Cellectis Reports Financial Results for the First Quarter 2025
- Revenue increased by $5.5 million year-over-year to $12.0 million
- Strong cash position of $246 million providing runway into H2 2027
- R&D expenses decreased by $0.4 million to $21.9 million
- Progress in AstraZeneca partnership with three ongoing programs
- Net loss of $18.1 million compared to net income of $5.6 million in Q1 2024
- Cash position decreased by $18 million from $264 million in December 2024
- $3.9 million net financial loss compared to $26.3 million gain in Q1 2024
Insights
Cellectis shows clinical progress and strong $246M cash position extending runway into H2 2027, despite Q1 net loss of $18.1M.
Cellectis' Q1 2025 results reveal both promising developments and financial challenges. The company's two lead allogeneic CAR-T candidates are progressing through clinical trials with key readouts expected later this year: lasme-cel (UCART22) for B-cell ALL in Q3 2025 and eti-cel (UCART20x22) for non-Hodgkin lymphoma in late 2025. These milestones are critical for validating Cellectis' gene-editing platform.
The company's financial position appears solid with $246 million in cash as of March 31, providing runway into H2 2027. This represents an $18 million decrease from the $264 million reported at the end of 2024, but offers substantial operational flexibility. The strategic partnership with AstraZeneca continues to yield financial benefits, with collaboration revenue increasing to $10.7 million in Q1 2025 from $4.5 million in Q1 2024.
While R&D expenses remained relatively stable at $21.9 million (down slightly from $22.3 million in Q1 2024), the company reported a net loss of $18.1 million for Q1 2025, compared to a net income of $5.6 million in Q1 2024. This substantial swing is primarily due to a one-time $21.3 million gain in Q1 2024 that wasn't repeated, combined with negative foreign exchange impacts in the current quarter.
The partnership with AstraZeneca represents a significant validation of Cellectis' technology platform, with three active programs: two allogeneic CAR-T candidates (one for hematological malignancies and one for solid tumors) and an in vivo gene therapy for a genetic disorder. This diversification into solid tumors and in vivo applications could substantially expand the company's addressable market.
Cellectis is also advancing its technological capabilities, with upcoming presentations at ASGCT on non-viral gene editing and TALE base editors (TALEB). These innovations could potentially address limitations of current gene editing approaches and strengthen the company's intellectual property position.
- Lasme-cel (UCART22) Phase 1 dataset and late-stage development strategy expected in the third quarter of 2025
- Eti-cel (UCART20x22) Phase 1 study in relapsed or refractory B-cell non-Hodgkin lymphoma (r/r NHL) ongoing with readout expected in late 2025
- AstraZeneca partnership: R&D activities ongoing on three programs – one allogeneic CAR T for hematological malignancies, one allogeneic CAR T for solid tumors, and one in vivo gene therapy for a genetic disorder
- Cellectis will present novel non-viral gene editing and base editing research at the 2025 ASGCT annual meeting
- Cash position of
$246 million as of March 31, 20251 provides runway into H2 2027
NEW YORK, May 12, 2025 (GLOBE NEWSWIRE) -- Cellectis (the “Company”) (Euronext Growth: ALCLS - NASDAQ: CLLS), a clinical-stage biotechnology company using its pioneering gene editing platform to develop life-saving cell and gene therapies, today provided financial results for the first quarter 2025, ending March 31, 2025, and provided a business update.
« We are making progress in our wholly-owned clinical studies and in the three programs under our strategic partnership with AstraZeneca. We will continue to focus our efforts and resources on advancing these core programs and are looking forward to the results expected over the next few months » said André Choulika, Ph.D., Chief Executive Officer at Cellectis.
Pipeline Highlights
UCART Clinical Programs
BALLI-01 study evaluating lasme-cel (UCART22) in relapsed or refractory B-cell acute lymphoblastic leukemia (r/r B-ALL)
- On April 15, 2025, the International Nonproprietary Names (INN) Expert Committee of the World Health Organization (WHO) selected lasmecabtagene timgedleucel (lasme-cel) as recommended international non-proprietary name of UCART22 drug substance.
- Cellectis continues to focus on the enrollment of patients in the BALLI-01 study and expects to present the Phase 1 dataset and late-stage development strategy for lasme-cel in r/r B-ALL in the third quarter of 2025.
NATHALI-01 study evaluating eti-cel (UCART20x22) in relapsed or refractory B-cell non-Hodgkin lymphoma (r/r NHL)
- On April 15, 2025, the INN Expert Committee of the WHO selected etivelcabtagene erigedleucel (eti-cel) as recommended international non-proprietary name of UCART20x22 drug substance.
- Cellectis continues to focus on the enrollment of patients in the NATHALI-01 study and expects to present a Phase 1 readout for eti-cel in r/r NHL in late 2025.
Research Data & Preclinical Programs
Novel Non-Viral Gene Editing and Base Editing Research
- On April 28, 2025, Cellectis announced the presentation of research data on TALEN®-mediated non-viral transgene insertion for advancing cellular and gene therapies, and advancements in genetic editing using TALE base editors (TALEB), at the American Society of Gene and Cell Therapy (ASGCT) annual meeting that will be held on May 13-17, 2025 in New Orleans. The data will be presented in two posters:
TALEN®- Mediated non-viral Transgene Insertion for the Advancement of Cellular and Gene Therapies
- In this work, Cellectis combines TALEN®-mediated gene editing with non-viral transgene insertion for advancing cellular and gene therapies and explores gene insertion-efficacy and cellular health using single-stranded DNA (ssDNA) for payload delivery in different cell types.
- This innovative approach has the potential to address the challenges associated with traditional lentiviral viral methods or AAV-mediated transgene insertion such as manufacturing constraints, potential genomic toxicities or limited payload size.
High fidelity C-to-T editing with TALE base editors
- TALE base editors (TALEB) are fusions of a transcription activator-like effector domain (TALE), split-DddA deaminase halves, and an uracil glycosylase inhibitor (UGI). The C-to-T class of TALEB edits double-stranded DNA by converting a cytosine (C) to a thymine (T) and does not involve a DNA strand nick. Cellectis has developed a method to evaluate TALEB activity, analyzing factors affecting its efficiency. Using precise ssODN knock-in in primary T cells, the method assesses how target sequence composition and spacer variations impact TALEB performance.
- Overall, the results of this study enhance the control and use of TALEB, allowing for the design of highly efficient and specific TALEB compatible with future potential therapeutic applications.
The abstracts are live on the ASGCT website. The posters will be available on Cellectis’ website the first day of the event.
Partnerships
AstraZeneca Joint Research and Collaboration Agreement
Research and development activities are ongoing under three cell and gene therapy programs under the joint research and collaboration agreement entered into by Cellectis and AstraZeneca in November 2023: one allogeneic CAR T for hematological malignancies, one allogeneic CAR T for solid tumors, and one in vivo gene therapy for a genetic disorder.
Financial Results
Cash: As of March 31, 2025, Cellectis had
This compares to
We currently foresee focusing our cash spending at Cellectis in supporting the development of our pipeline of product candidates, including the manufacturing and clinical trial expenses of UCART22, UCART20x22 and potential new product candidates, and operating our state-of-the-art manufacturing capabilities in Paris (France) and Raleigh (North Carolina).
Revenues and Other Income: Consolidated revenues and other income were
R&D Expenses: Consolidated R&D expenses were
SG&A Expenses: Consolidated SG&A expenses were
Other operating income and expenses: Other operating income increased by
Net financial gain (loss): We had a consolidated net financial loss of
Net Income (loss) Attributable to Shareholders of Cellectis: Consolidated net loss attributable to shareholders of Cellectis was
Adjusted Net Income (Loss) Attributable to Shareholders of Cellectis: Consolidated adjusted net loss attributable to shareholders of Cellectis was
The interim condensed consolidated financial statements of Cellectis have been prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board (“IFRS”).
Please see "Note Regarding Use of Non-IFRS Financial Measures" for reconciliation of GAAP net income (loss) attributable to shareholders of Cellectis to adjusted net income (loss) attributable to shareholders of Cellectis.
| CELLECTIS S.A. INTERIM CONDENSED STATEMENT OF CONSOLIDATED FINANCIAL POSITION (unaudited) ($ in thousands) | |||||||
| As of | |||||||
| December 31, 2024 | March 31, 2025 | ||||||
| ASSETS | |||||||
| Non-current assets | |||||||
| Intangible assets | 1,116 | 242 | |||||
| Property, plant, and equipment | 45,895 | 44,451 | |||||
| Right-of-use assets | 29,968 | 28,482 | |||||
| Non-current financial assets | 7,521 | 5,262 | |||||
| Other non-current assets | 11,594 | 13,443 | |||||
| Deferred tax assets | 382 | 382 | |||||
| Total non-current assets | 96,476 | 92,262 | |||||
| Current assets | |||||||
| Trade receivables | 6,714 | 7,870 | |||||
| Subsidies receivables | 14,521 | 15,117 | |||||
| Other current assets | 5,528 | 5,147 | |||||
| Cash and cash equivalent and Current financial assets | 260,306 | 243,691 | |||||
| Total current assets | 287,069 | 271,825 | |||||
| TOTAL ASSETS | 383,544 | 364,086 | |||||
| LIABILITIES | |||||||
| Shareholders’ equity | |||||||
| Share capital | 5,889 | 5,900 | |||||
| Premiums related to the share capital | 494,288 | 495,266 | |||||
| Currency translation adjustment | (39,537 | ) | (37,271 | ) | |||
| Retained earnings | (292,846 | ) | (329,563 | ) | |||
| Net income (loss) | (36,761 | ) | (18,128 | ) | |||
| Total shareholders’ equity - Group Share | 131,033 | 116,204 | |||||
| Non-controlling interests | 0 | 0 | |||||
| Total shareholders’ equity | 131,033 | 116,204 | |||||
| Non-current liabilities | |||||||
| Non-current financial liabilities | 50,882 | 51,037 | |||||
| Non-current lease debts | 34,245 | 33,138 | |||||
| Non-current provisions | 1,115 | 1,139 | |||||
| Total non-current liabilities | 86,241 | 85,314 | |||||
| Current liabilities | |||||||
| Current financial liabilities | 16,134 | 16,786 | |||||
| Current lease debts | 8,385 | 7,862 | |||||
| Trade payables | 18,664 | 17,209 | |||||
| Deferred revenues and deferred income | 112,161 | 113,304 | |||||
| Current provisions | 828 | 843 | |||||
| Other current liabilities | 10,097 | 6,565 | |||||
| Total current liabilities | 166,269 | 162,569 | |||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 383,544 | 364,086 | |||||
| Cellectis S.A. INTERIM CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS (unaudited) ($ in thousands, except per share amounts) | ||||||
| For the three-month period ended March 31, | ||||||
| 2024 | 2025 | |||||
| Revenues and other income | ||||||
| Revenues | 4,528 | 10,655 | ||||
| Other income | 1,970 | 1,373 | ||||
| Total revenues and other income | 6,498 | 12,029 | ||||
| Operating expenses | ||||||
| Research and development expenses | (22,324 | ) | (21,932 | ) | ||
| Selling, general and administrative expenses | (5,104 | ) | (4,702 | ) | ||
| Other operating income (expenses) | 35 | 426 | ||||
| Total operating expenses | (27,392 | ) | (26,208 | ) | ||
| Operating income (loss) | (20,894 | ) | (14,179 | ) | ||
| Financial gain (loss) | 26,275 | (3,948 | ) | |||
| Income tax | 262 | 0 | ||||
| Income (loss) from continuing operations | 5 643 | (18,128 | ) | |||
| Net income (loss) | 5,643 | (18,128 | ) | |||
| Attributable to shareholders of Cellectis | 5,643 | (18,128 | ) | |||
| Basic net income (loss) attributable to shareholders of Cellectis, per share ($/share) | 0.08 | (0.18 | ) | |||
| Diluted net income (loss) attributable to shareholders of Cellectis, per share ($/share) | (0.15 | ) | (0.18 | ) | ||
| Number of shares used for computing | ||||||
| Basic | 71,810,231 | 100,156,559 | ||||
| Diluted | 103,093,741 | 100,156,559 | ||||
Note Regarding Use of Non-IFRS Financial Measures
Cellectis S.A. presents adjusted net income (loss) attributable to shareholders of Cellectis in this press release. Adjusted net income (loss) attributable to shareholders of Cellectis is not a measure calculated in accordance with IFRS. We have included in this press release a reconciliation of this figure to net income (loss) attributable to shareholders of Cellectis, which is the most directly comparable financial measure calculated in accordance with IFRS.
Because adjusted net income (loss) attributable to shareholders of Cellectis excludes non-cash stock-based compensation expense—a non-cash expense, we believe that this financial measure, when considered together with our IFRS financial statements, can enhance an overall understanding of Cellectis’ financial performance. Moreover, our management views the Company’s operations, and manages its business, based, in part, on this financial measure. In particular, we believe that the elimination of non-cash stock-based expenses from Net income (loss) attributable to shareholders of Cellectis can provide a useful measure for period-to-period comparisons of our core businesses. Our use of adjusted net income (loss) attributable to shareholders of Cellectis has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under IFRS. Some of these limitations are: (a) other companies, including companies in our industry which use similar stock-based compensation, may address the impact of non-cash stock- based compensation expense differently; and (b) other companies may report adjusted net income (loss) attributable to shareholders or similarly titled measures but calculate them differently, which reduces their usefulness as a comparative measure. Because of these and other limitations, you should consider adjusted net income (loss) attributable to shareholders of Cellectis alongside our IFRS financial results, including Net income (loss) attributable to shareholders of Cellectis.
| RECONCILIATION OF IFRS TO NON-IFRS NET INCOME (unaudited) ($ in thousands, except per share data) | |||||
| For the three-month period ended March 31, | |||||
| 2024 | 2025 | ||||
| Net income (loss) attributable to shareholders of Cellectis | 5,643 | (18,128 | ) | ||
| Adjustment: Non-cash stock-based compensation expense attributable to shareholders of Cellectis | 887 | 976 | |||
| Adjusted net income (loss) attributable to shareholders of Cellectis | 6,530 | (17,152 | ) | ||
| Basic adjusted net income (loss) attributable to shareholders of Cellectis ($/share) | 0.09 | (0.17 | ) | ||
| Weighted average number of outstanding shares, basic (units) | 71,810,231 | 100,156,559 | |||
| Diluted adjusted net income (loss) attributable to shareholders of Cellectis ($/share) | (0.14 | ) | (0.17 | ) | |
| Weighted average number of outstanding shares, diluted (units) | 103,093,741 | 100,156,559 | |||
About Cellectis
Cellectis is a clinical-stage biotechnology company using its pioneering gene-editing platform to develop life-saving cell and gene therapies. The company utilizes an allogeneic approach for CAR T immunotherapies in oncology, pioneering the concept of off-the-shelf and ready-to-use gene-edited CAR T-cells to treat cancer patients, and a platform to develop gene therapies in other therapeutic indications. With its in-house manufacturing capabilities, Cellectis is one of the few end-to-end gene editing companies that controls the cell and gene therapy value chain from start to finish.
Cellectis’ headquarters are in Paris, France, with locations in New York and Raleigh, NC. Cellectis is listed on the Nasdaq Global Market (ticker: CLLS) and on Euronext Growth (ticker: ALCLS). To find out more, visit www.cellectis.com and follow Cellectis on LinkedIn and X.
TALEN® is a registered trademark owned by Cellectis.
Cautionary Statement
This press release contains “forward-looking” statements within the meaning of applicable securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “will,” “expected,” “expect,” “potential,” “has the potential to,” “may,” or “could” or the negative of these and similar expressions. These forward-looking statements are based on our management’s current expectations and assumptions and on information currently available to management, including information provided or otherwise publicly reported by our licensed partners. Forward-looking statements include statements about advancement, timing and progress of clinical trials (including with respect to patient enrollment), the timing of our presentation of data, the potential of our innovation programs, and the sufficiency of cash to fund operations. These forward-looking statements are made in light of information currently available to us and are subject to numerous risks and uncertainties, including with respect to the numerous risks associated with biopharmaceutical product candidate development. With respect to our cash runway, our operating plans, including product development plans, may change as a result of various factors. Furthermore, many other important factors, including those described in our Annual Report on Form 20-F as amended and in our annual financial report (including the management report) for the year ended December 31, 2024 and subsequent filings Cellectis makes with the Securities Exchange Commission from time to time, which are available on the SEC’s website at www.sec.gov, as well as other known and unknown risks and uncertainties may adversely affect such forward-looking statements and cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons why actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.
For further information on Cellectis, please contact:
Media contacts:
Pascalyne Wilson, Director, Communications, + 33 (0)7 76 99 14 33, media@cellectis.com
Patricia Sosa Navarro, Chief of Staff to the CEO, +33 (0)7 76 77 46 93
Investor Relations contact:
Arthur Stril, Chief Financial Officer & Chief Business Officer, investors@cellectis.com
________________________
1 Cash position includes cash, cash equivalents, restricted cash and fixed-term deposits classified as current financial assets. Restricted cash was
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