Full Press Release Details
Reports Third Quarter and First Nine Months 2015 Financial Results
NEW YORK--(BUSINESS WIRE)--November 16, 2015--Regulatory News:
Cellectis S.A. (Paris: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 nine-month
periods ended September 30, 2015.
Recent Corporate Highlights
- Completed a series of three production runs of UCART19, its lead TALEN
gene edited product candidate, confirming the implementation of
Cellectis' manufacturing process in GMP conditions.
- Announced that Great Ormond Street Hospital (GOSH) and University
College London (UCL) will present, during the 2015 American Society of
Hematology Annual Meeting (ASH) in December, data from the first in man
clinical use of Cellectis' TALEN gene edited
allogeneic UCART19 product candidate.
- Announced that a poster and an oral presentation on its engineered
allogeneic CAR T-cell product candidates, UCARTCS1 and UCART123, will be
presented in December during the 2015 American Society of Hematology
Annual Meeting (ASH).
- Completion of field trials of its non-regulated status cold storable
potato product and high oleic soybean product.
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' consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards, or IFRS, as
issued by the International Accounting Standards Board ("GAAP").
Third Quarter and First Nine Months 2015 Financial Results
Cash Position: As of September 30, 2015 Cellectis had 279.4
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 Cellectis' U.S. initial public offering in
March 2015, partly offset by 22 million of cash flows used in operating
activity, 3.3 million of acquisitions of tangible assets, and the
repurchase for 3.5 million of 25% of the minority shares of Cellectis
Bioresearch S.A.S, in each case during the first nine months of 2015.
Revenues and Other Income: Total revenues and other income were
10.0 million for the third quarter of 2015 and primarily comprised 7.1
million of collaboration revenues, 0.5 million of license revenues,
1.0 million of grant revenues and 1.5 million of research tax credit
revenues. Total revenues and other income were 27.2 million for the
nine-month period ended September 30, 2015 and primarily comprised 21.7
million of collaboration revenues, 1.6 million of license revenues,
1.1 million of grant revenues and 2.8 million of research tax credit
Total Operating Expenses and Other Operating Income: Total
operating expenses and other operating income for the third quarter of
2015 were 23.4 million, which includes non-cash stock-based
compensation expenses of 9.5 million. Total operating expenses and
other operating income for the nine-month period ended September 30,
2015 were 56.3 million, which includes non-cash stock-based
compensation of 17.5 million.
R&D Expenses: Research and development expenses for the third
quarter of 2015 were 13.5 million, including personnel expenses of 8.2
million and external purchases and other expenses of 5.3 million.
Research and development expenses for the third quarter notably
reflected the impacts of (i) non-cash stock-based compensation expense
of 4.5 million and (ii) social charges related to stock-options granted
during the third quarter of 1.8 million. Research and development
expenses for the nine-months ended September 30, 2015 were 29.6
million, including personnel expenses of 19.2 million and external
purchases and other expenses of 10.4 million. Research and development
expenses for the nine-month period ended September 30, 2015 notably
reflected the impacts of (i) non-cash stock-based compensation expense
of 8.2 million and (ii) social charges related to free shares and
stock-options granted during this period of 5.9 million.
SG&A Expenses: Selling, general and administrative expenses
were 9.6 million for the third quarter of 2015, and included personnel
expenses of 7.9 million and external purchases and other expenses of
1.7 million. SG&A expenses for the third quarter notably reflected the
impacts of (i) non-cash stock-based compensation expense of 5.0 million
and (ii) social charges related to stock-options granted during the
third quarter of 1.8 million. Selling, general and administrative
expenses were 25.9 million for the nine-month period ended September
30, 2015, and included personnel expenses of 19.1 million and external
purchases and other expenses of 6.8 million. SG&A expenses for this
nine-month period notably reflected the impacts of (i) non-cash
stock-based compensation expense of 9.3 million and (ii) social charges
related to free shares and stock-options granted during this period of
Financial Gain: Financial gain was 0.7 million for the third
quarter of 2015 and 0.5 million for the nine-month period ended
September 30, 2015, which, in each case, is primarily attributable to an
overall net favorable Euro-Dollar exchange rate applied to U.S.
dollar-denominated cash and cash equivalents during the applicable
Net Loss Attributable to Shareholders of Cellectis: Net loss
attributable to shareholders of Cellectis was 12.8 million, or 0.36
per share, for the third quarter of 2015. This notably reflects the
impact of (i) non-cash stock-based compensation of 9.5 million and (ii)
social charges on stock-based compensation of 3.6 million. Adjusted net
loss attributable to shareholders of Cellectis for the third quarter of
2015, which excludes the non-cash stock-based compensation expense of
9.5 million, was 3.3 million, or 0.09 per share. Net loss
attributable to shareholders of Cellectis was 28.8 million or 0.85 per
share, for the nine-month period ended September 30, 2015. This notably
reflects the impact of (i) non-cash stock-based compensation of 17.5
million and (ii) social charges on stock-based compensation of 12.2
million. Adjusted net loss attributable to shareholders of Cellectis for
the nine-month period ended September 30, 2015, which excludes the
non-cash stock-based compensation expense of 17.5 million, was 11.3
million, or 0.33 per share. Please see "Note Regarding Use of Non-GAAP