olivLaw · European equity research
Zelluna ASA ZLNA.OL
Norway · Euronext Oslo Børs · ISIN NO0013524942 · Vertical: Listed companies from Norway
Zelluna ASA is a Norwegian biotechnology company developing cancer-targeted cell therapies based on TCR-guided allogeneic NK cells. The company does not yet generate revenue and is in a research and development phase, with preparation of its first-in-human clinical trial in focus. The total loss for 2025 was MNOK 140.7, and year-end cash of MNOK 78.3 is expected, according to the company, to support planned operations into the first quarter of 2027.
At the close of 06 Nov 2026, Zelluna ASA (ZLNA.OL) stock was 16.50 NOK (−7.82% on the day), with market capitalisation 327.0 m NOK, beta 0.45, 52-week range 8.65–30.50 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 36.2
- weak (30–45)
- Bollinger (20, 2)
- 16.73 – 19.76
- below the lower band · %B -0.08 · band width 16.6%
- SMA 50 / 200
- 20.23 / 19.97
- mixed trend
- MACD (12, 26, 9)
- -0.62 / -0.65
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −17.5% | −0.6% | −16.9 pp | — |
| 3 months | −27.0% | −4.2% | −22.8 pp | — |
| 6 months | −27.9% | +4.3% | −32.3 pp | — |
| Year to date | +19.6% | +7.5% | +12.1 pp | — |
| 1 year | +65.0% | +9.9% | +55.1 pp | −4.7% |
| 3 years | −98.2% | +49.8% | −148.1 pp | +12.7% |
| 5 years | −98.7% | +42.8% | −141.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 0 | 53.0 k | 0 |
| Revenue YoY | unavailable | unavailable | −100.0% |
| Net income | -189.2 m | -105.2 m | -140.7 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -5.50 | -7.10 | -7.10 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | -198,418.9% | unavailable |
| Free cash flow | -189.9 m | -110.3 m | -149.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 78.3 m NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 85.9 m NOK
- Total assets
- 103.5 m NOK
- Debt / equity
- unavailable
- Current ratio
- 4.87x
- ROE
- -230.9%
- ROA
- -182.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 0 | 53.0 k | 0 | esef· 21 Oct 2026verified |
| Operating income | -215.7 m | -109.6 m | -143.8 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 2.8 m | 3.8 m | 4.8 m | esef· 21 Oct 2026verified |
| EBITDA | -213.0 m ≈ | -105.7 m ≈ | -139.0 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 3.1 m | 39.0 k | 1.4 m | esef· 21 Oct 2026verified |
| Pre-tax income | -189.2 m | -105.2 m | -140.7 m | esef· 21 Oct 2026verified |
| Income tax | 0 | 0 | 0 | esef· 21 Oct 2026verified |
| Net income | -189.2 m | -105.2 m | -140.7 m | esef· 21 Oct 2026verified |
| Diluted EPS | -5.50 | -7.10 | -7.10 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 125.7 m | 27.7 m | 78.3 m | esef· 21 Oct 2026verified |
| Receivables | 5.6 m | 5.4 m | 7.6 m | esef· 21 Oct 2026verified |
| Current assets | 272.1 m | 33.1 m | 85.9 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 114.0 k | 4.6 m | 2.9 m | esef· 21 Oct 2026verified |
| Goodwill | 11.7 m | 0 | — | esef· 08 May 2025verified |
| Total assets | 349.0 m | 50.4 m | 103.5 m | esef· 21 Oct 2026verified |
| Current liabilities | 56.1 m | 14.4 m | 17.6 m | esef· 21 Oct 2026verified |
| Total liabilities | 69.6 m | 14.4 m | 17.6 m | esef· 21 Oct 2026verified |
| Equity | 126.1 m | 36.0 m | 85.9 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 34.4 m | 14.8 m | 19.8 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -189.8 m | -100.0 m | -149.0 m | esef· 21 Oct 2026verified |
| Capex | 25.0 k | 10.4 m | 359.0 k | esef· 21 Oct 2026verified |
| Free cash flow | -189.9 m ≈ | -110.3 m ≈ | -149.4 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | 14.0 m | -7.4 m | 94.8 m | esef· 21 Oct 2026verified |
| Financing cash flow | -1.8 m | 7.8 m | 106.0 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 327.0 m NOK
Key indicators
Coverage and freshness
Score by group
19% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -102.4x | 0 (on a fixed band) | 33% |
| Current ratio · Balance sheet | 4.9x | 100 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -45.7% | 0 (on a fixed band) | 44% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Zelluna ASA (ZLNA.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 0 NOK in 2025; YoY growth -100.0%; ROE -230.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 4.9x
What contradicts it
- Interest coverage: -102.4x
- FCF yield: -45.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ZLNA.OLZelluna ASA | 327.0 m | — | -230.9% | — | −100.0% | +83% / −98% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
1- and 3-year price returns: for ZLNA.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Zelluna ASA is a Norwegian biotechnology company developing cancer-targeted cell therapies based on TCR-guided allogeneic NK cells. The company does not yet generate revenue and is in a research and development phase, with preparation of its first-in-human clinical trial in focus. The total loss for 2025 was MNOK 140.7 1, and year-end cash of MNOK 78.3 1 is expected, according to the company, to support planned operations into the first quarter of 2027 1.
SWOT
Strengths
- Proprietary technology platform based on TCR-guided allogeneic NK cells, with a lead programme near the clinical study stage 1.
- Management and Board with experience in biotechnology and in developing partnerships with pharmaceutical companies 1.
- Small operating structure, integrated after the business combination, which may help focus on clinical execution 1.
Weaknesses
- The company has no revenue and depends on capital raised in financial markets to continue its programmes 1.
- Research expenses and negative operating cash flows are significant relative to available reserves 1.
- Reliance on third parties for process development and manufacturing of cell therapies creates risks of delays and extra costs 1.
Opportunities
- A favourable result from the first-in-human study could open discussions with industrial partners and other funding sources 1.
- Extending the TCR-NK platform to other oncology programmes could increase portfolio value in the future 1.
- Grants and public support could partly reduce costs if they continue to be obtained 1.
Risks
- Financing riskhigh
Adequate funding may not be available when needed or on favourable terms, and current cash could prove insufficient if programmes are delayed or become more costly 1.
- Product riskhigh
Preclinical and clinical studies may not confirm the expected efficacy or safety, which could lead to delays and a halt in development 1.
- Manufacturing riskmedium
Manufacturing cell therapies is highly complex, and if production does not reach the required scale, quality attributes or costs, timelines could be significantly affected 1.
- Currency riskmedium
Research and manufacturing carried out outside Norway expose the company to exchange-rate movements between the Norwegian krone and currencies such as the euro and US dollar 1.
- Regulatory riskmedium
Legislative changes or authority decisions may influence studies, authorisations and access to the targeted markets 1.
Investment thesis
What would need to be true (bull case)
- If the first-in-human study of ZI-MA4-1 starts on time and produces favourable data, the company could demonstrate for the first time the value of its TCR-NK platform 1.
- Management's experience with pharmaceutical partnerships could help attract funding or partners in the clinical stage 1.
- Focus on a single lead programme and a lean structure could speed up operational execution 1.
What would break the thesis
- With no revenue and limited cash, the company could be forced to raise additional capital on less favourable terms 1.
- If preclinical or clinical studies fail to meet expectations, development could be halted, with significant loss of invested capital 1.
- Competitors with a better profile or faster market access could reduce the potential value of Zelluna's products 1.
What to watch
- Development of cash position and need for additional financingQ1 2027
- Collection of grants recognised in 2025 and effect on expenses2026
- Progress in aligning governance with the revised Norwegian Code of Practice for Corporate Governance2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Zelluna aims to save lives through innovative cancer-targeted cell therapies by developing and delivering TCR-guided allogeneic NK-cell therapies 1. The company resulted from a March 2025 business combination between Zelluna ASA, formerly Ultimovacs ASA, and Zelluna Immunotherapy AS, so financial information before that date reflects only the latter's operations 1. The lead programme, ZI-MA4-1, received UK CTA approval in February 2026 and is being prepared for a first-in-human Phase I trial 1.
The operating structure is small, with 24 employees at 31 December 2025 1. The company is in a research and development phase without revenue, and expenses are dominated by research costs, GMP manufacturing and clinical trial preparation 1. Funding has relied on private placements and grants, and part of the grants recognised in 2025 is expected to be received in 2026 1.
Management is focused on the TCR-NK platform and the transition to clinical stage after the integration completed in 2025 1. The Board continuously monitors funding needs, and potential financing alternatives are evaluated as part of normal business 1.
Segments
Market context
The targeted market is advanced cell-based oncology therapies, a heavily regulated field where approvals and patient access for clinical studies can be influenced by legislative changes and regulatory decisions 1. The number of clinical trials in different oncology areas may influence patient access for the company's studies 1.
The company's activity depends on general financing conditions for biotechnology, the availability of capital and the pace of competition in immune oncology, factors that could change timelines and programme costs 1.
Trends
- Strict regulationheadwind
Changes in the regulatory framework can affect clinical studies, intellectual property protection and product authorisation, which could slow programmes 1.
- Funding pressureheadwind
The company has no revenue, and additional capital can only be obtained on variable terms and timing, depending on financial markets 1.
- Grants and public supportmixed
Grants recognised in 2025 reduce operating expenses, and a significant part is expected to be received in 2026, which may ease cost pressure 1.
Competitive position
Competing oncology treatments, including other immune-oncology therapies and new alternative approaches, can capture market share or reach the market faster than Zelluna 1. If a competing project has a better efficacy or side-effect profile, the value of Zelluna's products could be lower than expected 1.
- Cell therapy companies in oncology
Direct competition through cell therapies for solid and haematological tumours, with potential to reach the market sooner 1.
- Developers of immune-oncology treatments
Competitors that could take market share if their products have a more favourable profile 1.
- Standard oncology therapies
Established treatments can limit adoption of new therapies, especially where patient access is concerned 1.
- Other NK-cell platforms
Companies developing NK cells as an alternative, with different technologies and manufacturing costs 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Zelluna ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.