Slide 1: Third Quarter 2025 Business Update and Financial Results
Third Quarter 2025 Business Update and Financial Results Zelluna ASA, 4 November 2025 Namir Hassan, CEO Hans Vassgård Eid, 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 Q3 2025 2 Zelluna – the TCR-NK Technology and Pipeline 3 Financial update 4 Summary Non-confidential 3
Slide 4: Key events Q3 2025
1 - Key events Q3 2025 Non-confidential 4
Slide 5: Q3 2025 - Progress at a Glance
Q3 2025 - Progress at a Glance (NEW) Successful Fundraise: Zelluna raises NOK 58 million with strong support from existing shareholders, management and board members, to: • Advance ZI-MA4-1 into Phase I and generate initial patient data in mid 2026 - amid growing industry appetite for accessible, ‘o
Slide 6: Strong Progress Since Business Combination in March 2025
Zelluna ASA – Strong Progress Since Business Combination in March 2025 Successful integration & public listing following merger of Ultimovacs and Zelluna Immunotherapy Pipeline expanded with promising KKLC1 TCRs acquired from Medigene Manufacturing process locked for lead asset ZI-MA4-1 (applies to
Slide 7: Cell therapy field validated with nine approvals to date
Cell therapy field validated with nine approvals to date - several approvals 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 20
Slide 8: Small human data sets trigger high value deals in off the shelf cell therapy
Small human data sets trigger high value deals in “off the shelf” cell therapy field Five deals in less than one year in the space (examples shown) ▪ Roche acquires Poseida: an early Phase I “off the shelf” CAR-T company ▪ Phase I clinical data at point of deal ▪ Total deal value ~ $1.5 billion ($1
Slide 9: Fundraise enables path to generate potentially high value clinical data in 2026
Zelluna ASA fundraise enables path to generate potentially high value clinical data in 2026 Potential deal zone with early clinical data 2026 Clinical data $350 million, Aug 2025 Manufacturing ~$2.1 billion, Jun 2025 ~$1 billion, Mar 2025 Preclinical ~$1.5 billion, Nov 2024 Basic science Non-confide
Slide 10: Zelluna – the TCR-NK Technology and Pipeline
2 - Zelluna – the TCR-NK Technology and Pipeline Non-confidential 10
Slide 11: 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 12: 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 13: 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 14: 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 15: ZI-MA4-1: progress of the world's 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 Positive pre-IND Lung, Head / clinical and MHRA Neck, Ovarian benchmark FDA and MHRA validated and Sarcoma Kills diverse tumors – a preclinical, manufacturing and clinical strategies Coll
Slide 16: Manufacturing process established producing hundreds of vials
Manufacturing process established producing hundreds of vials Zelluna’s proprietary manufacturing process Each patient receives multiple doses to drive long term responses Healthy donor blood Centralized manufacturing Enables treatment of delivers 100’s of multiple patients cryopreserved doses • Est
Slide 17: ZI-MA4-1 outperforms benchmark (approved) 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 18: 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 19: KKLC1 – expanding opportunity through acquisition of TCRs
KKLC1 – expanding opportunity through acquisition of TCRs ▪ KKLC1 – a preclinically validated target1 ▪ Cancer testis antigen, expressed across multiple indications, limited normal tissue expression Indication Potential patient numbers (KKLC1+/HLA- ▪ Complementary solid cancer expression to MAGE- A1
Slide 20: Multiclick and UV1 status
Multiclick and UV1 status MultiClick Technology ▪ The MultiClick platform consists of a flexible core molecule that can be selectively coupled to several modules ▪ Zelluna continues to explore the merits of MultiClick and its potential value UV1 Program ▪ The therapeutic cancer vaccine UV1 has been
Slide 21: Financial update
3 – Financial update Non-confidential 21
Slide 22: 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 based on MNOK 55 in private placement and MNOK 3 in a retail offering through PrimaryBid
Slide 23: Q3 2025 Key Financials
Q3 2025 Key Financials Cash and liquidity Accounting information – reminder • MNOK 47 (MUSD 5) in cash by end of Q3 2025 (prior to capital Accounting acquirer raise) • Legally, Zelluna ASA (former Ultimovacs ASA) has acquired Zelluna Immunotherapy (‘ZI’). However, due to • The current cash is expect
Slide 24: P&L and Cash
P&L and Cash Key financials per Q3-2025 - Zelluna Group Comments NOK (000) Q3-25 Q3-24 YTD25 YTD24 FY24 Payroll and payroll related expenses Total revenues 0 13 0 0 40 53 • ‘Regular’ payroll expenses were higher in the 2025 periods primarily due Payroll and payroll related expenses 20,687 9,971 37,6
Slide 25: P&L and Cash
P&L and Cash Key financials per Q3-2025 - Zelluna Group NOK (000) Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Total revenues - 27 13 13 0 - 0 0 Payroll and payroll related expenses 10,513 6,479 9,971 11,169 6,425 10,529 20,687 - Payroll expenses not incl. option costs and grants 9,243 5,209 8,701 9,91
Slide 26: Quarterly operating cash flow
Quarterly operating cash flow kNOK Cash and liquidity negative numbers • The operating cash-flow in Q3 2025 was approximately MNOK -29, differing from EBIT of MNOK -40 primarily due to impairment of goodwill (MNOK 3) and share option expenses (MNOK 6) with no cash effect. • Note that the cash flow p
Slide 27: Summary
4 - Summary Non-confidential 27
Slide 28: Key milestones / value inflections
Key milestones / value inflections 2025 Q2 MANUFACTURING LOCKED 2H PRECLINICAL COMPLETION GMP (CLINICAL) PRODUCED (ANALYTICS PENDING) POSITIVE MHRA FEEDBACK CTA SUBMISSION ON TRACK 2026 MID-2026 INITIAL CLINICAL READOUTS 2024 Q3 KKLC1 SECOND PROGRAM IN Q1 IN-LICENSING PRAME TCR VITRO PACKAGE Q2 POSI
Slide 29: Q&A
Q&A ‘e) zelluna Non-confidential 29