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Zelluna
Zelluna (ZLNA) investor relations material
Zelluna Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Raised NOK 58.2 million in Q4 2025, extending cash runway into Q1 2027 and supporting advancement of ZI-MA4-1 into first-in-human trials.
Completed first GMP batch of ZI-MA4-1 for clinical use and submitted CTA to UK MHRA in December 2025, with initial clinical data expected from mid-2026.
Published compelling preclinical data supporting the TCR-NK platform and initiated partnerships with leading UK oncology centers.
Strategic focus shifted to TCR-NK platform; discontinued MultiClick technology and winding down UV1 program after disappointing Phase II results.
Completed business combination, strengthening financial position and supporting clinical transition.
Financial highlights
Cash and cash equivalents at end of Q4 2025: MNOK 78.3, with a net increase of MNOK 31 in the quarter.
Full-year EBIT: MNOK -144; Q4 EBIT: MNOK -35.
Full-year profit before tax: MNOK -141; Q4 profit before tax: MNOK -35.
Operating cash flow in Q4 2025: MNOK -25.2, with non-cash costs from impairments and share options.
Impairments: MNOK 3.2 goodwill and MNOK 2.3 pipeline asset in 2025.
Outlook and guidance
Cash runway expected into Q1 2027 following recent equity raise.
Anticipates CTA approval from UK MHRA within 60-90 days of submission (submitted Dec 17), with initial clinical data expected from mid-2026.
Top-line results from the remaining UV1 trial (DOVACC) expected in H1 2026.
Focused on generating early clinical data for ZI-MA4-1 and advancing pipeline programs targeting KKLC-1 and PRAME.
Medpace selected as CRO for clinical trial execution.
Impact of recent impairments on financials?
How does ZIMA-401 outperform current therapies?
Elaborate on TCR-NK concept patent value
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Next Zelluna earnings date
Q1 20267 May, 2026
Zelluna
Next Zelluna earnings date
Q1 20267 May, 2026
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Frequently asked questions
Zelluna’s mission is to deliver transformative treatments with the capacity to cure advanced solid cancers, in a safe and cost-efficient manner, to patients on a global scale. The Company aims to do this by combining the most powerful elements of the immune system through pioneering the development of “off the shelf” T cell receptor (TCR) guided natural killer (NK) cell therapies (TCR-NK). The TCR-NK platform offers a unique mechanism of action with broad cancer detection capability to overcome the diversity of tumours and will be used “off the shelf” to overcome scaling limitations of current cell therapies. The lead program is a world’s first MAGE-A4 targeting “off the shelf” TCR-NK for the treatment of various solid cancers; a pipeline of earlier products follows. The Company is led by a management team of biotech entrepreneurs with deep experience in discovery through to clinical development of TCR and cell-based therapies including marketed products.
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