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Zelluna ASA (ZLNA) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Zelluna ASA stock NOK 7.59, price NOK 15.60, that is 51.3% below the price, quality 46 out of 100. Rating: strongly overvalued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Healthcare NO

ZA Zelluna ASA logo Thin data Nov 11, 2026

Zelluna ASA

ZLNA · OL
Very expensive, weak quality

Our calculation puts a fair price 51% below what the stock costs today.

Quality 46/100
Fair value kr 7.59 · Strongly overvalued
Weak Growth
Negative free cash flow
Trails peers (2/6)
Narrow moat 6/100 · thin data
Thin data
Estimate
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26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

kr 1,620 kr 8.65 Fair Value kr 7.59 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 11, 2026.

How to read this chart

60‑month range kr 8.65 – kr 1,620 · fair‑value band kr 5.69 – kr 9.49 · the kr 15.60 price screens above the kr 7.59 fair value. As of Nov 11, 2026.

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Company profile

Zelluna ASA, a clinical-stage biotechnology company, engages in the development of T-cell receptor guided natural killer cell therapies in Norway.

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It develops ZI-MA4-1 which is in Phase I clinical trial for the treatment of non-small cell lung cancer, ovarian, and head and neck synovial sarcoma; ZI-KL1-1 which is in preclinical trial for the treatment of breast, gastric, lung, pancreatic, and cervix cancers; and ZI-PR-1 which is in discovery stage for the treatment of solid tumors.

The company was incorporated in 2016 and is headquartered in Oslo, Norway.

Stock analysis

Zelluna ASA (ZLNA) currently trades at kr 15.60, while our estimate is kr 7.59, 51% below the price, so the stock looks overvalued today.

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: kr 5.69 (bear) to kr 9.49 (bull), the price of kr 15.60 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 46/100 (below-average quality), in the Healthcare sector.

Weak Growth: Revenue growth is weak, negative or inconsistent.

Zelluna ASA reported revenue of 0 NOK in FY2025 versus 0 NOK in FY2021. Reported net income was −141M NOK in FY2025.

Key figures

Market cap 475M NOK (≈ $50.0M) Micro · EPS (TTM) kr −4.14 · Return on equity −140% · Return on assets (EBIT) −95.8% (5-year average) · Operating margin −12,646% · Revenue (TTM) 386K NOK · Free cash flow −149M NOK.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 6 out of 100 (low confidence).

What moves the price

The share trades about 49% below its 52-week high and 80% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −7% fair-value upside, at −51%, ZLNA screens richer than that median.

Fair Value

Bear kr 5.69 Fair Value kr 7.59 Bull kr 9.49
Price kr 15.60 · Downside -51.3%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 46/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 0
How much profit the company makes from its sales and capital
Quality Growth 50
Are margins and returns getting better?
Cashflow 37
Do the profits arrive as real cash?
Financial strength 100
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 0
How calm the share price moves, does not count
Price momentum 39
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 64
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 0/100
Revenue growth is weak, negative or inconsistent.
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

ZLNA screens overvalued: fair value 51% below the price. Compare with Vertex Pharmaceuticals Incorporated →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 849 stocks

Beats the industry median on 2/5 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 46 · Above median
Fair Value upside −51.3% · Bottom 25%
Profitability
Return on assets −136.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 0.0% · Above median

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 5.53× · Priciest 25%

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Biotechnology stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Regeneron Pharmaceuticals, Inc REGN $916.06 $1,275 +39% vs ZLNA
Samsung Biologics Co 207940 1,468,000 KRW 1,661,000 KRW +13% vs ZLNA
Vertex Pharmaceuticals Incorporated VRTX $547.89 $601.80 +10% vs ZLNA
Genmab A/S GMAB kr 3,581 kr 3,880 +8% vs ZLNA
argenx SE ARGX $971.55 $908.40 −7% vs ZLNA
CSL Limited CSL A$201.68 A$181.40 −10% vs ZLNA
Moderna, Inc MRNA $250.83 $158.70 −37% vs ZLNA
BeOne Medicines AG 6160 HK$252.20 HK$152.80 −39% vs ZLNA
Celltrion, Inc 068270 203,000 KRW 74,945 KRW −63% vs ZLNA
Royalty Pharma plc RPRX $69.45 $19.01 −73% vs ZLNA

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Zelluna ASA: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Zelluna ASA Fair Value". https://www.fairvalue-calculator.com/stock/ZLNA

Frequently asked questions

Is Zelluna ASA (ZLNA) overvalued or undervalued?
As of Nov 11, 2026, our estimate of fair value is kr 7.59 versus a price of kr 15.60, about 51% lower (overvalued).
What is the fair value of ZLNA?
Our estimate for Zelluna ASA is kr 7.59 (as of Nov 11, 2026), built from audited fundamentals. The current price: kr 15.60.
What is the quality score of ZLNA?
Zelluna ASA has a Quality Score of 46/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Zelluna ASA (ZLNA)?
Our calculated price target is the estimate of kr 7.59 (as of Nov 11, 2026). Cautious scenario kr 5.69, optimistic scenario kr 9.49. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Zelluna ASA stock forecast for 2026?
Our estimate puts fair value at kr 7.59, about 51% lower versus a price of kr 15.60 (overvalued). Cautious scenario kr 5.69, optimistic scenario kr 9.49. The calculation is refreshed regularly with new filings.
What is the revenue of Zelluna ASA (ZLNA)?
Zelluna ASA reported trailing-twelve-month revenue of about 386K NOK (latest available figure, as of Nov 11, 2026).
What is the intrinsic value of Zelluna ASA (ZLNA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zelluna ASA it is kr 7.59 per share (as of Nov 11, 2026), against a price of kr 15.60.
Is Zelluna ASA stock overvalued or undervalued in 2026?
As of Nov 11, 2026, ZLNA trades above its calculated fair value: price kr 15.60, fair value kr 7.59, a gap of about −51% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ZLNA?
No. The price is what the market pays today (kr 15.60); the fair value is what the company's own numbers justify (kr 7.59). For Zelluna ASA the two are kr 8.01 per share apart. That gap is exactly why we show both numbers side by side.
How much is Zelluna ASA worth?
The market values Zelluna ASA at about 475M NOK (market capitalisation, as of Nov 11, 2026). Per share that is kr 15.60; our models calculate a fair value of kr 7.59 per share.
What do the bullish and bearish scenarios say about ZLNA?
Our models span a range for Zelluna ASA: cautious scenario kr 5.69, base kr 7.59, optimistic kr 9.49 per share (as of Nov 11, 2026, price kr 15.60). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Zelluna ASA (ZLNA)?
Balance-sheet figures for Zelluna ASA (as of Nov 11, 2026): return on equity −139.8%. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is ZLNA from its 52-week high?
Zelluna ASA trades at kr 15.60, about 49% below its 52-week high of kr 30.50 and 80% above the low of kr 8.65 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of kr 7.59 is for.
Which stocks are comparable to Zelluna ASA?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Moderna, Inc, Regeneron Pharmaceuticals, Inc, CSL Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Zelluna ASA stock attractive at the current price?
The data as of Nov 11, 2026: price kr 15.60, calculated fair value kr 7.59 (−51%), Quality Score 46/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Zelluna ASA itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Zelluna ASA (ZLNA)?
The closing price on Nov 10, 2026 was kr 15.60. Our estimate is kr 7.59, about 51% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Zelluna ASA right now?
The price sits above even our optimistic bull case (kr 9.49). The favourable scenario is already priced in. Weak quality (46/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of Zelluna ASA

How large is the market capitalisation of Zelluna ASA (ZLNA)?
The market capitalisation of Zelluna ASA is 475M NOK (≈ $50.0M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of Zelluna ASA (ZLNA)?
Earnings per share at Zelluna ASA are kr −4.14. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Zelluna ASA (ZLNA)?
The return on equity (ROE) of Zelluna ASA is −140% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Zelluna ASA (ZLNA)?
On an EBIT basis the return on assets of Zelluna ASA is −95.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Zelluna ASA (ZLNA)?
The operating margin of Zelluna ASA is −12,646% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How much free cash flow does Zelluna ASA (ZLNA) generate?
The free cash flow of Zelluna ASA is −149M NOK (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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