Zelluna Asa · OSL:ZLNA
Zelluna Asa — Q2 2025 Earnings Presentation
27 slides from Zelluna Asa's earnings presentation, Aug 20, 2025
Slide 1: Second Quarter 2025 Business Update and Financial Results
Second Quarter 2025 Business Update and Financial Results Zelluna ASA, 20 August 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 Q2 2025 2 Zelluna – the TCR-NK Technology and Pipeline 3 Financial update 4 Summary Non-confidential 3
Slide 4: 1 - Key events Q2 2025
1 - Key events Q2 2025 Non-confidential 4
Slide 5: Q2 2025 - Progress at a Glance
Q2 2025 - Progress at a Glance On track: IND/CTA filing for lead program ZI-MA4-1 on track for H2 2025; first patient dosing expected in H1 2026 Context: Growing appetite for early stage, off-the-shelf cell therapies reinforces Zelluna’s unique positioning Non-confidential 5
Slide 6: Q2 2025 – Progressing in line with timelines toward IND/CTA submission in 2H 2025
Q2 2025 – Progressing in line with timelines toward IND/CTA submission in 2H 2025 Preclinical: Zelluna has successfully completed a full round of all key investigations in support of a clinical trial application Manufacturing: Following April’s successful manufacturing lock-down milestone, GMP produ
Slide 7: Strategic context: Small human data sets trigger high value deals in cell therapy field
Strategic context: Small human data sets trigger high value deals in cell therapy field • Abbvie acquires Capstan: an early Phase I in vivo CAR-T company • First healthy volunteer treated only in June 2025 June 2025 • Total deal value up to ~ $2.1 billion Non-confidential 7
Slide 8: Zelluna on the path to generate potentially high value clinical data in 2026
Zelluna on the path to generate potentially high value clinical data in 2026 Potential deal zone with early clinical data 2026 Clinical data (with some further investment) ~$2.1 billion, June 2025 Manufacturing ~$1 billion, March 2025 Preclinical ~$1.5 billion, November 2024 Basic science Non-confid
Slide 9: 2 - Zelluna – the TCR-NK Technology and Pipeline
2 - Zelluna – the TCR-NK Technology and Pipeline Non-confidential 9
Slide 10: Zelluna in Context
Zelluna in Context > 9 million annual deaths from solid tumours worldwide (estimated)1 The Challenge > 83% of patients with late-stage cancer will die from their disease2 There have been some successful treatments for certain types of solid cancers, but The Context despite initial responses most tum
Slide 11: Zelluna developing the next generation of cell therapies
Zelluna developing the next generation 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 treat
Slide 12: 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 13: Zelluna's novel cell therapy platform TCR-NK
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 14: TCR-NK concept patent: huge value potential to validate and land grab an entire field
TCR-NK concept patent: huge value potential to validate and “land grab” an entire field Allogeneic ("off the shelf") Approaches TCR-NK Commentary CAR-NK (patent protected)* Land grab: TCR-NK concept patent provides an opportunity to clinically validate and “land grab” the entire TCR-NK field “Multip
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) PIONEERING TCR-NK (PROTECTED CONCEPT) CAR-T (APPROVED THERAPIES) * Protecting TCR-NK is like owning the “CAR-T” space; considering the aggregate value of approved products in CAR-T so f
Slide 16: 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 Refined Clinical Outperforms Lung, Head & clinical Positive FDA pre- Neck, Ovarian benchmark IND, MHRA ongoing and Synovial Kills diverse tumors – a challenge for all other MAGE-A4 FDA validated preclinical,
Slide 17: ZI-MA4-1 clinical perspective
ZI-MA4-1 clinical perspective “ I am genuinely excited to see the progress of ZI-MA4-1 into the clinic. I am optimistic that the dual killing mechanism of the NK cells and tumour antigen directed TCR will provide us with the step-change that we need in the solid tumour setting to provide the require
Slide 18: Zelluna Pipeline
Zelluna Pipeline 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 ZI-PR-1 PRAME Solid Tumours Zelluna’s pipeline assets target a blend of antigens that are either cli
Slide 19: 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 20: 3 – Financial update
3 – Financial update Non-confidential 20
Slide 21: Accounting information - reminder
Accounting information - reminder Accounting acquirer • Legally, Zelluna ASA (former Ultimovacs ASA) has acquired Zelluna Immunotherapy (‘ZI’). However, due to the valuation of ZI being significantly higher than Zelluna ASA, and that ZI’s shareholders received a majority of the shares in Zelluna ASA
Slide 22: Q2 2025 Key Financials
Q2 2025 Key Financials Cash and liquidity • MNOK 76 (MUSD 7) in cash by end of Q2 2025 • The current cash is expected to give a financial runway into Q2 2026, capturing the key IND/CTA catalyst for the TCR-NK technology. • The cash burn rate is expected to come down significantly from the Q2 2025 le
Slide 23: P&L and Cash
P&L and Cash Comments Key financials per Q2-2025 - Zelluna Group NOK (000) Q2-24 Q2-25 YTD24 YTD25 FY24 Payroll and payroll related expenses Total revenues 27 5 27 5 53 • ‘Regular’ payroll expenses were higher in the 2025 periods primarily Payroll and payroll related expenses 6,479 10,529 16,992 16,
Slide 24: Quarterly operating cash flow
Quarterly operating cash flow Cash and liquidity • The operating cash-flow in Q2 2025 was approximately MNOK - 59, differing from EBIT of MNOK - 38 primarily due to changes in kNOK negative working capital of MNOK -20. number • Note that the cash flow prior to Q2-2025 reflects Zelluna Immunotherapy
Slide 25: 4 - Summary
4 - Summary Non-confidential 25
Slide 26: Key milestones / value inflections
Key milestones / value inflections 2025 Q2 MANUFACTURING LOCKED 2H PRECLINICAL COMPLETION GMP MANUFACTURNG INITIATED (Q3) MHRA PACKAGE SUBMITTED (Q3) IND /CTA SUBMISSION ON TRACK 2026 1H INITIAL CLINICAL READOUTS 2024 Q1 KKLC1 SECOND PROGRAM IN Q1 IN-LICENSING PRAME TCR VITRO PACKAGE Q2 POSITIVE FDA
Slide 27: Q&A
Q&A ‘e) zelluna Non-confidential 27