Zelluna Asa · OSL:ZLNA
Zelluna Asa — Q3 2026 Earnings Presentation
30 slides from Zelluna Asa's earnings presentation, Nov 5, 2026
Slide 1: Third Quarter 2026 Business Update and Financial Results
Third Quarter 2026 Business Update and Financial Results Zelluna ASA, 5 November 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 Q3 2026 2 The TCR-NK Technology 3 ZI-MA4-1 Lead & ZIMA-101 First-in-human clinical trial 4 Financial update 5 Summary and Outlook Non-confidential 3
Slide 4: 1 – Key events Q3 2026
1 – Key events Q3 2026 Non-confidential 4
Slide 5: Q3 2026: Strong progress in ZIMA-101 clinical development
Q3 2026: Strong progress in ZIMA-101 clinical development 1 RECRUITMENT AND DOSING ON TRACK 2 ENCOURAGING INITIAL CLINICAL OBSERVATIONS 2 of 3 patients dosed at Dose Level 1 No dose-limiting toxicities to date Third patient dosing planned Q4 2026 Encouraging initial safety observations Clinical and
Slide 6: Zelluna: A scalable off-the-shelf cell therapy platform for solid cancers
Zelluna: A scalable off-the-shelf cell therapy platform for solid cancers DIFFERENTIATED TECHNOLOGY TCR-NK Cell 01 (Patent protected concept) Off-the-shelf TCR-NK platform combining two complementary arms of the immune system: precise TCR-mediated tumour targeting with NK-cell biology T Cell Recepto
Slide 7: Small clinical datasets have driven approvals and multi-billion dollar products in cell therapy
Small clinical datasets have driven approvals and multi-billion dollar products in cell therapy CLINICAL VALIDATION COMMERCIAL VALIDATION 44–97 Billion-dollar Patients in selected pivotal datasets supporting initial cell Annual product sales achieved by selected approved cell therapy approvals1,2 th
Slide 8: Early clinical data can drive significant value in cell therapy
Early clinical data can drive significant value in cell therapy Early clinical validation has been an important catalyst for strategic transactions THE VALUE OF EARLY CLINCAL DATA RECENT TRANSACTIONS VALIDATING VALUE OF EARLY CLINICAL DATA Early clinical evidence can $1.5B Allo CAR-T transform platf
Slide 9: Key milestones and value inflections
Key milestones and value inflections Q1 – EARLY Q2 2027 Q4 2026 PROGRESS TO DOSE LEVEL 2* ✓ SECOND PATIENT DOSED AT THE CHRISTIE ~3× Dose Level 1 administered dose INITIAL MANUFACTURING RUN COMPLETE DOSE LEVEL 2 COMPLETED AT NEW CDMO RECRUITMENT AND DOSING* Q3 2026 COMPLETE DOSE LEVEL 1 (THREE PATIE
Slide 10: 2 – 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 PLATFORM scale LAND GRAB Concept patent protecting the entire therapeutic field holds huge value potential; THERAPEUTIC FIELD IP on products and manufacturing ZIM
Slide 12: TCR-NK combines established TCR and NK-cell biology in a single cell
TCR-NK combines established TCR and NK-cell biology in a single cell TCR1 | TUMOUR TARGETING TCR-NK CELL | ZELLUNA'S PATENTED CONCEPT Finds cancer cells Recognises a peptide from an intracellular Allogeneic NK cell engineered to antigen presented on HLA express a tumour-specific TCR Validated target
Slide 13: TCR-NK is designed to address key limitations of current cell therapies
TCR-NK is designed to address key limitations of current cell therapies Current CAR-T and TCR-T therapies face three barriers in solid tumours. TCR-NK is built to address all three EFFECTIVENESS SCALE & COST SAFETY ✕ TODAY’S LIMITATION ✕ TODAY’S LIMITATION ✕ TODAY’S LIMITATION Single-target therapie
Slide 14: Off-the-shelf platform: one batch, hundreds of doses, lower cost of goods
Off-the-shelf platform: one batch, hundreds of doses, lower cost of goods Zelluna's proprietary, centralised manufacturing process starts from healthy donor cells – not from the patient 01 Healthy donor 02 TCR engineering 03 Expand and freeze 04 Off-the-shelf use NK cells sourced from NK cells engin
Slide 15: 3 – ZI-MA4-1 Lead & ZIMA-101 First-in-human clinical trial
3 – ZI-MA4-1 Lead & ZIMA-101 First-in-human clinical trial Non-confidential 15
Slide 16: World-leading UK clinical sites supporting ZIMA-101
World-leading UK clinical sites supporting ZIMA-101 Internationally recognised investigators supporting clinical execution THE CHRISTIE | LEAD SITE THE ROYAL MARSDEN Prof. Fiona Thistlethwaite Dr Andrew Furness Chief Investigator Principal Investigator “ “Itacross is encouraging to see the progress
Slide 17: ZIMA-101: first-in-human study: design, treatment and data generation
ZIMA-101: first-in-human study: design, treatment and data generation Dose escalation under way; every treated patient adds safety, biology and clinical-activity data TREATMENT AND SAFETY REVIEW STUDY DESIGN Phase 1, dose escalation PREP TREATMENT CYCLE DAY 28 REVIEW 3+3 design; 3 patients per Dose
Slide 18: Safety: An important differentiator in cell therapy
Safety: An important differentiator in cell therapy A favourable safety profile could broaden access and support a more scalable treatment model THE CHALLENGE THE NK-CELL OPPORTUNITY THE ZELLUNA OPPORTUNITY ! ✓ → Safety limitations Favourable safety potential Demonstrate differentiation Certain appr
Slide 19: ZIMA-101: What we are looking for in the first patients treated
ZIMA-101: What we are looking for in the first patients treated Context: heavily pre-treated patients with advanced, late-stage disease who have failed multiple prior standard treatments and with poor prognosis HOW EVIDENCE IS GENERATED EARLY INDICATORS OF SUCCESS | Q3 UPDATE Favourable safety profi
Slide 20: Clinical Execution: Dose level progressing on track
Clinical Execution: Dose level 1 progressing on track Two patients dosed at Dose Level 1, with additional potential patients identified to support continued recruitment and dose escalation 2 of 3 patients dosed at Dose Level 1 ✓ ✓ ✓ 4 5 Clinical and biological assessments ongoing First patient Favou
Slide 21: External clinical evidence supporting the TCR-NK approach
External clinical evidence supporting the TCR-NK approach MD Anderson NY-ESO-1 TCR-NK: complete response in heavily pretreated multiple myeloma EXTERNAL DATA • NOT ZELLUNA What was reported Key patient-level readout NY-ESO+ myeloma cells Heavily pre-treated patient with normal marrow / no minimum re
Slide 22: 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 One platform. Multiple solid tumour opportunities. TARGET RATIONALE BROA
Slide 23: 4 – Financial update
4 – Financial update Non-confidential 23
Slide 24: Q3 2026 Key Financials
Q3 2026 Key Financials Cash and Liquidity • MNOK 60 in cash by end of Q3 2026 • Cash runway into Q3 2027 Operating Profit (loss) and Profit before tax • Operating profit (loss): MNOK -29 in Q3 2026, and MNOK -69 in YTD 2026 • Profit before tax: MNOK -29 in Q3 2026, and MNOK -69 in YTD 2026 Share Iss
Slide 25: P&L and Cash
P&L and Cash Key financials per Q3-2026 – Zelluna Group Comments NOK (000) Q3-26 Q3-25 YTD-26 YTD-25 FY25 Payroll and payroll related expenses Total revenues 226 - 386 - - • Payroll expenses, excluding share-based compensation and Payroll and payroll related expenses 9,601 20,687 27,214 37,664 54,73
Slide 26: P&L and Cash
P&L and Cash Key financials per Q3-2026 – Zelluna Group NOK (000) Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Total revenues - 5 - - 16 144 226 Payroll and payroll related expenses 6,425 10,529 20,687 17,069 10,793 6,819 9,601 Payroll excl. option costs and grants 10,199 12,771 15,132 15,319 8,968 5,6
Slide 27: Quarterly Operating Cash Flow
Quarterly Operating Cash Flow Cash and Liquidity NOK (1000) • The operating cash flow in Q3 2026 was approximately MNOK -25, which, offset by depreciation and non-cash share option expenses, was in line with the EBIT for the period • Total cash at the end of the period was MNOK 60, down from MNOK 86
Slide 28: 5 – Summary and Outlook
5 – Summary and Outlook Non-confidential 28
Slide 29: Zelluna: Execution de-risked. Potential clinical value inflection ahead
Zelluna: Execution de-risked. Potential clinical value inflection ahead EXECUTION DE-RISKED NEXT VALUE DRIVER WHY IT MATTERS From concept to patients Early data can drive value PATIENT DATA ✓ Protected TCR-NK platform ✓ Initial patient data emerging $1B+ Cell therapy deals, showing strong ✓ Preclini
Slide 30: Q&A
Q&A ‘e) zelluna Non-confidential 30