Cellectis: 2013 financial results

A transitional year

 

Paris, France, 11 April 2014 – Cellectis SA (Alternext: ALCLS) presented its consolidated financial statements for 2013, as approved by the Board of Directors at their meeting on April 10, 2014 *.

2013 Financial Statements

• Operating revenue decreased by 21% in comparison with 2012, directly impacted by the brutal collapse of the tools and services market in 2013.
• The operating loss mainly corresponds to an expense structure (prior to restructuring) that became inadequate in a context of weakened turnover related to the drop in tools and services sales.
• The acceleration of the therapeutic focus implemented in the second semester of 2013 caused a significant adjustment in the valuation of certain assets that became non-strategic for the Group, and led to an impairment of more than €29 M. 
• The global loss of €62.1 M, including €1.9 M due to redundancy plan, reflects the accounting impact of the restructuring that took place during the second semester of 2013.
• As of December 31 2013, Cellectis' equity was €5M, and net cash position was €7.6M.

Future therapy developments confirmed during the first few months of 2014

The relevance of the Cellectis economic model is based on two major events:

On February 17, Cellectis signed a strategic cooperation agreement with Servier Laboratories to develop and commercialize 6 product candidates. The financial terms of the collaboration include an upfront payment of €7.55 M and up to €105 M for each of the six product candidates potentially developed.

On March 24, Cellectis closed a €20.52M share capital increase subscribed by U.S. biotechnology specialist institutional investors. The increase in share capital will be used to accelerate in-house development of the company’s proprietary T cell CAR portfolio dedicated to the treatment of leukemia and solid tumors.

As a result of an improved operating cost structure, Cellectis is currently focusing on its therapeutic activities, particularly in developing cancer immuno-adoptive therapies, while maintaining its agribusiness division, Cellectis plant sciences, dedicated to the in-house development, or development with partners, of traits for biotech crops.

As of the publication date of its financial statements for 2013, the Company estimates that its available net cash will be sufficient to finance its activity over the next 18 months.

* Audit procedures on the 2013 financial statements have been performed by the statutory auditors and their certification report will be issued after verification of the annual report. 2013 financial statements will be posted on Cellectis’ website on April 30, 2014.