Zelluna ASA — Earnings Release 2025

Nov 3, 2025

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

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

Oslo, Norway, 3 November 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 third quarter 2025 results

today.

Webcast scheduled for 4 November 2025, at 09:00 (CET). Link to webcast here

(https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20251104_10).

Third Quarter 2025 Business Update

Highlights

* Positive MHRA feedback and strengthened clinical strategy supporting UK

clinical development

In October 2025 (post period announcement), Zelluna announced it had received

positive scientific advice from the United Kingdom's Medicines and Healthcare

products Regulatory Agency (MHRA). The feedback provided alignment across the

preclinical, manufacturing, clinical, and regulatory strategy for ZI-MA4-1 and

supports the planned Clinical Trial Application (CTA) submission later this

year, with patient data planned for mid 2026.

* Preparations for first-in-human trial progressing

The Company has advanced preparations for its first-in-human trial of ZI-MA4-1

through engagement with leading UK cancer centres. Professor Fiona

Thistlethwaite (The Christie, Manchester) has been appointed as proposed Chief

Investigator, with The Christie serving as lead site. Together with Dr. Andrew

Furness at The Royal Marsden Hospital, London, both globally recognised leaders

in oncology and early-phase cell therapy, Zelluna has shaped a robust trial

design and development strategy for ZI-MA4-1.

* GMP manufacturing of clinical material initiated

In July 2025, Zelluna initiated GMP manufacturing of the clinical batch for the

planned Phase I trial. This milestone builds on the previously completed

manufacturing process lock-down announced in April 2025 and marks a major step

in Zelluna's clinical readiness and capability to deliver off-the-shelf cell

therapies to patients (also shared in the Q2 2025 report).

* Pipeline expansion through strategic acquisition

During Q3, Zelluna acquired a portfolio of characterised TCRs targeting KKLC1

from a highly experienced TCR-focused biotechnology company with decades of

expertise in the field. KKLC1 is a clinically validated cancer antigen that

complements MAGE-A4, offering a potential opportunity to broaden Zelluna's TCR-

NK pipeline and expand its reach to additional patient populations.

Financial highlights

* Total operating expenses amounted to MNOK 39.7 in Q3 2025, and MNOK 101.0

YTD. Total loss was MNOK 39.3 for the period and MNOK 98.7 YTD.

* Net negative cash flow from operations was MNOK 29.0 in Q3 2025, and net

decrease in cash and cash equivalents, excluding currency effects, was MNOK

28.9 during Q3 2025. Cash and cash equivalents amounted to MNOK 47.2 as per

30 September 2025.

* The current cash is as previously reported expected to give a financial

runway into Q2 2026.

The quarterly report and presentation will be made be publicly available on the

Zelluna website. The Company will conduct a webcast on 4 November at 09:00 CET,

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/20251104_10).

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-

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Phone: +44 7720 687608

Hans Vassgård Eid, CFO, Zelluna ASA

Email: hans.eid@zelluna.com

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

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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

programme 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

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This stock exchange announcement was published by Joachim Midttun, Financial

Manager at Zelluna ASA, on 3 November 2025 at 16:38 CET.