Zelluna’s shares fell 3.6% to $21.60 on Thursday after the Norway-based clinical-stage biotech provided a Q2 2026 update on its ZIMA-101 trial, which evaluates the company’s TCR-NK platform therapy ZI-MA4-1 in solid tumors.
The decline followed the dosing of the first patient in the ZIMA-101 study, a Phase I trial being conducted at U.K. sites including The Christie and The Royal Marsden. Namir Hassan, CEO, described the quarter as “defining,” noting the company’s transition from preclinical to clinical development. An independent safety committee reviewed initial data and found no dose-limiting toxicities or serious adverse events, recommending continued enrollment. The first patient received all three planned doses on days 1, 4, and 8, with no adverse reactions reported during the subsequent safety observation period.
Zelluna reported a Q2 2026 operating loss of NOK 20 million and a H1 2026 operating loss of NOK 40 million, with negative operating cash flow of NOK 20 million in the second quarter. Cash and cash equivalents stood at NOK 86 million at the end of June, with a current ratio of 6.7. The company’s cash runway is expected to extend into Q3 2027, supported by a NOK 58 million gross proceeds from a private placement and retail offering at NOK 18.50 per share, alongside a NOK 16 million grant from the Research Council of Norway.
The ZIMA-101 trial is progressing toward dose escalation, with the next two patients expected to enroll at dose level 1 in the coming weeks and months. Dose-escalation is slated to conclude in H1 2027, followed by dose expansion. Updated clinical data is anticipated at international conferences later in 2026, including ESMO 2026. The company also expects to release in-vitro data for its KK-LC-1 program by year-end 2026.
Zelluna’s stock, which has a 52-week range of $8.20 to $35.80, remains up 62% year-to-date despite the recent decline.
