Zelluna ASA — Earnings Release 2025

Aug 20, 2025

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

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

(https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20250820_18).

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

(https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20250820_18).

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

Namir Hassan, CEO, Zelluna ASA

Email: namir.hassan@zelluna.com

(https://www.globenewswire.com/Tracker?data=Z8lLmV-

B1LwB9B24FA19vFGXbMF1uWuib96CE8rRZizu90Na0VH2EMuvz0ZT8R_M3cGZvcz7cwsWR7BQXKOGGup

zjLAZA3udqBHb-dOQPqaJliih1_RADUlCCR7Hs9ov)

Phone: +44 7720 687608

Hans Vassgård Eid, CFO, Zelluna ASA

Email: hans.eid@zelluna.com

(https://www.globenewswire.com/Tracker?data=xw_BegYpiBk6hexlBFgOsk7tj2DC2GZ9wD-

xUL0RvSOAFKyBsXJCyN1-

yeYF_y4PiN7qNCFrqSFIFzf4Oy78pFiEzLGlsgS23tV0HELOjUoSe5eLjAVVxGWn_gS6AJdD)

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

(https://www.globenewswire.com/Tracker?data=6siez1OIaoPCwM84VGFsI73ZbH54BnDSBKFm

vna_tY11PFEH7Ff3r6Kak3xnzzVSpOZx3-1OxY3u9bMPDFcz_sitG5kmja3-

vy_XZLcFNuhCpjQMdyWILy_Fma6seMkp553_d3ywUZGF-

pvjfJRH5PlneMcMycPZgYmXR3qT5IbtFGFLXa1y0ZFJFCfQPZvnlw5PswLpdCO0Mc6mZ02p6yeLVR7Pm

AVKrN8VFS1xFnfupxUalnqTrCzF5xMrGpjo_eyPbtIney8rlU9VYTgysHXRRoBtn-

DVON6NOVB_5xFexH9rRBVetaGoT0XLB9Q-

AOf1lNTaePkqVtz8BiFwrmhu4ZDWDuBVyhqIHG5CeinnlGXPact99W_OL1GRo30Q4-

KhQ6SbmRnm_jOBoZjFlDhBgv9nlp7I5poA0LJ7wMU9dbRko8dwtpJoWUCpAq58KHWnEIoMG1kN1NlPLk

6DVb_P4f1WrRpOS9rmXKXIK9EQw_3rPj5GDgYLLk6SVncTQN18GHaMOJ4eVGMi_H4WoU6s22jT7xghXH

FjmwiYBKmzX2MBaFOHT1ZKCcNpbPheZqGepyuUOOaFVPMv4RbTBI5GW3WEMRejVEHdS7by9EHOcDws4v

JX6Qrfyt5BipFK)

This stock exchange announcement was published by Joachim Midttun, Financial

Manager at Zelluna ASA, on 20 August 2025 at 07:00 CET.