Zelluna Asa · OSL:ZLNA
Zelluna Asa — Q4 2024 Earnings Presentation
38 slides from Zelluna Asa's earnings presentation, Jan 31, 2025
Slide 1: Fourth Quarter 2024 Business Update and Financial Results
Fourth Quarter 2024 Business Update and Financial Results Ultimovacs ASA, January 31, 2025 Hans Vassgård Eid, CFO and Interim CEO Namir Hassan, CEO Zelluna Immunotherapy AS
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Ultimovacs ASA (“Ultimovacs” or the expressed or implied by the forward-looking statements contained in this “Company”) for information purposes only and does not constitute an offer to presentation. Given these risks, uncertainties and other factors
Slide 3: Contents
Contents 01 Key event Q4 2024: Business Combination with Zelluna 02 Financial update 03 Zelluna and the TCR-NK Technology 04 MultiClick Technology 05 Summary 3
Slide 4: Key event Q4 2024: Business Combination with Zelluna
01 Key event Q4 2024: Business Combination with Zelluna
Slide 5: Transaction: Business Combination of Ultimovacs and Zelluna Immunotherapy
Transaction: Business Combination of Ultimovacs and Zelluna Immunotherapy to create a listed Company with the name “Zelluna ASA” • Announced 17 December 2024 Objectives of the combined company: a. Advance the world's first MAGE-A4 • The contemplated Business Combination will be structured as targeti
Slide 6: EGM and Transaction status
EGM and Transaction status • The Business Combination and Private Placement were approved at the EGM held on 9 January 2025 • Further EGM approvals (contingent on completion): • The name of the Company shall be Zelluna ASA • Election of a new board • Repair issue • Ultimovacs is on track to complete
Slide 7: Financial update
O02 Financial update
Slide 8: Q4 2024 Key Financials
Q4 2024 Key Financials Cash and liquidity • MNOK 107/MUSD 9 in cash by end of Q4 2024 • Activity level prioritization and operational adjustments were implemented during the year to sustain the financial runway, including a workforce reduction of approximately 50% • With the fully committed Private
Slide 9: P&L and Cash (1/2)
P&L and Cash (1/2) Comments Key financials per Q4-2024 - Ultimovacs Group NOK (000) Q4-23 Q4-24 FY23 FY24 Payroll expenses • Payroll and payroll related expenses: Following the negative INITIUM result Total revenues - - - - in March 2024, Ultimovacs implemented cash preservation initiatives Payroll
Slide 10: P&L and Cash (2/2)
P&L and Cash (2/2) Comments (cont.) Key financials per Q4-2024 - Ultimovacs Group NOK (000) Q4-23 Q4-24 FY23 FY24 Impairment of goodwill and intangible assets Total revenues - - - - • As a reflection of the priorities of the combined company and the implicit valuation of Ultimovacs in the business c
Slide 11: Quarterly operating cash flow
Quarterly operating cash flow Comments NOK (000) – Negative amounts • The operating cash-flow in Q4 2024 was approximately MNOK -25, differing from EBIT of MNOK -121 primarily due to impairments of MNOK 72 with no cash effect, as well as changes in working capital. Note: excluding incoming public gr
Slide 12: Quarterly overview P&L and Cash
Quarterly overview P&L and Cash Key financials per Q4-2024 - Ultimovacs Group NOK (000) Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Total revenues - - - - - - - - Payroll and payroll related expenses 21 002 4 359 24 518 25 251 -2 425 13 708 11 839 17 344 - Pa yrol l expens es not i ncl . option
Slide 13: Zelluna and the TCR-NK Technology
03 Zelluna and the TCR-NK Technology
Slide 14: Zelluna developing the next era of cell therapies
Zelluna developing the next era of cell therapies Cell therapies have cured cancer patients Nine approvals, mainly in liquid cancer Despite successes two key challenges remain: 1) Solid cancers remain tough to treat and struggle to deliver long term responses 2) Scaling global access to treatment Ze
Slide 15: Zelluna developing the next era of cell therapies
Zelluna developing the next era of cell therapies Game changing World leading cell therapy platform, leveraging the clinical successes, that may provide transformative treatments to platform solid cancer patients on a global scale Land grab therapeutic Strong IP position provides an unprecedented op
Slide 16: Cell therapies being approved with <100 patients accelerates path to market
Cell therapies being approved with <100 patients accelerates path to market Product: Breyanzi Indication: Refractory Mantle Cell Lymphoma Registration data set: 68 patients (single arm study) Cost of (one time) treatment: $487,477 Product: Kymriah Indication: B-cell Precursor Acute Lymphoblastic Leu
Slide 17: Saving lives with cell therapies: huge opportunity in solid cancer space
Saving lives with cell therapies: huge opportunity in solid cancer space CAR based therapies TCR based therapies Total cancer burden 7 approved cell therapies for liquid cancers 2 approved cell therapies for solid cancers (both T Cell Receptor based) 10% Liquid Cancer 90% Solid Cancer Solid cancer r
Slide 18: The biology problem: tumours are diverse eventually escaping treatment
The biology problem: tumours are diverse eventually escaping treatment • Tumours are diverse (heterogeneous), evolve over time, and contain a mix of cells with different expression profiles of proteins1 Antigen positive Antigen negative HLA1 negative Note: 1) HLA: Human Leukocyte Antigen Non-Confide
Slide 19: TCR therapies can shrink tumours but cancers return
T Cell Receptor (TCR) therapies can shrink tumours but cancers return • TCR targeted therapies have shown tumour shrinkages across various solid cancers Antigen positive Antigen negative HLA1 negative Note: 1) HLA: Human Leukocyte Antigen Non-Confidential 19
Slide 20: New treatments needed that TARGET a tumour and BROADLY detect cancers
New treatments needed that TARGET a tumour and BROADLY detect cancers • However, most patients with advanced solid tumours showing initial response to treatment will eventually relapse • This is because current targeted therapies are triggered by a single antigen which can be lost or not expressed i
Slide 21: Zelluna novel cell therapy platform TCR-NK based on validated clinical components
Zelluna have built a novel cell therapy platform “TCR-NK” based on validated clinical components TCR + NK Nature’s “guidance system”: the T Cell Receptor (TCR) TCR-NK ✓ Combines a proven targeting molecule, the TCR, with the most ▪ The TCR is a clinically proven guidance system shown potent killer c
Slide 22: Zelluna's TCR-NK approach provides solutions to major cell therapy challenges
Zelluna’s TCR-NK approach provides solutions to major cell therapy challenges Antigen positive Antigen / HLA negative TARGETING SOLID TUMOURS WITH COST EFFICIENT SCALING AND 1 TCRs 2 BROAD CANCER DETECTION 3 REDOSING POTENTIAL ▪ TCR-NK can detect cancers in ▪ TCR based therapies are clinically ▪ TCR
Slide 23: TCR-NK platform proven to kill diverse tumours where benchmark falls short
TCR-NK platform proven to kill diverse tumours where clinical T cell benchmark falls short (video) T cell clinical benchmark TCR-NK (Zelluna lead asset) Mix of cancer cells (epidermoid carcinoma) to mimic a tumour (red cancers present the target, green cancers do not) TCR-NKs kills diverse cancers w
Slide 24: Zelluna's TCR-NK platform: huge value potential to validate and land grab
Zelluna’s TCR-NK platform: huge value potential to validate and “land grab” an entire field Allogeneic ("off the shelf") Approaches TCR-NK Commentary CAR-NK (patent protected)* ✓ TCR-NK concept patent provides an opportunity to clinically validate and “land grab” the entire TCR-NK field ✓ Compare to
Slide 25: Roche acquires Poseida, a phase I off the shelf cell therapy company
Roche acquires Poseida, a phase I “off the shelf” cell therapy company for ~$1.5 billion Deal highlights Poseida pipeline (mostly liquid cancers) ▪ Poseida is a listed ($PSTX) US, Phase I clinical company developing “off the shelf” INDICATIONS PRECLINICAL IND- Phase 1 Phase 2 ENABLING CAR-T products
Slide 26: The target for the lead asset ZI-MA4-1: MAGE-A4
The target for the lead asset ZI-MA4-1: MAGE-A4, the most well validated solid cancer target for TCRs Potential Evidence Competition 1 Market >50,0001 >100 of potentially eligible patients of patients with solid cancers show responses to Approval across range of solid cancers though can only manage
Slide 27: Market opportunity targeting MAGE A4
Market opportunity targeting MAGE A4 Potential MAGE A4 + Mortality Northern Potential MAGE A4 + patients factored for 5-year overall survival Indication America and Western MAGE A4 expression2 patients HLA3 (potential rate regional/distant5 Europe1 treatable) Esophageal 49 871 33% 16 457 6 748 25% /
Slide 28: ZI-MA4-1: progress of the worlds-first scalable TCR-NK targeting MAGE-A4
ZI-MA4-1: progress of the worlds-first scalable TCR-NK targeting MAGE-A4 Science Regulatory Clinical Outperforms clinical Positive pre-IND Lung, Head, Neck benchmark FDA validated preclinical, & Ovarian manufacturing and clinical Collaborating with world- Kills diverse tumors – a strategies renowned
Slide 29: Zelluna TCR-NK Pipeline
Zelluna TCR-NK Pipeline The only company developing TCR-NKs on the validated cancer targets MAGE-A4, KKLC1 and PRAME PLATFORM PROGRAM TARGET INDICATIONS DISCOVERY PRECLINICAL CLINICAL NSCLC, Ovarian, ZI-MA4-1 MAGE-A4 H&N Syn. Sarcoma Breast, Gastric, TCR-NK ZI-KL1-1 KK-LC-1 Lung, Pancreatic, Cervix
Slide 30: MultiClick Technology
04 MultiClick Technology
Slide 31: Multiclick: a conjugation technology platform using click-chemistry
Multiclick: a conjugation technology platform to create targeted drug candidates through flexible click-chemistry Click-chemistry enabled technology for the modular MultiClick creation of targeted drug conjugates Flexible coupling to a core On-target delivery of active Favorable CMC through a molecu
Slide 32: Flexible coupling and on-target delivery
Flexible coupling and on-target delivery Example MultiClick Conjugate ▪ The MultiClick platform consists of a flexible core molecule that can be selectively coupled to several modules Core ▪ Each module can consist of a defined multiple of: Module 2 – Targeting units (i.e. a molecule to guide the co
Slide 33: Summary
O05 Summary
Slide 34: Zelluna company objectives
Zelluna company objectives To bring to patients transformative “off the shelf” TCR-NK cell therapies for the treatment of solid cancers Advance the world's first MAGE-A4 targeting TCR-NK program, ZI-MA4-1, into first-in-human clinical studies treating 1 solid cancers 2 Develop TCR-NK pipeline 3 Seek
Slide 35: Key investment highlights
Key investment highlights 1 Proprietary “off-the-shelf” cell therapy platform targeting solid tumours with curative potential and broad patient reach 2 Compelling pre-clinical cancer killing data outperforming clinical benchmarks for high value cancer markets 3 Robust IP, including TCR-NK concept pa
Slide 36: Key milestones / value inflections
Key milestones / value inflections 2024 Q1 IN-LICENSING PRAME TCR Q2 POSITIVE PRE-IND Q3 CRITICAL PRECLINICAL DATA ON LEAD COMPLETED 2026 (with limited further funds) 1H INITIAL CLINICAL READOUTS Q1 KKLC1 SECOND PROGRAM IN 2023 VITRO PACKAGE 2H EARLY MANUFACTURNG Q4 PRAME THIRD PROGRAM IN PROCESS TR
Slide 37: CEO / CFO and Board
CEO / CFO and Board Key management – CEO & CFO New Board composition from completion of transaction Anders Tuv, Chairman of the Board Anders Tuv is the Managing Director of Radforsk Invest, a life science investment company with a focus on cutting edge immunotherapies and precision medicines. A seas
Slide 38: Q&A
@ultimovacs Q&A