Cellectis Q1 2024 Financial Results

Cellectis, a clinical-stage biotechnology company, recently announced the completion of a $140 million equity investment from AstraZeneca. This additional investment follows AstraZeneca’s initial funding of $105 million, composed of an $80 million equity investment and a $25 million upfront payment under a research collaboration. As a result, Cellectis now has a cash position of $143 million and expects to finance its operations into 2026.

The company plans to focus its resources on advancing its core clinical trials, namely BALLI-01, NATHALI-01, and AMELI-01, while also developing a preclinical pipeline in collaboration with AstraZeneca. Cellectis remains optimistic about the revolutionary potential of gene-edited cell and gene therapy products in various therapeutic areas.

Cellectis continues to enroll patients in its UCART clinical programs. The BALLI-01 study evaluates UCART22 in patients with relapsed or refractory B-cell acute lymphoblastic leukemia, the NATHALI-01 study explores UCART20x22 in patients with relapsed or refractory B-cell non-Hodgkin lymphoma, and the AMELI-01 study tests UCART123 in patients with relapsed or refractory acute myeloid leukemia. Updates on the BALLI-01 and NATHALI-01 trials are expected by the end of 2024.

In partnership with Allogene, Cellectis is engaged in the development of allogeneic CAR T-cell therapies. The anti-CD19 program, licensed to Servier who then sublicensed it to Allogene, focuses on the investigational product cemacabtagene ansegedleucel (cema-cel) for patients with large B-cell lymphoma at risk of relapse. Trial activities for the ALPHA3 and ALPHA2 trials are ongoing and expected to progress in mid-2024. Additionally, the anti-CD70 program is under Allogene's exclusive global rights, and a Phase 1 data update from the TRAVERSE trial involving ALLO-316 in renal cell carcinoma (RCC) is anticipated by year-end 2024.

Corporate updates include the appointment of Arthur Stril as Interim Chief Financial Officer following Bing Wang’s resignation and the inclusion of Marc Dunoyer and Dr. Tyrell Rivers on the board of directors.

Financially, Cellectis reports consolidated revenues of $6.5 million for the first quarter of 2024, an increase from $3.6 million in the same period in 2023. This rise is attributed to progress in their research collaboration with AstraZeneca. Research and development expenses climbed slightly to $22.3 million, while selling, general, and administrative expenses remained stable at $5.1 million. Other operating income and expenses resulted in a net income of $0.0 million compared to a net expense of $0.6 million in the previous year.

The company recorded a significant net financial gain of $26.3 million, primarily driven by changes in the fair value of the Subsequent Investment Agreement derivative instrument and financial investments. Net income attributable to shareholders for the first quarter of 2024 stood at $5.6 million, a substantial improvement from the $30.1 million loss reported in the same period last year. This turnaround was influenced by increased revenues, a decrease in non-cash stock-based compensation expenses, and substantial financial gains.

Cellectis's consolidated financial position shows total assets increasing from $334 million at the end of December 2023 to $354 million by the end of March 2024. This includes a rise in current assets, notably trade receivables and cash equivalents. Despite this, the company saw an increase in non-current liabilities, highlighting ongoing financial commitments.

Overall, Cellectis demonstrates strong financial health and strategic focus, leveraging substantial investments and clinical progress to advance its pioneering gene-editing therapies. With a robust pipeline and collaborative partnerships, the company is well-positioned to address unmet medical needs and drive future growth in molecular medicine.