Slide 1: First Quarter 2025 Business Update and Financial Results
First Quarter 2025 Business Update and Financial Results Zelluna ASA, 8 May, 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 Q1 2025 2 Zelluna – the TCR-NK Technology and Pipeline 3 Financial update 4 Summary Non-confidential 3
Slide 4: 1 - Key events Q1 2025
1 - Key events Q1 2025 Non-confidential 4
Slide 5: Bell Ceremony 4th March 2025
Bell Ceremony 4th March 2025 First ever Cell Therapy company to be listed on the Oslo Stock Exchange Non-confidential 5
Slide 6: Combination between Zelluna Immunotherapy AS and Ultimovacs ASA completed
Combination between Zelluna Immunotherapy AS and Ultimovacs ASA completed Business combination ▪ Business combination and private placement of MNOK 51.7 successfully completed on 3 March 2025 ▪ Ultimovacs ASA acquired all shares in Zelluna Immunotherapy AS and changed its name to Zelluna ASA ▪ Ticke
Slide 7: Zelluna Reaches Major Milestone: Manufacturing Process Established
Zelluna Reaches Major Milestone: Manufacturing Process Established in Preparation for Clinical Entry of ZI-MA4-1, its Novel TCR-NK Therapy Targeting Solid Tumours Manufacturing represents the highest risk activity in preparation for the clinic – now de-risked with this milestone ▪ As announced on 22
Slide 8: Scalable Manufacturing and Patient Access
Scalable Manufacturing and Patient Access Each patient receives multiple doses to drive long term responses Healthy donor PBMC’s Centralized Enables treatment of manufacturing delivers multiple patients 100’s of cryopreserved doses Non-confidential 8
Slide 9: Key milestones / value inflections
Key milestones / value inflections 2024 Q1 IN-LICENSING PRAME TCR Q2 POSITIVE PRE-IND Q3 CRITICAL PRECLINICAL DATA ON LEAD COMPLETED 2026 1H INITIAL CLINICAL READOUTS 2023 Q1 KKLC1 SECOND PROGRAM IN 2H EARLY MANUFACTURNG VITRO PACKAGE PROCESS TRANSFERRED Q4 PRAME THIRD PROGRAM IN TO CDMO 2025 VITRO
Slide 10: Context: Early clinical stage cell therapy companies drive huge value
Context: Early clinical stage cell therapy companies drive huge value ▪ AstraZeneca acquires EsoBiotec: an early Phase I in vivo CAR-T company ▪ Deal triggered after only 1 patient (myeloma) treated ▪ Total deal value ~ $1BN ($425m upfront, $575m in milestones) March 2025 ▪ Roche acquires Poseida: a
Slide 11: 2 - Zelluna – the TCR-NK Technology and Pipeline
2 - Zelluna – the TCR-NK Technology and Pipeline Non-confidential 11
Slide 12: Zelluna in Context
Zelluna in Context The Challenge The Context Our Differentiated Solution 1. Mani, K. et al. Causes of death among people living with metastatic cancer. Nat Com 15, 1519 (2024). https://doi.org/10.1038/s41467-024-45307-x 2. Cancer TODAY | IARC Age-Standardized Rate (World) per 100 000, Mortality, Bot
Slide 13: 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 14: Zelluna: the right moment
Zelluna: the right moment Game World leading cell therapy platform, de-risked concept and path, that may provide transformative treatments to changing solid cancer patients on a global scale platform Land grab therapeutic Strong IP position provides an unprecedented opportunity to land grab an entir
Slide 15: Zelluna's novel cell therapy platform TCR-NK
Zelluna’s novel cell therapy platform “TCR-NK” based on validated clinical components TCR + NK Nature’s “guidance system”: the T Cell Receptor (TCR) TCR-NK ▪ The TCR is a clinically proven guidance system ✓ Combines a proven targeting molecule, the TCR, with shown to enable cells to find and target
Slide 16: 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 17: TCR-NK platform proven to kill diverse tumours
TCR-NK platform proven to kill diverse tumours where clinical T cell benchmark falls short (video) T cell clinical benchmark TCR-NK (Zelluna lead asset) TCR-NKs kills diverse cancers where clinical T cell benchmark falls short Non-confidential 17
Slide 18: Zelluna Pipeline
Zelluna Pipeline Non-confidential 18
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 is currently exploring the merits of MultiClick and its potential value UV1 Program ▪ The therapeutic cancer vaccine UV1 has bee
Slide 20: 3 – Financial update
3 – Financial update Non-confidential 20
Slide 21: Accounting and presentational information
Accounting and presentational information 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 Zel
Slide 22: Q1 2025 Key Financials
Q1 2025 Key Financials Cash and liquidity • MNOK 135/MUSD 13 in cash by end of Q1 2025 • With the fully committed private placement of MNOK 51.7 at closing of the business combination, the financial runway is expected to last through Q2 2026 capturing the key IND catalyst for the TCR-NK technology E
Slide 23: P&L and Cash
P&L and Cash Comments Key financials per Q1-2025 - Zelluna Group Payroll and payroll related expenses NOK (000) Q1-24 Q1-25 FY24 Total revenues - - 53 • ‘Regular’ payroll expenses were higher in Q1 2025 due to an increase in the number of employees in the Group compared to the same Payroll and payro
Slide 24: Quarterly operating cash flow
Quarterly operating cash flow Cash and liquidity • The operating cash-flow in Q1 2025 was approximately MNOK -36, differing from EBIT of kNOK MNOK -28 primarily due to negative number share option expenses with no cash effect, as well as changes in working capital. • The cash flow in Q1-Q4 2024 refl
Slide 25: 4 - Summary
4 - Summary Non-confidential 25
Slide 26: Key milestones / value inflections
Key milestones / value inflections 2024 Q1 IN-LICENSING PRAME TCR Q2 POSITIVE PRE-IND Q3 CRITICAL PRECLINICAL DATA ON LEAD COMPLETED 2026 1H INITIAL CLINICAL READOUTS 2023 Q1 KKLC1 SECOND PROGRAM IN 2H EARLY MANUFACTURNG VITRO PACKAGE PROCESS TRANSFERRED Q4 PRAME THIRD PROGRAM IN TO CDMO 2025 VITRO
Slide 27: Q&A
Q&A ‘e) zelluna Non-confidential 27