UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 6-K
Report
of Foreign Private Issuer
Pursuant
to Rule 13a-16 or 15d-16 of
the
Securities Exchange
Act of 1934
Date of Report: September 8, 2015
Commission
File Number: 001-36891
Cellectis S.A. |
(Exact Name of registrant as specified in its charter) |
8, rue de la Croix Jarry |
75013 Paris, France |
+33 1 81 69 16 00 |
(Address of principal executive office) |
Indicate by
check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F:
Form
20-F ☑
Form 40-F ⃞
Indicate by
check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): ⃞
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ⃞
EXHIBIT INDEX
Exhibit |
Title |
|
99.1 |
Press release, dated September 8, 2015. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CELLECTIS S.A. |
||
(Registrant) | ||
September 8, 2015 |
By: |
/s/ André Choulika |
André Choulika |
||
|
Chief Executive Officer |
3
Exhibit 99.1
Cellectis Reports Second Quarter and First Half Year 2015 Financial Results
PARIS--(BUSINESS WIRE)--September 8, 2015--Regulatory News:
Cellectis S.A. (Alternext: ALCLS; Nasdaq: CLLS), a biopharmaceutical company focused on developing immunotherapies based on gene edited CAR-T cells (UCART), today announced its results for the three- and six-month periods ended June 30, 2015.
Recent Corporate Highlights
Development Update
Financial Results
Since Cellectis did not have consolidated financial statements for individual quarters during fiscal year 2014, no comparative quarterly 2014 figures will be presented during 2015. Cellectis will publish quarter-over-quarter comparative figures starting with the first quarter of 2016.
Cellectis’s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board (“GAAP”).
Second Quarter 2015 Financial Results
Cash Position: As of June 30, 2015 Cellectis had €283.9 million in cash and cash equivalents compared to €112.3 million as of December 31, 2014. This increase is primarily attributable to the $228 million of proceeds from the U.S. initial public offering in March 2015.
Revenues and Other Income: Total revenues and other income were €8.0 million for the second quarter 2015 and primarily comprised €6.6 million of collaboration revenues and €0.9 million of license revenues.
Total Operating Expenses and Other Operating Income: Total operating expenses for the second quarter of 2015 were €20.1 million, which includes non-cash stock-based compensation expenses of €7.2 million.
R&D Expenses: Research and development expenses for the second quarter of 2015 were €10.6 million, including personnel expenses of €7.6 million and external purchases and other expenses of €3.0 million. Research and development expenses for the second quarter notably reflected the impacts of (i) non-cash stock-based compensation expense of €3.3 million and (ii) social charges related to free shares granted during the second quarter of €1.8 million.
SG&A Expenses: Selling, general and administrative expenses were €9.1 million for the second quarter of 2015, and included personnel expenses of €6.3 million and external purchases and other expenses of €2.8 million. SG&A expenses for the second quarter notably reflected the impacts of (i) non-cash stock-based compensation expense of €3.8 million and (ii) social charges related to free shares granted during the second quarter of €1.8 million.
Financial Loss: Financial loss was €10.0 million for the second quarter of 2015, which is primarily attributable to an unfavorable Euro-Dollar exchange rate applied to U.S. dollar-denominated cash and cash equivalents during the quarter.
Net Loss Attributable to Shareholders of Cellectis: Net loss attributable to shareholders of Cellectis was €22.2 million, or €0.63 per share, for the second quarter of 2015. The decrease of €28.3 million in net earnings, compared to the first quarter 2015 net gain attributable to shareholders of Cellectis of €6.1 million, notably reflects the effects of unfavorable Euro-Dollar exchange rates with respect to our U.S. Dollar cash and cash equivalent accounts and to a lesser extent the impact of non-cash stock-based compensations during the second quarter of 2015. Adjusted net loss attributable to shareholders of Cellectis for the second quarter of 2015, which excludes a non-cash stock-based compensation expense of €7.1 million, was €15.0 million, or €0.43 per share. Please see "Note Regarding Use of Non-GAAP Financial Measures" for a reconciliation of GAAP net income to adjusted net income.
First Half Year 2015 Financial Results
Revenues and Other Income: During the six months ended June 30, 2015 and 2014, Cellectis recorded €17.2 million and €10.3 million, respectively, in revenues and other income. The increase of €7.1 million primarily reflects an increase of €13.2 million in revenues under our collaboration agreements with Servier and Pfizer which were partially offset by a decrease in license, R&D services and Product and Services revenues.
Total Operating Expenses and Other Operating Income: Total operating expenses and other operating income for the first half of 2015 was €32.9 million (€15.3 million for the same period in 2014). Total operating expenses and other operating income for first half of 2015 and 2014 include non-cash stock-based compensation expenses of €8.0 million and €0.4 million, respectively.
R&D Expenses: Cellectis recorded research and development expenses of €16.2 million in the first half of 2015 and €7.7 million in the first half of 2014. These amounts include personnel expenses of €11.1 million and €3.1 million in 2015 and in 2014, respectively, and purchases and external expenses and other expenses of €5.1 million and €4.6 million, respectively. The increase in research and development expenses also reflects expenditures for the development of UCART programs toward their entry into Phase 1 clinical trials, expenses related to the opening of our facility in New York, non-cash stock-based compensation expense of €3.8 million and social charges on stock options and free share grants of €4.1 million in 2015.
SG&A Expenses: SG&A expenses were €16.3 million in the first half year of 2015 compared to €6.2 million in the corresponding period of 2014. SG&A expenses included personnel expenses of €11.2 million in 2015 compared to €3.0 million in 2014, and purchases and external expenses and other expenses of €5.1 million in 2015 compared to €3.2 million in 2014. The increase in SG&A expenses in 2015 was attributable, among other things, to €4.3 million of non-cash stock-based compensation expense, €4.6 million of social charges on stock options and free share grants and an increase in professional costs, in each case in connection with our U.S. IPO in March 2015.
Financial result: Financial loss was €0.2 million for the first half year of 2015 compared to €16,000 financial gain for the corresponding period in 2014. This increase was primarily attributable to an unfavorable Euro-Dollar exchange rate applied to U.S. dollar-denominated cash and cash equivalents during 2015.
Net Loss Attributable to Shareholders of Cellectis: Net loss attributable to shareholders of Cellectis was of €16.0 million, or €0.48 per share, for the first half year of 2015 compared to a net loss attributable to shareholders of Cellectis of €7.4 million, or €0.32 per share, for the corresponding period in 2014. Adjusted net loss attributable to shareholders of Cellectis for the first half year of 2015 was €8.2 million, or €0.25 per share, compared to adjusted net loss attributable to shareholders of Cellectis of €7.1 million, or €0.31 per share, for the corresponding period in 2014. Adjusted net loss attributable to shareholders of Cellectis for the first half year of 2015 and 2014 excludes a non-cash stock-based compensation expense of €7.9 million and €0.3 million, respectively. Please see "Note Regarding Use of Non-GAAP Financial Measures" for a reconciliation of GAAP net income to adjusted net income.
CELLECTIS S.A. STATEMENT OF CONSOLIDATED FINANCIAL POSITION (unaudited) (€ in thousands, except per share data) |
||||
As of | ||||
December 31, 2014 |
June 30, 2015 | |||
ASSETS | ||||
Non-current assets | ||||
Goodwill | - | - | ||
Intangible assets | 1.026 | 966 | ||
Property, plant, and equipment | 2.610 | 5.125 | ||
Other non-current financial assets | 1.977 | 664 | ||
Total non-current assets | 5.613 | 6.755 | ||
Current assets | ||||
Inventories and accumulated costs on orders in process | 135 | 178 | ||
Trade receivables | 5.881 | 3.393 | ||
Subsidies receivables | 8.170 | 5.966 | ||
Other current assets | 5.468 | 7.100 | ||
Cash and cash equivalents | 112.347 | 283.892 | ||
Total current assets | 132.001 | 300.528 | ||
TOTAL ASSETS | 137.614 | 307.283 | ||
LIABILITIES | ||||
Shareholders’ equity | ||||
Share capital | 1.472 | 1.753 | ||
Premiums related to the share capital | 192.842 | 396.141 | ||
Treasury share reserve | (251) | (189) | ||
Currency translation adjustment | (762) | (1.491) | ||
Retained earnings | (132.536) | (137.139) | ||
Net income (loss) | 20 | (16.020) | ||
Total shareholders’ equity - Group Share | 60.786 | 243.056 | ||
Non-controlling interests | (1.259) | 163 | ||
Total shareholders’ equity | 59.527 | 243.219 | ||
Non-current liabilities | ||||
Non-current financial debt | 2.824 | 92 | ||
Non-current provisions | 398 | 393 | ||
Total non-current liabilities | 3.222 | 484 | ||
Current liabilities | ||||
Current financial debt | 862 | 3.032 | ||
Trade payables | 9.802 | 5.348 | ||
Deferred revenues and deferred income | 59.492 | 49.472 | ||
Redundancy plan | 715 | 66 | ||
Current provisions | 700 | 444 | ||
Other current liabilities | 3.294 | 5.217 | ||
Total current liabilities | 74.865 | 63.580 | ||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 137.614 | 307.283 | ||
STATEMENT OF CONSOLIDATED OPERATIONS –2nd quarter of 2015 and 1st half 2015 (unaudited) (€ in thousands, except per share data) |
||||
For the three-month period ended June 30, 2015 |
For the six-month period ended June 30, 2015 |
|||
Revenues and other income | ||||
Revenues | 7.328 | 15.756 | ||
Other income | 676 | 1.467 | ||
Total revenues and other income | 8.004 | 17.223 | ||
0 | ||||
Operating expenses and other operating income (expenses) | ||||
Royalty expenses | (392) | (819) | ||
Research and development expenses | (10.565) | (16.165) | ||
Selling, general and administrative expenses | (9.082) | (16.277) | ||
Other operating income | 166 | 516 | ||
Redundancy plan | 28 | 235 | ||
Other operating expenses | (285) | (397) | ||
Total operating expenses and other operating income (expenses) | (20.130) | (32.907) | ||
0 | ||||
Operating loss | (12.126) | (15.684) | ||
0 | ||||
Financial gain (loss) | (10.039) | (166) | ||
0 | ||||
Income tax | 0 | 0 | ||
Income (loss) from continuing operations | (22.166) | (15.850) | ||
Loss from discontinued operations | - | - | ||
Net loss | (22.166) | (15.850) | ||
Attributable to shareholders of Cellectis | (22.166) | (16.020) | ||
Attributable to non-controlling interests | 0 | 171 | ||
Basic earnings attributable to shareholders of Cellectis per share (€/share) | (0,63) | (0,48) | ||
STATEMENT OF CONSOLIDATED OPERATIONS – FIRST HALF YEARS (unaudited) (€ in thousands, except per share data) |
||||
For the six-month period
ended June 30 |
||||
2014 | 2015 | |||
Revenues and other income | ||||
Revenues | 7.513 | 15.756 | ||
Other income | 2.764 | 1.467 | ||
Total revenues and other income | 10.277 | 17.223 | ||
Operating expenses and other operating income (expenses) | ||||
Royalty expenses | (1.407) | (819) | ||
Research and development expenses | (7.678) | (16.165) | ||
Selling, general and administrative expenses | (6.202) | (16.277) | ||
Other operating income | 9 | 516 | ||
Redundancy plan | - | 235 | ||
Other operating expenses | (397) | |||
Total operating expenses and other operating income (expenses) | (15.278) | (32.907) | ||
Operating loss | (5.001) | (15.684) | ||
Financial gain (loss) | 16 | (166) | ||
Income tax | - | |||
Income (loss) from continuing operations | (4.985) | (15.850) | ||
Loss from discontinued operations | (2.888) | - | ||
Net loss | (7.873) | (15.850) | ||
Attributable to shareholders of Cellectis | (7.435) | (16.020) | ||
Attributable to non-controlling interests | (438) | 171 | ||
Net loss attributable to shareholders of Cellectis per share (€ / share) | (0,32) | (0,48) | ||
Net Loss from continuing operations per share ( € /share) | (0,19) | (0,48) | ||
Net Loss from discontinued operations per share ( € /share) | (0,13) | - | ||
Note Regarding Use of Non-GAAP Financial Measures
Cellectis S.A. provides non-GAAP net income and non-GAAP net income per share measures that include adjustments to figures presented in accordance with GAAP. In presenting non-GAAP net income, GAAP net income is adjusted to exclude non-cash stock-based compensation expense. Cellectis believes that these non-GAAP financial measures, when considered together with the GAAP figures, can enhance an overall understanding of Cellectis' financial performance. The non-GAAP financial measures used by Cellectis may be calculated differently, and therefore may not be comparable to similarly titled non-GAAP financial measures used by other companies. Please refer below for a reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures.
RECONCILIATION OF GAAP TO NON-GAAP NET INCOME – 2nd Quarter and 1st Half of 2015 (unaudited) (€ in thousands, except per share data) |
||||
For the three-month period ended June, 30 2015 |
For the six-month period ended June 30, 2015 |
|||
Net Loss attributable to shareholders of Cellectis (€ in thousands) | (22.166) | (16.020) | ||
Adjustment: |
7.146 | 7.853 | ||
Adjusted Loss attributable to shareholders of Cellectis (€ in thousands) | (15.020) | (8.167) | ||
Basic Adjusted Loss attributable to shareholders of Cellectis (€/share) | (0,43) | (0,25) | ||
Weighted average number of outstanding shares, basic (units) | 35.043.251 | 33.181.535 | ||
RECONCILIATION OF GAAP TO NON-GAAP NET INCOME – First Half Years (unaudited) (€ in thousands, except per share data) |
||||
For the six-month period ended June 30 | ||||
2014 | 2015 | |||
Net Loss attributable to shareholders of Cellectis (€ in thousands) | (7.435) | (16.020) | ||
Adjustment: |
323 | 7.853 | ||
Adjusted Net Loss attributable to shareholders of Cellectis (€ in thousands) | (7.112) | (8.167) | ||
Adjusted Net Loss attributable to shareholders of Cellectis (€/share) | (0,31) | (0,25) | ||
Weighted average number of outstanding shares | 23.067.209 | 33.181.535 | ||
About Cellectis
Cellectis is a biopharmaceutical company focused on developing immunotherapies based on gene edited engineered CAR-T cells (UCART). The company’s mission is to develop a new generation of cancer therapies based on engineered T-cells. Cellectis capitalizes on its 15 years of expertise in genome engineering - based on its flagship TALEN® products and meganucleases and pioneering electroporation PulseAgile technology - to create a new generation of immunotherapies. CAR technologies are designed to target surface antigens expressed on cells. Using its life-science-focused, pioneering genome-engineering technologies, Cellectis’ goal is to create innovative products in multiple fields and with various target markets. Cellectis S.A. is listed on the Nasdaq Global Market (ticker: CLLS) and on the NYSE Alternext market (ticker: ALCLS). To find out more about us, visit our website: www.cellectis.com
TALEN® is a registered trademark owned by the Cellectis Group.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain “forward - looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “anticipate,” “believe,” “can,” “could,” “estimate,” “expect,” “intend,” “is designed to,” “may,” “might,” “plan,” “potential,” “predict,” “objective,” “should,” or the negative of these and similar expressions and include, but are not limited to, statements regarding the outlook for Cellectis’ future business and financial performance. Forward-looking statements are based on management’s current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances, many of which are beyond Cellectis’ control. Actual outcomes and results may differ materially due to global political, economic, business, competitive, market, regulatory and other factors and risks. Cellectis expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in its views or expectations, or otherwise.
CONTACT:
Media
Jennifer Moore, VP Communications
Phone:
+1 917-580-1088
email: media@cellectis.com
or
KCSA
Strategic Communications
Caitlin Kasunich / Dixon Moretz
+1
212.896.1241 / +1 212.896.1251
ckasunich@kcsa.com / dmoretz@kcsa.com
or
Investor
relations:
Simon Harnest, VP Finance and Investor Relations
Phone:
+1 646-385-9008
email: simon.harnest@cellectis.com