Zelluna (ZLNA) Q2 2025 earnings summary

Executive summary

• IND/CTA filing for lead program ZI-MA4-1 is on track for H2 2025, with first human data expected in H1 2026 and all key preclinical investigations completed.

• GMP manufacturing for clinical material initiated in July 2025, and regulatory submissions made to UK and US authorities with positive feedback.

• Business combination completed in Q1 2025, streamlining operations and securing funding for clinical readiness.

• Platform leverages off-the-shelf, scalable TCR-NK technology targeting multiple solid tumor indications.

• Strategic positioning is reinforced by recent high-value sector deals, highlighting strong market appetite for early-stage cell therapies.

Financial highlights

• Cash position at end of Q2 2025 was MNOK 76 (USD 7M), providing runway into Q2 2026.

• Q2 2025 EBIT was MNOK -38; YTD EBIT was MNOK -68.

• Q2 2025 net loss was MNOK 37.5; YTD net loss was MNOK 66.0.

• Operating cash flow in Q2 2025 was MNOK -59, mainly due to R&D, transaction, and manufacturing costs.

• Cash burn rate expected to decrease significantly after Q2 2025 due to completion of R&D activities and one-off manufacturing investments.

Outlook and guidance

• Financial runway expected to cover key clinical milestones, including IND/CTA submission and initial patient data.

• Early clinical data in 2026 could position the company for high-value deals, following recent industry trends.

• Decision on clinical trial territory (US or Europe) pending further regulatory feedback.

• Focus on generating early clinical data to validate the platform and inform pipeline expansion.

• Actively pursuing partnering opportunities for the TCR-NK platform.