Cellectis S.A. (CLLS) Q3 2024 Earnings Call Transcript
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
Overview
The earnings call presents mixed signals. The AstraZeneca collaboration and strong cash position are positive indicators, but supply chain challenges and intense competition in cell and gene therapy pose risks. The Q&A reveals management's cautious approach to prioritizing projects and lack of clarity on future datasets. Additionally, deprioritizing UCART123 raises concerns. Despite these issues, the partnership with AstraZeneca provides a financial buffer, mitigating some negative impacts. Overall, the sentiment is neutral as positives balance out the negatives.
Key Financial Performance
Cash and Cash Equivalents $264 million (up $108 million year-over-year from $156 million as of December 31, 2023) due to $140 million cash received from AstraZeneca, $16 million from the European Investment Bank, $8 million from financial investments, and $27 million from revenue, partially offset by $42 million in supplier payments, $32 million in wages and expenses, $8 million in lease debt payments, and $4 million in loan repayments.
Revenue $27 million (specific year-over-year change not provided) attributed to ongoing partnerships and collaborations.
Net Loss Consolidated net loss attributable to shareholders for the nine months ended September 30, 2024, not specified in the transcript but referenced to be available in the press release.
Development Milestones from AstraZeneca $22 million reached in development milestones as part of the $47 million triggered under the AstraZeneca collaboration.
Upfront Payment from AstraZeneca $25 million received as part of the AstraZeneca joint research and collaboration agreement.
You have reached the limit. Sign up to access full content
Get started
Operating Highlights
New Product Development: Research and development activities have started for three programs developed under collaboration with AstraZeneca: one allogeneic CAR T for hematological malignancies, one for solid tumors, and one in vivo gene therapy for genetic disorders.
Market Expansion: Cellectis is focusing on the enrollment of patients in core clinical trials, with plans to present Phase I dataset and large-stage development strategy in 2025.
Operational Efficiency: Cellectis has increased cash reserves to $264 million as of September 30, 2024, up from $156 million at the end of 2023, primarily due to $140 million from AstraZeneca's equity investment.
Strategic Shift: Cellectis has decided to de-prioritize the development of UCART123 for relapsed/refractory acute myeloid leukemia to focus resources on more promising programs.
You have reached the limit. Sign up to access full content
Get started
Risk or Challenges
Financial Outlook Risks: Cellectis has indicated that its financial outlook, including the sufficiency of cash to fund operations, is subject to risks and uncertainties that may cause actual results to differ from those forecasted.
Regulatory Risks: The company is planning regulatory interactions in support of its potential Phase II strategy, which may face challenges depending on regulatory feedback and requirements.
Development Risks: Cellectis has decided to de-prioritize the development of UCART123 for relapsed/refractory acute myeloid leukemia, indicating potential risks in the development pipeline and resource allocation.
Competitive Pressures: The collaboration with AstraZeneca is strategic, but the competitive landscape in cell and gene therapy is intense, which may impact Cellectis' market position and success.
Supply Chain Challenges: The company has incurred significant cash payments to suppliers, indicating potential supply chain challenges that could affect operational efficiency.
Economic Factors: Cellectis' financial position is influenced by external economic factors, including funding from partners and market conditions affecting investment and operational costs.
You have reached the limit. Sign up to access full content
Get started
Guidance & Outlook
Strategic Collaboration with AstraZeneca: Cellectis has initiated research and development activities for three programs under a collaboration with AstraZeneca, focusing on allogeneic CAR T therapies and in vivo gene therapy.
De-prioritization of UCART123: Cellectis has decided to de-prioritize the development of UCART123 for relapsed/refractory acute myeloid leukemia to focus resources on more promising programs.
Clinical Trials Focus: Cellectis is concentrating on the BALLI-01 and NATHALI-01 studies, with expectations to present Phase I datasets in 2025.
Cash Position: Cellectis reported cash and equivalents of $264 million as of September 30, 2024, sufficient to fund operations into 2027.
Revenue from AstraZeneca: $47 million has been triggered under the AstraZeneca collaboration, including $25 million upfront and $22 million from development milestones.
Future Financial Outlook: The company expects to maintain a strong cash runway through prudent cash management and milestone achievements.
You have reached the limit. Sign up to access full content
Get started
Shareholder Return Plan
Cash Position: Cellectis reported cash, cash equivalents, restricted cash, and fixed-term deposits amounting to $264 million as of September 30, 2024.
AstraZeneca Collaboration: $47 million has been triggered under the AstraZeneca joint research and collaboration agreement, including $25 million upfront and $22 million from development milestones.
Equity Investment: Cellectis received $140 million from AstraZeneca as part of the second tranche of its equity investment.
Funding Sufficiency: Cellectis believes its cash position will be sufficient to fund operations into 2027.
You have reached the limit. Sign up to access full content
Get started
Key Q&A
Q:Could you give a little bit more color regarding the patient numbers and the follow-up and what kind of datasets you will be sharing and in what kind of format for UCART22 BALLI-01 Phase I data next year?
A:We are now on track to have 40 patients in the dose escalation phase of the study, which we anticipate sharing in 2025.
Q:Can you give us the reason why you deprioritized UCART123 in AML?
A:We have seen good signals with UCART123, but we need to prioritize assets that give us the highest chance of success due to cash management.
Q:How should we think about the durability as it relates to the upcoming update in 2025 for UCART22?
A:We will announce data in terms of durability response and our regulatory approach, which will be clarified in 2025.
Q:How should we think about the breadth and depth of the dataset for UCART20x22 as we look out on 2025?
A:We anticipate a robust dataset by 2025 due to high demand for patients in the study.
Q:Can you talk about the evolution of revenues from the AstraZeneca deal?
A:The AstraZeneca collaboration allows for up to 10 cell and gene therapy programs, and we have initiated three. Revenue numbers differ due to accounting treatment.
Q:Where are you in thinking about dose expansion and dose selection for BALLI-01?
A:We are carefully considering our Phase II expansion study and endpoints in collaboration with regulatory authorities.
Q:Do you continue to see your in-house products performing better than the CMO products?
A:Earlier data suggested our in-house product is superior to P1, but we cannot compare on a patient-by-patient basis now.
Q:Have you seen any safety signals in the study?
A:We haven't seen any dose-limiting toxicities thus far.
Q:For the Phase II studies for both 20 and 20x22, do you need active controls?
A:We don't believe we will need active controls, anticipating single-arm studies.
Q:Can you speak to what contributed to the shift to 2025 for BALLI-01 data?
A:The primary driver was to increase patient numbers within the later cohorts to ensure enough data for a thoughtful Phase II development.
Q:Could you tell us if you're making any changes to the medical research organization at Cellectis?
A:We are building capabilities within the organization and have recruited another hematologist oncologist.
Q:Are there any royalties from Iovance?
A:We have economics attached to our program with Iovance, but they have not been disclosed.
Q:Review of Unclear Management Responses
A:Management did not provide a clear answer regarding the specific datasets and formats for UCART22 BALLI-01 data, nor did they clarify the exact reasons for deprioritizing UCART123 beyond cash management.
You have reached the limit. Sign up to access full content
Get started
Earnings Word Cloud
The most frequently occurring keywords in this quarter's earning call
AML
Adrian Cellectis
Andre
Ashiq Mubarack
AstraZeneca
BALLI study
Citizens JMP
II study
Iovance
Luisa Morgado
Officer Chief
Phase II
TIL therapy
Tuerkcan Citizens
UCART acute
activity
approach
area
authority
breadth depth
call
collaboration
color
control
dataset
escalation phase
interaction
lot
malignancy
milestone
number
position
question BALLI
research
revenue
signal
tumor
way
CLLS Transcript
Cellectis S.A. (CLLS) Q4 2025 Earnings Call Transcript
Positive3-20
The earnings call summary indicates a positive sentiment due to strategic collaborations, particularly with AstraZeneca, and promising recruitment progress in pivotal studies. While financial specifics are lacking, optimistic guidance is given for upcoming milestones and data readouts. The Q&A reveals management's confidence in ongoing trials and commercial opportunities, despite some confidentiality constraints. The market is likely to respond positively, anticipating future growth and successful milestone achievements.
Cellectis S.A. (CLLS) Q2 2025 Earnings Call Transcript
Unknown8-5
The earnings call summary presents a mixed picture. Financials show a cash decrease, but the cash runway is secure until 2027. Product development updates are promising, with regulatory alignment and no barriers to Phase II trials. However, uncertainties remain, such as the Servier arbitration decision and lack of milestone payment details. The Q&A session did not reveal major negative sentiments but highlighted cautious optimism from management. The overall sentiment is neutral, as positive product development is offset by financial and legal uncertainties.
Cellectis S.A. (CLLS) Q4 2024 Earnings Call Transcript
Positive3-14
The earnings call reveals a strong financial position with significant investments from AstraZeneca and stable cash reserves. The Q&A section highlights confidence in upcoming data releases, suggesting positive future developments. The collaboration with AstraZeneca is fully reimbursed, reducing cash burn. Despite competitive pressures and supply chain challenges, the overall sentiment leans positive due to strategic partnerships and financial strength.
Cellectis S.A. (CLLS) Q3 2024 Earnings Call Transcript
Unknown11-5
The earnings call presents mixed signals. The AstraZeneca collaboration and strong cash position are positive indicators, but supply chain challenges and intense competition in cell and gene therapy pose risks. The Q&A reveals management's cautious approach to prioritizing projects and lack of clarity on future datasets. Additionally, deprioritizing UCART123 raises concerns. Despite these issues, the partnership with AstraZeneca provides a financial buffer, mitigating some negative impacts. Overall, the sentiment is neutral as positives balance out the negatives.
CLLS Report
Frequently Asked Questions
Where does this earnings call transcript come from?
All transcripts are sourced directly from the official live webcast or the company’s official investor relations website. We use the exact words spoken during the call with no paraphrasing of the core discussion.
How soon is the transcript available after the earnings call ends?
Full verbatim transcripts are typically published within 4–12 hours after the call ends. Same-day availability is guaranteed for all S&P 500 and most mid-cap companies.
Is the transcript edited or altered in any way?
No material content is ever changed or summarized in the “Full Transcript” section. We only correct obvious spoken typos (e.g., “um”, “ah”, repeated 10 times”, or clear misspoken ticker symbols) and add speaker names/titles for readability. Every substantive sentence remains 100% as spoken.
Why do some answers appear as “Unclear” or “Inaudible”?
When audio quality is poor or multiple speakers talk over each other, we mark the section instead of guessing. This ensures complete accuracy rather than introducing potential errors.
Who creates the AI Summary and Key Q&A highlights shown above the transcript?
They are generated by a specialized financial-language model trained exclusively on 15+ years of earnings transcripts. The model extracts financial figures, guidance, and tone with 97%+ accuracy and is regularly validated against human analysts. The full raw transcript always remains available for verification.
