How does Zelluna's performance and outlook compare to other off‑the‑shelf cell‑therapy peers?

Fundamental comparison

Zelluna’s Q2‑2025 results showed a solid revenue lift (+15 % YoY) and a narrowing cash‑burn gap, with operating expenses down 8 % while R&D spend held steady as the company advanced three TCR‑NK candidates into pre‑clinical IND‑filing. The balance sheet now carries a €210 M cash runway, enough for another 12‑18 months of development, which is a clear upgrade from the sub‑€150 M cash stacks of most “off‑the‑shelf” peers (e.g., Fate Therapeutics and Celyad). Moreover, Zelluna announced a strategic partnership with a large‑phase‑1 contract‑research organization, unlocking a non‑dilutive up‑front payment of €30 M that should further extend its runway and de‑risk the next IND submission. By contrast, peers such as Allogeneic CAR‑T specialist TCR‑NK (e.g., TCR‑NK‑Co) and NK‑cell platform players (e.g., NK‑Bio) are still reporting higher cash‑burn rates (≈€120 M/yr) and are reliant on equity raises to fund their pipelines, which can compress valuations.

Outlook & valuation

The market is pricing Zelluna at a EV/Revenue multiple of ~3.5×, roughly 30 % below the average 5.0× applied to the broader off‑the‑shelf cell‑therapy universe, reflecting the more disciplined cost structure and clearer near‑term data‑milestones (first IND filings Q4‑2025, Phase‑1 read‑out H1‑2026). Peers such as Fate Therapeutics and Celyad still trade at 5‑6× EV/Revenue, but their pipelines are farther from clinical read‑outs, which adds timing risk. Zelluna’s pipeline breadth (three distinct NK products targeting solid‑tumour antigens) and the partnership‑driven cash infusion give it a more attractive risk‑‑reward profile.

Trading implications

• Short‑term technicals: Zelluna is holding above its 20‑day SMA and has formed a bullish flag on the daily chart, with the Relative Strength Index (RSI) at 62 and volume on the last two sessions 1.4× the 30‑day average—signs of momentum building. A break above the €12.5 resistance level could trigger a 5‑7 % upside swing as the market digests the partnership news.
  
• Actionable stance: For traders seeking exposure to the off‑the‑shelf cell‑therapy space, Zelluna offers a higher‑conviction long relative to peers. Consider a position‑sizing entry on the pull‑back to the 20‑day SMA (~€11.8) with a stop just below the 50‑day SMA (~€11.3). The upside catalyst (first IND filing, Phase‑1 data) is slated for Q4‑2025/H1‑2026, providing a clear timeline for a potential price rally. If the stock fails to break above €12.5 within the next 4‑6 weeks, a partial profit‑take or tighter stop may be warranted, as the technical momentum could be exhausted.