Cellectis S.A.

For the full year ended December 31, 2025, Cellectis reported cash, cash equivalents, restricted cash and fixed term deposits classified as current financial assets of $211 million, down from $264 million at December 31, 2024. Management said the $53 million decrease was mainly driven by $36.9 million cash in from revenue, $8.4 million of interest received, 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 in PGE loan repayment. The company said its cash position is sufficient to fund operations into H2 2027. Revenue growth, gross margin, EPS, and consolidated net loss figures were not stated on the call; management referred listeners to the press release for the net loss. Forward guidance centers on several 2026 milestones: lasme-cel first interim analysis of 40 patients in Q4 2026, eti-cel full Phase I data later in 2026, Servier/Allogene cema-cel interim futility analysis in Q2 2026, and Iovance IOV-4001 clinical results this year.

Andre Choulika framed 2025 as validation of Cellectis’ long-term allogeneic CAR-T thesis and said the company “stepped forward” while others pulled back. He emphasized lasme-cel’s 100% response in the target Phase II population, the bridge-to-transplant strategy, and the idea that off-the-shelf therapy can help patients who are too sick or too time-constrained for autologous approaches. His tone was confident and bullish on the platform, repeatedly pointing to 2026 as a year of “data, milestones and momentum.”

Arthur Stril stressed disciplined cash management and focus on lasme-cel, eti-cel, and the company’s manufacturing sites in Paris and Raleigh. He said cash, cash equivalents, restricted cash and fixed term deposits totaled $211 million at December 31, 2025 and should fund operations into H2 2027. He also quantified the year-over-year change in cash and broke out the main uses and sources, including $36.9 million from revenue, $8.4 million of interest income, $50.5 million in supplier payments, $40 million in wages and social expenses, $11 million in lease debt payments, and $5.4 million in PGE loan repayment. He added that the AstraZeneca collaboration positively impacted 2025 revenue, though he did not give a full revenue figure on the call.

Analysts focused on lasme-cel enrollment timing, how the first 40-patient dose-optimization readout will work, and whether there could be a meaningful difference between the two alemtuzumab doses. Management said site opening is on track, the first analysis is based on an earlier 8-week cutoff rather than 3-month CR/CRi, and the protocol allows continued recruitment while the optimization discussion proceeds. Questions also centered on the Servier arbitration and CD52 preconditioning; Arthur said the ruling only affected UCART19 V1 / ALLO-501, not ALLO-501A or cema-cel, preserving up to $340 million in development and sales milestones, while Adrian argued alemtuzumab is important for outcomes and that Cellectis is using a lower, carefully optimized dose with extensive risk mitigation.