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 ZIMA-401/ZI-MA4-1 into first-in-human clinical trials.

• Completed first GMP batch and submitted a clinical trial application (CTA) for ZIMA-401/ZI-MA4-1 to the 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 scalable, off-the-shelf cell therapies targeting solid tumors, aligning with industry trends and recent high-value acquisitions.

• Completed business combination, strengthening financial position and extending cash runway.

Financial highlights

• Cash and cash equivalents at end of Q4 2025: MNOK 78.3, with a net increase of MNOK 31 in the quarter and MNOK 51 for the year.

• EBIT for Q4 2025: MNOK -35; FY 2025 EBIT: MNOK -144.

• Profit before tax for Q4 2025: MNOK -35; FY 2025: MNOK -141.

• Operating cash flow in Q4 2025: MNOK -25.2, with differences from EBIT due to non-cash items and working capital changes.

• Impairment charges included MNOK 3.2 for goodwill and MNOK 2.3 for a TCR asset.

Outlook and guidance

• On track for initial clinical data from ZIMA-401/ZI-MA4-1 in mid-2026, pending regulatory approval.

• Expecting CTA approval from MHRA within 60-90 days of submission (submitted December 17, 2025), with ongoing dialogue.

• Anticipates top-line results from the DOVACC trial in H1 2026.

• Focused on generating in vitro data for the second program targeting KKLC-1 in 2026.

• Pipeline assets target validated antigens across a broad range of solid tumors, with high market potential.