olivLaw · European equity research
Nykode Therapeutics ASA NYKD.OL
Norway · Euronext Oslo Børs · ISIN NO0010714785 · Vertical: Listed companies from Norway
Nykode Therapeutics is a Norwegian biotechnology company developing immune-based therapies for cancer, including vaccine and cell therapy platforms. In 2024 it went through a period of leadership instability, with resignations announced and then withdrawn, which makes the review of its strategy and funding relevant.
At the close of 06 Nov 2026, Nykode Therapeutics ASA (NYKD.OL) stock was 2.99 NOK (+1.01% on the day), with beta 0.51, 52-week range 2.12–4.99 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 37.4
- weak (30–45)
- Bollinger (20, 2)
- 2.88 – 3.36
- in the lower half of the band · %B 0.23 · band width 15.4%
- SMA 50 / 200
- 3.57 / 3.32
- mixed trend
- MACD (12, 26, 9)
- -0.16 / -0.17
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −15.2% | −0.6% | −14.5 pp | — |
| 3 months | −10.2% | −4.2% | −6.0 pp | — |
| 6 months | −6.7% | +4.3% | −11.0 pp | — |
| Year to date | +24.0% | +7.5% | +16.5 pp | — |
| 1 year | +17.5% | +9.9% | +7.6 pp | −4.7% |
| 3 years | −83.5% | +49.8% | −133.3 pp | +12.7% |
| 5 years | −95.3% | +42.8% | −138.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | 12.9 m | 8.7 m |
| Revenue YoY | unavailable | −32.7% |
| Net income | -35.2 m | -38.8 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.12 | -0.12 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -272.5% | -447.3% |
| Free cash flow | -98.5 m | -51.3 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 115.4 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 136.2 m USD
- Total assets
- 153.5 m USD
- Debt / equity
- unavailable
- Current ratio
- 12.87x
- ROE
- -25.3%
- ROA
- -21.5%
- FCF margin
- -591.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Revenue | 12.9 m | 8.7 m | esef· 21 Oct 2026verified |
| Operating income | -58.1 m | -48.3 m | esef· 21 Oct 2026verified |
| Interest expense | 4.7 m | 6.2 m | esef· 21 Oct 2026verified |
| Pre-tax income | -44.1 m | -45.5 m | esef· 21 Oct 2026verified |
| Income tax | -8.9 m | -6.7 m | esef· 21 Oct 2026verified |
| Net income | -35.2 m | -38.8 m | esef· 21 Oct 2026verified |
| Diluted EPS | -0.12 | -0.12 | esef· 21 Oct 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 162.6 m | 115.4 m | esef· 21 Oct 2026verified |
| Current assets | 165.7 m | 117.1 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 4.4 m | 3.7 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 70.0 k | 72.0 k | esef· 21 Oct 2026verified |
| Total assets | 208.2 m | 153.5 m | esef· 21 Oct 2026verified |
| Accounts payable | 7.1 m | 3.7 m | esef· 21 Oct 2026verified |
| Current liabilities | 20.6 m | 9.1 m | esef· 21 Oct 2026verified |
| Total liabilities | 36.9 m | 17.3 m | esef· 21 Oct 2026verified |
| Equity | 171.3 m | 136.2 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 293.0 m | 323.5 m | esef· 21 Oct 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -96.6 m | -51.2 m | esef· 21 Oct 2026verified |
| Capex | 1.9 m | 71.0 k | esef· 21 Oct 2026verified |
| Free cash flow | -98.5 m ≈ | -51.3 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | 7.0 m | 6.9 m | esef· 21 Oct 2026verified |
| Financing cash flow | 44.6 m | -1.4 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -447.3% | 5 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -7.8x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 12.9x | 100 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial5/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NYKODE THERAPEUTICS ASA (NYKD.OL). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 8.7 m USD in 2024; YoY growth -32.7%; net margin -447.3%; ROE -25.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 12.9x
What contradicts it
- Net margin: -447.3%
- Interest coverage: -7.8x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for NYKD.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Nykode Therapeutics is a Norwegian biotechnology company developing immune-based therapies for cancer, including vaccine and cell therapy platforms. In 2024 it went through a period of leadership instability, with resignations announced and then withdrawn, which makes the review of its strategy and funding relevant.
SWOT
Strengths
- The immunotherapy development platform and collaborations with large international partners support clinical research capacity.
- The company works with external regulatory consultants and specialised clinical research organisations, which helps manage approval risks.
- The single share class with equal rights simplifies shareholder governance.
Weaknesses
- Dependence on a few large partners for support and commercialisation reduces control over product timelines.
- The company has not entered into hedging agreements for currency risk, while expenses are in several currencies.
- Leadership and board instability in 2024 and 2025 may affect the continuity of strategy.
Opportunities
- New collaboration agreements could bring funding and support for product development.
- Research grants are an additional funding source mentioned by management.
- If clinical trials progress favourably, products could open new therapeutic indications.
Threats
- Competition from alternative therapies may reduce the chances of success in trials and sales.
- Pressure on prices and healthcare budgets may limit reimbursement for new products.
- Adverse product events or patent expiry could materially affect financial results.
Risks
- Dependence on partnershigh
Support for research and commercialisation depends on partners' willingness and ability to contribute, which can change project prospects quickly 1.
- Funding riskhigh
The company relies on capital markets and new collaborations; if access to capital narrows, development plans could be delayed 1.
- Patent protectionmedium
Patent expiry or challenges could reduce the value of products and the competitive position 1.
- Leadership instabilitymedium
Resignations announced in 2025 and their later withdrawal show sensitivity in governance, which may affect confidence among investors and partners 1.
Investment thesis
What would need to be true (bull case)
- If clinical trials produce favourable results, the company could attract new partnerships that bring funding and scientific validation.
- Collaborations with large partners can provide development resources and access to international markets.
- The proposed 2024 dividend signals a change in policy that could point to a steadier financial position.
What would break the thesis
- If partners reduce research support, projects could be postponed or abandoned, with a direct impact on revenue.
- Dependence on external funding and capital markets exposes the company to unfavourable financing conditions.
- Leadership and board instability could affect strategic continuity and confidence among partners.
What to watch
- Shareholder approval of the proposed 2024 dividend at the AGM2025
- New collaboration or funding agreements with partners2025
- Results of ongoing clinical trialsnext 10-K
- Stability of executive management and board composition2025
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the 2024 annual report, the company's business is defined in its Articles of Association as « to develop biomedical products and services ». It operates in research and development of innovative pharmaceutical products, with a focus on collaborations with international partners for clinical trials.
The company has historically not distributed dividends, and the Board proposes a total dividend of NOK 1.00 per share for 2024 1. This proposal marks a shift from past practice, though how the dividend policy will evolve remains to be seen.
The report cites key partnerships with Regeneron and MSD, whose ability to provide R&D support and willingness to promote products affects the company's commercial prospects 1. Dependence on these partners is central to the business model.
Segments
Oncology R&D of immune therapies
The core activity is developing immune therapies against cancer, including vaccines and cell therapies in clinical trials. Patent, regulatory approval and trial execution risks are managed with external advisers and clinical research organisations 1.
Collaborations and licensing
Potential revenue depends on agreements with partners such as Regeneron and MSD, which can bring funding and development support. The report notes that weaker collaborations could affect results and cash flows 1.
Market context
The market for immune cancer therapies is competitive, with several companies developing alternative or similar therapies that may affect clinical trials, approvals and future sales 1. Market access depends on approvals from the FDA and EMA and on obtaining acceptable reimbursement 1.
Pressure on healthcare budgets and pricing may limit sales of new products, and the company acknowledges that there is no assurance its drugs will reach cost-effective prices or reimbursement rates 1.
Trends
- Regulatory approvals in the US and EUmixed
If the FDA and EMA grant marketing authorisations for products in development, the company could accelerate commercialisation. Delays or rejections would have the opposite effect on its financial timeline.
- Pressure on healthcare budgetsheadwind
Budget constraints in healthcare systems can reduce prices and reimbursement rates, which could limit revenue from launched products 1.
- Industry interest in oncology immunotherapytailwind
Heightened industry attention to immune therapies could support collaborations and funding for projects like those of Nykode.
- Access to capital marketsmixed
The company relies on capital markets and new collaboration agreements for funding, and financing conditions can influence development capacity 1.
Competitive position
The report lists as a risk competition from companies developing alternative or similar therapies, which may affect clinical trials, approvals and sales 1. Competitive position depends on clinical results and the ability to secure partnerships.
Collaboration with larger companies such as Regeneron and MSD can provide resource advantages, but it also makes the company dependent on their decisions about support and product promotion 1.
- Regeneron PharmaceuticalsREGN
Partner named in the report, whose capacity to support research and development influences Nykode's activity 1.
- Merck & Co. (MSD)MRK
Partner named in the report, involved in developing and promoting products, with an impact on commercial prospects 1.
- Developers of alternative immune therapies
The report warns of competition from similar therapies that could affect trials and sales 1.
- Developers of oncology vaccines
Competitors in this segment may offer alternative approaches for the same therapeutic indications.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202421 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Nykode Therapeutics ASA · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.