trial, which is in essence a dose escalation program. We have enrolled all the patients there. So 13 patients spread along three different dose levels. So one patient in three milligrams, six patients in six milligrams, and six patients in nine milligram doses. And during the quarter, the so-called trial safety group did what we call a safety clear, all of the doses for that program, which again underlines the V16's very favorable safety profile. NICODE has entered discussions with Regeneron regarding the future of the collaboration programs. And these programs are no longer included in NICODE's updated strategy or our financial forecasts program. And finally, from my side, Susanne Stoffers was also elected as chair of the board at the Extraordinary General Assembly on the 23rd of April this year. We're going to hand over to her for a quick review of the Q2 financials.

Thank you, Michael. Looking at the key financials for the second quarter, total revenue and other income came in at $200,000 compared to $600,000 in the second quarter of 2024. which was driven by less revenue from Genentech and Regeneral. Total operating expenses reduced from 12.4 million in the second quarter of 2024 to 6.5, reflecting the reduced organization following the organizational streamlining finalized in the first quarter of 2025 and with full effect expected in the third quarter, and also reduced clinical activities. We recorded a net profit of 900,000 in the second quarter of 2025 compared to a net loss of 7.3 million in the second quarter of 2024, mainly due to reduced operating expenses and also unrealized currency gains relating to our cash held in Norwegian crowners and the non-current receivable relating to the tax gain denominated in the same. A cash dividend of 0.1 per share was approved at the annual general meeting held on 26th of May, 2025. And the dividend, totaling US dollar 32.3 million, was paid on 12th of June. We are still well capitalized with a cash position of 70 million at the end of the second quarter. And with that, I will give the word back to Michael, who will take us through the updated strategy.