Zelluna (ZLNA) investor relations material

Platform and rationale

• TCR-NK combines a T-cell receptor (TCR) that directs cells to cancer with natural killer (NK) cells that can kill through multiple recognition pathways, potentially limiting target-escape.

• The platform is designed for solid tumors and uses donor-derived cells produced in advance as frozen, off-the-shelf batches for multiple patients, rather than patient-specific batches.

• The approach aims to address scalability and treatment access; the presenter also cited NK-cell safety data and said the lead therapy had shown a favorable initial safety profile.

Lead program and clinical progress

• The lead program targets MAGE-A4; the planned study covers lung, ovarian, head and neck cancers, and sarcoma, with over 50,000 potentially treatable patients if successful.

• First patient treated in July; as of the Nov. 5 Q3 update, two of three patients had received dose level 1, with recruitment underway across the four cancer types.

• Dose levels 2 and 3 are three times and six times dose level 1, respectively; dose level 2 was estimated to be filled by early Q2 2027, based on the then-current schedule and identified patients.

• Initial safety review found no dose-limiting toxicities; preliminary blood analyses at the low dose showed changes in immune markers suggesting possible immune activation.

Market and pipeline

• The presenter characterized solid tumors as 90% of global tumor burden, versus 10% for liquid cancers, and noted that early clinical evidence can influence platform value in cell therapy.

• KK-LC-1 and PRAME were identified as potential complementary targets; the manufacturing process is intended to support development of additional products.

• An approved therapy against the lead target supports its validity, while the presenter argued TCR-NK may address tumor cells that evade single-target approaches.