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Investor Relations14 Oct 2025
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Zelluna (ZLNA) investor relations material
Zelluna Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary20 Aug, 2025
Executive summary
IND/CTA filing for lead program ZEMA-41/ZI-MA4-1 is on track for H2 2025, with first human data or patient dosing expected in H1 2026.
Completed key preclinical investigations and initiated GMP manufacturing of clinical material in July 2025.
Business combination completed in Q1 2025, streamlining operations and securing funding for clinical readiness.
Platform leverages off-the-shelf, scalable TCR-NK technology targeting solid tumors, with strong support from clinical experts and regulatory engagement.
Strategic positioning is reinforced by recent high-value deals in the cell therapy sector, highlighting strong market appetite for early-stage, off-the-shelf therapies.
Financial highlights
Cash position at end of Q2 2025 was NOK 76 million (USD 7 million), providing runway into Q2 2026.
Q2 2025 EBIT/operating expenses were negative NOK 38 million; year-to-date EBIT/operating expenses negative NOK 68 million.
Q2 2025 net loss/profit before tax was negative NOK 38 million; year-to-date net loss/profit before tax negative NOK 66 million.
Operating cash flow for Q2 2025 was negative NOK 59 million, mainly due to working capital changes and one-off manufacturing investments.
Cash burn rate is expected to decrease significantly after Q2 2025.
Outlook and guidance
Financial runway expected to cover key R&D and clinical milestones through Q2 2026.
IND/CTA submission for ZEMA-41/ZI-MA4-1 is on schedule for H2 2025, with initial clinical data anticipated in 2026.
Anticipates significant reduction in cash burn as R&D activities wind down and workforce reductions take effect.
Decision on first clinical trial location (US or Europe) pending further regulatory feedback.
Actively pursuing partnering opportunities for the TCR-NK platform.
What is the expected cash runway?
Elaborate on the TCR NK patent protection.
Describe the dual killing mechanism.
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Next Zelluna earnings date
Q3 20256 Nov, 2025
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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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