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unaudited condensed Consolidated Financial Statements for the three-month and six-month periods ended June 30, 2018, included herein, have been prepared in accordance with International Financial
Reporting Standards ( IFRS ) as issued by the International Accounting Standards Board ( IASB ). The consolidated financial statements are presented in U.S. dollars. Effective in the third quarter of 2017, Cellectis changed the
presentation currency of its consolidated financial statements from euro to the U.S. dollar in order to enhance comparability with its peers, which primarily present their financial statements in U.S. dollars. All references in this interim report
to $, US$, U.S.$, U.S. dollars, dollars, and USD mean U.S. dollars and all references to and euros mean euros, unless otherwise noted.
This interim report, including Management s Discussion and Analysis of Financial Condition and Results of Operations,
contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 27A of the Securities Act. All statements other than present and historical facts and conditions contained in this
interim report, including statements regarding our future results of operations and financial position, business strategy, plans and our objectives for future operations, are forward-looking statements. When used in this interim report, the words
anticipate, believe, can, could, estimate, expect, intend, is designed to, may, might, plan,
potential, predict, objective, should, or the negative of these and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those
projected in any forward-looking statement. Factors that may cause actual results to differ from those in any forward-looking statement include, without limitation, those described under Risk Factors and Special Note Regarding
Forward-Looking Statements in our Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 13, 2018 (the Annual Report ). As a result of these factors, we
cannot assure you that the forward-looking statements in this interim report will prove to be accurate. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties
in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame or at all. We undertake no obligation to
publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
We own various trademark registrations and applications, and unregistered trademarks and service marks, including Cellectis , TALEN and our corporate logos, and all such trademarks and service marks appearing in this interim report are the
property of Cellectis. The trademark Calyxt is owned by Calyxt. All other trade names, trademarks and service marks of other companies appearing in this interim report are the property of their respective holders. Solely for
convenience, the trademarks and trade names in this interim report may be referred to without the and symbols, but such references, or the failure of such symbols to appear, should
not be construed as any indication that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto. We do not intend to use or display other companies trademarks and trade names to imply a
relationship with, or endorsement or sponsorship of us by, any other companies.
As used in this interim report, the terms
Cellectis, we, our, us, and the Company refer to Cellectis S.A. and its subsidiaries, taken as a whole, unless the context otherwise requires. References to Calyxt refer to
| PART I FINANCIAL INFORMATION | 3 | |||||
| Item 1. | Condensed Financial Statements (Unaudited) | 3 | ||||
| Item 2. | Management s Discussion & Analysis of Financial Condition and Results of Operations | 45 | ||||
| Item 3. | Quantitative and Qualitative Disclosures About Market Risks | 63 | ||||
| Item 4. | Controls and Procedures | 63 | ||||
| PART II OTHER INFORMATION | 64 | |||||
| Item 1. | Legal Proceedings | 64 | ||||
| Item 1A. | Risk Factors | 64 | ||||
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 64 | ||||
| Item 3. | Default Upon Senior Securities | 64 | ||||
| Item 4. | Mine Safety Disclosures | 64 | ||||
| Item 5. | Other Information | 64 | ||||
| Item 6. | Exhibits | 64 |
PART I FINANCIAL INFORMATION
INTERIM STATEMENTS OF CONSOLIDATED FINANCIAL POSITION
| As of | ||||||||||||
| Notes | December 31, 2017 as restated (*) | June 30, 2018 | ||||||||||
| ASSETS | ||||||||||||
| Non-current assets | ||||||||||||
| Intangible assets | 1,431 | 1,386 | ||||||||||
| Property, plant, and equipment | 5 | 7,226 | 7,437 | |||||||||
| Other non-current financial assets | 1,004 | 667 | ||||||||||
| Total non-current assets | 9,661 | 9,490 | ||||||||||
| Current assets | ||||||||||||
| Inventories | 250 | 231 | ||||||||||
| Trade receivables | 6.1 | 2,753 | 2,486 | |||||||||
| Subsidies receivables | 6.2 | 9,524 | 14,459 | |||||||||
| Other current assets | 6.3 | 13,713 | 16,313 | |||||||||
| Current financial assets | 7.1 | 40,602 | 19,872 | |||||||||
| Cash and cash equivalents | 7.2 | 256,380 | 471,215 | |||||||||
| Total current assets | 323,221 | 524,576 | ||||||||||
| TOTAL ASSETS | 332,882 | 534,066 | ||||||||||
| LIABILITIES | ||||||||||||
| Shareholders equity | ||||||||||||
| Share capital | 11 | 2,367 | 2,764 | |||||||||
| Premiums related to the share capital | 11 | 614,037 | 816,363 | |||||||||
| Treasury share reserve | (297 | ) | (587 | ) | ||||||||
| Currency translation adjustment | 1,834 | (11,534 | ) | |||||||||
| Retained earnings (deficit) | (253,702 | ) | (326,856 | ) | ||||||||
| Net income (loss) | (99,368 | ) | (32,422 | ) | ||||||||
| Total shareholders equity - Group Share | 264,872 | 447,728 | ||||||||||
| Non-controlling interests | 19,113 | 41,046 | ||||||||||
| Total shareholders equity | 283,985 | 488,774 | ||||||||||
| Non-current liabilities | ||||||||||||
| Non-current financial liabilities | 8 | 13 | 231 | |||||||||
| Non-current provisions | 14 | 3,430 | 3,054 | |||||||||
| Total non-current liabilities | 3,443 | 3,285 | ||||||||||
| Current liabilities | ||||||||||||
| Current financial liabilities | 8 | 21 | 772 | |||||||||
| Trade payables | 8 | 9,460 | 12,734 | |||||||||
| Deferred revenues and deferred income | 10 | 27,975 | 20,400 | |||||||||
| Current provisions | 14 | 1,427 | 1,394 | |||||||||
| Other current liabilities | 9 | 6,570 | 6,709 | |||||||||
| Total current liabilities | 45,453 | 42,008 | ||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY | 332,882 | 534,066 |
The accompanying notes form an integral part of these unaudited condensed Interim Consolidated Financial
UNAUDITED STATEMENTS OF CONSOLIDATED OPERATIONS
For the six-month period ended June 30,
$ in thousands, except per share amounts
| For the six-month period ended June 30, | ||||||||||||
| Notes | 2017 | 2018 | ||||||||||
| Revenues and other income | ||||||||||||
| Revenues | 3.1 | 13,239 | 11,076 | |||||||||
| Other income | 3.1 | 6,043 | 5,340 | |||||||||
| Total revenues and other income | 19,283 | 16,417 | ||||||||||
| Operating expenses | ||||||||||||
| Royalty expenses | 3.2 | (1,176 | ) | (1,138 | ) | |||||||
| Research and development expenses | 3.2 | (38,216 | ) | (36,441 | ) | |||||||
| Selling, general and administrative expenses | 3.2 | (19,754 | ) | (25,224 | ) | |||||||
| Other operating income (expenses) | 258 | (171 | ) | |||||||||
| Total operating expenses | (58,888 | ) | (62,975 | ) | ||||||||
| Operating income (loss) | (39,606 | ) | (46,558 | ) | ||||||||
| Financial gain (loss) | (6,567 | ) | 10,040 | |||||||||
| Income tax | ||||||||||||
| Net income (loss) | (46,173 | ) | (36,518 | ) | ||||||||
| Attributable to shareholders of Cellectis | (46,173 | ) | (32,422 | ) | ||||||||
| Attributable to non-controlling interests | (4,096 | ) | ||||||||||
| Basic / Diluted net income (loss) per share attributable to shareholders of Cellectis | 13 | |||||||||||
| Basic net income (loss) per share ($ /share) | (1.30 | ) | (0.83 | ) | ||||||||
| Diluted net income (loss) per share ($ /share) | (1.30 | ) | (0.83 | ) |
The accompanying notes form an integral part of these unaudited condensed Interim Consolidated Financial
UNAUDITED INTERIM STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS)
For the six-month period ended June 30,
| For the six-month period ended June 30, | ||||||||
| 2017 | 2018 | |||||||
| Net income (loss) | (46,173 | ) | (36,518 | ) | ||||
| Actuarial gains and losses | ||||||||
| Other comprehensive income (loss) that will not be reclassified subsequently to income or loss | ||||||||
| Currency translation adjustment | 14,977 | (14,060 | ) | |||||
| Other comprehensive income (loss) that will be reclassified subsequently to income or loss | 14,977 | (14,060 | ) | |||||
| Total Comprehensive income (loss) | (31,196 | ) | (50,578 | ) | ||||
| Attributable to shareholders of Cellectis | (31,203 | ) | (45,791 | ) | ||||
| Attributable to non-controlling interests | 7 | (4,787 | ) |
The accompanying notes form an integral part of these unaudited condensed Interim Consolidated Financial
UNAUDITED STATEMENTS OF CONSOLIDATED OPERATIONS
For the three-month period ended June 30,
$ in thousands, except per share amounts
| For the three-month period ended June 30, | ||||||||
| 2017 | 2018 | |||||||
| Revenues and other income | ||||||||
| Revenues | 6,494 | 5,049 | ||||||
| Other income | 2,474 | 3,295 | ||||||
| Total revenues and other income | 8,968 | 8,343 | ||||||
| Operating expenses | ||||||||
| Royalty expenses | (563 | ) | (559 | ) | ||||
| Research and development expenses | (18,607 | ) | (18,042 | ) | ||||
| Selling, general and administrative expenses | (10,018 | ) | (11,248 | ) | ||||
| Other operating income (expenses) | 371 | (189 | ) | |||||
| Total operating expenses | (28,818 | ) | (30,039 | ) | ||||
| Operating income (loss) | (19,850 | ) | (21,696 | ) | ||||
| Financial gain (loss) | (6,652 | ) | 11,958 | |||||
| Net income (loss) | (26,502 | ) | (9,738 | ) | ||||
| Attributable to shareholders of Cellectis | (26,502 | ) | (7,256 | ) | ||||
| Attributable to non-controlling interests | (2,482 | ) | ||||||
| Basic / Diluted net income (loss) per share attributable to shareholders of Cellectis | ||||||||
| Basic net income (loss) per share ( $ /share) | (0.75 | ) | (0.17 | ) | ||||
| Diluted net income (loss) per share ( $ /share) | (0.75 | ) | (0.17 | ) |
UNAUDITED INTERIM STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS)
For the three-month period ended June 30,
| For the three-month period ended June 30, | ||||||||
| 2017 | 2018 | |||||||
| Net income (loss) | (26,502 | ) | (9,738 | ) | ||||
| Actuarial gains and losses | ||||||||
| Other comprehensive income (loss) that will not be reclassified subsequently to income or loss | ||||||||
| Currency translation adjustment | 12,394 | (18,186 | ) | |||||
| Other comprehensive income (loss) that will be reclassified subsequently to income or loss | 12,394 | (18,186 | ) | |||||
| Total Comprehensive income (loss) | (14,108 | ) | (27,924 | ) | ||||
| Attributable to shareholders of Cellectis | (14,114 | ) | (24,615 | ) | ||||
| Attributable to non-controlling interests | 5 | (3,310 | ) |
UNAUDITED INTERIM STATEMENTS OF CONSOLIDATED CASH FLOWS
For the six-month period ended June 30,
| For the six-month period ended June 30, | ||||||||||||
| Notes | 2017 | 2018 | ||||||||||
| Cash flows from operating activities | ||||||||||||
| Net loss for the period | (46,173 | ) | (36,518 | ) | ||||||||
| Reconciliation of net loss and of the cash provided by (used in) operating activities | ||||||||||||
| Adjustments for | ||||||||||||
| Amortization and depreciation | 1,289 | 1,262 | ||||||||||
| Net loss (income) on disposals | 3 | 67 | ||||||||||
| Net financial loss (gain) | 6,567 | (10,040 | ) | |||||||||
| Expenses related to share-based payments | 26,063 | 21,023 | ||||||||||
| Provisions | (158 | ) | (342 | ) | ||||||||
| Interest (paid) / received | 562 | 3,354 | ||||||||||
| Operating cash flows before change in working capital | (11,847 | ) | (21,194 | ) | ||||||||
| Decrease (increase) in inventories | (2 | ) | 12 | |||||||||
| Decrease (increase) in trade receivables and other current assets | (7,450 | ) | (2,695 | ) | ||||||||
| Decrease (increase) in subsidies receivables | (5,699 | ) | (5,086 | ) | ||||||||
| (Decrease) increase in trade payables and other current liabilities | 6,645 | 3,509 | ||||||||||
| (Decrease) increase in deferred income | (8,967 | ) | (7,069 | ) | ||||||||
| Change in working capital | (15,474 | ) | (11,330 | ) | ||||||||
| Net cash flows provided by (used in) operating activities | (27,321 | ) | (32,523 | ) | ||||||||
| Cash flows from investment activities | ||||||||||||
| Proceeds from disposal of property, plant and equipment | 20 | |||||||||||
| Acquisition of intangible assets | (90 | ) | 1 | |||||||||
| Acquisition of property, plant and equipment | (1,281 | ) | (1,186 | ) | ||||||||
| Net change in non-current financial assets | (123 | ) | 277 | |||||||||
| Sale (Acquisition) of current financial assets | (2,341 | ) | 20,192 | |||||||||
| Net cash flows provided by (used in) investing activities | (3,835 | ) | 19,304 | |||||||||
| Cash flows from financing activities | ||||||||||||
| Increase in share capital net of transaction costs | 1,033 | 185,992 | ||||||||||
| Shares of Calyxt issued to third parties | 48,761 | |||||||||||
| Decrease in borrowings | (19 | ) | (45 | ) | ||||||||
| Treasury shares | 117 | (291 | ) | |||||||||
| Net cash flows provided by financing activities | 1,131 | 234,417 | ||||||||||
| (Decrease) increase in cash | (30,025 | ) | 221,198 | |||||||||
| Cash and cash equivalents at the beginning of the year | 254,568 | 256,380 | ||||||||||
| Effect of exchange rate changes on cash | 6,729 | (6,364 | ) | |||||||||
| Cash and cash equivalents at the end of the period | 7 | 231,271 | 471,215 |
The accompanying notes form an integral part of these unaudited condensed Interim Consolidated Financial
UNAUDITED STATEMENTS OF CHANGES IN CONSOLIDATED SHAREHOLDERS EQUITY
For the six-month period ended June 30,
$ in thousands, except share data
| Share Capital Ordinary Shares | Equity | |||||||||||||||||||||||||||||||||||||||||||
| Notes | Number of shares | Amount | Premiums related to share capital | Treasury shares reserve | Currency translation adjustment | Retained earnings (deficit) | Income (Loss) | attributable to shareholders of Cellectis | Non controlling interests | Total Shareholders Equity | ||||||||||||||||||||||||||||||||||
| As of January 1, 2017, as restated (*) | 35,335,060 | 2,332 | 568,185 | (416 | ) | (22,086 | ) | (209,651 | ) | (67,255 | ) | 271,109 | 1,876 | 272,984 | ||||||||||||||||||||||||||||||
| Net Loss | (46,173 | ) | (46,173 | ) | (46,173 | ) | ||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | 14,970 | 14,970 | 7 | 14,977 | ||||||||||||||||||||||||||||||||||||||||
| Total comprehensive income (loss) | 14,970 | (46,173 | ) | (31,203 | ) | 7 | (31,196 | ) | ||||||||||||||||||||||||||||||||||||
| Allocation of prior period loss | (67,255 | ) | 67,255 | |||||||||||||||||||||||||||||||||||||||||
| Capital Increase | 14.1 | 466,950 | 25 | (25 | ) | |||||||||||||||||||||||||||||||||||||||
| Treasury shares | 117 | 117 | 117 | |||||||||||||||||||||||||||||||||||||||||
| Exercise of share warrants and employee warrants | 60,247 | 3 | 1,030 | 1,033 | 1,033 | |||||||||||||||||||||||||||||||||||||||
| Non-cash stock-based compensation expense | 12 | 24,387 | 24,387 | 1,676 | 26,063 | |||||||||||||||||||||||||||||||||||||||
| Other movements | (35 | ) | (1 | ) | (37 | ) | (37 | ) | ||||||||||||||||||||||||||||||||||||
| As of June 30, 2017, as restated (*) | 35,862,257 | 2,361 | 593,566 | (299 | ) | (7,116 | ) | (276,933 | ) | (46,173 | ) | 265,406 | 3,558 | 268,964 | ||||||||||||||||||||||||||||||
| As of January 1, 2018, as restated (*) | 35,960,062 | 2,367 | 614,037 | (297 | ) | 1,834 | (253,702 | ) | (99,368 | ) | 264,872 | 19,113 | 283,985 | |||||||||||||||||||||||||||||||
| Net Loss | (32,422 | ) | (32,422 | ) | (4,096 | ) | (36,518 | ) | ||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | (13,369 | ) | (13,369 | ) | (691 | ) | (14,060 | ) | ||||||||||||||||||||||||||||||||||||
| Total comprehensive income (loss) | (13,369 | ) | (32,422 | ) | (45,791 | ) | (4,787 | ) | (50,578 | ) | ||||||||||||||||||||||||||||||||||
| Allocation of prior period loss | (99,368 | ) | 99,368 | |||||||||||||||||||||||||||||||||||||||||
| Capital Increase | 6,146,000 | 379 | 178,171 | 178,550 | 178,550 | |||||||||||||||||||||||||||||||||||||||
| Transaction with subsidiaries (1) | 26,299 | 26,299 | 22,463 | 48,761 | ||||||||||||||||||||||||||||||||||||||||
| Treasury shares | (291 | ) | (291 | ) | (291 | ) | ||||||||||||||||||||||||||||||||||||||
| Exercise of share warrants, employee warrants and stock options | 11 | 300,306 | 18 | 7,424 | 7,442 | 7,442 | ||||||||||||||||||||||||||||||||||||||
| Non-cash stock-based compensation expense | 12 | 16,730 | 16,730 | 4,293 | 21,023 | |||||||||||||||||||||||||||||||||||||||
| Other movements | (84 | ) | (84 | ) | (36 | ) | (120 | ) | ||||||||||||||||||||||||||||||||||||
| As of June 30, 2018 | 42,406,368 | 2,764 | 816,363 | (587 | ) | (11,534 | ) | (326,856 | ) | (32,422 | ) | 447,728 | 41,046 | 488,774 |
The accompanying notes form an integral part of these unaudited condensed Interim Consolidated Financial Statements
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Cellectis S.A. (hereinafter Cellectis or we ) is a limited liability company ( soci t
anonyme ) registered and domiciled in Paris, France. We are a clinical-stage biotechnological company, employing our core proprietary technologies to develop
best-in-class products in the emerging field of immuno-oncology. Our product candidates, based on gene-edited T-cells that
express chimeric antigen receptors, or CARs, seek to harness the power of the immune system to target and eradicate cancers. Our gene-editing technologies allow us to create allogeneic CAR T-cells, meaning
they are derived from healthy donors rather than the patients themselves. In addition to our focus on immuno-oncology, we are exploring the use of our gene-editing technologies in other therapeutic applications, as well as through our subsidiary,
Calyxt, to develop healthier food products for a growing population.
Note 2. Accounting principles
2.1 Basis for preparation
The Interim Consolidated
Financial Statements of Cellectis as of June 30, 2018 and for the three-month and six-month periods ended June 30, 2018 were approved by our Board of Directors on August 1, 2018.
The Interim Consolidated Financial Statements are presented in U.S. dollars. See Note 2.3.
The Interim Consolidated Financial Statements as of June 30, 2018 and for the three-month and six-month periods
ended June 30, 2018 have been prepared in accordance with IAS 34 Interim Financial Reporting, as endorsed by the International Accounting Standards Board ( IASB ).
The Interim Consolidated Financial Statements as of June 30, 2018 and for the three-month and six-month periods
ended June 30, 2018 have been prepared using the same accounting policies and methods as those applied for the year ended December 31, 2017.
IFRS include International Financial Reporting Standards ( IFRS ), International Accounting Standards ( the IAS ), as well as the
interpretations issued by the Standards Interpretation Committee ( the SIC ), and the International Financial Reporting Interpretations Committee ( IFRIC ).
Application of new or amended standards or new amendments
The following pronouncements and related amendments have been adopted by us from January 1, 2018 but had no significant impact on the Interim Consolidated
Financial Statements:
Standards, interpretations and amendments issued but not yet effective
The following pronouncements and related amendments are applicable for first quarter accounting periods beginning after January 1, 2019. We do not
anticipate that the adoption of the next two pronouncements and amendments will have a material impact on our results of operations, financial position or cash flows.
IFRS 16 Leases is applicable for annual periods beginning on or after January 1, 2019. The new IFRS16 standard aligns the accounting
treatment of operating leases with that already applied to finance leases (i.e. recognition in the balance sheet of future lease payments and the associated rights of use). Cellectis is assessing the potential impact on its consolidated financial
statements resulting from the application of IFRS 16. Commitments related to facility leases and sale and lease back arrangements are disclosed in note 15. A number of these contracts might be required to be recorded on the statement of financial
position (as a right-of-use asset and the related financial obligation) under IFRS16. We are evaluating the impact of adopting this standard.
2.2 IFRS15 application
IFRS 15 Revenue from Contracts with Customers establishes a comprehensive framework for determining whether, how much and when revenue is
recognized. It replaces existing revenue recognition guidance, including IAS 18 Revenue . IFRS 15 is effective for annual reporting periods beginning on or after January 1, 2018.
The different categories of contracts with customers of Cellectis, which have been reviewed are :
Cellectis applies IFRS 15 with effect from January 1, 2018 using the retrospective
method. The application of IFRS 15 leads to a deferral of collaboration revenue (specifically milestone payments) from fiscal year 2015 with a negative opening equity adjustment of $1.9 million as of December 31, 2017. Except for this
opening equity impact presented below, IFRS 15 has no impact in the financial statements for fiscal years 2016 and 2017.
| December 31, 2017 as presented | IFRS 15 restatement | December 31, 2017 as restated | ||||||||||
| Total non-current assets | 9,661 | 9,661 | ||||||||||
| Total current assets | 323,221 | 323,221 | ||||||||||
| TOTAL ASSETS | 332,882 | 332,882 | ||||||||||
| Shareholders equity | ||||||||||||
| Share capital | 2,367 | 2,367 | ||||||||||
| Premiums related to the share capital | 614,037 | 614,037 | ||||||||||
| Treasury share reserve | (297 | ) | (297 | ) | ||||||||
| Currency translation adjustment | 1,978 | (144 | ) | 1,834 | ||||||||
| Retained earnings (deficit) | (251,927 | ) | (1,775 | ) | (253,702 | ) | ||||||
| Net income (loss) | (99,368 | ) | (99,368 | ) | ||||||||
| Total shareholders equity - Group Share | 266,791 | (1,919 | ) | 264,873 | ||||||||
| Non-controlling interests | 19,113 | 19,113 | ||||||||||
| Total shareholders equity | 285,904 | (1,919 | ) | 283,985 | ||||||||
| Total non-current liabilities | 3,443 | 3,443 | ||||||||||
| Current liabilities | ||||||||||||
| Current financial liabilities | 21 | 21 | ||||||||||
| Trade payables | 9,460 | 9,460 | ||||||||||
| Deferred revenues and deferred income | 26,056 | 1,919 | 27,975 | |||||||||
| Current provisions | 1,427 | 1,427 | ||||||||||
| Other current liabilities | 6,570 | 6,570 | ||||||||||
| Total current liabilities | 43,534 | 1,919 | 45,453 | |||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY | 332,882 | 332,882 |
| Share Capital Ordinary Shares | Equity | |||||||||||||||||||||||||||||||||||||||
| Number of shares | Amount | Premiums related to share capital | Treasury shares reserve | Currency translation adjustment | Retained earnings (deficit) | Income (Loss) | attributable to shareholders of Cellectis | Non controlling interests | Total Shareholders Equity | |||||||||||||||||||||||||||||||
| As of January 1, 2017, as presented | 35,335,060 | 2,332 | 568,185 | (416 | ) | (22,174 | ) | (207,875 | ) | (67,255 | ) | 272,795 | 1,876 | 274,671 | ||||||||||||||||||||||||||
| IFRS 15 restatement | 89 | (1,775 | ) | (1,687 | ) | (1,687 | ) | |||||||||||||||||||||||||||||||||
| As of January 1, 2017, as restated | 35,335,060 | 2,332 | 568,185 | (416 | ) | (22,086 | ) | (209,651 | ) | (67,255 | ) | 271,109 | 1,876 | 272,984 | ||||||||||||||||||||||||||
| Share Capital Ordinary Shares | Equity | |||||||||||||||||||||||||||||||||||||||
| Number of shares | Amount | Premiums related to share capital | Treasury shares reserve | Currency translation adjustment | Retained earnings (deficit) | Income (Loss) | attributable to shareholders of Cellectis | Non controlling interests | Total Shareholders Equity | |||||||||||||||||||||||||||||||
| As of January 1, 2018, as presented | 35,960,062 | 2,367 | 614,037 | (297 | ) | 1,978 | (251,927 | ) | (99,368 | ) | 266,791 | 19,113 | 285,904 | |||||||||||||||||||||||||||
| IFRS 15 restatement | (144 | ) | (1,775 | ) | (1,919 | ) | (1,919 | ) | ||||||||||||||||||||||||||||||||
| As of January 1, 2018, as restated | 35,960,062 | 2,367 | 614,037 | (297 | ) | 1,834 | (253,702 | ) | (99,368 | ) | 264,872 | 19,113 | 283,985 |
| As of December 31, | IFRS 15 | As of December 31, | ||||||||||
| 2017, as presented | restatement | 2017, as restated | ||||||||||
| $ in thousands | ||||||||||||
| Deferred revenues | 26,056 | 1,919 | 27,975 | |||||||||
| Total Deferred revenue and deferred income | 26,056 | 1,919 | 27,975 |
2.3 Currency of the financial statements
The Interim Consolidated Financial Statements are presented in U.S. dollars, which differs from the functional currency of Cellectis, which is the euro. We
decided to change the reporting currency from euro to U.S. dollars in the third quarter 2017, using the retrospective method. We believe that this change will enhance the comparability with peers which primarily present their financial statements in
U.S. dollars. Please refer to the Annual Report on Form 20-F for further information.
All financial information
(unless indicated otherwise) is presented in thousands of U.S. dollars.
The statements of financial position of consolidated entities having a functional
currency different from the U.S. dollar are translated into U.S. dollars at the closing exchange rate (spot exchange rate at the statement of financial position date) and the statements of operations, statements of comprehensive income (loss) and
statements of cash flow of such consolidated entities are translated at the average period to date exchange rate. The resulting translation adjustments are included in equity under the caption Other comprehensive income (loss) in the
Consolidated Statements of Changes in Shareholders Equity.
2.4 Consolidated entities and