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Non-confidential 1 Second Quarter 2025 Business Update and Financial Results Zelluna ASA, 20 August 2025 Namir Hassan, CEO Hans Vassgård Eid, CFO
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Non-confidential 2 Disclaimer • This presentation has been prepared by Zelluna ASA (“Zelluna” or the “Company”) for information purposes only and does not constitute an offer to sell common shares of the Company or a recommendation in relation to the shares of the Company. Neither shall the presentation or any part of it, nor the fact of its distribution or communication, form the basis of, or be relied on in connection with any contract, commitment or investment decision in relation thereto. • This presentation contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this presentation are forward-looking statements and as such, are based on management’s current expectations and beliefs about future events at the date of this presentation. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “hope,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would” and similar expressions are intended to identify forward- looking statements, although not all forward-looking statements contain these identifying words. • Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events, results or achievements to differ materially from the events, results or achievements expressed or implied by the forward-looking statements contained in this presentation. Given these risks, uncertainties and other factors, recipients of this presentation are cautioned not to place undue reliance on these forward-looking statements. • The information included in this presentation may be subject to updating, completion, revision and amendment, and such information may change materially. Except as required by law, we are under no duty to update any of these forward- looking statements after the date of this presentation to conform our prior statements to actual results or revised expectations. • No representation or warranty (express or implied) is made as to, and no reliance should be placed on, the accuracy, completeness or fairness of the information and opinions contained in this presentation, no reliance should be placed on such information. Neither Zelluna nor any of its owners, affiliates advisors or representatives accept any responsibility, liability or loss whatsoever arising directly or indirectly from the use of this presentation. • By accepting this presentation, you acknowledge that you are solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company’s business.
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Non-confidential 3 Contents 1 Key events in Q2 2025 2 Zelluna – the TCR-NK Technology and Pipeline 3 Financial update 4 Summary
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Non-confidential 4 1 - Key events Q2 2025
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Non-confidential 5 Q2 2025 - Progress at a Glance On track: IND/CTA filing for lead program ZI-MA4-1 on track for H2 2025; first patient dosing expected in H1 2026 Context: Growing appetite for early stage, off-the-shelf cell therapies reinforces Zelluna’s unique positioning
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Non-confidential 6 Q2 2025 – Progressing in line with timelines toward IND/CTA submission in 2H 2025 Preclinical: Zelluna has successfully completed a full round of all key investigations in support of a clinical trial application Manufacturing: Following April’s successful manufacturing lock-down milestone, GMP production of clinical material was initiated in July, a major step toward trial execution Regulatory: 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 Clinical: Strong support from leading clinical experts and sites; refined trial design and moving to operational readiness ahead of IND/CTA submission Strategic context: Cell therapy market trends favour early-stage, off-the-shelf platforms - recent deals including Abbvie and AstraZeneca acquisitions of Capstan and Esobiotec respectively - reinforcing Zelluna’s unique positioning On track: IND/CTA filing for lead program ZI-MA4-1 on schedule for H2 2025; first patient dosing anticipated in H1 2026
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Non-confidential 7 Strategic context: Small human data sets trigger high value deals in cell therapy field June 2025 • Abbvie acquires Capstan: an early Phase I in vivo CAR-T company • First healthy volunteer treated only in June 2025 • Total deal value up to ~ $2.1 billion
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Non-confidential 8 Zelluna on the path to generate potentially high value clinical data in 2026 ~$1 billion, March 2025 Basic science Preclinical Manufacturing ~$1.5 billion, November 2024 Potential deal zone with early clinical data 2026 Clinical data (with some further investment) ~$2.1 billion, June 2025
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Non-confidential 9 2 - Zelluna – the TCR-NK Technology and Pipeline
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Non-confidential 10 Zelluna in Context > 9 million annual deaths from solid tumours worldwide (estimated)1 > 83% of patients with late-stage cancer will die from their disease2 There have been some successful treatments for certain types of solid cancers, but despite initial responses most tumours return due to cancer escape The Challenge The Context Zelluna have built a differentiated platform based on bringing together clinically validated components that is designed to target solid cancers, overcome cancer escape and drive cures on a global scale Our Differentiated Solution 1. Mani, K. et al. Causes of death among people living with metastatic cancer. Nat Com 15, 1519 (2024). https://doi.org/10.1038/s41467-024-45307-x 2. Cancer TODAY | IARC Age-Standardized Rate (World) per 100 000, Mortality, Both sexes, in 2022, World, https://gco.iarc.who.int
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Non-confidential 11 Zelluna developing the next generation of cell therapies Nine approvals, mainly in liquid cancer Cell therapies have cured cancer patients Despite successes two key challenges remain: 1) Solid cancers remain tough to treat and struggle to deliver long term responses 2) Scaling global access to treatment Zelluna has built a platform to take the curative potential of cell therapies to solid tumours at a global scale
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Non-confidential 12 Zelluna: the right moment Novel cell therapy platform, de-risked concept and path, aiming to treat solid cancer patients at scale Concept patent protecting the entire therapeutic field holds huge value potential; IP on products and manufacturing ZI-MA4-1 lead program; preclinical, manufacturing de-risked, pathway validated through regulatory interactions • IND/CTA in 2H 2025 • Clinical data in 2026 (with further funds) Early clinical data – few patients - drives high value deals; approvals have been fast, with data from <100 patients Game changing platform Land grab therapeutic field Near term clinical inflection point Small clinical data sets driving high value
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Non-confidential 13 Zelluna’s novel cell therapy platform “TCR-NK” based on validated clinical components: TCR (T Cell Receptor) + Natural Killer (NK) cells T Cell Receptor Natural Killer Cell ▪ The TCR is a clinically validated solid tumour targeting molecule ▪ There are two TCR based therapies approved for solid cancers ▪ Zelluna inserts a TCR into NK cells to target solid cancers ▪ NKs are the most efficient cell killers in the human body ▪ NKs can detect cancers in many ways, but do not find cancers well ▪ NKs are clinically safe and can be produced at scale, upfront, frozen and stored for later use i.e. “off the shelf” + Combines a proven solid cancer targeting molecule, the TCR, with the most potent and safe killer cells, NKs to form TCR-NK TCR-NK cells detect cancers in multiple ways TCR-NK cells can be used “off the shelf” TCR-NK Cell Nature’s “targeting molecule”: the T Cell Receptor (TCR) Nature’s most efficient killers: Natural Killer (NK) cells TCR-NK
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Non-confidential 14 TCR-NK concept patent: huge value potential to validate and “land grab” an entire field * Zelluna has a concept patent covering TCR-NK (granted in US, EU, Japan, others) CAR-NK TCR-NK (patent protected)* CAR-T Non-polyclonal T cells Allogeneic ("off the shelf") Approaches Land grab: TCR-NK concept patent provides an opportunity to clinically validate and “land grab” the entire TCR-NK field “Multiple companies in one”: Compare to multiple companies operating in the other fields with huge aggregate value – concept patent offers potential value of “multiple companies in one” Precedence: In recent deals, Abbvie, AstraZeneca and Roche acquired early-stage companies Capstan, Esobiotec and Poseida (bottom left) respectively, for total deal values of ~ $1-2 billion. Commentary
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Non-confidential 15 Platform protection opens potential for huge value creation (comparison to owning the CAR-T IP space, only bigger) * PIONEERING TCR-NK (PROTECTED CONCEPT) CAR-T (APPROVED THERAPIES) Protecting TCR-NK is like owning the “CAR-T” space; considering the aggregate value of approved products in CAR-T so far (on the right) this constitutes huge value potential * Zelluna has a concept patent covering TCR-NK (granted in US, EU, Japan, others)
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Non-confidential 16 ZI-MA4-1: progress of the worlds-first scalable TCR-NK targeting MAGE-A4 Outperforms clinical benchmark Kills diverse tumors – a challenge for all other MAGE-A4 therapies Positive FDA pre- IND, MHRA ongoing FDA validated preclinical, manufacturing and clinical strategies. MHRA feedback anticipated in Sept Lung, Head & Neck, Ovarian and Synovial Sarcoma Collaborating with world- renowned clinical sites Science Regulatory Refined Clinical
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Non-confidential 17 ZI-MA4-1 clinical perspective “ I am genuinely excited to see the progress of ZI-MA4-1 into the clinic. I am optimistic that the dual killing mechanism of the NK cells and tumour antigen directed TCR will provide us with the step-change that we need in the solid tumour setting to provide the required level of tumour potency whilst avoiding tumour escape.” Prof Fiona Thistlethwaite Medical Oncology Consultant, Clinical Lead for the Advanced Immunotherapy and Cell Therapy (AICT) Team, Director of iMATCH (Innovate Manchester Advanced Therapy Centre Hub), The Christie, Manchester, UK
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Non-confidential 18 Zelluna Pipeline PLATFORM PROGRAM TARGET INDICATIONS DISCOVERY PRECLINICAL CLINICAL TCR-NK ZI-MA4-1 MAGE-A4 NSCLC, Ovarian, H&N Syn. Sarcoma ZI-KL1-1 KK-LC-1 Breast, Gastric, Lung, Pancreatic, Cervix ZI-PR-1 PRAME Solid Tumours Zelluna’s pipeline assets target a blend of antigens that are either clinically or preclinically validated and expressed across a broad range of solid tumor indications, providing high potential for patient impact and a huge market opportunity. • MAGE-A4 and PRAME are clinically proven TCR targets for solid cancers; one market approval for MAGE-A4 targeting agent and PRAME targeting agent in registration study. • KKLC-1 is a preclinically validated solid cancer target.
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Non-confidential 19 Multiclick and UV1 status MultiClick Technology ▪ The MultiClick platform consists of a flexible core molecule that can be selectively coupled to several modules ▪ Zelluna continues to explore the merits of MultiClick and its potential value UV1 Program ▪ The therapeutic cancer vaccine UV1 has been evaluated in five Phase II randomized controlled trials in various cancer types in combination with different checkpoint inhibitors ▪ Three of the Phase II trials, in malignant melanoma, mesothelioma and head and neck cancer, are completed with disappointing results and therefore the program will be wrapped up ▪ The remaining two trials, LUNGVAC and DOVACC, have completed enrolment and topline results are expected during 2025
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Non-confidential 20 3 – Financial update
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Non-confidential 21 Accounting information - reminder Accounting acquirer • Legally, Zelluna ASA (former Ultimovacs ASA) has acquired Zelluna Immunotherapy (‘ZI’). However, due to the valuation of ZI being significantly higher than Zelluna ASA, and that ZI’s shareholders received a majority of the shares in Zelluna ASA in the business combination, ZI is regarded as the acquirer for accounting purposes. Accounting and presentation implications • The financial information presented for periods prior to the transaction (3 March 2025) reflects the operations, financial position, and cash flows of Zelluna Immunotherapy AS only (FY2024 and Jan/Feb 2025). • The financial information for the period after the transaction (from March 2025) reflects Zelluna Immunotherapy AS + the rest of the Zelluna group after the business combination.
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Non-confidential 22 Q2 2025 Key Financials Cash and liquidity • MNOK 76 (MUSD 7) in cash by end of Q2 2025 • The current cash is expected to give a financial runway into Q2 2026, capturing the key IND/CTA catalyst for the TCR-NK technology. • The cash burn rate is expected to come down significantly from the Q2 2025 level EBIT and PBT • EBIT: Q2 2025 MNOK -38, and YTD 2025 MNOK -68 • Profit before tax: Q2 2025 MNOK -38, and YTD 2025 MNOK -66 Other • Reverse share split effective 1 April 2025: 10 old shares converted into 1 new share • On 27 May 2025, Zelluna ASA issued 227,096 new shares at a subscription price of NOK 26 per share to settle an amount of EUR 500,000 for an option exercise fee towards Inven2
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Non-confidential 23 P&L and Cash Comments Payroll and payroll related expenses • ‘Regular’ payroll expenses were higher in the 2025 periods primarily due to more employees as a result of the business combination between Zelluna ASA and Zelluna Immunotherapy AS.. • In YTD/Q2 2025, share option costs were reversed due to the termination of options for former employees. External R&D and IPR expenses • Higher R&D costs Q2 2025 and YTD 2025 compared to the same period previous year, primarily a result of higher costs related to purchase of materials for CMC purposes in Q2 2025, as well as milestone payments for clinical trials in Zelluna ASA. Other operating expenses • ‘Other operating expenses’ were higher YTD 2025 and in Q2 2025 compared to the same period previous year due to the inclusion of the full Zelluna group figures from March 2025 as well as significant transaction costs related to the business combination. • Net cash of MNOK 76 by the end of Q2 2025 Key financials per Q2-2025 - Zelluna Group NOK (000) Q2-24 Q2-25 YTD24 YTD25 FY24 Total revenues 27 5 27 5 53 Payroll and payroll related expenses 6,479 10,529 16,992 16,978 38,131 - Payroll expenses not incl. option costs and grants 5,209 12,771 14,452 22,970 33,069 - Share option costs and public grants 1,270 -2,242 2,539 -6,016 5,062 External R&D and IPR expenses (incl. grants) 14,978 19,253 33,810 33,968 52,902 Other operating expenses (incl. depreciation) 4,517 8,641 11,002 16,893 18,591 Total operating expenses 25,974 38,423 61,804 67,839 109,625 Operating profit (loss) -25,947 -38,418 -61,777 -67,834 -109,572 Net financial items -121 881 2,930 1,859 4,409 Profit (loss) before tax -26,068 -37,537 -58,847 -65,975 -105,162 Net increase/(decrease) in cash and cash eq. -26,448 -59,010 -55,430 49,022 -99,525 Cash and cash equivalents at end of period 71,253 76,042 71,253 76,042 27,690 Number of FTEs at end of period 24 26 24 26 22
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Non-confidential 24 Quarterly operating cash flow Cash and liquidity • The operating cash-flow in Q2 2025 was approximately MNOK - 59, differing from EBIT of MNOK - 38 primarily due to changes in working capital of MNOK -20. • Note that the cash flow prior to Q2-2025 reflects Zelluna Immunotherapy AS’s cash flow only, whereas from March 2025, the numbers include the rest of the of the Zelluna Group (Zelluna ASA, Ultimovacs AB). • The operating cash flow is forecasted to come down significantly after Q2 2025. kNOK negative number
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Non-confidential 25 4 - Summary
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Non-confidential 26 Key milestones / value inflections 2024 Q1 IN-LICENSING PRAME TCR Q2 POSITIVE FDA PRE-IND Q3 CRITICAL PRECLINICAL DATA ON LEAD COMPLETED 2025 Q2 MANUFACTURING LOCKED 2H PRECLINICAL COMPLETION GMP MANUFACTURNG INITIATED (Q3) MHRA PACKAGE SUBMITTED (Q3) IND /CTA SUBMISSION ON TRACK 2026 1H INITIAL CLINICAL READOUTS Q1 KKLC1 SECOND PROGRAM IN VITRO PACKAGE Q4 PRAME THIRD PROGRAM IN VITRO PACKAGE Q2 2025 update Previous updates
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Non-confidential 27 Q&A