Zelluna (ZLNA) Q1 2025 earnings summary

Executive summary

• Completed business combination with Ultimovacs ASA, forming Zelluna ASA and becoming the first cell therapy company listed on the Oslo Stock Exchange.

• Secured MNOK 51.7 in private placement and acquired MNOK 92.3 in cash through the merger, resulting in a strong cash position.

• Achieved scalable, automated manufacturing for TCR-NK therapies, enabling hundreds of doses per batch and de-risking clinical entry.

• Lead TCR-NK program ZI-MA4-1 is in late preclinical stage, targeting IND/CTA submission in 2H 2025 and initial clinical data in 2026.

• UV1 cancer vaccine program winding down after negative Phase II results; two trials remain ongoing with results expected in 2025.

Financial highlights

• Cash and cash equivalents at March 31, 2025: MNOK 135.3, up from MNOK 27.7 at year-end 2024.

• EBIT for Q1 2025: MNOK -29; net loss: MNOK 28.3, improved from MNOK 32.8 in Q1 2024.

• Operating cash flow in Q1 2025: MNOK -36, mainly due to non-cash share option expenses and working capital changes.

• Payroll expenses increased year-over-year due to higher headcount post-merger; R&D costs decreased due to lower material purchases.

• Reverse share split (10:1) executed, resulting in 20,227,066 shares outstanding.

Outlook and guidance

• Financial runway expected through Q2 2026, supporting IND/CTA submission for ZI-MA4-1 in 2H 2025 and initial clinical data in 2026.

• Cash burn expected to decrease in 2025 as operational synergies are realized before clinical trial initiation.

• Ongoing business development activities leveraging recent high-value deals in the cell therapy sector.

• Pursuing parallel regulatory tracks in the U.S. and Europe to mitigate regional risks.