Rankings Pharma & medtech Zelluna
Zelluna
41
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Funding and dilution−12
- Margin and returns−10
- Capital allocation−8
Strengths
- Net cash and non-dilutive grants+2
- Strong owners+2
How the score is built
From 100 to 41, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 17.95 NOK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- +56%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−28 of −30
- −10Margin and returnsNo revenue. Operating loss of NOK 110.7m and net loss of NOK 114.8m over the last 12 months (Q2 2026 alone −19.7m), ROE −115%.
- −6Moat and technologyZI-MA4-1 is the world's first MAGE-A4-directed TCR-NK cell therapy in the clinic, but the platform has only been tested on the first patient (dosed 13/7-2026) at the lowest dose level. There is no efficacy data, and the advantage over TCR-T and other NK platforms is unproven.
- −8Capital allocationThe share count has risen 138% over a year to 29.4m (after a 10:1 consolidation in 2025). The merger, a directed issue in 2025 and a new issue of NOK 58.2m at NOK 18.50 in June 2026 have financed operations; share-based pay was NOK 10.7m TTM.
- −4Quality of growth and futureA single phase 1 study (ZIMA-101) at two UK centers. Cell therapy against solid tumors has a historically low success rate, and any commercialization is many years away.
Price
Today's multiples against the company's own history and its peers. · 2 findings−6 of −35
- −4Multiples vs own historyP/B is 5.5 vs 4.2 at the turn of the year, and the stock has risen 66% in 52 weeks without efficacy data. The market value has grown 138% this year, mostly via new shares, but the price too is at the high end of its range (200-day average 19.4).
- −2PeersEV about NOK 494m (about USD 52m) vs Nkarta (NK cells, EV USD 75m with net cash 109m) and Fate Therapeutics (iPSC-NK, EV USD 200m). Not expensive vs peers, but peers have more clinical data, and the sector generally trades close to cash.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−23 of −35
- −12Funding and dilutionCash of NOK 86.2m at 30/6 and spending of approx. 20m per quarter; the company itself writes that the cash lasts into Q3 2027. A new issue is therefore likely in H1 2027, before the dose escalation has produced clear efficacy data.
- −8Clinical risk and a single assetAll the value rests on ZI-MA4-1. Only dose level 1 is under way (the IDMC recommended on 17/8 to continue with two more patients), and efficacy data at higher doses lie in 2026–2027. One negative safety or efficacy signal hits the whole company.
- −3Liquidity and free floatFree float is only 11.6 m of 29.4 m shares, and average turnover is about 35,000 shares (about 0.7 m NOK) per day, so large orders move the share price.
Plus
Only documented strengths. · 2 findings+4 of +15
- +2Net cash and non-dilutive grantsNet cash NOK 85.2m with no debt, and the Research Council of Norway granted NOK 16m in June 2026.
- +2Strong ownersGeveran Trading (John Fredriksen) received about 12.4% and Takeda Ventures about 6.1% in the merger, and board member Henrik Schüssler's Gjelsten Holding bought 3.65m shares in the placement.
Caveats
What the score does not capture, or where the data is weak.
Zelluna ASA is the former Ultimovacs ASA, which after the UV1 fiasco in 2025 merged with Zelluna Immunotherapy (reverse takeover, share consolidation 10:1 as of 1/4-2025). Historical figures before 2025 are Ultimovacs' and not comparable. No revenue and no analysts (forecast 404). The share price is NOK 19.70–20.10; market cap 29.41m shares × 20.1 = approx. NOK 591m ≈ DKK 406m (Nordnet 409). Short positions in the Financial Supervisory Authority's register have not been checked. The size of the warrant/option programmes has not been reviewed.
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