Cellectis: $101.1 million net loss over nine months, cash runway into the second half of 2028
On November 13, 2026, Cellectis published its nine-month accounts, which reflect its refocusing on in vivo genome editing. The net loss attributable to shareholders reached $101.1 million, compared with $41.3 million a year earlier, due to a combined decline in revenues and expenses related to the strategic transformation.
Meanwhile, cash, including term deposits, decreased by $62 million since December 31, 2025, to $149 million. Management expects it to cover requirements until the second half of 2028, provided the reorganization is implemented as planned.
Lower revenues and transformation costs widen the loss
Over nine months, total revenues and other income declined by $47.5 million, to $19.9 million. According to the company, this decrease is mainly attributable to the level of activities carried out under the research plans of the collaboration agreement with AstraZeneca, whose work is ongoing.
Research and development expenses, by contrast, increased by $39.7 million, to $108.8 million. The strategic transformation announced on September 14, 2026 accounts for $34.9 million of this increase: a one-time impairment of $26.6 million, $6.2 million in contract termination benefits, and $2.1 million in closing costs for the Lasme-cel and Eti-cel programs.
Excluding these items, the increase in these expenses amounted to $4.8 million. Selling, general and administrative expenses rose by $2.5 million, to $17.5 million, including $1.1 million related to the transformation. As a result, the operating loss reached $106.2 million, compared with $15.7 million in the first nine months of 2025.
In the third quarter, net income swung to a loss
The third quarter alone, during which the transformation was announced, accounts for most of this reversal. Revenues fell to $3.8 million, compared with $35.2 million a year earlier, while research and development expenses rose from $24.1 million to $56.6 million.
The quarterly operating result thus moved from a profit of $8.0 million to a loss of $57.5 million. The net loss for the quarter amounts to $61.5 million, compared with a net profit of $0.6 million in the same period of 2025.
Over nine months, the financial result partially offset the trend, moving from a loss of $25.6 million to a gain of $5.2 million. This improvement of $30.8 million mainly stems from a $15.1 million fair value gain on warrants issued to the European Investment Bank and a $23.7 million decrease in foreign exchange losses.
It was partially reduced by an expected credit loss provision of $9.4 million, related to a financial guarantee granted to the landlord of Cibus. Excluding share-based compensation expenses, the adjusted net loss reached $95.2 million, compared with $37.4 million a year earlier.
Cash of $149 million backed by workforce reduction
Cash outflows mainly related to $37.9 million in payments to suppliers and $37.5 million in personnel costs, partially offset by $21.4 million collected from customers and $5.4 million in interest. On the balance sheet, consolidated shareholders' equity moved from $75.9 million at the end of 2025 to -$17.6 million as of September 30, 2026.
The group plans to reduce its global workforce by up to 70% compared with its level before the transition, during 2026 and 2027, subject to consultation with employee representatives in France. It is once this reorganization is fully implemented that management sets its financing horizon in the second half of 2028.
These resources finance a portfolio that is still at the preclinical stage. In mice, .HEAL-101 modified the human APOC3 gene at an average rate of about 65%, up to 70%, and reduced triglycerides by 75% in a disease model; .HEAL-201 lowered plasma PCSK9 levels by more than 90%.
The company itself acknowledges that data from animal models may not be confirmed in the clinic. The first clinical data are expected in the second half of 2027 for .HEAL-101, in a Phase 1 trial conducted in China, and in the first half of 2028 for .HEAL-201, both deadlines falling before the targeted cash horizon.
