Full Press Release Details
Quarter and First Half Year 2016 Financial Results
patient dosed in phase 1 clinical trial for UCART19
123 manufacturing ongoing
cash position of $300 million1
( 270 million) as of June 30, 2016
Revenues and other income of $20 million2
( 18 million) in the 2nd quarter of 2016
Adjusted income attributable to shareholders3
( 8 million) in the 2nd quarter of 2016
NEW YORK--(BUSINESS WIRE)--September 8, 2016--Regulatory News:
Cellectis S.A. (Paris:ALCLS) (NASDAQ:CLLS) (Alternext: ALCLS - Nasdaq:
CLLS), a biopharmaceutical company focused on developing immunotherapies
based on gene edited CAR T-cells (UCART), today announced its results
for the three-month period ended June 30, 2016 and for the six-month
period ended June 30, 2016.
Recent Corporate Highlights
A Phase I study of UCART19 in pediatric acute B lymphoblastic leukemia
(B-ALL) was initiated at the University College of London (UCL), with
the first dose administered to a patient in June 2016. This UCART19
clinical trial is sponsored by Servier in close collaboration with
Cellectis employees presented important scientific presentations:
An intrinsic safeguard Chimeric Antigen Receptor architecture for
T-cell immunotherapy, presented by Julien Valton at ASCO, Chicago;
Allogeneic TCR /CD38 double knockout T-cells bearing an anti-CD38
Chimeric Antigen Receptor (CAR): an improved immunotherapy for the
treatment of T-cell acute lymphoblastic leukemia (T-ALL) and
multiple myeloma (MM), presented by Mathilde Dusseaux at EHA,
Copenhagen, Denmark.
The MIT Technology Review has named the Company on its Annual List of
50 Smartest Companies for the second year in a row.
Cellectis has been selected as a 2016 World Economic Forum Technology
Pioneer, a credential that is awarded annually to the most innovative
and impactful companies developing new technologies around the world.
1 Euro-US Dollar exchange rate as of June 30, 2016: 1.1102
Euro-US Dollar average exchange rate for the 2nd quarter
3 See the section related to the
reconciliation of gaap to non-gaap net income. GAAP Net Loss
attributable to shareholders amounts to $7 million ( 6 million) in the 2nd
Calyxt - Cellectis' plant science subsidiary
Appointment of former Monsanto Corporation executive Federico A.
Tripodi to the role of Chief Executive Officer, a key hire for the
execution of the commercial business plan and market launch of lead
Completed the expansion of its high-oleic / no-trans-fat (HO) soybean
variety in Argentina, as part of its counter-season seed production.
Thirty tons of HO soybean seeds have been shipped to production sites
in the United States for further expansion, in preparation for an
initial commercial launch expected in 2018.
Calyxt hosted an R&D Day in New York City on May 26. Speakers reviewed
advancements made in the plant science community with a focus on
Calyxt's plant engineering platform. Additionally, management provided
an overview of Calyxt's crop programs.
Cellectis' consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards, or IFRS, as
issued by the International Accounting Standards Board ("GAAP").
Second Quarter 2016 Financial Results
Cash: As of June 30, 2016 Cellectis had 269.7 million in total
cash, cash equivalents and current financial assets compared to 276.5
million as of March 31, 2016. This decrease of 6.8 million notably
reflects (i) the net cash flows used in operating activities of 7.6
million and (ii) fixed assets expenditure of 2.4 million. The change
was also attributable to the unrealized positive translation effect of
exchange rate fluctuations on our U.S. dollar cash, cash equivalents and
current financial assets of 5.8 million.
Revenues and Other Income: During the quarters ended June 30,
2015 and 2016, we recorded 8.0 million and 18.1 million, respectively,
in revenues and other income. This is mainly due to the increase of (i)
8.6 million in collaboration revenues, notably due to the achievement
of two milestones under our collaboration agreement with Servier and
(ii) 1.5 million in research tax credit.
Total Operating Expenses and Other Operating Income: Total
operating expenses and other operating income for the second quarter of
2016 were 28.2 million, compared to 20.1 million for the second
quarter of 2015. The non-cash stock-based compensation expenses included
in these amounts were 14.4 million and 7.1 million, respectively.
R&D Expenses: For the quarters ended June 30, 2015 and 2016,
research and development expenses increased by 6.7 million from 12.8
million in 2015 to 19.5 million in 2016.Personnel expenses increased by
2.4 million from 9.3 million in 2015 to 11.6 million in 2016, notably
due to a 0.5 million increase in wages and salaries, and a 4.5 million
increase in non-cash stock based compensation expense, partly offset by
a 2.6 million decrease in social charges on stock options and free
share grants. Purchases and external expenses increased by 4.3 million
from 3.2 million in 2015 to 7.5 million in 2016, due to increased
expenses related to innovation and platform development, including
payments to third parties participating in product development,
purchases of biological raw materials and expenses associated with the
use of laboratories and other facilities.
SG&A Expenses: During the quarters ended June 30, 2015 and
2016, we recorded 6.9 million and 8.6 million, respectively, of
selling, general and administrative expenses. The increase of 1.7
million primarily reflects (i) an increase of 1.9 million in personnel
expenses from 4.6 million to 6.5 million, attributable, among other
things, to an increase of 2.7 million of non-cash stock-based
compensation expense, partly offset by a decrease of 0.9 million of
social charges on stock options and free share grants, and (ii) a
decrease of 0.3 million in purchases and external expenses.
Financial Gain (Loss): The financial loss was 10.0 million for
the second quarter of 2015 compared with a financial gain of 3.8
million for the second quarter of 2016. The change in financial result
was primarily attributable to the effect of exchange rate fluctuations