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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Zelluna
Zelluna (ZLNA) investor relations material
Zelluna Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
ZIMA-101, the first-in-human Phase 1 trial of ZI-MA4-1, advanced with 2 of 3 Dose Level 1 patients treated; no dose-limiting toxicities reported to date, with follow-up and translational analyses ongoing.
Manufacturing transition advanced with the first run completed at a new CDMO; product characterisation remained ongoing.
Cash at Q3-end was MNOK 60.4, with runway expected into Q3 2027.
Financial highlights
Q3 2026 operating loss was MNOK 28.6 and net loss MNOK 29.0, versus MNOK 39.7 and MNOK 39.3, respectively, in Q3 2025.
YTD 2026 operating expenses were MNOK 69.2 and net loss MNOK 69.0; YTD 2025 figures were MNOK 107.5 and MNOK 105.2, respectively.
Q3 operating cash flow was MNOK -25.5; cash and cash equivalents fell to MNOK 60.4 from MNOK 86.2 at Q2-end.
External R&D and IPR costs were MNOK 13.7 in Q3, with clinical-trial start-up the main expense driver; payroll excluding option costs and grants was MNOK 8.8.
Q3 revenue was MNOK 0.226, primarily from sale of lab equipment and other minor assets; expenses included MNOK 3.2 impairment of goodwill and intangible assets.
Outlook and guidance
Dose Level 2 recruitment and dosing are expected during Q1 to early Q2 2027, subject to completing Dose Level 1 and a favourable IDMC review.
Dose Level 2 is planned at 3x Dose Level 1 exposure; Dose Level 3 would provide 6x Dose Level 1 exposure.
Cash on hand is expected to support planned operations into Q3 2027; timing of early clinical data depends on recruitment and safety-review timelines.
Expected Q4 inflows include MNOK 5.2 in 2025 SkatteFUNN tax credits; payments under the MNOK 16 clinical-study grant are expected in Q4 2026 and 2027.
Planned work includes clinical execution, manufacturing development and evaluation of KK-LC-1 candidates.
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Latest events from Zelluna
- First patient dosed with favorable safety; cash reserves MNOK 86–86.2 fund operations into Q3 2027.ZLNA
Q2 2026 - First clinical site activated for TCR-NK trial; cash runway secured into Q1 2027.ZLNAQ1 2026
- First-in-human off-the-shelf TCR-NK cell therapy for solid tumors set for mid-2026 data.ZLNACapital Markets Update 2026
- Advanced ZIMA-401/ZI-MA4-1 to clinical stage, secured NOK 58.2M, and extended cash runway to 2027.ZLNAQ4 2025
- Merger forms Zelluna ASA, advancing TCR-NK therapies for solid tumors with strong funding.ZLNABusiness Combination
- Cash runway extended to Q1 2026 as cost-saving measures and key trial progress continue.ZLNAQ3 2024
- Negative Phase II results, positive mesothelioma data, and cash runway extended to Q4 2025.ZLNAQ2 2024
- Merger, strong cash, and TCR-NK progress set stage for clinical entry in 2H 2025.ZLNAQ1 2025
- Zelluna ASA formed via merger, pivots to TCR-NK cell therapy with extended funding.ZLNAQ4 2024
Next Zelluna earnings date
Q4 202611 Feb, 2027
Zelluna
Next Zelluna earnings date
Q4 202611 Feb, 2027
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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.