Cellectis Third Quarter 2024 Earnings Call

Cellectis (NASDAQ:CLLS), a biotechnology company specializing in gene-editing therapies, held its Third Quarter 2024 Earnings Call on October 30, 2024, sharing significant financial and operational updates. The company reported a substantial increase in cash reserves, mainly due to a strategic investment from AstraZeneca (NASDAQ:AZN).

The collaboration with AstraZeneca initiated three new R&D programs, including two allogeneic CAR T therapies and an in vivo gene therapy. Cellectis is deprioritizing the UCART123 program to focus on more promising assets, aiming to extend its cash runway to 2027.

Key Takeaways

• Cellectis' cash reserves increased to $264 million, up from $156 million at the end of 2023.
• The company received $140 million from AstraZeneca and $47 million in funding from the collaboration.
• Three new R&D programs were initiated in collaboration with AstraZeneca.
• They are focusing on patient enrollment for clinical trials, particularly the BALLI-01 study.
• The UCART123 program for AML has been deprioritized.
• The company aims to extend its cash runway to 2027.

Company Outlook

• Cellectis plans to present Phase I data in 2025.
• The company is committed to providing significant updates to stakeholders.

Highlights

Bearish

• The deprioritization of the UCART123 program for relapsed/refractory acute myeloid leukemia.

Bullish

• Strong patient demand for the UCART20x22 program, indicating robust recruitment potential with no dose-limiting toxicities observed.

Misses

• Specific economic details of the collaboration with Iovance remain undisclosed.

Q&A Highlights

• The BALLI-01 data release will shift to 2025 to ensure adequate data for Phase II.
• A new hematologist oncologist was recruited to enhance capabilities ahead of Phase II activities.

Cellectis' collaboration with AstraZeneca significantly impacts its financial health, with approximately $34 million in revenues recognized to date and the initiation of promising cell and gene therapy programs. The earnings call also noted organizational changes and updates on the partnership with Iovance, leveraging Cellectis' TALEN gene-editing platform.

InvestingPro Insights

Cellectis' recent earnings call reflects strategic repositioning and financial strengthening, supported by InvestingPro data. It shows a market capitalization of $181.47 million and a significant increase in cash reserves to $264 million.

Despite a remarkable 997.99% quarterly revenue growth in Q3 2024, the company is currently not profitable with an adjusted operating income of -$77.95 million. Despite this, Cellectis maintains optimism about its R&D efforts and growth potential.

Full transcript

Operator

Good morning, everyone, and welcome to the Cellectis Third Quarter 2024 Earnings Call… [transcript continues]

Andre Choulika

This quarter, we're excited to announce that research and development activities have started for three programs developed under our collaboration… [transcript continues]

Adrian Kilcoyne

As Andre mentioned, Cellectis focuses on the BALLI-01 and NATHALI-01 studies… [transcript continues]

Arthur Stril

We are excited about the progress of our partnerships, which impact our financial position… [transcript continues]

Andre Choulika

To close out this call, we are confident about ongoing clinical trials… [transcript continues]

Operator

We will now take our first question from Gena Wang… [Q&A continues] This article was generated with the support of AI and reviewed by an editor.