Full Press Release Details
Reports Second Quarter and First Half Year 2015 Financial Results
PARIS--(BUSINESS WIRE)--September 8, 2015--Regulatory News:
Cellectis S.A. (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- and six-month
periods ended June 30, 2015.
Recent Corporate Highlights
Completed U.S. IPO in March 2015 raising more than $228 million of
Opened U.S. research facility at the Alexandria Center in New York
City, with more than 12,000 sq. ft. of state-of-the-art laboratories
and 15 full time staff, in proximity to Cellectis's U.S. partners and
Entered into a strategic collaboration with Weill Cornell Medical
College to accelerate the development of targeted immunotherapy for
patients with acute myeloid leukemia (AML). This alliance will foster
the development of our lead product candidate, UCART123, for treatment
Achieved a significant milestone under our collaboration agreement
Entered into a broad preclinical and clinical strategic alliance with
MD Anderson Cancer Center to pursue the development of Cellectis'
candidate products UCARTCS1, UCART22, UCART38 in T-cell ALL and
UCART123 in a rare non curable disease BPDCN.
Ongoing manufacturing of GMP-compatible CAR T-cell batches in line.
Presented additional study results on gene-edited allogeneic
("off-the-shelf") CAR T-cells, strengthening the pre-clinical proof of
concept in lead development programs. In particular, Cellectis
presented the following results at ASCO and ASGCT:
"UCART19, an allogeneic "off-the-shelf" adoptive T-cell
immunotherapy against CD19+ B-cell leukemias"
"Adoptive immunotherapy of acute myeloid leukemia (AML) with
allogeneic CAR T-cells targeting CD123"
"A multidrug resistant engineered CAR T-cell for allogeneic
combination immunotherapy"
Publication of a study in Molecular Therapy, a Nature
Publishing Group journal, describing the development of the next
generation of engineered CAR T-cells compatible with allogeneic
adoptive transfer immunotherapy.
Publication of an article in Cancer Research describing the
applicability of TALEN -mediated genome editing to a
scalable process, enabling the manufacturing of non-alloreactive
T-cells from third-party donors in a robust, scalable process, thus
allowing "off-the-shelf" CAR T-cell immunotherapies.
Our plant sciences subsidiary, which changed its name to Calyxt, Inc.,
continues to show promising developments and commenced field trials of
cold storable potatoes in the United States of America and high
oleic/low transfat soybean varieties in Argentina and the United
Since Cellectis did not have consolidated financial statements for
individual quarters during fiscal year 2014, no comparative quarterly
2014 figures will be presented during 2015. Cellectis will publish
quarter-over-quarter comparative figures starting with the first quarter
Cellectis's 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 2015 Financial Results
Cash Position: As of June 30, 2015 Cellectis had 283.9 million
in cash and cash equivalents compared to 112.3 million as of December
31, 2014. This increase is primarily attributable to the $228 million of
proceeds from the U.S. initial public offering in March 2015.
Revenues and Other Income: Total revenues and other income were
8.0 million for the second quarter 2015 and primarily comprised 6.6
million of collaboration revenues and 0.9 million of license revenues.
Total Operating Expenses and Other Operating Income: Total
operating expenses for the second quarter of 2015 were 20.1 million,
which includes non-cash stock-based compensation expenses of 7.2
R&D Expenses: Research and development expenses for the
second quarter of 2015 were 10.6 million, including personnel expenses
of 7.6 million and external purchases and other expenses of 3.0
million. Research and development expenses for the second quarter
notably reflected the impacts of (i) non-cash stock-based compensation
expense of 3.3 million and (ii) social charges related to free shares
granted during the second quarter of 1.8 million.
SG&A Expenses: Selling, general and administrative expenses
were 9.1 million for the second quarter of 2015, and included personnel
expenses of 6.3 million and external purchases and other expenses of
2.8 million. SG&A expenses for the second quarter notably reflected the
impacts of (i) non-cash stock-based compensation expense of 3.8 million
and (ii) social charges related to free shares granted during the second
quarter of 1.8 million.
Financial Loss: Financial loss was 10.0 million for the second
quarter of 2015, which is primarily attributable to an unfavorable
Euro-Dollar exchange rate applied to U.S. dollar-denominated cash and
cash equivalents during the quarter.
Net Loss Attributable to Shareholders of Cellectis: Net loss
attributable to shareholders of Cellectis was 22.2 million, or 0.63
per share, for the second quarter of 2015. The decrease of 28.3 million
in net earnings, compared to the first quarter 2015 net gain
attributable to shareholders of Cellectis of 6.1 million, notably
reflects the effects of unfavorable Euro-Dollar exchange rates with
respect to our U.S. Dollar cash and cash equivalent accounts and to a
lesser extent the impact of non-cash stock-based compensations during
the second quarter of 2015. Adjusted net loss attributable to
shareholders of Cellectis for the second quarter of 2015, which excludes
a non-cash stock-based compensation expense of 7.1 million, was 15.0
million, or 0.43 per share. Please see "Note Regarding Use of Non-GAAP
Financial Measures" for a reconciliation of GAAP net income to adjusted
First Half Year 2015 Financial Results
Revenues and Other Income: During the six months ended June 30,
2015 and 2014, Cellectis recorded 17.2 million and 10.3 million,
respectively, in revenues and other income. The increase of 7.1 million
primarily reflects an increase of 13.2 million in revenues under our
collaboration agreements with Servier and Pfizer which were partially
offset by a decrease in license, R&D services and Product and Services