Cellectis: Revenue Up by 62%, but Net Loss Widens
The biotechnology group Cellectis recorded a 62% increase in its revenue in 2025, driven by its agreements with AstraZeneca and Servier. However, its net loss deepened to $67.6 million, erasing the commercial gains and raising questions about the financial viability of its operations before 2028.
Strong Revenue Growth Amidst Rising Costs
At first glance, Cellectis showcases an excellent year commercially. The consolidated revenue and other incomes amounted to $79.6 million for the fiscal year 2025, up from $49.2 million in 2024, an increase of $30.4 million (62%). This growth is primarily due to the services rendered under research plans and the achievement of performance obligations stipulated in the research and collaboration agreement concluded with AstraZeneca. Research and development expenses increased by $3.0 million to reach $93.5 million, in line with the growth in R&D personnel. Administrative and commercial expenses amounted to $19.8 million, a slight increase of $0.7 million. Operationally, the situation appears to be under control.
Financial Setback Behind Operational Strength
Behind this apparent operational solidity lies a financial debacle. Cellectis recorded a consolidated net financial loss of $34.9 million in 2025, a dramatic turnaround compared to the net financial gain of $22.8 million in 2024, a negative change of $57.7 million. This deterioration is explained by two major factors: firstly, the decrease in financial income by $28.3 million, notably due to the disappearance of a non-recurring gain of $14.3 million in 2024 and a decrease of $7.2 million in foreign exchange gains. Secondly, the increase in financial expenses by $29.5 million, mainly caused by a foreign exchange loss of $22.2 million linked to the depreciation of the dollar against the euro, and a loss of $14.7 million related to the fair value assessment of warrants issued to the European Investment Bank. Ultimately, the net loss attributable to shareholders amounted to $67.6 million (loss of $0.67 per share), compared to $36.8 million in 2024 (loss of $0.41 per share).
Cash Reserves and Upcoming Clinical Trials
Despite this considerable loss, Cellectis had $211 million in cash, cash equivalents, and term deposits as of December 31, 2025, compared to $264 million a year earlier. This $53 million variation reflects customer receipts ($36.9 million) and interest income ($8.4 million), offset by payments to suppliers ($50.5 million), wages and social charges ($40.0 million), and the repayment of PGE debt ($5.4 million). Cellectis estimates that its cash reserves will be sufficient to fund its activities until the second half of 2027, emphasizing the need to generate significant results in its clinical trials. With interim data expected from the phase 2 trial for lasmé-cel in acute B-cell lymphoblastic leukemia and complete results from the phase 1 trial for éti-cel in non-Hodgkin's lymphoma, both scheduled for the fourth quarter of 2026, the upcoming year is set to be decisive. A marketing authorization application for lasmé-cel is planned for 2028, offering a clear yet demanding regulatory pathway.
