- UCART123 in Phase 1 clinical trial for
AML and BPDCN patients;
- UCART22 Phase 1 study protocol approved
by FDA for B-ALL patients;
- UCART19 ASH abstract by partner Servier
shows continued progress of first clinical allogeneic CAR T-cell
program for ALL patients;
- UCARTCS1 clinical trial expected to
start in 2019 for Multiple Myeloma patients;
- Cash1 position of $476M as of September
30, 2018 compared to $297M as of December 31, 2017
Regulatory News:
Cellectis S.A. (Paris:ALCLS) (NASDAQ:CLLS) (Euronext Growth:
ALCLS - Nasdaq: CLLS), a clinical-stage biopharmaceutical company
focused on developing immunotherapies based on gene-edited
allogeneic CAR T-cells (UCART), today announced its results for the
three-month period ended September 30, 2018 and for the nine-month
period end September 30, 2018.
1 Cash position includes cash, cash equivalent and current
financial assets
Third Quarter 2018 and Recent
Highlights
UCART123 (wholly controlled) – AML & BPDCN
patients
The Phases 1 dose escalation studies of UCART123 in acute
myeloid leukemia (AML) and blastic plasmacytoid dendritic cell
neoplasm (BPDCN) patients at MD Anderson Cancer Center and Weill
Cornell Medical Center remain ongoing.
For the AML clinical trial, the current dose level of 2.5x105
UCART123 cells per kilogram will be followed by dose levels 2 and 3
with 6.25x105 and 5.05x106 UCART123 cells per kilogram. We are
expecting to dose 2-4 patients per dose cohort, with a treatment
follow-up period of 4 weeks per patient as well as an option to
re-dose responding patients.
UCART22 (wholly controlled) – B-ALL patients
The FDA approved an IND for UCART22, with a first Phase 1
clinical study in B-cell acute lymphoblastic leukemia (B-ALL) adult
patients.
UCART22 is the 3rd allogeneic, off-the-shelf, gene-edited CAR
T-cell product candidate developed by Cellectis to enter clinical
trials.
UCART22 is designed for the treatment of CD22-expressing cancer
cells. Like CD19, CD22 is a cell surface antigen expressed from the
pre-B-cell stage of development through mature B-cells and is
expressed in more than 90% of patients with B-ALL. Approximately
85% of ALL cases involve precursor B-cells (B-ALL). The clinical
research for UCART22 will be led by Dr. Nitin Jain, Assistant
Professor at The University of Texas MD Anderson Cancer Center in
Houston, and Prof. Hagop Kantarjian, Professor and Chair in the
Department of Leukemia and University Chair in Cancer Medicine, at
The University of Texas MD Anderson Cancer Center in Houston.
UCARTCS1 (wholly controlled) – Multiple Myeloma
patients
A clinical trial for UCARTCS1 is expected to start in 2019 in
Multiple Myeloma patients.
UCARTCS1 is our first allogeneic CAR T-cell product candidate
for the treatment of Multiple Myeloma (MM) patients. We have chosen
CS1 (also known as SLAMF7) as the targeted antigen for this
program, based on the high levels of expression of CS1 in MM
patients on malignant cells relative to the low level of expression
on non-malignant cells as well as on the results of third parties’
proof of concept for this high value target achieved with the
elotuzumab monoclonal antibody in MM patients.
UCART19 (partnered, exclusively licensed to Servier) – ALL
patients
Recently, an abstract titled “896 Preliminary Data on Safety,
Cellular Kinetics and Anti-Leukemic Activity of UCART19, an
Allogeneic Anti-CD19 CAR T-Cell Product, in a Pool of Adult and
Pediatric Patients with High-Risk CD19+ Relapsed/Refractory B-Cell
Acute Lymphoblastic Leukemia” for oral presentation at the 60th
American Society of Hematology (ASH) Annual Meeting, was published
online, showing the continued progress of UCART19 in Phase 1
clinical trials, for both pediatric and adult ALL patients.
After UCART19 infusion, 88% of evaluable patients (14/16)
achieved a complete remission (CR) or complete remission with
incomplete blood cell recovery (CRi) by day 28 or day 42 post
UCART19 infusion and 86% (12/14) of these patients were ‘measurable
residual disease’ (MRD) negative (MRD- stands for less than 1
leukemic cell among 104 normal cells) assessed by flow or qPCR.
We are pleased to see continued progress for UCART19 under the
management of our partner Servier.
Under the collaboration agreement with Servier from 2014,
Cellectis is entitled to receive up to $350 million in clinical and
regulatory milestone payments, as well as tiered royalties in the
high single digits on worldwide sales.
ALLO-715 (BCMA) and ALLO-819 (Flt3) (partnered, exclusively
licensed to Allogene)
In addition, Allogene has released (i) an abstract for oral
presentation at ASH 2018 annual meeting, describing pre-clinical
research on ALLO-715, an allogeneic BCMA CAR T therapy possessing
an off-switch for the treatment of Multiple Myeloma, and (ii) an
abstract for a poster presentation for ALLO-819, an allogeneic Flt3
CAR T therapy possessing an off-switch for the treatment of acute
myeloid leukemia (AML).
ALLO-715 and ALLO-819 were progressed under a joint research
collaboration with Allogene, and are directed to targets that were
licensed exclusively from Cellectis. Allogene holds the exclusive
global development and commercial rights for these product
candidates.
Cellectis remains eligible to receive clinical and commercial
milestone payments of up to $2.8 billion, or $185 million per
target for 15 targets, and tiered royalties in the high single
digits on worldwide sales of any products that are developed by
Allogene, as originally agreed to under the June 17, 2014
Collaboration Agreement with Pfizer.
Manufacturing
We are currently in the process of internalizing large parts of
our proprietary manufacturing chain for clinical supplies and we
are planning to build a proprietary cGMP, commercial scale
manufacturing facility in the United States.
Corporate Governance
On August 2, 2018, Cellectis announced the appointment of Dr.
Stefan Scherer, M.D., Ph.D., to the role of Senior Vice President
Clinical Development and Deputy Chief Medical Officer.
On September 19, 2018, Cellectis announced that Stephan A.
Grupp, MD, Ph.D., a leading pediatric oncologist at Children's
Hospital of Philadelphia and Chief of the Section of Cellular
Therapy and Transplant at the Children's Hospital of Philadelphia
(CHOP) joined the Company’s Clinical Advisory Board (CAB).
Financial Results
Cellectis’ consolidated financial statements have been prepared
in accordance with International Financial Reporting Standards, or
IFRS, as issued by the International Accounting Standards Board
(“GAAP”).
Third Quarter and Nine-months 2018 Financial Results
Cash: As of December 31, 2017, Cellectis had $297.0
million in total cash, cash equivalents and current financial
assets compared to $475.9 million as of September 30, 2018. This
increase of $178.9 million primarily reflects $227.4 million net
cash proceeds provided by follow-on offerings completed by
Cellectis and Calyxt, partially offset by the net cash flows used
by operating activities of $47.5 million.
We believe that our cash, cash equivalents and current financial
assets of $475.9 million as of September 30, 2018 will be
sufficient to fund our operations until 2022.
Revenues and Other Income: Total revenues and other
income were $2.2 million for the three months ended September 30,
2018 compared to $7.3 million for the three months ended September
30, 2017. Total revenues and other income were $18.5 million for
the nine months ended September 30, 2018 compared to $26.7 million
for the nine months ended September 30, 2017. The decrease in both
periods was primarily attributable to a decrease in recognition of
upfront fees already paid to Cellectis and research and development
cost reimbursements in relation to collaborations.
R&D Expenses: Total R&D expenses were $18.7
million for the three months ended September 30, 2018 compared to
$20.3 million for the three months ended September 30, 2017. Total
R&D expenses were $55.2 million for the nine months ended
September 30, 2018 compared to $58.5 million for the nine months
ended September 30, 2017. The decrease in both periods was
primarily driven by decreased non-cash stock-based compensation
expenses partially offset by increased wages and salaries.
SG&A Expenses: Total SG&A expenses were $11.6
million for the three months ended September 30, 2018 compared to
$12.2 million for the three months ended September 30, 2017. The
decrease was primarily attributable by decreased non-cash
stock-based compensation expenses partially offset by increased in
purchases and external expenses. Total SG&A expenses were $36.8
million for the nine months ended September 30, 2018 compared to
$31.8 million for the nine months ended September 30, 2017. The
increase was primarily driven by increased purchases and external
expenses and wages and salaries partially offset by a decrease in
non-cash stock-based compensation.
Net Loss Attributable to Shareholders of Cellectis: Net
loss attributable to Shareholders of Cellectis was $22.8 million
(or $0.54 per share) for the three months ended September 30, 2018
compared to $26.2 million (or $0.73 per share) for the three months
ended September 30, 2017. Net loss attributable to Shareholders of
Cellectis was $55.4 million (or $1.38 per share) for the nine
months ended September 30, 2018 compared to 72.3 million (or $2.03
per share) for the nine months ended September 30, 2017. The
decrease in both periods was primarily driven by financial gains
and decrease in non-cash stock-based compensation expense,
partially offset by decreased revenues and other income and
increased purchases and external expenses and wages and
salaries.
Adjusted Net Loss Attributable to Shareholders of
Cellectis: Net loss attributable to Shareholders of Cellectis
was $15.1 million ($0.36 per share), for the three months ended
September 30, 2018 compared to $14.3 million ($0.40 per share) for
the three months ended September 30, 2017. Net loss attributable to
Shareholders of Cellectis was $28.0 million ($0.70 per share) for
the nine months ended September 30, 2018 compared to $34.3 million
($0.96 per share) for the nine months ended September 30, 2017.
Please see "Note Regarding Use of Non-GAAP Financial Measures" for
reconciliation of GAAP net income (loss) attributable to
shareholders of Cellectis to adjusted net income (loss)
attributable to shareholders of Cellectis.
CELLECTIS S.A.
STATEMENT OF CONSOLIDATED FINANCIAL
POSITION
($ in thousands, except per share
data)
As of As of December 31, 2017
September 30, 2018 As restated (*) Unaudited
ASSETS Non-current assets Intangible assets 1
431 1 352 Property, plant, and equipment 7 226 8 299 Other
non-current financial assets 1 004 657
Total non-current
assets 9 661 10 308 Current assets
Inventories 250 223 Trade receivables 2 753 1 813 Subsidies
receivables 9 524 15 616 Other current assets 13 713 15 925 Cash
and cash equivalent and Current financial assets 296 982 475 914
Total current assets 323 221 509 491 TOTAL
ASSETS 332 882 519 799 LIABILITIES
Shareholders’ equity Share capital 2 367 2 765 Premiums
related to the share capital 614 037 823 353 Treasury share reserve
(297) 0 Currency translation adjustment 1 834 (13 561) Retained
earnings (253 702) (326 484) Net income (loss) (99 368) (55 425)
Total shareholders’ equity - Group Share 264 872
430 648 Non-controlling interests 19 113 40 672
Total
shareholders’ equity 283 985 471 320
Non-current liabilities Non-current financial liabilities 13
209 Non-current provisions 3 430 2 907
Total non-current
liabilities 3 443 3 116 Current
liabilities Current financial liabilities 21 277 Trade payables
9 460 15 597 Deferred revenues and deferred income 27 975 20 252
Current provisions 1 427 1 503 Other current liabilities 6 570 7
734
Total current liabilities 45 453 45 362
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 332 882
519 799
(*) 2017 Interim consolidated financial statements have been
restated for the purpose of IFRS15 application. Reconciliation
between interim consolidated financial statements presented in
previous periods and 2018 interim consolidated financial statements
is available in Note 2.2 of the interim consolidated financial
statements for the third quarter 2018.
CELLECTIS S.A.
STATEMENT OF CONSOLIDATED OPERATIONS –
Third quarter
(unaudited)
($ in thousands, except per share
data)
For the three-month periods ended September 30,
2017 2018 Revenues and other
income Revenues 6 122 906 Other income 1 131 1 286
Total
revenues and other income 7 253 2 192
Operating expenses Royalty expenses (569) (868) Research and
development expenses (20 289) (18 694) Selling, general and
administrative expenses (12 153) (11 562) Other operating income
(expenses) 54 30
Total operating expenses (32 956)
(31 096) Operating income (loss) (25
703) (28 904) Financial gain (loss)
(3 393) 3 591 Net income (loss)
(29 096) (25 313) Attributable to shareholders of
Cellectis (26 154) (22 805) Attributable to non-controlling
interests
(2 942)
(2 508)
Basic net income (loss) attributable to
shareholders of Cellectis per share ($/share) (0.73)
(0.54) Diluted net income (loss)
attributable to shareholders of Cellectis per share ($/share)
(0.73) (0.54)
CELLECTIS S.A.
STATEMENT OF CONSOLIDATED OPERATIONS –
First nine months
(unaudited)
($ in thousands, except per share
data)
For the nine-month periods ended September 30,
2017 2018 Revenues and other
income Revenues 19 416 11 861 Other income 7 286 6 592
Total
revenues and other income 26 702 18 453
Operating expenses Royalty expenses (1 748) (2 016) Research
and development expenses (58 525) (55 169) Selling, general and
administrative expenses (31 830) (36 772) Other operating income
(expenses) 317 (138)
Total operating expenses (91
787) (94 095) Operating income
(loss) (65 085) (75 642)
Financial gain (loss) (9 969) 13 598
Net income (loss) (75 054) (62 044)
Attributable to shareholders of Cellectis (72 266) (55 425)
Attributable to non-controlling interests
(2 788)
(6 619)
Basic net income (loss) attributable to
shareholders of Cellectis per share ($/share) (2.03)
(1.38) Diluted net income (loss)
attributable to shareholders of Cellectis per share ($/share)
(2.03) (1.38)
Note Regarding Use of Non-GAAP 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 GAAP TO NON-GAAP NET
INCOME – Third quarter
(unaudited)
($ in thousands, except per share
data)
For the three-month periods ended September 30,
2017 2018 Net income (loss)
attributable to shareholders of Cellectis (26 154)
(22 805)
Adjustment:
Non-cash
stock-based compensation expense attributable to shareholders of
Cellectis
11 826 7 699
Adjusted net income (loss) attributable to
shareholders of Cellectis (14 328) (15 106)
Basic adjusted net income (loss) attributable to
shareholders of Cellectis ($/share) (0.40) (0.36)
Weighted average number of outstanding shares,
basic (units) (1) 35 917 975 42 415 657
Diluted adjusted net income (loss) attributable to
shareholders of Cellectis ($/share) (1) (0.40)
(0.36) Weighted average number of
outstanding shares, diluted (units) (1) 35 938 145 42
960 739
(1) When we have adjusted net loss, in accordance with IFRS, we
use the Weighted average number of outstanding shares, basic to
compute the Diluted adjusted net income (loss) attributable to
shareholders of Cellectis ($/share). When we have adjusted net
income, in accordance with IFRS, we use the Weighted average number
of outstanding shares, diluted to compute the Diluted adjusted net
income (loss) attributable to shareholders of Cellectis
($/share)
RECONCILIATION OF GAAP TO NON-GAAP NET
INCOME – First nine months
(unaudited)
($ in thousands, except per share
data)
For the nine-month periods ended September 30,
2017 2018 Net income (loss)
attributable to shareholders of Cellectis (72 266)
(55 425)
Adjustment:
Non-cash
stock-based compensation expense attributable to shareholders of
Cellectis
38 008 27 396
Adjusted net income (loss) attributable to
shareholders of Cellectis (34 258) (28 029)
Basic adjusted net income (loss) attributable to
shareholders of Cellectis ($/share) (0.96) (0.70)
Weighted average number of outstanding shares,
basic (units) (1) 35 604 374 40 222 250
Diluted adjusted net income (loss) attributable to
shareholders of Cellectis ($/share) (1) (0.96)
(0.70) Weighted average number of
outstanding shares, diluted (units) (1) 35 626 736 40
818 999
(1) When we have adjusted net loss, in accordance with IFRS, we
use the Weighted average number of outstanding shares, basic to
compute the Diluted adjusted net income (loss) attributable to
shareholders of Cellectis ($/share). When we have adjusted net
income, in accordance with IFRS, we use the Weighted average number
of outstanding shares, diluted to compute the Diluted adjusted net
income (loss) attributable to shareholders of Cellectis
($/share)
About Cellectis
Cellectis is a clinical-stage biopharmaceutical company focused
on developing a new generation of cancer immunotherapies based on
gene-edited T-cells (UCART). By capitalizing on its 18 years of
expertise in gene editing – built on its flagship TALEN® technology
and pioneering electroporation system PulseAgile – Cellectis uses
the power of the immune system to target and eradicate cancer
cells.
Using its life-science-focused, pioneering genome engineering
technologies, Cellectis’ goal is to create innovative products in
multiple fields and with various target markets.
Cellectis is listed on the Nasdaq Global Market (ticker: CLLS)
and on Euronext Growth (ticker: ALCLS). To find out more about us,
visit our website: www.cellectis.com
Talking about gene editing? We do it. TALEN® is a registered
trademark owned by Cellectis.
Special Note Regarding Forward-Looking Statements
This press release contains “forward-looking” statements that
are based on our management’s current expectations and assumptions
and on information currently available to management.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Further information on the risk
factors that may affect company business and financial performance
is included in Cellectis’ Annual Report on Form 20-F and the
financial report (including the management report) for the year
ended December 31, 2017 and subsequent filings Cellectis makes with
the Securities and Exchange Commission from time to time. Except as
required by law, we assume no obligation to update these
forward-looking statements publicly, or to update the reasons
actual results could differ materially from those anticipated in
the forward-looking statements, even if new information becomes
available in the future.
###
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version on businesswire.com: https://www.businesswire.com/news/home/20181113006127/en/
For further information, please contact:
Media contacts:Jennifer Moore, VP of Communications,
917-580-1088, media@cellectis.comCaitlin Kasunich, KCSA Strategic
Communications, 212-896-1241, ckasunich@kcsa.com
Cellectis IR contact:Simon Harnest, VP of Corporate
Strategy and Finance, 646-385-9008, simon.harnest@cellectis.com
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