Zelluna (ZLNA) Q3 2026 earnings summary

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.