What Zelluna Immunotherapy does

Zelluna Immunotherapy (operating as Zelluna ASA, OSE: ZLNA) is a clinical-stage Norwegian biopharmaceutical company developing allogeneic, off-the-shelf T Cell Receptor-Natural Killer (TCR-NK) cell therapies for solid tumours. Founded in 2016 and headquartered at the Oslo Cancer Cluster Innovation Park, the company became publicly listed on the Oslo Stock Exchange in March 2025 following a business combination with Ultimovacs ASA. Its core proprietary platform combines the precise antigen targeting of engineered T cell receptors with the innate cytotoxic activity of natural killer cells, designed to address tumour heterogeneity, antigen loss, and scalability constraints that have limited autologous cell therapies in solid cancers.

The company's lead product candidate, ZI-MA4-1, is the world's first MAGE-A4-targeting TCR-NK therapy and is currently being evaluated in the ZIMA-101 first-in-human Phase 1 clinical trial following UK MHRA approval in February 2026, with first site activation at The Christie NHS Foundation Trust in May 2026. Pipeline expansion includes a KKLC1-targeting TCR program developed in collaboration with Etcembly using its AI-enabled EMLy platform. Zelluna holds a landmark granted patent providing broad protection over the TCR-NK field and has developed a proprietary manufacturing process capable of producing hundreds of doses per GMP batch. The company employs between 11 and 50 people and engages Medpace as clinical CRO.

Zelluna is pre-revenue, with FY2025 operating expenses of NOK 143.8 million and a Q1 2026 loss of NOK 20.4 million. The business model contemplates eventual commercialization through oncology hospital contracts or pharmaceutical partnerships following regulatory approval, generating revenue from one-time cell therapy product sales; no commercial pricing has been disclosed. Capital is raised through equity issuances on the Oslo market, with two private placements in November 2025 (NOK 58 million) and June 2026 (NOK 58.2 million) supporting clinical execution, with cash runway extended into Q1 2027.

Name

Zelluna Immunotherapy

Legal name

Zelluna ASA

Website

https://zelluna.com

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Zelluna Immunotherapy is a publicly listed Norwegian biotech developing allogeneic TCR-NK cell therapies for solid tumours, with lead candidate ZI-MA4-1 in a UK Phase 1 trial and a KKLC1 pipeline program built via AI-enabled TCR engineering.

Ownership category

akta.pro rank

Product category

Cancer Cell Therapy

NAICS

Biological Product (except Diagnostic) Manufacturing (325414), Pharmaceutical Preparation Manufacturing (325412), Research and Development in Biotechnology (except Nanobiotechnology) (541714)

SIC

Biological Products, (No Disgnostic Substances) (2836), Pharmaceutical Preparations (2834)

akta.pro primary industry

NK Cell Therapies (HLAAABAD)

akta.pro secondary industries

Cell Therapy Enabling Technologies (gene editing, cell engineering, delivery methods) (HLAAABAL), CAR-T & TCR-T Therapies (HLAAABAC)

Keywords

• Cell therapy platform
• TCR-NK immunotherapy
• Allogeneic cell therapy
• Solid tumor therapy
• Cancer immunotherapy

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales

Revenue model

1. Cell Therapy Product Sales: Pre-revenue biopharmaceutical company developing allogeneic TCR-NK cell therapies for cancer treatment. Expected to generate revenue through product sales following regulatory approval and commercialization.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Zelluna Immunotherapy develops an allogeneic, off-the-shelf T Cell Receptor-based Natural Killer (TCR-NK) cell therapy platform for the treatment of solid cancers. Its lead product candidate, ZI-MA4-1, is the world's first MAGE-A4-targeting TCR-NK therapy currently in Phase 1 clinical trials (ZIMA-101 study). The pipeline includes a KKLC1-targeting TCR-NK program developed in collaboration with Etcembly using AI-enabled TCR engineering.

Product overview

Zelluna Immunotherapy is a Norwegian biotech company pioneering an allogeneic 'off-the-shelf' TCR-NK cell therapy platform for solid cancers. The company's core platform combines T cell receptor (TCR) targeting with natural killer (NK) cell cytotoxicity. The lead product, ZI-MA4-1, is the world's first MAGE-A4-targeting TCR-NK therapy currently in Phase 1 clinical trials (ZIMA-101 study). The pipeline includes a KKLC1-targeting program developed through AI-enabled collaboration with Etcembly. The platform is designed to overcome key challenges in solid tumour treatment including tumour heterogeneity and antigen loss, while offering scalable manufacturing and broad patient access.

Differentiator

Problem solved

Functional benefit

Products and services

• ZI-MA4-1 World's first MAGE-A4-targeting off-the-shelf allogeneic TCR-NK cell therapy candidate for treatment of solid cancers including lung, ovarian, head and neck cancers, and sarcomas. Combines precise T cell receptor targeting with innate NK cell cytotoxicity.
• TCR-NK Platform Proprietary allogeneic off-the-shelf T Cell Receptor-based Natural Killer cell therapy platform combining precise solid tumour targeting of TCRs with the potent, broad cancer-killing ability of NK cells. Designed to overcome limitations of current cell therapies in solid tumours and enable scalable, cost-effective production.
• KKLC1 TCR-NK Program Pipeline expansion program engineering TCRs targeting the KKLC1 cancer antigen for use within the TCR-NK platform. Expands the company's target portfolio beyond MAGE-A4 to address a broader spectrum of solid cancers. Developed in collaboration with Etcembly using AI-enabled engineering via the EMLy platform.

Quantifiable outcome

• First GMP batch successfully manufactured December 2025 for first-in-human trial
• +1 more outcomes

Named customers2 records

Segments1 record

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature4 records

Partnerships

Two partnerships are on record, tiered core.

• Etcembly LtdcoreStrategic or Co-development Partner · 9 March 2026Collaboration leveraging Etcembly's AI platform EMLy to engineer high-affinity TCRs targeting KKLC1 cancer antigen for use in allogeneic TCR-NK cell therapy platform. Builds on successful previous collaboration that produced ZI-MA4-1. In-vitro data expected Q4 2026.
• MedpacecoreImplementation/ SI/ Consulting Partner · 11 February 2026Global contract research organization selected to support first-in-human Phase 1 clinical trial of ZI-MA4-1. Medpace provides clinical operations, trial management, regulatory support, data management, and pharmacovigilance services.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Market position

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds9 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Zelluna Immunotherapy