CLLS · Cellectis S.A.

Cellectis' Q1 2026 results reflect ongoing investment in its allogeneic CAR-T pipeline amid a cash-constrained position, with $188 million in liquidity extending operations only into Q4 2027. Revenues declined 37.5% year-over-year to $7.5 million, primarily from reduced activities under the AstraZeneca joint research agreement, signaling potential variability in collaboration income. R&D expenses rose 24% to $27.2 million, driven by higher personnel and external costs supporting lasme-cel and eti-cel trials, while SG&A increased modestly to $5.6 million. A favorable $7.4 million net financial gain, boosted by $6.5 million in non-cash EIB warrant valuation gains and foreign exchange improvements, narrowed the GAAP net loss to $17.8 million from $18.1 million last year. Adjusted net loss improved to $16.1 million. CEO André Choulika highlighted Allogene's positive ALPHA3 interim data on cema-cel (originally Cellectis' UCART19), with 58.3% MRD negativity and clean safety, positioning it for potential BLA if pivotal analyses succeed in 2027-2028; Cellectis stands to gain up to $340 million in milestones plus royalties. Key catalysts include BALLI-01 Phase 2 interim (Q4 2026, 100% prior ORR, favorable safety) and NATHALI-01 full Phase 1 (Q4 2026, 88% ORR). Risks include Thermo Fisher's arbitration over alleged royalty underpayments, which Cellectis deems meritless. Focus remains on pipeline advancement and manufacturing in Paris and Raleigh.