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

Oslo, Norway, 8 May 2025 - Zelluna (OSE: ZLNA), a company pioneering allogeneic 'off the shelf' T Cell Receptor based Natural Killer (TCR-NK) cells for the treatment of cancer, announces its first quarter 2025 results today.

Conference call and webcast scheduled for 8 May, 2025, at 09:00 (CET). Link to webcast here.

First Quarter 2025 Business Update

Highlights

• On 3 March 2025, Zelluna ASA announced the successful completion of a business combination between Ultimovacs ASA and Zelluna Immunotherapy AS, as well as a private placement resulting in gross proceeds of MNOK 51.7 at a subscription price of NOK 2.60 per Offer Share. These contemplated transactions were initially announced on 17 December 2024. All conditions for completion of the business combination were met, including confirmation by Euronext Oslo Børs that the requirements for the continued listing were met, as well as approval of the Prospectus and regulatory clearances. The name change from Ultimovacs ASA to Zelluna ASA was registered with the Norwegian Register of Business Enterprises, and the ticker code of the Company was changed from "ULTI" to "ZLNA".
• On 22 April 2025, Zelluna reported that it has successfully developed, scaled and automated its proprietary manufacturing process for its TCR-NK cell therapies. This milestone represents a major advancement in the Company's preparation for clinical entry to provide life-changing, innovative treatments for patients battling cancer. The proprietary manufacturing process is applicable to any product emerging from the Company's pipeline which means any TCR-NK product can be plugged into the established manufacturing process strengthening Zelluna's dominance of the TCR-NK therapeutic field. Based on the established manufacturing process, hundreds of doses could be produced from a single manufacturing batch highlighting scalability and low cost of goods potential.

Financial update

• Total operating expenses amounted to MNOK 22.2 in Q1 2025.
• Net negative cash flow from operations was MNOK 36.0 in Q1 2025. Proceeds from issuance of equity was MNOK 51.7, and net cash acquired in the business combination was MNOK 92.3, resulting in a net increase in cash and cash equivalents, not including currency effects, of MNOK 108.0 during Q1 2025. Cash and cash equivalents amounted to MNOK 135.3 as per March 31, 2025.
• A reverse share split was executed on 31 March 2025 and registered in the Norwegian Register of Business Enterprises. In the reverse split, 10 shares became 1 share, thus the new number of outstanding shares in the Company is 20,227,066, each with a par value of NOK 1. In relation to the reverse share split, a share issue of 7 shares was necessary for the total number of shares to be divided by 10.
  
  

The quarterly report and presentation will be published at 07:00 CET on 8 May, 2025, and will be publicly available on the Zelluna 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.

For further information, please contact:

Namir Hassan, CEO, Zelluna ASA
Email: [e-mail]
Phone: [phone]

Hans Vassgård Eid, CFO, Zelluna ASA
Email: [e-mail]
Phone: [phone]

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 8 May, 2025 at 07:00 CET.