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Zelluna (ZLNA) investor relations material
Zelluna Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Raised NOK 58 million in a challenging biotech market, securing funding into Q1 2027 to advance lead asset ZI-MA4-1 into Phase I and expand the pipeline with KKLC1 TCRs acquisition.
Successfully completed integration and public listing after merger with Ultimovacs ASA; expanded pipeline with acquisition of over 20 KKLC1 TCRs.
Lead TCR-NK program ZI-MA4-1 targeting MAGE-A4 is on track for CTA submission by year-end 2025, with first patient data expected mid-2026.
Positive regulatory feedback from MHRA and FDA de-risked clinical entry in the UK and US.
Manufacturing process for ZI-MA4-1 established, with first GMP batch produced and analytics ongoing.
Financial highlights
Q3 2025 cash balance was MNOK 47, with the new capital raise extending runway to Q1 2027.
Q3 EBIT was minus MNOK 40; year-to-date EBIT minus MNOK 101.
Operating cash flow for Q3 2025 was minus MNOK 29, mainly due to non-cash items like goodwill impairment and share option expenses.
Payroll and related expenses increased due to higher headcount and restructuring post-merger.
No revenues generated as the company remains in the R&D phase.
Outlook and guidance
Proceeds from the capital raise will fund advancement of ZI-MA4-1 into phase 1 clinical trial and pipeline development.
Initial clinical data expected mid-2026 from first patient cohort; study to begin in first half of 2026.
Preclinical package for KKLC1 program moved to Q3 2026 to allow comprehensive assessment of newly acquired TCRs.
Near-term focus is on generating early clinical data to validate the TCR-NK platform and unlock value.
Current cash position supports operations into Q1 2027.
What efficacy signals define success for mid-2026 data?
How does mid-2026 data impact Q1 2027 funding needs?
How does KKLC1 diversify the TCR-NK platform's reach?
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Q4 202512 Feb, 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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