Zelluna ASA
Zelluna ASA develops T-cell receptor (TCR) cellular immunotherapy products for the treatment of solid cancers. The company has a clinical partnership with Medpace Holdings, Inc. to support the clinical trial of ZI-MA4-1 (ZIMA-101); and collaboration with Etcembly Ltd for AI-enabled TCR engineering. The company was founded in 2016 and is based in Oslo, Norway.
Zelluna ASA (ZLNA) - Net Assets
Latest net assets as of December 2025: Nkr85.86 Million NOK
Based on the latest financial reports, Zelluna ASA (ZLNA) has net assets worth Nkr85.86 Million NOK as of December 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (Nkr103.50 Million) and total liabilities (Nkr17.65 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | Nkr85.86 Million |
| % of Total Assets | 82.95% |
| Annual Growth Rate | -38.32% |
| 5-Year Change | N/A |
| 10-Year Change | N/A |
| Growth Volatility | 26.72 |
Zelluna ASA - Net Assets Trend (2021–2025)
This chart illustrates how Zelluna ASA's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Zelluna ASA (2021–2025)
The table below shows the annual net assets of Zelluna ASA from 2021 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | Nkr85.86 Million | +3.86% |
| 2024-12-31 | Nkr82.67 Million | -70.41% |
| 2023-12-31 | Nkr279.39 Million | -37.82% |
| 2022-12-31 | Nkr449.35 Million | -24.24% |
| 2021-12-31 | Nkr593.15 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Zelluna ASA's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 50432100000.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Other Components | Nkr85.86 Million | 100.00% |
| Total Equity | Nkr85.86 Million | 100.00% |
Zelluna ASA Competitors by Market Cap
The table below lists competitors of Zelluna ASA ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Ege Seramik Sanayi ve Ticaret AS
IS:EGSER
|
$19.60 Million |
|
Tamawood Ltd
AU:TWD
|
$19.60 Million |
|
Fleming Properties AB
ST:FLMNG
|
$19.60 Million |
|
Goal Acquisitions Corp
PINK:PUCK
|
$19.61 Million |
|
Taiwan Advance Bio-Pharmaceutical Inc.
TWO:4186
|
$19.59 Million |
|
Samchuly Bicycle Co. Ltd
KQ:024950
|
$19.59 Million |
|
ZINNWALD LITHIUM LS -01
F:7WW
|
$19.59 Million |
|
TOUBF
PINK:TOUBF
|
$19.57 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Zelluna ASA's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 82,669,000 to 85,858,000, a change of 3,189,000 (3.9%).
- Net loss of 140,710,000 reduced equity.
- Share repurchases of 109,826,000 reduced equity.
- New share issuances of 109,826,000 increased equity.
- Other factors increased equity by 143,899,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | Nkr-140.71 Million | -163.89% |
| Share Repurchases | Nkr109.83 Million | -127.92% |
| Share Issuances | Nkr109.83 Million | +127.92% |
| Other Changes | Nkr143.90 Million | +167.6% |
| Total Change | Nkr- | 3.86% |
Book Value vs Market Value Analysis
This analysis compares Zelluna ASA's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 6.12x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has increased from 0.12x to 6.12x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2021-12-31 | Nkr173.33 | Nkr20.00 | x |
| 2022-12-31 | Nkr130.64 | Nkr20.00 | x |
| 2023-12-31 | Nkr81.20 | Nkr20.00 | x |
| 2024-12-31 | Nkr24.03 | Nkr20.00 | x |
| 2025-12-31 | Nkr3.27 | Nkr20.00 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Zelluna ASA utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): -163.89%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 0.00%
- • Asset Turnover: 0.00x
- • Equity Multiplier: 1.21x
- Recent ROE (-163.89%) is below the historical average (-107.99%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2021 | -27.77% | 0.00% | 0.00x | 1.11x | Nkr-224.04 Million |
| 2022 | -37.34% | 0.00% | 0.00x | 1.13x | Nkr-212.73 Million |
| 2023 | -67.73% | 0.00% | 0.00x | 1.25x | Nkr-217.18 Million |
| 2024 | -243.21% | 0.00% | 0.00x | 1.40x | Nkr-209.33 Million |
| 2025 | -163.89% | 0.00% | 0.00x | 1.21x | Nkr-149.30 Million |
Industry Comparison
This section compares Zelluna ASA's net assets metrics with peer companies in the Biotechnology industry.
Industry Context
- Industry: Biotechnology
- Average net assets among peers: $67,094,196
- Average return on equity (ROE) among peers: -121.24%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Zelluna ASA (ZLNA) | Nkr85.86 Million | -27.77% | 0.21x | $19.59 Million |
| Arctic Bioscience AS (ABS) | $287.28 Million | -11.84% | 0.14x | $3.71 Million |
| Aqua Bio Technology ASA (ABTEC) | $8.32 Million | -176.71% | 0.95x | $7.08 Million |
| Arcticzymes Technologies ASA (AZT) | $68.08 Million | -30.08% | 0.26x | $76.32 Million |
| Circa Group AS (CIRCA) | $41.74 Million | -16.77% | 0.13x | $3.57 Million |
| Circio Holding ASA (CRNA) | $-98.54 Million | 0.00% | 0.00x | $16.90 Million |
| Exact Therapeutics AS (EXTX) | $42.24 Million | -35.10% | 0.23x | $3.19 Million |
| Lytix Biopharma AS (LYTIX) | $107.89 Million | -87.37% | 0.36x | $32.31 Million |
| PCI Biotech Holding ASA (PCIB) | $57.40 Million | -95.98% | 0.11x | $432.13K |
| SoftOx Solutions AS (SOFTX) | $16.01 Million | -444.47% | 3.86x | $12.63 Million |
| Thor Medical ASA (TRMED) | $140.52 Million | -314.06% | 1.11x | $48.68 Million |