Cellectis (ALCLS) Q2 2024 earnings summary

Executive summary

• Achieved significant revenue growth in H1 2024, driven by milestones from the AZ JRCA and Servier agreements, and a $140M equity investment from AstraZeneca completed in May 2024, resulting in AZ Holdings owning 44% of share capital.

• Net loss narrowed to $19.6M in H1 2024 from $49.2M in H1 2023, reflecting higher revenues and financial gains.

• Cash and cash equivalents plus deposits reached up to $273M at June 30, 2024, expected to fund operations into 2026.

• Clinical pipeline advanced with ongoing enrollment in three proprietary UCART trials, progress in partnered programs, and key regulatory milestones for UCART22 and CLLS52.

• FDA and EC granted Orphan Drug Designation and Rare Pediatric Disease Designation to UCART22; FDA granted ODD to CLLS52.

Financial highlights

• Revenues and other income for H1 2024 were up to $16.0M, mainly from AZ JRCA and Servier milestones, compared to $0.3M–$5.6M in H1 2023.

• Operating expenses increased 2.8% year-over-year to $54.1M, mainly due to higher R&D and manufacturing costs.

• Net financial gain of $18.0M in H1 2024, up from a $10.2M loss in H1 2023, driven by SIA derivative revaluation and EIB warrant gains.

• Net loss per share improved to $(0.24) from $(0.78) year-over-year; adjusted net loss per share was $(0.22).

• R&D expenses were $45.8M and SG&A expenses $9.0M for H1 2024.

Outlook and guidance

• Cash runway expected to last into 2026, supporting ongoing R&D and clinical programs.

• Anticipates continued increases in R&D and SG&A expenses as clinical and manufacturing activities expand.

• Expects to seek additional capital prior to commercialization of any product candidates.

• Focused cash spending in 2024 on advancing clinical pipeline, manufacturing, and strengthening clinical departments.

• Updates on BALLI-01 clinical trial for UCART22 expected by year-end 2024.