Zelluna (ZLNA) Q4 2024 earnings summary

Executive summary

• Ultimovacs and Zelluna Immunotherapy announced a business combination, forming Zelluna ASA, with Ultimovacs shareholders holding 19% and Zelluna shareholders 81% of the merged entity, to advance TCR-NK cell therapies and unlock MultiClick technology potential.

• The transaction was approved at the EGM on January 9, 2025, with completion expected in Q1 2025 and a fully committed NOK 51.7 million private placement at NOK 2.6 per share.

• The combined company will focus on progressing the ZI-MA4-1 TCR-NK program into first-in-human clinical studies and wrapping up the UV1 program.

• New leadership includes Namir Hassan as CEO and Hans Vassgård Eid as CFO post-combination.

Financial highlights

• Cash and cash equivalents at end of Q4 2024 were MNOK 107.4, with financial runway expected through Q2 2026 after the private placement.

• Q4 2024 EBIT was minus MNOK 121; full year EBIT was minus MNOK 224; Q4 net loss was MNOK 107.7; full year net loss was MNOK 201.1.

• Significant non-cash impairment charges in Q4 2024: MNOK 72.5 related to UV1 patents and MultiClick platform.

• Operating cash flow in Q4 2024 was approximately MNOK -25, reflecting workforce reduction and completion of R&D projects.

• Payroll expenses decreased due to a 50% workforce reduction in 2024.

Outlook and guidance

• Financial runway secured through Q2 2026, covering key IND milestones for the TCR-NK program, with limited additional funding required to generate human clinical data.

• Key milestones in H2 2025: preclinical completion, GMP manufacturing, IND submission for lead TCR-NK asset, and MultiClick technology evaluation.

• Clinical data development expected in 2026.

• Next quarterly report (Q1 2025) will include consolidated statements for the combined business.