Zelluna ASA — Earnings Release 2024

Jan 31, 2025

Ultimovacs ASA Reports Fourth Quarter 2024 Financial Results and Provides General Business Update

Ultimovacs ASA Reports Fourth Quarter 2024 Financial Results and Provides General Business Update

Oslo, January 31, 2025: Ultimovacs ASA ("Ultimovacs") (OSE ULTI), a clinical-

stage biotechnology company developing novel immunotherapies against cancer,

announces its fourth quarter 2024 results today.

Conference call and webcast scheduled for January 31, 2025, at 09:00 (CET). Link

to webcast here

(https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20250131_3).

Fourth Quarter 2024 Business Update

Highlights

* On December 17, 2024, Ultimovacs announced an agreement to combine its

business with Zelluna Immunotherapy AS and the intention to launch a fully

committed private placement. Zelluna Immunotherapy is a privately held

company pioneering the development of "off the shelf" T- Cell Receptor

Natural Killer (TCR-NK) cell therapies for the treatment of solid cancers.

As part of the Business Combination, the Company will acquire 100% of the

shares in Zelluna, and issue 147,991,521 shares to the existing shareholders

of Zelluna. Furthermore, the fully committed Private Placement will comprise

of the issuance of 19,873,071 shares at a subscription price of NOK 2.60 per

share, raising gross proceeds of approx. MNOK 51.7.

* The objectives of the combined company, Zelluna ASA, will be as follows:

a. Advance the world's first MAGE-A4 targeting TCR-NK program, ZI-MA4-1,

into first-in-human clinical studies treating solid cancers

b. Develop the TCR-NK pipeline

c. Seek to unlock MultiClick technology potential

d. Wrap up the UV1 program

Financial update

* Total operating expenses amounted to MNOK 121.0 in Q4 2024, and MNOK 223.7

in FY2024. MNOK 4.3 of the operating expenses was related to impairment of

UV1 patents, and MNOK 68.2 related to impairment of licenses and goodwill

covering the TET-technology, in total MNOK 72.5. Please see further

information below.

* Total loss was MNOK 107.7 for the period and MNOK 201.1 in FY2024.

* Net negative cash flow from operations was MNOK 24.7 in Q4 2024, and MNOK

163.4 in FY2024. Net decrease in cash and cash equivalents, not including

currency effects, was MNOK 23.4 during Q4 2024, and MNOK 157.1 in FY2024.

Cash and cash equivalents amounted to MNOK 107.4 as per December 31, 2024.

* Write-down of asset values in Ultimovacs: As a reflection of the priorities

of the combined company and the implicit valuation of Ultimovacs in the

Business Combination, Ultimovacs has fully written down certain assets, with

a negative, non-cash P&L effect of MNOK 72.5.

The quarterly report and presentation will be published at 07:00 CET on January

31, 2025, and will be publicly available on the Ultimovacs website. The Company

will conduct a conference call and webcast at 09:00 CET the same day. Questions

can be submitted throughout the event. The webcast will be archived for replay

following the conference call. Link to webcast here

(https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20250131_3).

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

Hans Vassgård Eid, CFO and Interim CEO, Ultimovacs ASA

Email: hans.eid@ultimovacs.com

Phone: +47 482 48632

About Ultimovacs

Ultimovacs is a clinical-stage biotechnology company developing novel

immunotherapies against cancer. The product candidate UV1 is an off-the-shelf

therapeutic cancer vaccine designed to enhance the benefits of immunotherapy and

improve cancer treatment efficacy for patients. UV1 triggers an immune response

against the shared cancer antigen telomerase, a target present in 85-90% of all

cancer indications across disease stages.

Ultimovacs is investigating the safety and efficacy of UV1 in a wide-ranging

clinical development program including various cancer indications and different

immunotherapy combinations. The ongoing Phase II program comprises five

randomized clinical trials in melanoma, mesothelioma, head and neck cancer,

ovarian cancer, and non-small cell lung cancer. More than 640 patients in the

U.S., Europe, and Australia are being enrolled in all Phase I and Phase II

trials in the current program.

Furthermore, Ultimovacs is developing a novel conjugation technology, initially

formed to support the expansion of our vaccine pipeline. With the objective of

driving value and future pipeline growth, this flexible conjugation technology

has the potential to be broadly applicable to a variety of therapeutic

modalities, such as innovative drug conjugates with favorable pharmacological

properties, and in multiple disease areas.

Ultimovacs and the shareholders of Zelluna Immunotherapy AS have entered into a

definitive business combination agreement to combine the two companies in a

share exchange transaction.

Ultimovacs is listed on the Euronext Oslo Stock Exchange (OSE:ULTI).

This information is subject of the disclosure requirements pursuant to Section

5-12 in the Norwegian Securities Trading Act.

This stock exchange announcement was published by Joachim Midttun, Financial

Manager at Ultimovacs ASA, on January 31, 2025 at 07:00 CET.