Slide 1: Fourth Quarter 2025 Business Update and Financial Results
Fourth Quarter 2025 Business Update and Financial Results Zelluna ASA, 12 February 2025 Namir Hassan, CEO Geir Christian Melen, CFO Non-confidential 1
Slide 2: Disclaimer
Disclaimer • This presentation has been prepared by Zelluna ASA (“Zelluna” or the “Company”) uncertainties and other factors, recipients of this presentation are cautioned not to for information purposes only and does not constitute an offer to sell common place undue reliance on these forward-looki
Slide 3: Contents
Contents 1 Key events in Q4 2025 2 Zelluna – the TCR-NK Technology and Pipeline 3 Financial update 4 Summary Non-confidential 3
Slide 4: Key events Q4 2025
1 - Key events Q4 2025 Non-confidential 4
Slide 5: Strong Progress in Q4 2025
Strong Progress in Q4 2025 Raised NOK 58 million to advance ZI-MA4-1 into first-in-human trial and progress the pipeline; cash runway into Q1 2027 First ZI-MA4-1 GMP1 batch completed to support patient treatment in the ZIMA-101 first-in-human trial Published compelling preclinical data supporting tr
Slide 6: Cell Therapy is Clinically Validated
Cell Therapy is Clinically Validated Nine Approvals to Date - Several Based on Small Human Data Sets Approved based on 65 patients Approved based on 68 patients Approved based on Approved based on Approved based on Approved based on 63 patients 74 patients 97 patients 44 patients 2017 2020 2022 2024
Slide 7: A Major Shift Is Underway Toward the Next Generation of Cell Therapies
And Now a Major Shift Is Underway Toward the Next Generation of Cell Therapies: Defining Zelluna’s Opportunity Recent “off-the-shelf” and scalable cell therapy transactions • From complex, autologous therapies → to scalable, “off- based on early Phase 1 data the-shelf” solutions 1.5B USD, Allo CAR-T
Slide 8: Progress Enables Path to Generate High Value Clinical Data in 2026
Zelluna ASA Progress Enables Path to Generate Potentially High Value Clinical Data in 2026 Potential deal zone with early clinical data 2026 Initial clinical data $350 million, Aug 2025 ~$2.1 billion, Jun 2025 ~$1 billion, Mar 2025 CTA filing Manufacturing ~$1.5 billion, Nov 2024 Preclinical Basic s
Slide 9: Zelluna – the TCR-NK Technology and Pipeline
2 - Zelluna – the TCR-NK Technology and Pipeline Non-confidential 9
Slide 10: Zelluna: The Right Moment
Zelluna: The Right Moment Game changing Novel cell therapy platform, de-risked concept and path, aiming to treat solid cancer patients at scale platform Land grab therapeutic Concept patent protecting the entire therapeutic field holds huge value potential; IP on products and manufacturing field Nea
Slide 11: Novel Cell Therapy Platform TCR-NK Based on Validated Clinical Components
Zelluna’s Novel Cell Therapy Platform “TCR-NK” Based on Validated Clinical Components: TCR (T Cell Receptor) + Natural Killer (NK) Cells Nature’s “targeting molecule”: the T Cell Receptor (TCR) TCR-NK ▪ The TCR is a clinically validated solid Combines a proven solid cancer targeting molecule, tumour
Slide 12: Platform Protection Opens Potential for Huge Value Creation
Platform Protection Opens Potential for Huge Value Creation (comparison to owning the CAR-T IP space, only bigger) TCR-NK (PROTECTED CONCEPT) CAR-T (APPROVED THERAPIES) * TCR-NK Product 1 TCR-NK Product 2 TCR-NK Product 3 TCR-NK Product 4 TCR-NK Product 5 TCR-NK Product X Protecting TCR-NK is like o
Slide 13: 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 Clinical 1 Market >50,0001 responses Approval of potentially eligible patients across range of solid cancers Patients with solid cancers And numerous companies like he
Slide 14: ZI-MA4-1: The Worlds-First Scalable MAGE-A4 Targeting TCR-NK
ZI-MA4-1: The Worlds-First Scalable MAGE-A4 Targeting TCR-NK Science Regulatory Clinical CTA Outperforms Lung, Head & submitted to clinical Neck, Ovarian MHRA benchmark Following positive and Sarcoma scientific advice with the World renowned UK Cell Kills diverse tumors – a MHRA on preclinical, Ther
Slide 15: ZI-MA4-1 Outperforms Benchmark MAGE-A4 Targeting TCR-T
ZI-MA4-1 Outperforms Benchmark (Approved) MAGE-A4 Targeting TCR-T ZI-MA4-1 outperforms benchmark TCR-T in killing cancer cells with or without the target present ZI-MA4-1 kills Zelluna ZI-MA4-1 product lung cancer cells better than ZI-MA4-1 kills Benchmark MAGE-A4 TCR-T (approved for sarcoma) skin c
Slide 16: Zelluna Pipeline
Zelluna Pipeline PLATFORM PROGRAM TARGET INDICATIONS DISCOVERY PRECLINICAL CLINICAL NSCLC, Ovarian, ZI-MA4-1 MAGE-A4 2026 H&N Syn. Sarcoma Breast, Gastric, TCR-NK ZI-KL1-1 KK-LC-1 Lung, Pancreatic, Cervix ZI-PR-1 PRAME Solid Tumours Zelluna’s pipeline assets target a blend of antigens that are eithe
Slide 17: Multiclick and UV1 status
Multiclick and UV1 status MultiClick (MC)Technology ▪ Following the reporting period, Zelluna completed a strategic review of its Multiclick (MC) technology, focusing on intellectual property considerations as well as commercial potential and strategic fit. Based on this review, and taking into acco
Slide 18: Financial update
3 – Financial update Non-confidential 18
Slide 19: MNOK 58 Capital Raise Successfully Closed on 3 November 2025
MNOK 58 Capital Raise Successfully Closed on 3 November 2025 ▪ Strong support with more than MNOK 50 in pre-commitments from existing shareholders, management and board members ▪ Total gross proceeds of MNOK 58; MNOK 55 in private placement and MNOK 3 in a retail offering through PrimaryBid ▪ Subscr
Slide 20: Q4 2025 Key Financials
Q4 2025 Key Financials Accounting information – reminder Cash and liquidity Accounting acquirer • MNOK 78 in cash by end of Q4 2025 • In March 2025, Zelluna ASA (formerly Ultimovacs ASA) legally acquired Zelluna Immunotherapy AS (“ZI”) • Cash runway into Q1 2027 through a reverse acquisition. • Howe
Slide 21: P&L and Cash
P&L and Cash Key financials per Q4-2025 - Zelluna Group Comments NOK (000) Q4-25 Q4-24 FY25 FY24 Payroll and payroll related expenses Total revenues 0 13 0 0 53 • ‘Regular’ payroll expenses were higher in 2025 primarily due to a higher Payroll and payroll related expenses 17,070 11,169 54,734 38,131
Slide 22: P&L and Cash
P&L and Cash Key financials per Q4-2025 - Zelluna Group NOK (000) Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Total revenues - 27 13 13 0 - 0 0 0 Payroll and payroll related expenses 10,513 6,479 9,971 11,169 6,425 10,529 20,687 17,070 - Pa yrol l expens es not i ncl . option cos ts a nd gra nts
Slide 23: Quarterly Operating Cash Flow
Quarterly Operating Cash Flow kNOK Cash and liquidity negative numbers • The operating cash-flow in Q4 2025 was approximately MNOK -25, differing from EBIT of MNOK -35 primarily due to impairment of intangible assets of MNOK 2, share option expenses of MNOK 2 with no cash effect, and changes in work
Slide 24: Summary
4 - Summary Non-confidential 24
Slide 25: Key Milestones / Value Inflections
Key Milestones / Value Inflections 2025 Q2 MANUFACTURING LOCKED 2H PRECLINICAL COMPLETION FIRST GMP (CLINICAL) BATCH COMPLETED COMPELLING PRECLINICAL DATA PUBLISHED CTA SUBMITTED TO UK MHRA 2026 MEDPACE SELECTED AS CRO 1H CTA APPROVAL FROM MID-2026 INITIAL CLINICAL READOUTS EMERGE Q3 KKLC1 SECOND PR
Slide 26: Q&A
Q&A ‘e) zelluna Non-confidential 26