CLLS · Cellectis S.A.

Cellectis’ Q1 2026 results reflect intensifying investment in clinical-stage programs amid declining near-term collaboration revenue. The $5.8 million in revenue—down 45.8% year-over-year—was almost entirely attributable to the AZ JRCA ($5.6 million), with management attributing the decline to reduced activity under existing Research Plans. This contrasts with prior quarters where broader milestone and cost-reimbursement triggers contributed more evenly. Simultaneously, R&D expenses surged 24.0% to $27.2 million, driven by $3.6 million in higher personnel costs (including wages and stock-based compensation) and $2.0 million in increased external clinical development spend for BALLI-01 and NATHALI-01—both pivotal studies advancing Cellectis’ allogeneic UCART pipeline. SG&A rose 18.9% to $5.6 million, also tied to personnel-related accruals and equity compensation. A notable positive was the $11.4 million reversal in net financial result: from a $3.9 million loss in Q1 2025 to a $7.4 million gain in Q1 2026, overwhelmingly driven by $6.5 million in non-cash gains on the fair value revaluation of EIB Tranche A, B, and C warrants—highlighting material volatility in derivative accounting. While net loss improved marginally (-2.0%), this masks underlying pressure: operating loss widened by $11.0 million to $25.2 million. Liquidity remains adequate but compressed—cash and equivalents fell to $34.8 million, though $150.6 million in fixed-term deposits (classified as current financial assets) supports management’s claim of runway into Q4 2027. No forward guidance is provided; however, the filing underscores continued dependence on partnership milestones, government subsidies (e.g., €21.3M research tax credit receivables), and future financings to sustain operations through anticipated regulatory inflection points for lasme-cel and eti-cel.