Zelluna Asa · OSL:ZLNA
Zelluna Asa — Q1 2026 Earnings Presentation
32 slides from Zelluna Asa's earnings presentation, May 7, 2026
Slide 1: First Quarter 2026 Business Update and Financial Results
First Quarter 2026 Business Update and Financial Results Zelluna ASA, 7 May 2026 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 Q1 2026 2 The TCR-NK Technology and Pipeline 3 First-in-human clinical trial 4 Financial update 5 Summary and Outlook Non-confidential 3
Slide 4: Key events Q1 2026
1 – Key events Q1 2026 Non-confidential 4
Slide 5: Strong Operational Progress in Q1 2026
Strong Operational Progress in Q1 2026 UK MHRA and Ethics Approval received for ZIMA-101 first-in-human clinical trial Medpace appointed as CRO; clinical partnership to support ZIMA-101 clinical trial AI1 collaboration with Etcembly to expand TCR pipeline (KKLC1 targeting) Capital markets update com
Slide 6: ZIMA-101 Enters the Clinic – First Site Activated
ZIMA-101 Enters the Clinic – First Site Activated ✓ The first clinical site in the ZIMA-101 study now active in the UK (The Christie) ✓ Marks the transition from clinical preparation to active trial execution ✓ Site ready to initiate patient screening and treatment ✓ Key step toward initial clinical
Slide 7: Small Clinical Datasets Have Driven Approvals and Multi-Billion Dollar Products
Small Clinical Datasets Have Driven Approvals - and Multi-Billion Dollar Products in Cell Therapy • These approvals demonstrate clinical and commercial validation Approved based on • Next-generation approaches aim to build on this validation with 65 patients improved scalability and broader applicab
Slide 8: Early Clinical Data Drives Value Creation in Off-the-Shelf Cell Therapy
Early Clinical Data Drives Value Creation in “Off-the-Shelf” Cell Therapy How value is created in this field Recent transactions validating value of early clinical data • Early clinical data (often from few patients) triggering transactions $1.5B, Allo CAR-T • Initial signals of efficacy (ie proof o
Slide 9: Key Milestones and Value Inflections
Key Milestones and Value Inflections 2026 2025 Q1 CTA APPROVED BY MHRA Q2 MANUFACTURING LOCKED Q2 FIRST PATIENT TREATED MID-26 INITIAL PATIENT DATA Q2 CLINICAL SITES ENGAGED EMERGING Q3 PRECLINICAL COMPLETED Q4 KKLC1 IN VITRO Q4 GMP PRODUCT BATCH PRODUCED PACKAGE Q4 CAPITAL RAISED FOR PATIENT DATA P
Slide 10: The TCR-NK Technology and Pipeline
2 – 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: Why Treatments Stop Working in Solid Cancers
Why Treatments Stop Working in Solid Cancers Single-target therapies fail as tumours evolve and escape Advanced solid tumour Initial response Relapse • Solid tumours are made up of different cancer cells (not all the same) • Some patients initially respond, but the cancer often returns • Many treatm
Slide 13: A Differentiated Approach Built on Clinically Validated Biology
A Differentiated Approach Built on Clinically Validated Biology TCR (tumour targeting) TCR-NK • Acts as a “homing device” to find T Cell Receptor Combines validated tumour targeting and cell killing cancer cells Designed to reduce tumour escape through dual • Targeting validated in approved TCR targ
Slide 14: Off-the-Shelf Platform - One Batch, Hundreds of Doses
Off-the-Shelf Platform - One Batch, Hundreds of Doses, Lower Cost of Goods Zelluna’s proprietary manufacturing process Manufacturing status • First GMP batch manufactured with drug available for first phase of clinical study • Catalent is closing its European site • Work initiated with another CDMO
Slide 15: 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) 1 TCR-NK Product 1 TCR-NK Product 2 TCR-NK Product 3 ~$1.4B annual sales2 TCR-NK Product 4 ~$1.9B annual sales2 TCR-NK Product 5 TC
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: ZI-MA4-1: A Clinically Validated Target in Solid Tumours
ZI-MA4-1: A Clinically Validated Target in Solid Tumours Clinical responses observed with Treatable patient population One approved MAGE-A4 therapy MAGE-A4 targeting • MAGE-A4 is expressed across • Clinical studies with MAGE-A4- • MAGE-A4 TCR-T cells approved multiple solid tumours (circa 25– target
Slide 18: ZI-MA4-1: A Differentiated Cell Therapy
ZI-MA4-1: A Differentiated Cell Therapy with Strong Scientific, Regulatory and Clinical Positioning Science Regulatory Clinical High unmet need indications: Outperforms clinical benchmark 1 CTA approved (MHRA) Lung, ovarian, sarcoma, head & neck cancers World renowned UK sites: The Positive FDA feed
Slide 19: First-in-human clinical trial
3 – First-in-human clinical trial Non-confidential 19
Slide 20: World-leading UK Clinical Sites Supporting ZIMA-101
World-leading UK Clinical Sites Supporting ZIMA-101 Experienced centres - Led by internationally recognised clinical investigators The Christie The Royal Marsden (activated) Prof. Fiona Thistlethwaite Dr. Andrew Furness • One of Europe’s leading cancer centres • Globally recognised cancer centre • E
Slide 21: ZIMA-101: First-in-Human Study Designed to Establish Safety and Early Clinical Signal
ZIMA-101: First-in-Human Study Designed to Establish Safety and Early Clinical Signal Study design and patient population • Phase 1, dose escalation (3+3 design): 3 patients per dose level, 3 dose levels defined • Starting dose biologically relevant • Advanced solid tumours (HLA-A*02:01+, MAGE-A4+):
Slide 22: Safety as a Key Differentiator in Next-Generation Cell Therapy
Safety as a Key Differentiator in Next-Generation Cell Therapy Autologous CAR-T therapies (including emerging in vivo NK-based cell therapies approaches) • Associated with severe toxicities including • Innate biology supports a favourable safety CRS and neurotoxicity profile • Requires hospitalisati
Slide 23: Expected Mechanism in Patients: Tumour Trafficking and Targeted Engagement
Expected Mechanism in Patients: Tumour Trafficking and Targeted Engagement Target recognition and trafficking via MAGE-A4 TCR ZI-MA4-1 IV infusion of ZI-MA4-1 Unique multi-functional killing (Target antigen / HLA loss) Non-confidential 23
Slide 24: What Would be Exciting to See From the First Patients Treated?
What Would be Exciting to See From the First Patients Treated? Context: we will be treating heavily pre-treated patients with advanced, late-stage disease who have failed multiple prior standard treatments Tumour imaging Early indicators of success 1• Favourable safety profile – platform validating
Slide 25: Financial update
4 – Financial update Non-confidential 25
Slide 26: Q1 2026 Key Financials
Q1 2026 Key Financials Cash and liquidity • MNOK 49 in cash by end of Q1 2026 • Cash runway into Q1 2027 EBIT and PBT • EBIT: Q1 2026 MNOK -20 • Profit before tax: Q1 2026 MNOK -20 Non-confidential 26
Slide 27: P&L and Cash
P&L and Cash Key financials per Q1-2026 - Zelluna Group Comments NOK (000) Q1-26 Q1-25 0 FY25 Payroll and payroll related expenses Other income 8 0- 0 • Payroll expenses excluding share options effects were somewhat Payroll and payroll related expenses 10,793 6,425 54,734 - Payroll expenses not incl
Slide 28: P&L and Cash
P&L and Cash Key financials per Q1-2026 - Zelluna Group NOK (000) Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Total revenues - 0 0 0 8 Payroll and payroll related expenses 6,425 10,529 20,687 17,070 10,793 - Payroll expenses not incl. option costs and grants 10,199 12,771 15,132 15,320 8,968 - Share option costs
Slide 29: Quarterly Operating Cash Flow
Quarterly Operating Cash Flow kNOK Cash and liquidity negative numbers • The operating cash-flow in Q1 2026 was approximately MNOK -29. • EBIT was about MNOK -20, and the difference is primarily due changes in working capital of MNOK -11. Non-confidential 29
Slide 30: Summary and Outlook
5 – Summary and Outlook Non-confidential 30
Slide 31: Zelluna: Differentiated Platform with Near-Term Clinical Catalyst
Zelluna: Differentiated Platform with Near-Term Clinical Catalyst Validated biology Near-term value inflection Cell therapy is a clinically validated modality Major deals driven by early clinical data (often (9 approvals) small cohorts) Increasing industry focus on scalable, off-the-shelf Combines t
Slide 32: Q&A
Q&A ‘e) zelluna Non-confidential 32