Zelluna (ZLNA) Q1 2026 earnings summary

Executive summary

• Achieved UK MHRA and ethics approval for first-in-human clinical trial of lead TCR-NK candidate ZIMA-101/ZI-MA4-1 targeting solid tumors, with first clinical site activated at The Christie in May 2026 and a second site (Royal Marsden) expected soon.

• Collaboration with Etcembly to expand pipeline using AI-engineered T-cell receptors, focusing on KK-LC-1 antigen.

• Medpace appointed as CRO; clinical execution underway, with initial human data expected from mid-2026.

• Capital markets update completed post-period in April 2026.

• Emilie Gauthy promoted to CTO to lead manufacturing and CMC strategy.

Financial highlights

• Cash and cash equivalents at end of Q1 2026: MNOK 49–50, supporting runway into Q1 2027.

• EBIT and profit before tax both negative MNOK 20 for Q1 2026.

• Net loss reduced from NOK 28 million in Q1 2025 to NOK 20 million in Q1 2026.

• Operating cash flow negative MNOK 28.6–29, mainly due to working capital provisions.

• Payroll expenses higher year-over-year due to share option costs, despite lower headcount.

Outlook and guidance

• Initial clinical data from lead program anticipated from mid-2026, with ongoing patient recruitment and site activation.

• Cash runway guided into Q1 2027, supported by internal forecasting and expected tax refund.

• Continued focus on advancing pipeline, particularly KK-LC-1 program, aiming for candidate development in Q4.

• Value inflection point anticipated as early clinical data in cell therapy often drives major deals.