Cellectis Provides Full Report for Second Quarter 2023 Financial
Results
Cellectis S.A. (the “Company”) (Euronext Growth: ALCLS- NASDAQ:
CLLS), a clinical-stage biotechnology company using its pioneering
gene-editing platform to develop life-saving cell and gene
therapies, announced today the release of the full report of the
financial results for the second quarter 2023 (ended June 30, 2023)
and filing of the corresponding 6-K with the SEC.
Financial Results
The interim condensed consolidated financial
statements of Cellectis, have been prepared in accordance with
International Financial Reporting Standards, as issued by the
International Accounting Standards Board (“IFRS”).
We present certain financial metrics broken out
between our two reportable segments – Therapeutics and Plants – in
the appendices of this Q2 2023 financial results press release.
On January 13, 2023, Calyxt, Cibus Global LLC
(Cibus) and certain other parties named therein, entered into an
Agreement and Plan of Merger (the “Merger Agreement”), pursuant to
which, subject to the terms and conditions thereof, Calyxt and
Cibus will merge in an all-stock transaction (the “Calyxt Merger”).
As a consequence of the foregoing, Calyxt met the “held-for-sale”
criteria specified in IFRS 5 and was classified as a discontinued
operation until May 31, 2023.
On June 1, 2023, Calyxt and Cibus closed the
merger transaction and now operate under the name Cibus, Inc.
Consequently, Calyxt was deconsolidated and Calyxt's cash, cash
equivalent and restricted cash are no longer included in the
Group's cash, cash equivalent and restricted cash since June 1,
2023.
Cash: As of June 30, 2023,
Cellectis, had $89 million in consolidated cash, cash equivalents,
and restricted cash. This compares to $95 million in consolidated
cash, cash equivalents and restricted cash as of December 31, 2022.
This $6 million difference mainly reflects $55 million of cash out,
which include $15 million for R&D suppliers, $7 million for
SG&A suppliers, $23 million for staff costs, $7 million for
rents and taxes, $3 millions of reimbursement of the “PGE” loan,
and a $1 million unfavorable impact on Forex partially offset by a
$23 million net cash inflow from the capital raise closed in
February, a $21 million net cash inflow from EIB loan, a $1 million
cash inflow related to the grant and refundable advance from BPI,
$2 millions of financial investments’ capital gain and interests, a
$1 million reimbursement of social charges paid on stock options,
and a $2 million net cash inflow from licenses and other cash
receipts.
Based on the current operating plan, Cellectis
anticipates that the cash, cash equivalents, and restricted cash as
of June 30, 2023 will fund Cellectis’ operations into the third
quarter of 2024.
Revenues and Other Income:
Consolidated revenues and other income were $5.6 million for the
six months ended June 30, 2023 compared to $6.5 million for the six
months ended June 30, 2022. The decrease of $1.0 million reflects
the recognition of two milestones related to Cellectis’ agreement
with Cytovia for $1.5 million in 2022 and a milestone of $1.0
million with another partner while recognition of revenues in 2023
is not material, and partially offset by the increase of the
research tax credit for $0.8 million and the partial recognition of
a grant signed with “BPI” of $0.8 million.
R&D Expenses: Consolidated
R&D expenses were $43.2 million for the six months ended June
30, 2023, compared to $52.2 million for the six months ended June
30, 2022. The $9.0 million decrease was primarily attributable to
(i) a $3.4 million decrease in personal expenses due to departures
not replaced (ii) a $4.7 million decrease in purchases, external
expenses and other (from $28.0 million in 2022 to $23.2 million in
2023) mainly explained by internalization of our manufacturing and
quality activities to support our R&D pipeline and (iii) a $0.8
million decrease of non-cash stock-based compensation expenses
(from $3.1 million to $2.3 million).
SG&A Expenses: Consolidated
SG&A expenses were $8.9 million for the six months ended June
30, 2023, compared to $10.9 million for the six months ended June
30, 2022. The $2.0 million decrease primarily reflects (i) a $1.6
million decrease in purchases, external expenses and other (from
$6.4 million in 2022 to $4.9 million in 2023) mainly explained by
the implementation of our ERP in 2022 (ii) a $0.2 million decrease
in personal expenses and non-cash stock-based compensation
expenses.
Net financial gain (loss):
Consolidated net financial gain was $11.6 million for the six
months ended June 30, 2023, compared to $9.2 million for the six
months ended June 30, 2022. The $2.4 million increase primarily
reflects (i) a $20.8 million increase of financial income, mainly
attributable to the profit from Calyxt’s deconsolidation, partially
offset by (ii) the loss in fair value on our retained investment in
Calyxt since deconsolidation for $10.2 million, (iii) a $6.8
million decrease in the fair value of Cytovia’s note
receivable.
Net income (loss) from discontinued
operations: Pursuant to Calyxt deconsolidation income from
discontinued operation for the six-month period ended June 30,
2023, 2023 only include five months of activity. The $3.5 million
increase of net loss from discontinued operations between the
six-month period ended June 30, 2022 and 2023 is primarily driven
by (i) the increase of $9.2 million of net financial loss and (ii)
the increase of $1.5 million of other operating expenses partially
offset by (i) the decrease of $2.8 million of R&D expenses
(from $6.3 million in 2022 to $3.5 in 2023) and (ii) the decrease
of $4.5 million of SG&A expenses (from $6.8 million in 2022 to
$2.3 million in 2023).
Net Income (loss) Attributable to
Shareholders of Cellectis: The consolidated net loss
attributable to shareholders of Cellectis was $40.7 million (or
$0.76 per share) for the six months ended June 30, 2023, of which
$35.7 million was attributed to Cellectis continuing operations,
compared to $50.9 million (or $1.12 per share) for the six months
ended June 30, 2022, of which $47.3 million was attributed to
Cellectis continuing operations. This $10.1 million decrease in net
loss between the first six months of 2023 and 2022 was primarily
driven by (i) a $9.0 million decrease of R&D expenses, (ii) a
$2.0 million decrease of SG&A expenses and (iii) an increase of
$2.4 million of the financial gain due to the deconsolidation of
Calyxt compensated in part by the decrease of fair value of
Cytovia’s note receivable. These downward impacts on the net loss
were partially offset by (i) a decrease of $1.0 million of revenues
and other income, (ii) an increase of $1.5 million of loss from
discontinued operations attributable to Shareholders of
Cellectis.
Adjusted Net Income (Loss) Attributable
to Shareholders of Cellectis: The consolidated adjusted
net loss attributable to shareholders of Cellectis was $36.7
million (or $0.68 per share) for the six months ended June 30,
2023, compared to a net loss of $45.5 million (or $1.00 per share)
for the six months ended June 30, 2022.
Please see "Note Regarding Use of Non-IFRS
Financial Measures" for reconciliation of GAAP net income (loss)
attributable to shareholders of Cellectis to adjusted net income
(loss) attributable to shareholders of Cellectis.
We currently foresee focusing our cash
spending at Cellectis for 2023 in the following areas:
- Supporting the development of our
pipeline of product candidates, including the manufacturing and
clinical trial expenses of UCART123, UCART22, UCART 20x22 and
potential new product candidates;
- Operating our state-of-the-art
manufacturing capabilities in Paris (France), and Raleigh (North
Carolina, USA); and
- Continuing to strengthen our
manufacturing and clinical departments.
| |
|
CELLECTIS S.A. STATEMENT OF CONSOLIDATED
FINANCIAL POSITION (unaudited) ($ in
thousands) |
| |
| |
|
As of |
| |
|
December 31, 2022 |
|
June 30, 2023 |
|
|
|
|
|
|
| |
|
|
|
|
|
ASSETS |
|
|
|
|
| Non-current
assets |
|
|
|
|
|
Intangible assets |
|
718 |
|
|
695 |
|
| Property, plant, and
equipment |
|
63,621 |
|
|
59,231 |
|
| Right-of-use assets |
|
44,275 |
|
|
41,457 |
|
| Non-current financial
assets |
|
8,791 |
|
|
13,006 |
|
| Total non-current
assets |
|
117,406 |
|
|
114,389 |
|
| |
|
|
|
|
| Current
assets |
|
|
|
|
| Trade receivables |
|
772 |
|
|
422 |
|
| Subsidies receivables |
|
14,496 |
|
|
19,488 |
|
| Other current assets |
|
9,078 |
|
|
7,869 |
|
| Cash and cash equivalent and
Current financial assets |
|
97,697 |
|
|
85,505 |
|
| Total current
assets |
|
122,043 |
|
|
113,285 |
|
| Total assets held for
sale |
|
21,768 |
|
|
0 |
|
| TOTAL
ASSETS |
|
261,216 |
|
|
227,674 |
|
| |
|
|
|
|
|
LIABILITIES |
|
|
|
|
| Shareholders’
equity |
|
|
|
|
| Share capital |
|
2,955 |
|
|
3,491 |
|
| Premiums related to the share
capital |
|
583,122 |
|
|
476,224 |
|
| Currency translation
adjustment |
|
(28,605 |
) |
|
(37,050 |
) |
| Retained earnings |
|
(333,365 |
) |
|
(305,392 |
) |
| Net income (loss) |
|
(106,139 |
) |
|
(40,715 |
) |
| Total shareholders’
equity - Group Share |
|
117,968 |
|
|
96,558 |
|
| Non-controlling interests |
|
7,973 |
|
|
0 |
|
| Total shareholders’
equity |
|
125,941 |
|
|
96,558 |
|
|
|
|
|
|
|
| Non-current
liabilities |
|
|
|
|
| Non-current financial
liabilities |
|
20,531 |
|
|
40,270 |
|
| Non-current lease debts |
|
49,358 |
|
|
46,157 |
|
| Non-current provisions |
|
2,390 |
|
|
2,641 |
|
| Total non-current
liabilities |
|
72,279 |
|
|
89,068 |
|
|
|
|
|
|
|
| Current
liabilities |
|
|
|
|
| Current financial
liabilities |
|
5,088 |
|
|
5,185 |
|
| Current lease debts |
|
7,872 |
|
|
8,270 |
|
| Trade payables |
|
21,456 |
|
|
19,229 |
|
| Deferred revenues and deferred
income |
|
59 |
|
|
241 |
|
| Current provisions |
|
477 |
|
|
1,029 |
|
| Other current liabilities |
|
13,179 |
|
|
8,093 |
|
| Total current
liabilities |
|
48,131 |
|
|
42,047 |
|
| Total liabilities
related to asset held for sale |
|
14,864 |
|
|
0 |
|
| TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
261,216 |
|
|
227,674 |
|
| |
|
Cellectis S.A.UNAUDITED STATEMENTS OF
CONSOLIDATED OPERATIONS For the three-month period
ended June 30, 2023$ in thousands, except per
share amounts |
| |
| |
|
For the three-month period ended June 30, |
| |
|
2022 * |
|
2023 |
| |
|
|
|
| Revenues and other
income |
|
|
|
|
|
Revenues |
|
1,307 |
|
|
178 |
|
| Other income |
|
1,416 |
|
|
1,823 |
|
| Total revenues and
other income |
|
2,723 |
|
|
2,001 |
|
| Operating
expenses |
|
|
|
|
| Cost of revenue |
|
(329 |
) |
|
(55 |
) |
| Research and development
expenses |
|
(25,630 |
) |
|
(22,144 |
) |
| Selling, general and
administrative expenses |
|
(4,830 |
) |
|
(3,950 |
) |
| Other operating income
(expenses) |
|
753 |
|
|
490 |
|
| Total operating
expenses |
|
(30,036 |
) |
|
(25,660 |
) |
| Operating income
(loss) |
|
(27,313 |
) |
|
(23,659 |
) |
| Financial gain
(loss) |
|
8,301 |
|
|
15,982 |
|
| Income
tax |
|
0 |
|
|
(258 |
) |
| Income (loss) from continuing
operations |
|
(19,012 |
) |
|
(7,935 |
) |
| Income (loss) from
discontinued operations |
|
(442 |
) |
|
(5,647 |
) |
| Net income
(loss) |
|
(19,454 |
) |
|
(13,583 |
) |
|
Attributable to shareholders of Cellectis |
|
(18,946 |
) |
|
(10,648 |
) |
|
Attributable to non-controlling interests |
|
(506 |
) |
|
(2,935 |
) |
| |
|
|
|
|
| Basic net income
(loss) attributable to shareholders of Cellectis per share
($/share) |
|
(0.42 |
) |
|
(0.19 |
) |
| Diluted net income
(loss) attributable to shareholders of Cellectis per share
($/share) |
|
(0.42 |
) |
|
(0.19 |
) |
| Basic net income
(loss) attributable to shareholders of Cellectis per share ($
/share) from discontinued operations |
|
0.00 |
|
|
(0.05 |
) |
| Diluted net income
(loss) attributable to shareholders of Cellectis per share ($
/share) from discontinued operations |
|
0.00 |
|
|
(0.05 |
) |
* These amounts reflect adjustments made in
connection with the presentation of the discontinued operation
| |
|
CELLECTIS S.A. UNAUDITED STATEMENTS OF
CONSOLIDATED OPERATIONS For the six-month period
ended June 30, 2023$ in thousands, except per
share amounts |
| |
| |
|
For the six-month period ended June 30, |
| |
|
2022 * |
|
2023 |
| |
|
|
|
| Revenues and other
income |
|
|
|
|
|
Revenues |
|
2,972 |
|
|
317 |
|
| Other income |
|
3,551 |
|
|
5,242 |
|
| Total revenues and
other income |
|
6,523 |
|
|
5,560 |
|
| Operating
expenses |
|
|
|
|
| Cost of revenue |
|
(714 |
) |
|
(389 |
) |
| Research and development
expenses |
|
(52,231 |
) |
|
(43,225 |
) |
| Selling, general and
administrative expenses |
|
(10,893 |
) |
|
(8,914 |
) |
| Other operating income
(expenses) |
|
774 |
|
|
(83 |
) |
| Total operating
expenses |
|
(63,064 |
) |
|
(52,612 |
) |
| Operating income
(loss) |
|
(56,541 |
) |
|
(47,053 |
) |
| Financial gain
(loss) |
|
9,213 |
|
|
11,580 |
|
| Income
tax |
|
0 |
|
|
(258 |
) |
| Income (loss) from continuing
operations |
|
(47,328 |
) |
|
(35,731 |
) |
| Income (loss) from
discontinued operations |
|
(6,883 |
) |
|
(10,377 |
) |
| Net income
(loss) |
|
(54,211 |
) |
|
(46.108 |
) |
|
Attributable to shareholders of Cellectis |
|
(50,858 |
) |
|
(40,715 |
) |
|
Attributable to non-controlling interests |
|
(3,352 |
) |
|
(5,393 |
) |
| |
|
|
|
|
| Basic net income
(loss) attributable to shareholders of Cellectis per share
($/share) |
|
(1.12 |
) |
|
(0.76 |
) |
| Diluted net income
(loss) attributable to shareholders of Cellectis per share
($/share) |
|
(1.12 |
) |
|
(0.76 |
) |
| Basic net income
(loss) attributable to shareholders of Cellectis per share ($
/share) from discontinued operations |
|
(0.08 |
) |
|
(0.09 |
) |
| Diluted net income
(loss) attributable to shareholders of Cellectis per share ($
/share) from discontinued operations |
|
(0.08 |
) |
|
(0.09 |
) |
* These amounts reflect adjustments made in
connection with the presentation of the discontinued operation
| |
|
CELLECTIS S.A. DETAILS OF KEY PERFORMANCE
INDICATORS BY REPORTABLE SEGMENTS – For the
three-month period ended June 30, 2023(unaudited)
- ($ in thousands) |
| |
| |
|
For the three-month period ended June 30,
2022 |
|
For the three-month period ended June 30,
2023 |
| $ in
thousands |
|
Plants (discontinued operations) |
Therapeutics |
Total reportable segments |
|
Plants (discontinued operations) |
Therapeutics |
Total reportable segments |
| |
|
|
|
|
|
|
|
|
|
External revenues |
|
42 |
|
1,307 |
|
1,348 |
|
|
1 |
|
178 |
|
179 |
|
| External other income |
|
- |
|
1,416 |
|
1,416 |
|
|
- |
|
1,823 |
|
1,823 |
|
| External revenues and
other income |
|
42 |
|
2,723 |
|
2,765 |
|
|
1 |
|
2,001 |
|
2,002 |
|
| Cost of revenue |
|
0 |
|
(329 |
) |
(329 |
) |
|
(63 |
) |
(55 |
) |
(118 |
) |
| Research and development
expenses |
|
(3,419 |
) |
(25,630 |
) |
(29,048 |
) |
|
(1,322 |
) |
(22,144 |
) |
(23,467 |
) |
| Selling, general and
administrative expenses |
|
(3,585 |
) |
(4,830 |
) |
(8,415 |
) |
|
(976 |
) |
(3,950 |
) |
(4,927 |
) |
| Other operating income and
expenses |
|
198 |
|
753 |
|
951 |
|
|
(1,074 |
) |
490 |
|
(584 |
) |
| Total operating
expenses |
|
(6,806 |
) |
(30,036 |
) |
(36,842 |
) |
|
(3,435 |
) |
(25,660 |
) |
(29,095 |
) |
| Operating income
(loss) before tax |
|
(6,764 |
) |
(27,313 |
) |
(34,077 |
) |
|
(3,434 |
) |
(23,659 |
) |
(27,093 |
) |
| Financial gain (loss) |
|
6,322 |
|
8,301 |
|
14,623 |
|
|
(2,213 |
) |
15,982 |
|
13,769 |
|
| Income
tax |
|
- |
|
- |
|
- |
|
|
- |
|
(258 |
) |
(258 |
) |
| Net income (loss) from
discontinued operations |
|
(442 |
) |
|
(442 |
) |
|
(5,647 |
) |
|
(5,647 |
) |
| Net income
(loss) |
|
(442 |
) |
(19,012 |
) |
(19,454 |
) |
|
(5,647 |
) |
(7,935 |
) |
(13,583 |
) |
| Non controlling interests |
|
506 |
|
- |
|
506 |
|
|
(2,935 |
) |
- |
|
(2,935 |
) |
| Net income (loss)
attributable to shareholders of Cellectis |
|
64 |
|
(19,012 |
) |
(18,946 |
) |
|
(2,712 |
) |
(7,935 |
) |
(10,648 |
) |
| R&D non-cash stock-based
expense attributable to shareholder of Cellectis |
|
226 |
|
1,454 |
|
1,681 |
|
|
103 |
|
797 |
|
900 |
|
| SG&A non-cash stock-based
expense attributable to shareholder of Cellectis |
|
447 |
|
557 |
|
1,003 |
|
|
326 |
|
849 |
|
1,174 |
|
| Adjustment of
share-based compensation attributable to shareholders of
Cellectis |
|
673 |
|
2,011 |
|
2,684 |
|
|
428 |
|
1,646 |
|
2,074 |
|
| Adjusted net income
(loss) attributable to shareholders of Cellectis |
|
737 |
|
(17,001 |
) |
(16,264 |
) |
|
(2,284 |
) |
(6,289 |
) |
(8,573 |
) |
| Depreciation and
amortization |
|
(608 |
) |
(4,500 |
) |
(5,108 |
) |
|
(12 |
) |
(4,419 |
) |
(4,431 |
) |
| Additions to tangible and
intangible assets |
|
308 |
|
870 |
|
1,178 |
|
|
21 |
|
311 |
|
332 |
|
| |
|
CELLECTIS S.A. DETAILS OF KEY PERFORMANCE
INDICATORS BY REPORTABLE SEGMENTS – For the
six-month period ended June 30, 2023(unaudited) -
($ in thousands) |
| |
| |
For the six-month period ended June 30, 2022 |
|
For the six-month period ended June 30, 2023 |
| $ in
thousands |
Plants (discontinued operations) |
Therapeutics |
Total reportable segments |
|
Plants (discontinued operations) |
Therapeutics |
Total reportable segments |
| |
|
|
|
|
|
|
|
|
External revenues |
73 |
|
2,972 |
|
3,045 |
|
|
43 |
|
317 |
|
360 |
|
| External other income |
- |
|
3,551 |
|
3,551 |
|
|
- |
|
5,242 |
|
5,242 |
|
| External revenues and
other income |
73 |
|
6,523 |
|
6,596 |
|
|
43 |
|
5,560 |
|
5,602 |
|
| Cost of revenue |
(0 |
) |
(714 |
) |
(714 |
) |
|
(63 |
) |
(389 |
) |
(451 |
) |
| Research and development
expenses |
(6,297 |
) |
(52,231 |
) |
(58,527 |
) |
|
(3,487 |
) |
(43,225 |
) |
(46,712 |
) |
| Selling, general and
administrative expenses |
(6,801 |
) |
(10,893 |
) |
(17,695 |
) |
|
(2,313 |
) |
(8,914 |
) |
(11,227 |
) |
| Other operating income and
expenses |
242 |
|
774 |
|
1,016 |
|
|
(1,251 |
) |
(83 |
) |
(1,334 |
) |
| Total operating
expenses |
(12,856 |
) |
(63,064 |
) |
(75,920 |
) |
|
(7,113 |
) |
(52,612 |
) |
(59,725 |
) |
| Operating income
(loss) before tax |
(12,783 |
) |
(56,541 |
) |
(69,324 |
) |
|
(7,070 |
) |
(47,053 |
) |
(54,123 |
) |
| Net financial gain (loss) |
5,900 |
|
9,213 |
|
15,113 |
|
|
(3,307 |
) |
11,580 |
|
8,273 |
|
| Income
tax |
- |
|
- |
|
- |
|
|
- |
|
(258 |
) |
(258 |
) |
| Net income (loss) from
discontinued operations |
(6,883 |
) |
|
(6,883 |
) |
|
(10,377 |
) |
|
(10,377 |
) |
| Net income
(loss) |
(6,883 |
) |
(47,328 |
) |
(54,211 |
) |
|
(10,377 |
) |
(35,731 |
) |
(46,108 |
) |
| Non-controlling interests |
3,352 |
|
- |
|
3,352 |
|
|
5,393 |
|
- |
|
5,393 |
|
| Net income (loss)
attributable to shareholders of Cellectis |
(3,531 |
) |
(47,328 |
) |
(50,858 |
) |
|
(4,984 |
) |
(35,731 |
) |
(40,715 |
) |
| R&D non-cash stock-based
expense attributable to shareholder of Cellectis |
216 |
|
3,134 |
|
3,349 |
|
|
188 |
|
1,900 |
|
2,088 |
|
| SG&A non-cash stock-based
expense attributable to shareholder of Cellectis |
789 |
|
1,193 |
|
1,982 |
|
|
599 |
|
1,366 |
|
1,965 |
|
| Adjustment of
share-based compensation attributable to shareholders of
Cellectis |
1,005 |
|
4,327 |
|
5,331 |
|
|
788 |
|
3,265 |
|
4,053 |
|
| Adjusted net income
(loss) attributable to shareholders of Cellectis |
(2,526 |
) |
(43,001 |
) |
(45,527 |
) |
|
(4,196 |
) |
(32,465 |
) |
(36,663 |
) |
| Depreciation and
amortization |
(1,316 |
) |
(9,434 |
) |
(10,749 |
) |
|
(7 |
) |
(8,875 |
) |
(8,882 |
) |
| Additions to tangible and
intangible assets |
671 |
|
1,452 |
|
2,123 |
|
|
21 |
|
536 |
|
556 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Note Regarding Use of Non-IFRS Financial
Measures
Cellectis S.A. presents adjusted net income
(loss) attributable to shareholders of Cellectis in this press
release. Adjusted net income (loss) attributable to shareholders of
Cellectis is not a measure calculated in accordance with IFRS. We
have included in this press release a reconciliation of this figure
to net income (loss) attributable to shareholders of Cellectis,
which is the most directly comparable financial measure calculated
in accordance with IFRS. Because adjusted net income (loss)
attributable to shareholders of Cellectis excludes Non-cash
stock-based compensation expense—a non-cash expense, we believe
that this financial measure, when considered together with our IFRS
financial statements, can enhance an overall understanding of
Cellectis’ financial performance. Moreover, our management views
the Company’s operations, and manages its business, based, in part,
on this financial measure. In particular, we believe that the
elimination of Non-cash stock-based expenses from Net income (loss)
attributable to shareholders of Cellectis can provide a useful
measure for period-to-period comparisons of our core businesses.
Our use of adjusted net income (loss) attributable to shareholders
of Cellectis has limitations as an analytical tool, and you should
not consider it in isolation or as a substitute for analysis of our
financial results as reported under IFRS. Some of these limitations
are: (a) other companies, including companies in our industry which
use similar stock-based compensation, may address the impact of
Non-cash stock-based compensation expense differently; and (b)
other companies may report adjusted net income (loss) attributable
to shareholders or similarly titled measures but calculate them
differently, which reduces their usefulness as a comparative
measure. Because of these and other limitations, you should
consider adjusted net income (loss) attributable to shareholders of
Cellectis alongside our IFRS financial results, including Net
income (loss) attributable to shareholders of Cellectis.
| |
|
RECONCILIATION OF IFRS TO NON-IFRS NET
INCOMEFor the three-month period ended June 30,
2023(unaudited) - ($ in thousands except per share
data) |
| |
| |
|
For the three-month period ended June 30, |
| |
|
2022 * |
|
2023 |
| |
|
|
|
|
|
Net income (loss) attributable to shareholders of
Cellectis |
|
(18,946 |
) |
|
(10,648 |
) |
| Adjustment: |
|
|
|
|
|
|
|
Non-cash stock-based compensation expense attributable to
shareholders of Cellectis |
|
2,684 |
|
|
2,074 |
|
| Adjusted net income
(loss) attributable to shareholders of Cellectis |
|
(16,263 |
) |
|
(8,574 |
) |
| |
|
|
|
|
| Basic Adjusted net
income (loss) attributable to shareholders of Cellectis
($/share) |
|
(0.36 |
) |
|
(0.15 |
) |
| Basic adjusted
earnings from discontinued operations attributable to shareholders
of Cellectis ($ /share) |
|
0.00 |
|
|
(0.05 |
) |
| |
|
|
|
|
| Weighted average
number of outstanding shares, basic (units) |
|
45,497,127 |
|
|
55,583,768 |
|
| |
|
|
|
|
| Diluted Adjusted net
income (loss) attributable to shareholders of Cellectis ($/share)
(1) |
|
(0.36 |
) |
|
(0.15 |
) |
| Diluted Adjusted net
income (loss) attributable to shareholders of Cellectis ($/share)
from discontinued operations |
|
0.02 |
|
|
(0.04 |
) |
| |
|
|
|
|
| Weighted average
number of outstanding shares, diluted (units) |
|
45,497,127 |
|
|
55,583,768 |
|
*These amounts reflect adjustments made in
connection with the presentation of the discontinued operation
| |
|
RECONCILIATION OF IFRS TO NON-IFRS NET INCOME
(unaudited) First six months ($
in thousands, except per share data) |
| |
| |
|
For the six-month period ended June 30, |
| |
|
2022 * |
|
2023 |
| |
|
|
|
|
Net income (loss) attributable to shareholders of
Cellectis |
|
(50,858 |
) |
|
(40,715 |
) |
| Adjustment: |
|
|
|
|
|
|
|
Non-cash stock-based compensation expense attributable to
shareholders of Cellectis |
|
5,331 |
|
|
4,053 |
|
| Adjusted net income
(loss) attributable to shareholders of Cellectis |
|
(45,527 |
) |
|
(36,662 |
) |
| |
|
|
|
|
| Basic Adjusted net
income (loss) attributable to shareholders of Cellectis
($/share) |
|
(1.00 |
) |
|
(0.68 |
) |
| Basic adjusted
earnings from discontinued operations attributable to shareholders
of Cellectis ($ /share) |
|
(0.95 |
) |
|
(0.71 |
) |
| |
|
|
|
|
| Weighted average
number of outstanding shares, basic (units) |
|
45,497,127 |
|
|
53,541,010 |
|
| |
|
|
|
|
| Diluted Adjusted net
income (loss) attributable to shareholders of Cellectis
($/share) |
|
(1.00 |
) |
|
(0.68 |
) |
| Diluted Adjusted net
income (loss) attributable to shareholders of Cellectis ($/share)
from discontinued operations |
|
(0.95 |
) |
|
(0.71 |
) |
| |
|
|
|
|
| Weighted average
number of outstanding shares, diluted (units) |
|
45,497,127 |
|
|
53,541,010 |
|
*These amounts reflect adjustments made in
connection with the presentation of the discontinued operation
About Cellectis
Cellectis is a clinical-stage biotechnology
company using its pioneering gene-editing platform to develop
life-saving cell and gene therapies. Cellectis utilizes an
allogeneic approach for CAR-T immunotherapies in oncology,
pioneering the concept of off-the-shelf and ready-to-use
gene-edited CAR T-cells to treat cancer patients, and a platform to
make therapeutic gene editing in hemopoietic stem cells for various
diseases. As a clinical-stage biopharmaceutical company with over
23 years of experience and expertise in gene editing, Cellectis is
developing life-changing product candidates utilizing TALEN®, its
gene editing technology, and PulseAgile, its pioneering
electroporation system to harness the power of the immune system in
order to treat diseases with unmet medical needs. Cellectis’
headquarters are in Paris, France, with locations in New York, New
York and Raleigh, North Carolina. Cellectis is listed on the Nasdaq
Global Market (ticker: CLLS) and on Euronext Growth (ticker:
ALCLS).
Forward-looking Statements
This press release contains “forward-looking”
statements within the meaning of applicable securities laws,
including the Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by words such as
“anticipate”, “expect”, “plan”, “could” and “will,” or the negative
of these and similar expressions. These forward-looking statements,
which are based on our management’s current expectations and
assumptions and on information currently available to management.
Forward-looking statements include statements about the sufficiency
of cash to fund operation. These forward-looking statements are
made in light of information currently available to us and are
subject to numerous risks and uncertainties, including with respect
to the numerous risks associated with biopharmaceutical product
candidate development. With respect to our cash runway, our
operating plans, including product development plans, may change as
a result of various factors, including factors currently unknown to
us. Furthermore, many other important factors, including those
described in our Annual Report on Form 20-F and the financial
report (including the management report) for the year ended
December 31, 2022 and subsequent filings Cellectis makes with the
Securities Exchange Commission from time to time, as well as other
known and unknown risks and uncertainties may adversely affect such
forward-looking statements and cause our actual results,
performance or achievements to be materially different from those
expressed or implied by the forward-looking statements. Except as
required by law, we assume no obligation to update these
forward-looking statements publicly, or to update the reasons why
actual results could differ materially from those anticipated in
the forward-looking statements, even if new information becomes
available in the future.
For further information on Cellectis, please
contact:
Media contact:
Pascalyne Wilson, Director, Communications, +33 (0)7 76 99 14
33, media@cellectis.com
Investor Relations contacts:
Arthur Stril, Chief Business Officer, +1 (347) 809 5980,
investors@cellectis.com
Ashley R. Robinson, LifeSci Advisors, +1 617 430 7577
- Full Report Q2 2023_ANG.pdf
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