Zelluna Asa · OSL:ZLNA
Zelluna Asa — Q2 2026 Earnings Presentation
30 slides from Zelluna Asa's earnings presentation, Aug 20, 2026
Slide 1: Second Quarter 2026 Business Update and Financial Results
Second Quarter 2026 Business Update and Financial Results Zelluna ASA, 20 August 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 Q2 2026 2 The TCR-NK Technology and Pipeline 3 ZI-MA4-1 Lead & ZIMA-101 First-in-human clinical trial 4 Financial update 5 Summary and Outlook Non-confidential 3
Slide 4: Key events Q2 2026
1 – Key events Q2 2026 Non-confidential 4
Slide 5: Strong Operational Progress in Q2 2026
Strong Operational Progress in Q2 2026 First patient dosed with ZI-MA4-1; first clinical evaluation of Zelluna's TCR-NK platform (post period) Favourable initial safety review; well tolerated, no DLTs1; IDMC2 recommends continued enrolment (post period) The Royal Marsden activated as second clinical
Slide 6: First Clinical Signal from ZI-MA4-1 and the TCR-NK Platform
First Clinical Signal from ZI-MA4-1 and the TCR-NK Platform First patient initial safety observations All three planned doses administered - Patient completed dosing on Days 1, 4 and 8 and the protocol-defined safety observation period ZI-MA4-1 was well tolerated – No dose limiting toxicities or ser
Slide 7: Early Clinical Data Can Drive Significant Value in Cell Therapy
Early Clinical Data Can Drive Significant Value in Cell Therapy Recent transactions validating value of early clinical data Early clinical validation has been an important catalyst for strategic transactions $1.5B, Allo CAR-T • Encouraging early safety, biological activity and efficacy can materiall
Slide 8: Key Milestones and Value Inflections
Key Milestones and Value Inflections Q2 2026 ONWARDS Q2 THE CHRISTIE ACTIVATED Q2 THE ROYAL MARSDEN ACTIVATED Q2 NOK 58.2m FINANCING + NOK 16m GRANT Q3 FIRST PATIENT TREATED Q3 FAVOURABLE INITIAL SAFETY REVIEW ENROLMENT CONTINUES FURTHER CLINICAL DATA EMERGING Q4 KKLC1 IN VITRO PACKAGE Q1 2026 MEDPA
Slide 9: The TCR-NK Technology and Pipeline
2 – 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: 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 12: 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 13: 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 manufacturing process Each patient receives multiple doses to drive long term responses Healthy donor blood Centralized manufacturing Enables treatment of delivers 100’s of many patients from cryopreserv
Slide 14: Zelluna Pipeline
Zelluna Pipeline Zelluna’s pipeline assets target a blend of antigens that are either clinically or preclinically validated and expressed across a broad range of solid tumor indications, providing high potential for patient impact and a huge market opportunity • MAGE-A4 and PRAME are clinically prov
Slide 15: 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: 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 17: ZI-MA4-1: Combining Targeted TCR Recognition with Natural NK-Cell Biology
ZI-MA4-1: Combining Targeted TCR Recognition with Natural NK-Cell Biology Combining the precision of an engineered TCR with the complementary innate biology of NK cells TCR-tumour targeting NK cell (also mediates killing) Natural anti-tumour biology MAGE-A4 tumour recognition ZI-MA4-1 + TCR-NK AI-En
Slide 18: ZIMA-101: First-in-Human Clinical Trial of ZI-MA4-1
ZIMA-101: First-in-Human Clinical Trial of ZI-MA4-1 Two world-leading UK clinical sites active for ZIMA-101 Experienced centres led by internationally recognised clinical investigators The Christie The Royal Marsden (lead site) Prof. Fiona Thistlethwaite Dr. Andrew Furness • One of Europe’s leading
Slide 19: 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 19
Slide 20: 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 • NK-cell biology supports a favourable safety CRS and neurotoxicity profile • Requires hospitalisat
Slide 21: Patient Journey: From Treatment to Clinical Data Generation
Patient Journey: From Treatment to Clinical Data Generation Initial safety observations have enabled continued enrolment, while follow-up continues to build the clinical dataset DAY 28 PREP REVIEW ZI-MA4-1 TREATMENT CYCLE SAFETY LYMPHODEPLETION IDMC RECOMMENDATION Fludarabine + Day 1 | Day 4 | Day 8
Slide 22: 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 – important first sign
Slide 23: Financial update
4 – Financial update Non-confidential 23
Slide 24: Q2 2026 Key Financials
Q2 2026 Key Financials Cash and Liquidity • MNOK 86 in cash by end of Q2 2026 • Cash runway into Q3 2027 Operating Profit (loss) and Profit before tax • Operating profit (loss): MNOK -20 in Q2 2026, and MNOK -40 in YTD 2026 • Profit before tax: MNOK -20 in Q2 2026, and MNOK -40 in YTD 2026 Private P
Slide 25: P&L and Cash
P&L and Cash Comments Key financials per Q2-2026 - Zelluna Group NOK (000) Q2-26 Q2-25 YTD26 YTD25 FY25 Payroll and payroll related expenses Other income 0 0 8 5 0 • Payroll expenses, excluding share-based compensation and Payroll and payroll related expenses 6,819 10,529 17,612 16,978 54,734 govern
Slide 26: P&L and Cash: Key financials per Q2-2026 - Zelluna Group
P&L and Cash Key financials per Q2-2026 - Zelluna Group NOK (000) Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Total revenues - 0 0 0 8 0 Payroll and payroll related expenses 6,425 10,529 20,687 17,070 10,793 6,819 - Payroll expenses not incl. option costs and grants 10,199 12,771 15,132 15,320 8,968 5,639 -
Slide 27: Quarterly Operating Cash Flow
Quarterly Operating Cash Flow NOK 1000 Cash and Liquidity negative numbers • The operating cash-flow in Q2 2026 was approximately MNOK -20, which was in line with the EBIT for the period. Non-confidential 27
Slide 28: Summary and Outlook
5 – Summary and Outlook Non-confidential 28
Slide 29: Zelluna: Differentiated Platform with Near-Term Clinical Catalysts
Zelluna: Differentiated Platform with Near-Term Clinical Catalysts 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
Slide 30: Q&A
Q&A ‘e) zelluna Non-confidential 30