Cellectis S.A.

For the 12 months ended Dec. 31, 2025, management pointed to $211 million of cash, cash equivalents, restricted cash and fixed-term deposits classified as current financial assets, down from $264 million at Dec. 31, 2024. The company said this $53 million decrease was mainly due to $36.9 million cash in from revenue, $8.4 million of interest received, partially offset by $50.5 million in supplier payments, $40 million in wages/bonuses/social expenses, $11 million in lease debt payments and $5.4 million of PGE loan repayment. The company did not state revenue, EPS, or gross margin on the call, and referred listeners to the press release for consolidated net loss. Forward guidance: cash is expected to fund operations into H2 2027; lasme-cel first interim analysis (40 patients) is expected in Q4 2026 and BLA submission is planned for H2 2028; eti-cel full Phase I data are expected later this year, with pivotal Phase II in 2027 and BLA submission in H2 2029; cema-cel interim futility analysis is on track for Q2 2026.

André Choulika framed 2025 as a validation year for Cellectis’ allogeneic CAR T approach, saying the company “stepped forward” while others retreated and that disciplined cash management helped fund progress. He highlighted lasme-cel’s 100% overall response in the target Phase II population and argued the bridge-to-transplant strategy is especially meaningful in heavily pretreated B-ALL patients who have few options left. His tone was confident and combative, with repeated emphasis that allogeneic CAR T can deliver “deep, durable responses” and that 2026 will bring “data, milestones and momentum.”

Arthur Stril said Cellectis focused spending on lasme-cel, eti-cel, and its manufacturing facilities in Paris and Raleigh. He said cash, cash equivalents, restricted cash and fixed-term deposits were $211 million at Dec. 31, 2025, and that this is sufficient to fund operations into H2 2027. He also broke down the year-over-year cash decline of $53 million and noted that AstraZeneca collaboration activity positively impacted 2025 revenue, while pointing investors to the press release for the net loss figure; he did not provide revenue, EPS, or gross margin on the call.

Analysts focused on lasme-cel enrollment timing, how the alemtuzumab dose-optimization portion will be judged, and whether the company can continue enrollment before the comparison readout is available; management said the key decision point is an earlier 8-week cutoff, not 3-month CR/CRi, and that recruitment can continue because the protocol has flexibility. Questions also covered the Servier arbitration, with management saying it affected only UCART19 V1/ALLO-501, not ALLO-501A or cema-cel, and therefore does not change eligibility for up to $340 million in milestones and royalties. Other questions covered why Cellectis is still using CD52/alemtuzumab in preconditioning, and management said its data show alemtuzumab is important, they tested a regimen without it and failed to get MRD-negative responses, and they are using a lower dose with risk mitigation; they also discussed competitors, outpatient use, in vivo CAR, and the AstraZeneca collaboration.