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Zelluna
Zelluna (ZLNA) investor relations material
Zelluna Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Raised NOK 58.2 million in Q4 2025, extending cash runway into Q1 2027 and supporting advancement of ZI-MA4-1 into first-in-human trials.
Submitted Clinical Trial Application (CTA) for ZI-MA4-1 to UK MHRA in December 2025, with initial clinical data expected from mid-2026.
Completed first GMP batch for ZI-MA4-1, demonstrating manufacturing scalability and quality.
Published compelling preclinical data and advanced trial preparations with leading UK oncology centers.
Completed business combination, strengthening financial position and supporting clinical transition.
Financial highlights
Ended Q4 2025 with MNOK 78.3 in cash, providing funding into Q1 2027.
Q4 2025 operating expenses: MNOK 35.4; FY25: MNOK 143.8.
EBIT for Q4 2025 was MNOK -35; FY 2025 EBIT was MNOK -144.
Q4 2025 net loss: MNOK 34.6; FY25 net loss: MNOK 140.7.
Operating cash flow in Q4 2025 was approximately MNOK -25.2, with differences from EBIT due to non-cash items and working capital changes.
Outlook and guidance
Positioned to initiate first-in-human Phase I clinical trial for ZI-MA4-1 in 2026, pending regulatory approval.
Initial clinical data expected from mid-2026, representing a key validation step for the platform.
Medpace selected as CRO in February 2026; CTA approval expected in 1H 2026.
Pipeline assets target validated antigens across a broad range of solid tumors, with high market potential.
Focused on generating early clinical data, advancing pipeline, and maintaining disciplined capital allocation.
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Next Zelluna earnings date
Q1 20267 May, 2026
Zelluna
Next Zelluna earnings date
Q1 20267 May, 2026
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Frequently asked questions
Zelluna’s mission is to deliver transformative treatments with the capacity to cure advanced solid cancers, in a safe and cost-efficient manner, to patients on a global scale. The Company aims to do this by combining the most powerful elements of the immune system through pioneering the development of “off the shelf” T cell receptor (TCR) guided natural killer (NK) cell therapies (TCR-NK). The TCR-NK platform offers a unique mechanism of action with broad cancer detection capability to overcome the diversity of tumours and will be used “off the shelf” to overcome scaling limitations of current cell therapies. The lead program is a world’s first MAGE-A4 targeting “off the shelf” TCR-NK for the treatment of various solid cancers; a pipeline of earlier products follows. The Company is led by a management team of biotech entrepreneurs with deep experience in discovery through to clinical development of TCR and cell-based therapies including marketed products.
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