Zelluna (ZLNA) Q4 2025 earnings summary

Executive summary

• Raised NOK 58.2 million in Q4 2025, extending cash runway into Q1 2027 and supporting advancement of ZI-MA4-1 into first-in-human trials.

• Completed first GMP batch of ZI-MA4-1 for clinical use and submitted CTA to UK MHRA in December 2025, with initial clinical data expected from mid-2026.

• Published compelling preclinical data supporting the TCR-NK platform and initiated partnerships with leading UK oncology centers.

• Strategic focus shifted to TCR-NK platform; discontinued MultiClick technology and winding down UV1 program after disappointing Phase II results.

• Completed business combination, strengthening financial position and supporting clinical transition.

Financial highlights

• Cash and cash equivalents at end of Q4 2025: MNOK 78.3, with a net increase of MNOK 31 in the quarter.

• Full-year EBIT: MNOK -144; Q4 EBIT: MNOK -35.

• Full-year profit before tax: MNOK -141; Q4 profit before tax: MNOK -35.

• Operating cash flow in Q4 2025: MNOK -25.2, with non-cash costs from impairments and share options.

• Impairments: MNOK 3.2 goodwill and MNOK 2.3 pipeline asset in 2025.

Outlook and guidance

• Cash runway expected into Q1 2027 following recent equity raise.

• Anticipates CTA approval from UK MHRA within 60-90 days of submission (submitted Dec 17), with initial clinical data expected from mid-2026.

• Top-line results from the remaining UV1 trial (DOVACC) expected in H1 2026.

• Focused on generating early clinical data for ZI-MA4-1 and advancing pipeline programs targeting KKLC-1 and PRAME.

• Medpace selected as CRO for clinical trial execution.