Zelluna ASA Reports Second Quarter 2025 Financial Results and Provides General Business Update

Oslo, Norway, 20 August 2025 – Zelluna (OSE: ZLNA), a company pioneering allogeneic “off-the-shelf” T-cell receptor-based natural killer (TCR-NK) therapies for the treatment of cancer, announces its second quarter 2025 results today.

Webcast scheduled for 20 August 2025, at 09:00 (CET). Link to webcast here.

Second Quarter 2025 Business Update

Highlights

• On track toward IND/CTA submission in 2H 2025 and first-in-human trial initiation in 1H 2026.
• Broadened regulatory engagement: following positive FDA pre-IND feedback (Q2 2024), submitted a scientific advice briefing package to the UK MHRA in July 2025 for ZI-MA4-1.
• Initiated GMP manufacturing of clinical material in July 2025, a major step in clinical readiness; scalable platform developed with Catalent can deliver hundreds of doses from a single batch.
• Strong support from leading clinical experts and sites; refined trial design and moving to operational readiness ahead of IND/CTA submission

Financial highlights

• Total operating expenses amounted to MNOK 38.4 in Q2 2025, and MNOK 67.8 YTD. Total loss was MNOK 37.5 for the period and MNOK 66.0 YTD.
• Net negative cash flow from operations was MNOK 59.4 in Q2 2025, and net decrease in cash and cash equivalents, excluding currency effects, was MNOK 59.0 during Q2 2025. Cash and cash equivalents amounted to MNOK 76.0 as per 30 June 2025.
• The current cash is expected to give a financial runway into Q2 2026, slightly shortened from the previously guided ‘through Q2 2026’ due to some one-off cost elements mainly related to investment in the successful development of the TCR-NK manufacturing process. The expected financial runway reflects that the cash burn rate is forecasted to come down significantly from the Q2 2025 level.
• On 27 May 2025, Zelluna ASA issued 227,096 new shares, each with a subscription price of NOK 26, to settle an amount of EUR 500,000 of an already triggered option exercise fee towards Inven2.

The quarterly report and presentation will be published at 07:00 CET on 20 August 2025, and will be publicly available on the Zelluna website. The Company will conduct a webcast at 09:00 CET the same day, and questions can be submitted throughout the event. The webcast will be archived for replay following the conference call. Link to webcast here.

For further information, please see www.zelluna.com or contact:

Namir Hassan, CEO, Zelluna ASA
Email: namir.hassan@zelluna.com
Phone: +44 7720 687608

Hans Vassgård Eid, CFO, Zelluna ASA
Email: hans.eid@zelluna.com
Phone: +47 482 48632

About Zelluna ASA

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 clinical development of TCR and cell-based therapies including marketed products.

For more information, please visit www.zelluna.com

This stock exchange announcement was published by Joachim Midttun, Financial Manager at Zelluna ASA, on 20 August 2025 at 07:00 CET.

Attachments

• Zelluna-ASA-Q225-Report
• Zelluna-ASA-Q225-Presentation