Zelluna ASA’s shares declined 4.02% to $21.50 on Thursday after the company disclosed updated clinical and financial results for the second quarter of 2026, including the dosing of the first patient in its ZIMA-101 trial.
The first patient in the ZIMA-101 study, evaluating Zelluna’s lead TCR-NK cell therapy candidate ZI-MA4-1, completed the initial three doses on Days 1, 4, and 8, followed by a 28-day safety observation period. No dose-limiting toxicities or serious adverse events were reported, and the Data Monitoring Committee recommended proceeding with enrollment at Dose Level 1 for the next two patients. ZI-MA4-1 targets MAGE-A4, a tumor-associated antigen expressed in multiple solid tumors, with an estimated 50,000+ potential treatable patients.
The company also outlined upcoming milestones, including completion of dose escalation for ZIMA-101 targeted for the first half of 2027, an in-vitro data package for the KK-LC-1 program expected in the fourth quarter of 2026, and updated clinical data presentations planned for international conferences later this year, including ESMO 2026. The Royal Marsden in the UK was activated as a second clinical site, joining The Christie as the lead site.
Financially, Zelluna reported an operating loss of NOK 20 million in Q2 2026, an improvement from NOK 38 million in the same period of 2025, while operating cash flow remained negative at approximately NOK 20 million. The company ended the quarter with NOK 86 million in cash and cash equivalents. Earlier in 2026, Zelluna raised NOK 58.2 million through a private placement and retail offering, issuing 3.1 million new shares at NOK 18.50 per share, and secured a NOK 16 million grant from the Research Council of Norway.
Zelluna’s workforce was reduced to 15 full-time employees, down from 24 at the end of 2025. Despite the Q2 share decline, the stock has gained 62% year-to-date. CEO Namir Hassan stated the company’s platform is built on clinically validated biology, with early clinical data now emerging.
