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Non-confidential 1 Third Quarter 2026 Business Update and Financial Results Zelluna ASA, 5 November 2026 Namir Hassan, CEO Geir Christian Melen, 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 Q3 2026 2 The TCR-NK Technology 3 ZI-MA4-1 Lead & ZIMA-101 First-in-human clinical trial 4 Financial update 5 Summary and Outlook
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Non-confidential 4 1 – Key events Q3 2026
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Non-confidential 5 Q3 2026: Strong progress in ZIMA-101 clinical development 1 RECRUITMENT AND DOSING ON TRACK 2 of 3 patients dosed at Dose Level 1 Clinical and biological assessments ongoing Dose Level 2 dosing expected to complete Q1 – early Q2 20271 2 ENCOURAGING INITIAL CLINICAL OBSERVATIONS No dose-limiting toxicities to date Encouraging initial safety observations 3 MANUFACTURING TRANSITION ON TRACK First run completed at new CDMO2 Product characterisation ongoing Highlights adaptability of the manufacturing platform across different sites 4 EXTERNAL CLINICAL EVIDENCE Complete response reported with independent TCR-NK therapy MD Anderson programme in a heavily pretreated multiple myeloma patient 1. Subject to completion of Dose Level 1 and a favourable subsequent Independent Data Monitoring Committee safety review. 2. CDMO: contract development and manufacturing organisation Early blood-based cell kinetics as expected and immune marker changes observed Third patient dosing planned Q4 2026 MNOK 15.6 grant to further advance manufacturing
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Non-confidential 6 Zelluna: A scalable off-the-shelf cell therapy platform for solid cancers 01 DIFFERENTIATED TECHNOLOGY Off-the-shelf TCR-NK platform combining two complementary arms of the immune system: precise TCR-mediated tumour targeting with NK-cell biology 02 CLINICAL-STAGE LEAD PROGRAMME ZI-MA4-1 targets MAGE-A4 and is progressing through first-in-human Phase 1 development 03 EXTERNAL CLINICAL EVIDENCE Independent NY-ESO-1 TCR-NK therapy has reported a complete response in a heavily pre-treated myeloma patient 04 SCALABLE MANUFACTURING AND PROPRIETARY IP Off-the-shelf manufacturing designed for scalability and lower cost of goods. Supported by foundational concept IP, alongside product- and manufacturing-related IP. TCR tumour targeting + NK-cell biology TCR-NK Cell T Cell Receptor (TCR/CD3) (Patent protected concept)
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Non-confidential 7 Small clinical datasets have driven approvals and multi-billion dollar products in cell therapy CLINICAL VALIDATION 44–97 Patients in selected pivotal datasets supporting initial cell therapy approvals1,2 COMMERCIAL VALIDATION Billion-dollar Annual product sales achieved by selected approved cell therapies3,4 Selected approved cell therapies Initial approvals supported by relatively small pivotal datasets, with examples demonstrating substantial commercial value 2017 63 patients1 Paediatric and young adult r/r B-ALL 2020 74 patients2 r/r mantle cell lymphoma 2022 97 patients2 r/r multiple myeloma $1.9B annual sales3 44 patients2 r/r synovial sarcoma 65 patients1 r/r B-ALL in adults 68 patients2 r/r large B-cell lymphoma $1.4B annual sales4 2024 1 FDA approval documentation 2 EMA approval documentation 3 Legend Biotech annual report 2025 (Carvykti) 4 BMS annual report 2025 (Breyanzi) Note: patient numbers refer to key pivotal data sets
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Non-confidential 8 Early clinical data can drive significant value in cell therapy Early clinical validation has been an important catalyst for strategic transactions THE VALUE OF EARLY CLINCAL DATA Early clinical evidence can transform platform value Strong pharma appetite for next- generation cell therapies RECENT TRANSACTIONS VALIDATING VALUE OF EARLY CLINICAL DATA $1.5B Allo CAR-T $1B In vivo CAR-T $350M In vivo CAR-T $2.1B In vivo CAR-T $7B In vivo CAR-T Zelluna has entered the clinical data-generation phase – a key potential value inflection point for the TCR-NK platform References: company announcements and press reports Significant opportunity remains in solid tumours
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Non-confidential 9 Key milestones and value inflections Q3 2026 ✓ FIRST PATIENT DOSED AT THE CHRISTIE FAVOURABLE INITIAL IDMC1 SAFETY REVIEW CONTINUED DOSE LEVEL 1 ENROLMENT AUTHORISED Q4 2026 ✓ SECOND PATIENT DOSED AT THE CHRISTIE INITIAL MANUFACTURING RUN COMPLETED AT NEW CDMO COMPLETE DOSE LEVEL 1 (THREE PATIENTS) KKLC1 IN VITRO PACKAGE Q1 – EARLY Q2 2027 PROGRESS TO DOSE LEVEL 2* COMPLETE DOSE LEVEL 2 RECRUITMENT AND DOSING* BUILD CLINICAL AND BIOLOGICAL EVIDENCE AT HIGHER EXPOSURE ~3× Dose Level 1 administered dose Potential deal zone with early clinical data ~$1 billion, March 2025 ~$1.5 billion, November 2024 ~$2.1 billion, June 2025 ~$350 million, August 2025 ~$7 billion, April 2026 ~$1.5 billion, November 2024 1. IDMC; Independent Data Monitoring Committee * Subject to completion of Dose Level 1 and a favourable subsequent IDMC safety review
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Non-confidential 10 2 – The TCR-NK Technology and Pipeline
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Non-confidential 11 Zelluna: The right moment GAME CHANGING PLATFORM Novel cell therapy platform, de-risked concept and path, aiming to treat solid cancer patients at scale LAND GRAB THERAPEUTIC FIELD Concept patent protecting the entire therapeutic field holds huge value potential; IP on products and manufacturing NEAR TERM CLINICAL VALUE INFLECTION POINTS ZIMA-101 now treating patients: • Two World-Leading UK Clinical Sites Active for ZIMA-101 • Two dosed at Dose Level 1, no dose-limiting toxicities to date & favourable initial safety • Third patient planned in Q4; Dose Level 2 at 3xDose Level 1 planned Q1 to early Q2 SMALL CLINICAL DATA SETS DRIVING HIGH VALUE Early clinical data – few patients - drives high value deals; approvals have been fast, with data from <100 patients Near-term focus: complete Dose Level 1, progress dose escalation and build integrated clinical and biological evidence
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Non-confidential 12 TCR-NK combines established TCR and NK-cell biology in a single cell TCR1 | TUMOUR TARGETING Finds cancer cells Recognises a peptide from an intracellular antigen presented on HLA Validated targeting scaffold in patients Approved TCR-based therapies in solid tumours (Tecelra, KIMMTRAK) NK2 CELL | CANCER-KILLING ENGINE Kills cancer cells Innate receptors recognise stress ligands and missing HLA Validated in patients Potency and favourable safety profile across clinical studies (e.g. CD19 CAR-NK3) + = TCR-NK CELL | ZELLUNA'S PATENTED CONCEPT TCR + native NK receptors Allogeneic NK cell engineered to express a tumour-specific TCR TCR-mediated and innate NK-cell recognition retained in the same cell One cell capable of recognising cancer through complementary mechanisms Independently shown in a patient: a TCR-NK therapy produced a durable complete response in multiple myeloma (MD Anderson, NY-ESO-1)4 Both halves are clinically proven – what is new is combining them in one cell, and that combination is protected 1. TCR; T-Cell Receptor 2. NK; Natural Killer 3. Liu E, et al. N Engl J Med 2020;382:545–553 4. Rezvani/MD Anderson public presentation, National Academies, 2025; NK2026 oral update as presented Sep 2026
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Non-confidential 13 TCR-NK is designed to address key limitations of current cell therapies Current CAR-T and TCR-T therapies face three barriers in solid tumours. TCR-NK is built to address all three EFFECTIVENESS ✕ TODAY’S LIMITATION Single-target therapies Antigen-negative tumour cells can escape treatment, leading to relapse. ✓ THE TCR-NK APPROACH Broader tumour killing • TCR precision targeting of cancer cells • Innate NK-cell killing of target-negative cells SCALE & COST ✕ TODAY’S LIMITATION Patient-specific manufacturing Complex, costly and time-consuming processes that are difficult to scale. ✓ THE TCR-NK APPROACH Off-the-shelf supply • Manufactured from healthy donors • Stored and ready for on-demand use SAFETY ✕ TODAY’S LIMITATION Treatment-related toxicity Severe toxicities (e.g. CRS, ICANS) can require specialist care and limit access. ✓ THE TCR-NK APPROACH Favourable safety profile • Lower risk of CRS, ICANS or GvHD • Potential for wider hospital use and access TCR recognition (targeted killing) Innate NK receptors (broad killing) CRS: cytokine release syndrome · ICANS: neurotoxicity · GvHD: graft-versus-host disease
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Non-confidential 14 Off-the-shelf platform: one batch, hundreds of doses, lower cost of goods Zelluna's proprietary, centralised manufacturing process starts from healthy donor cells – not from the patient 01 Healthy donor NK cells sourced from healthy donor blood, independent of the patient 02 TCR engineering NK cells engineered to express a tumour-specific TCR 03 Expand and freeze One centralised batch delivers 100s of cryopreserved doses 04 Off-the-shelf use Ready-to-use doses treat many patients – each receives multiple doses Autologous cell therapy 1 patient → 1 batch → 1 patient Made individually for each patient Zelluna TCR-NK 1 batch → 100s of doses → many patients* Cryopreserved, off-the-shelf and ready to use One batch, hundreds of doses – lower cost per dose at scale * Number of doses at commercial scale indicated; will depend on the dose level, expected result of ongoing optimisation of the manufacturing process and other factors
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Non-confidential 15 3 – ZI-MA4-1 Lead & ZIMA-101 First-in-human clinical trial
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Non-confidential 16 World-leading UK clinical sites supporting ZIMA-101 Internationally recognised investigators supporting clinical execution THE CHRISTIE | LEAD SITE Prof. Fiona Thistlethwaite Chief Investigator THE ROYAL MARSDEN Dr Andrew Furness Principal Investigator “ “It is encouraging to see the progress in recruitment to the ZIMA-101 study, with patients being identified across several solid tumour indications. As an early-phase clinical trial evaluating a novel TCR-NK cell therapy, our initial focus is on establishing safety and progressing through dose escalation. We look forward to building on this early experience as the study advances.” — Prof. Fiona Thistlethwaite, Chief Investigator, ZIMA-101 Experienced clinical teams supporting recruitment and dose escalation
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Non-confidential 17 ZIMA-101: first-in-human study: design, treatment and data generation Dose escalation under way; every treated patient adds safety, biology and clinical-activity data STUDY DESIGN Phase 1, dose escalation 3+3 design; 3 patients per Dose Level (DL), 3 DLs defined: DL1, DL2 (3xDL1), DL3 (2xDL2) Advanced solid tumours HLA-A*02:01+, MAGE-A4+: lung, ovarian, sarcoma, head and neck. Heavily pre-treated patients Received multiple prior lines of therapy; typically extensive disease burden Independent safety oversight Continuous IDMC review Objective: establish safety and enable early assessment of tumour targeting PREP Lymphodepletion Fludarabine + cyclophosphamide TREATMENT CYCLE ZI-MA4-1 Day 1 | Day 4 | Day 8 Dose 1 Dose 2 Dose 3 DAY 28 Safety observation Protocol-defined period through Day 28 REVIEW IDMC review Continue enrolment at Dose Level 1 EACH TREATED PATIENT GENERATES Tumour response Imaging and clinical assessment (second cycle) Tumour biology Biopsies and tissue analyses Cell kinetics Circulating cells over time Immune biology Immunological changes in the blood Early data focused on safety and biological activity; timing depends on recruitment pace and safety review timelines TREATMENT AND SAFETY REVIEW
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Non-confidential 18 Safety: An important differentiator in cell therapy A favourable safety profile could broaden access and support a more scalable treatment model THE CHALLENGE ! Safety limitations Certain approved cell therapies and emerging approaches such as in vivo CAR-T carry risks of severe CRS and neurotoxicity THE NK-CELL OPPORTUNITY ✓ Favourable safety potential NK-cell biology offers the potential for reduced severe toxicities, outpatient treatment and lower overall treatment costs THE ZELLUNA OPPORTUNITY → Demonstrate differentiation Establish a favourable safety profile for ZI-MA4-1 through clinical development to demonstrate potential differentiation on safety Establishing favourable safety could position TCR-NK as a differentiated cell therapy approach
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Non-confidential 19 ZIMA-101: What we are looking for in the first patients treated Context: heavily pre-treated patients with advanced, late-stage disease who have failed multiple prior standard treatments and with poor prognosis HOW EVIDENCE IS GENERATED Biopsy sampling and analysis Tumour imaging Blood sampling and analysis EARLY INDICATORS OF SUCCESS | Q3 UPDATE 1 Favourable safety profile – important first signal Observed: no dose-limiting toxicities to date; encouraging safety observations across two treated patients 2 Proof of mechanism in patients – platform validating TCR-NKs reaching and engaging tumours, supported by biopsy and blood-based analyses Ongoing: translational and imaging assessments for Dose Level 1 patients continue; peripheral immune marker changes observed 3 Efficacy signals (tumour imaging) may emerge at higher doses Dose escalation expected to be needed to unlock strongest clinical responses Next: dose escalation to Dose Level 2 (~3× Dose Level 1 cell dose), subject to completion of Dose Level 1 and a favourable IDMC safety review
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Non-confidential 20 Clinical Execution: Dose level 1 progressing on track Two patients dosed at Dose Level 1, with additional potential patients identified to support continued recruitment and dose escalation *Dose Level 2 guidance is subject to completion of Dose Level 1 and a favourable subsequent IDMC safety review 2 of 3 patients dosed at Dose Level 1 Third patient dosing planned during Q4 2026 ✓ ✓ ✓ 4 5 First patient dosed Jul 2026 Favourable initial IDMC review Aug 2026 Second patient dosed Oct 2026 Complete Dose Level 1 Planned Q4 2026 Complete Dose Level 2 recruitment & dosing Q1–early Q2 2027* ACTIVE CLINICAL SITES The Christie and The Royal Marsden supporting recruitment across four tumour indications PATIENT IDENTIFICATION Over 30 patients pre-screened for HLA-A2 and/or MAGE-A4 with patients identified to support Dose Level 1 completion and Dose Level 2 recruitment and dosing in Q1 to early Q2. CLINICAL FOLLOW-UP Ongoing tumour imaging assessments and translational data collection and analysis Recruitment and dosing on track, progressing towards Dose Level 2 in Q1 2027 Clinical and biological assessments ongoing
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Non-confidential 21 External clinical evidence supporting the TCR-NK approach MD Anderson NY-ESO-1 TCR-NK: complete response in heavily pretreated multiple myeloma EXTERNAL DATA • NOT ZELLUNA Source: Rezvani/MD Anderson public presentation, National Academies, 2025; NK2026 oral update as presented Sep 2026. Key patient-level readout 100% → 0% NY-ESO+ myeloma cells with normal marrow / no minimum residual disease (MRD) at 1 month Source excerpt: public 2025 MD Anderson presentation CD138 NY-ESO Before After What was reported Heavily pre-treated patient Multiple myeloma following several prior therapies, including BCMA CAR-T Deep clinical response Complete response reported following treatment with an independently developed NY-ESO-1-targeting TCR-NK therapy Bone marrow findings NY-ESO-1-positive myeloma cells reduced from 100% to 0% in the reported assessment External clinical evidence that TCR-NK cells can generate a complete response in cancer patients
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Non-confidential 22 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 One platform. Multiple solid tumour opportunities. TARGET RATIONALE Pipeline targets supported by clinical or preclinical evidence in solid tumours BROAD TUMOUR POTENTIAL Distinct antigens create opportunities across multiple solid tumour indications PLATFORM LEVERAGE Shared manufacturing capabilities and development experience support pipeline expansion A common TCR-NK platform offers the potential to expand across targets while leveraging established capabilities
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Non-confidential 23 4 – Financial update
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Non-confidential 24 Q3 2026 Key Financials Cash and Liquidity • MNOK 60 in cash by end of Q3 2026 • Cash runway into Q3 2027 Operating Profit (loss) and Profit before tax • Operating profit (loss): MNOK -29 in Q3 2026, and MNOK -69 in YTD 2026 • Profit before tax: MNOK -29 in Q3 2026, and MNOK -69 in YTD 2026 Share Issue to Inven2 • 4 August 2026: 446,752 new shares issued at NOK 19.78 to settle a MEUR 0.79 milestone under the Inven2 license agreement, triggered by first patient dosed Important Earlier Updates (June 2026) • Private placement and retail offering raised gross MNOK 58.2 (3,143,958 new shares at NOK 18.50) • Research Council of Norway granted MNOK 16 (IPN scheme) for the Phase 1 study ZIMA-101; payments to Zelluna expected to begin in Q4 2026 with the remainder paid in 2027 Post period (November 2026) • Research Council of Norway granted MNOK 15.6 (IPN scheme) to further advance TCR-NK manufacturing
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Non-confidential 25 P&L and Cash Comments Payroll and payroll related expenses • Payroll expenses, excluding share-based compensation and government grants, were lower in Q3 2026 and YTD 2026 compared to the same periods in 2025, due to lower Group headcount during 2026. External R&D and IPR expenses • The main contributor to R&D expenses so far in 2026 was the clinical study, while in 2025 expenses were primarily related to chemistry, manufacturing and controls (CMC) activities. Other operating expenses • Other operating expenses were higher in Q3 2026 compared to Q3 2025 due to costs related to the private placement and retail offering in June, the Inven2 share issue in August and Extraordinary General Meeting in September. • Other operating expenses were substantially higher in YTD 2025 compared to YTD 2026, mainly due to business combination- related costs. • Net cash of MNOK 60 by the end of Q3 2026 • Total number of issued shares at end of Q3 2026 was 29,860,511, and the number of share options outstanding was 1,377,000 (4.6% of the issued shares). Key financials per Q3-2026 – Zelluna Group NOK (000) Q3-26 Q3-25 YTD-26 YTD-25 FY25 Total revenues 226 - 386 - - Payroll and payroll related expenses 9,601 20,687 27,214 37,664 54,734 Payroll excl. option costs and grants 8,773 15,132 23,380 38,102 53,422 Share option costs and public grants 828 5,555 3,833 -438 1,312 External R&D and IPR expenses (incl. grants) 13,695 11,878 28,723 45,840 56,821 Other operating expenses (incl. depreciation) 5,511 3,911 13,233 20,741 26,728 Impairment of goodwill and intangible assets - 3,229 - 3,229 5,550 Total operating expenses 28,807 39,704 69,169 107,474 143,834 Operating profit (loss) -28,581 -39,704 -68,783 -107,474 -143,834 Net financial items -387 441 -248 2,325 3,123 Profit (loss) before tax -28,968 -39,263 -69,030 -105,150 -140,710 Net increase/(decrease) in cash and cash eq. -25,487 -28,897 -17,446 19,918 51,738 Cash and cash equivalents at end of period 60,378 47,221 60,378 47,221 78,302 Number of FTEs at end of period 15 26 15 26 24
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Non-confidential 26 P&L and Cash Key financials per Q3-2026 – Zelluna Group NOK (000) Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Total revenues - 5 - - 16 144 226 Payroll and payroll related expenses 6,425 10,529 20,687 17,069 10,793 6,819 9,601 Payroll excl. option costs and grants 10,199 12,771 15,132 15,319 8,968 5,639 8,773 Share option costs and public grants -3,774 -2,242 5,555 1,750 1,825 1,180 828 External R&D and IPR expenses (incl. grants) 13,011 19,253 11,878 10,026 5,443 9,585 13,695 Other operating expenses (incl. depreciation) 9,891 8,641 3,911 5,986 4,125 3,597 5,511 Impairment of goodwill and intangible assets - - 3,229 2,321 - - - Total operating expenses 29,327 38,423 39,704 35,403 20,361 20,001 28,807 Operating profit (loss) -29,327 -38,418 -39,704 -35,403 -20,345 -19,857 -28,581 Net financial items 978 881 441 799 -24 164 -387 Profit (loss) before tax -28,349 -37,537 -39,263 -34,605 -20,369 -19,693 -28,968 Net increase/(decrease) in cash and cash eq.* 108,032 -59,004 -28,897 31,583 -28,780 36,820 -25,487 Cash and cash equivalents at end of period 135,314 76,042 47,221 78,302 49,344 86,243 60,378 Number of FTEs at end of period 27 26 26 24 15 15 15 * Not including effects of change in exchange rate
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Non-confidential 27 Quarterly Operating Cash Flow Cash and Liquidity • The operating cash flow in Q3 2026 was approximately MNOK -25, which, offset by depreciation and non-cash share option expenses, was in line with the EBIT for the period • Total cash at the end of the period was MNOK 60, down from MNOK 86 at the end of Q2 • At end of Q3 2026, Zelluna had not received SkatteFunn payments related to 2025 of NOK 5.2 million nor any payments under the NOK 16 million grant awarded by the Research Council of Norway in June 2026 NOK (1000)
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Non-confidential 28 5 – Summary and Outlook
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Zelluna: Execution de-risked. Potential clinical value inflection ahead EXECUTION DE -RISKED From concept to patients ✓ Protected TCR-NK platform ✓ Preclinical biology proven ✓ GMP manufacturing achieved ✓ World-class clinical sites dosing patients NEXT VALUE DRIVER PATIENT DATA ✓ Initial patient data emerging → Higher-dose data in 2027 Dose escalation, expanding patient experience and translational evidence Potential clinical proof of concept WHY IT MATTERS Early data can drive value $1B+ Cell therapy deals, showing strong pharma appetite, incl. deals on early Phase 1 data 44–97 Patients in pivotal datasets supporting selected initial cell therapy approvals EXTERNAL EVIDENCE* supports the TCR-NK approach ✓ TCR approved in solid tumours ✓ NK cells clinical safety and activity ✓ TCR-NK complete response in a patient (MD Anderson data) *TCR: Tecelra, KIMMTRAK · NK: CAR-NK (Liu et al., NEJM 2020) · TCR-NK: independent programme, MD Anderson (myeloma), not Zelluna data
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Non-confidential 30 Q&A