Exercise of warrants by primary insider, transactions by a primary insider and a close associate, and disclosure of large shareholding

Oslo, Norway, December 18, 2022 – Primary insider Agnete B. Fredriksen, Chief Business Officer and co-founder of Nykode Therapeutics ASA (“Nykode”), has today exercised a total of 3,834,900 warrants in Nykode with expiry date between December 20, 2022 and January 31, 2023. The warrants have an average subscription price of NOK 1.7735 per share. To cover tax and associated costs in connection with the exercise of the warrants, Agnete B. Fredriksen has simultaneously entered into an agreement with RASMUSSENGRUPPEN AS to sell 2,000,000 shares in Nykode to RASMUSSENGRUPPEN AS at a price of NOK 31.60 per share. RASMUSSENGRUPPEN AS is a company closely associated with primary insider Trygve Lauvdal, observer to the board of Nykode. The sale will be completed upon issuance of the shares. Following completion of the sale, RASMUSSENGRUPPEN AS will own a total of 30,180,750 shares and votes in Nykode, increasing its holding from 9.715% to 10.269%. Further, RASMUSSENGRUPPEN AS' wholly owned subsidiaries, PORTIA AS and CRESSIDA AS owns 4,500,000 and 1,350,000 shares in Nykode, respectively. In total, RASMUSSENGRUPPEN AS will own, directly and indirectly, 36,030,750 shares and votes in Nykode following the transaction, equal to 12.259%. Agnete B. Fredriksen has also entered into an agreement to sell 1,834,900 shares to Viginti AS, a company 100% owned by Agnete B. Fredriksen. Following the transactions, Agnete B. Fredriksen and associated persons will own a total of 2,982,900 shares in Nykode. Please see further details in the attached document. This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act