Zelluna (ZLNA) Q2 2026 earnings summary

Executive summary

• Achieved key Q2 2026 milestones, including first patient dosed in the ZIMA-101/ZI-MA4-1 first-in-human clinical trial, with favorable initial safety data and continued enrollment recommended by the IDMC.

• Activated two leading UK clinical sites, The Christie and The Royal Marsden, both now recruiting for the ongoing study.

• Strengthened financial position through NOK 58.2 million raised via private placement and retail offering, and NOK 16 million grant from the Research Council of Norway, extending cash runway into Q3 2027.

• ZIMA-101 selected for ESMO 2026, increasing international visibility.

• Board changes included Martin Welschof proposed as new member and Hans Ivar Robinson stepping down.

Financial highlights

• Cash and cash equivalents at end of Q2 2026 were MNOK 86–86.2, with a projected runway into Q3 2027.

• Q2 2026 operating loss was MNOK 19.9–20; YTD loss was MNOK 40–40.2.

• Raised NOK 58.2 million in gross proceeds via private placement and retail offering in June 2026.

• Received NOK 16 million grant from The Research Council of Norway to support the ongoing phase I clinical study.

• Payroll and other operating expenses decreased year-over-year due to a leaner organization and focus on the TCR-NK program; number of FTEs at period end: 15, down from 26 in the prior year.

Outlook and guidance

• Further clinical data expected as patient enrollment and follow-up continue, with updates planned for international conferences later in 2026.

• Dose escalation phase of the phase I study expected to complete in H1 2027, after which dose expansion will begin.

• Cash position expected to fund operations into Q3 2027; no additional expense guidance provided for full-year 2026.

• Strategic options, including partnerships or M&A, may be considered if clinical data are favorable.

• Manufacturing scale-up underway with new CDMO to support future supply and reduce costs.