Earnings call transcript: Cellectis Q2 2025 earnings miss drives stock down 13%

Cellectis reported its second-quarter 2025 earnings, revealing a mixed financial performance that led to a significant drop in its stock price. The company posted an EPS of -0.2075 USD, missing the forecast of -0.1828 USD, which resulted in a negative surprise of 13.51%. Despite exceeding revenue expectations with 15.73 million USD against a forecast of 10.05 million USD, the market reacted negatively, causing the stock to fall by 13.3% in after-hours trading. According to InvestingPro analysis, the stock currently appears undervalued based on its Fair Value calculation.

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Key Takeaways

• EPS miss of 13.51% despite a significant revenue beat.
• Stock price dropped by 13.3% following the earnings release.
• Cash runway extends into H2 2027, ensuring financial stability.
• Advancements in product pipeline, including UCART22 and AstraZeneca collaborations.
• Ongoing arbitration with Servier presents potential risks.

Company Performance

Cellectis demonstrated robust revenue growth in Q2 2025, surpassing expectations by 56.52%. However, the negative EPS surprise raised concerns about cost management and operational efficiency. The company’s focus on innovative treatments, particularly in challenging cancer therapies, continues to drive its strategic direction.

Financial Highlights

• Revenue: 15.73 million USD, exceeding the forecast of 10.05 million USD.
• Earnings per share: -0.2075 USD, missing the forecast of -0.1828 USD.
• Cash, cash equivalents, and fixed-term deposits: 230 million USD as of June 30, 2025.

Earnings vs. Forecast

Cellectis reported a negative EPS surprise of 13.51%, missing expectations set by analysts. In contrast, the company achieved a remarkable revenue surprise of 56.52%, indicating strong sales performance but also highlighting potential cost pressures affecting profitability.

Market Reaction

The stock price of Cellectis declined by 13.3% in after-hours trading, reflecting investor concerns over the EPS miss. Despite this setback, the stock has shown remarkable resilience with a 77.5% gain over the past six months. With a beta of 3.06, investors should note the stock’s higher volatility compared to the broader market. The current price of $2.75 sits between its 52-week range of $1.17 to $3.69.

Outlook & Guidance

Cellectis maintains a positive outlook with a cash runway extending into H2 2027, supporting its ongoing R&D initiatives. The company is preparing for pivotal Phase II trials for its UCART22 program and anticipates transitioning YOCAR T20/22 to Phase II in 2026.

Executive Commentary

CEO Andre emphasized the transformative potential of Cellectis’s product candidates and technologies, stating, "We strongly believe that our product candidates, our technologies, and our in-house manufacturing capabilities will lead us and our partners to a paradigm shift for patients with hard-to-treat cancer and genetic disorders."

Risks and Challenges

• EPS miss suggests potential cost management issues.
• Arbitration with Servier could result in legal and financial uncertainties.
• Competitive pressures in the biotech sector may impact market share and profitability.
• Regulatory challenges in advancing clinical trials could delay product launches.

Q&A

During the earnings call, analysts inquired about the ongoing arbitration with Servier, to which Cellectis responded by expressing confidence in a favorable outcome. Additionally, discussions focused on the company’s regulatory interactions and the strategic importance of its cash runway in supporting future pivotal studies.

Full transcript - Cellectis (ALCLS) Q2 2025:

Arthur Strill, Chief Financial Officer and Chief Business Officer, Cellectis: Good morning and welcome everyone to Cellectis’ second quarter twenty twenty five business update and financial results conference call. Joining me on the call today are Doctor. Andre Schulikat, our Chief Executive Officer and Doctor. Adrian Kilcoyne, our Chief Medical Officer. Yesterday evening, Cellectis issued a six ks and press release reporting our financial statements for the six month period ended 06/30/2025, and a business update.

The report and press release are available on our website at selectis.com. As a reminder, we will make statements regarding Selectis’ financial outlook, including the presentation of our BALY-one and NATALI-one clinical trials, the timing and ability to progress our clinical trial into a later phase, the progress of our R and D activities under the AstraZeneca partnership, the timing and outcome of our arbitration with Servier, and sufficiency of cash to fund operations. These forward statements, which are based on our management’s current expectations and assumptions and on information currently available to management, including information provided or otherwise publicly reported by our licensed partners, are subject to risks and uncertainties that may cause actual results to differ from those forecasted. A description of these risks can be found in our most recent Form 20 F filed with the Securities Exchange Commission, SEC, and the financial report, including the management report, for the year ended on 12/31/2024, and subsequent filings Selectis makes with the SEC from time to time. I would now like to turn the call over to Andre.

Andre, Chief Executive Officer, Cellectis: Thank you, Arthur. Good morning and thank you everyone for joining us today. I would like to begin this call with an important announcement. On 10/16/2025, Cellectis will be hosting an Investors R and D Day in New York City. Our leadership team, with key opinion leaders, will present the Phase I dataset and late stage development strategy for last May cell, UCART22 in relapsed or refractory acute lymphoblastic leukemia, and will share insights on the company’s vision and differentiated capabilities.

Selective Investors R and D Day is scheduled as an in person only event. However, a recording of the event will be made available in the following days after the event. Despite the challenges of the biotech markets, our teams have remained focused on advancing research and developing solutions for patients with unmet medical needs. In July 2025, Selectis completed end of phase one discussion with both the United States Food and Drug Administration and European Medicine Agency. We’re excited to prepare for the initiation of a pivotal Phase II trial for elasmid cell, UCART22, in relapsed or refractory acute lymphoblastic leukemia in the second half of this year.

Regarding the NATALI-one study, which is assessing ETICELL product, YOCAR T20 by ’22, in relapsed or refractory not Hodgkin’s lymphoma, Plectus anticipates presenting data from phase one and outlining its late stage development strategy late twenty twenty five. On the partnership front, research and development activities are ongoing under the three cell and gene therapy programs under our joint research and collaboration agreement with AstraZeneca. One allogeneic CAR T for hematological malignancies, one allogeneic CAR T for solid tumors, and one in vivo gene therapy for genetic disorder. Regarding our licensing agreement involving Servier and sub licensee, Allogene, and following Servier’s decision in September 2022 to seize the development of the licensed CD19 products, we’ve initiated an arbitration before the Paris Mediation and Arbitration Center to protect our interests. We’re asking the tribunal to terminate the agreement with Servier and to award fair compensation for the losses incurred due to the lack of development of the licensed products and the payment of the milestone which we consider due under the agreement.

The arbitral decision is expected to be rendered on 12/15/2025 or before. Earlier this quarter, Selectis announced that during its Annual Shareholders Meeting, Mr. Andre Muller has been appointed as a member of the company’s Board of Directors. I’m pleased to welcome Andre at Selective’s Board. His extensive experience will be an invaluable asset to the company.

We would also like to express our gratitude to Mr. Pierre Bastide and Mr. Axel Sven Malcomas, who have terminated the directorship for their esteemed commitment to Cellectis. It has been a huge honor and a pleasure for us all to work with them during their term. Their contribution over the past years has been exceptional and their precious support has greatly contributed to the advancement of the company’s strategy.

With that, I would like to turn the call over to Doctor. Adrian Kilcoyne, our Chief Medical Officer, who will give an overview of her clinical trials. Adrian, please go ahead.

Adrian Kilcoyne, Chief Medical Officer, Cellectis: Thank you, Andre. As Andre mentioned, Selectus continues to focus its development efforts on the Bali-one and NAFLD-one studies. Recruitment to the dose escalation component of the Phase one BALL E-one study, which is evaluating UCART22 in relapsedrefractory B cell acute lymphoblastic leukemia has been completed. This study addresses an important unmet need for patients who have relapsed following multiple prior lines of therapy, including a CD19 bispecific or autologous CAR T and a few, if any, other treatment options. The Phase I data set has been shared with both FDA and EMA as part of the end of Phase I and scientific advice meetings.

Following productive interactions with both agencies, we now have a clear path to commence our pivotal Phase II study later this year. We have set up additional trial sites in order to accelerate accrual into the Phase II study and will continue to focus on expanding sites in United States and Europe, including The United Kingdom. We anticipate having sites open for recruitment into our phase two study by the end of the year. We are also planning to publicly share the full phase one dose escalation dataset during our R and D Day as highlighted by Andre earlier. Additional data from the Phase I study has also been submitted for consideration of presentation at the ASH Annual Conference in the fourth quarter.

We also continue to enroll in the NAFLDO-one study of our dual CAR T acid UCART twenty twenty two in relapsedrefractory non Hodgkin’s lymphoma. This study is addressing an important unmet needs for patients who have relapsed following previous lines of therapy, including when available an autologous CD19 CAR T. Data from this program has also been submitted for presentation at the ASH Annual Conference in the fourth quarter. We are expanding our clinical trial sites to accelerate recruitment, and we hope to transition to Phase II preparation in 2026. With that, I would like to hand the call over to Arthur Strill, Cellectis’ Chief Financial Officer and Chief Business Officer, for an overview of our financials for the second quarter twenty twenty five.

Arthur, please go ahead.

Arthur Strill, Chief Financial Officer and Chief Business Officer, Cellectis: Thank you, Adrian. We’re pleased about the progress of our wholly owned product candidates, Lasmacell and Essacel, as well as of the three cell and gene therapy programs in partnership with AstraZeneca. In this context, we are excited to be hosting an R and D Day on October 16 to focus on the Phase I dataset and late stage development strategy of lasmacell as we prepare to launch a pivotal Phase II in H2 twenty twenty five. We also expect to provide an update on Eticell by the end of the year. Finally, the arbitral decision in our arbitration with Servier is expected to be rendered on or before 12/15/2025.

Importantly, we are well positioned financially to execute on our pipeline as our cash, cash equivalents and fixed term deposits as of 06/30/2025 remain sufficient to fund our operations into H2 twenty twenty seven. Our cash, cash equivalents, restricted cash and fixed term deposits classified as current and non current financial assets as of 06/30/2025 amounts to $230,000,000 compared to $264,000,000 as of 12/31/2024. This $33,200,000 decrease is mainly due to $13,400,000 of cash in from our revenue and $5,100,000 of interest income offset by cash payments from Selectis to suppliers of $23,200,000 Selectis’ wages, bonuses and social expenses paid of $23,600,000 the payments of lease debts of $5,400,000 and the repayment of the PGE loan of $2,600,000 You’re invited to refer to our press release for figures related to consolidated net loss attributable to shareholders of Cellectis for the six months ended 06/30/2025. We’re very much looking forward to welcoming you at our Investor R and D Day as well as to providing further updates later this year. And now, I would like to turn the call over to Andre for closing remarks.

Andre, Chief Executive Officer, Cellectis: Thank you, Arthur. To close out this call, I would like to reiterate how excited we are to have one of our first products moving into Phase two pivotal trial powered registration and confident about the continued progress of our ongoing clinical trials in hematological malignancies, as well as how excited we are about our strategic collaboration with AstraZeneca. At Cellectis, we strongly believe that our product candidates, our technologies, and our in house manufacturing capabilities will lead us and our partners to paradigm shift for patients with hard to treat cancer and genetic disorders positioning us at the forefront of this promising medical and scientific field. With that, I would like to open the call for Q and A.

Conference Operator: Thank you. At this time, if you would like to ask a question, please Thank you. Our first question will come from Gena Wang with Barclays. Your line is open.

Gena Wang, Analyst, Barclays: Thank you for taking my questions and congrats on the progress. So, have two questions. One is regarding the Servier arbitration decision by December 15. Could you contextualize the different scenarios and your likely actions? The second question is regarding the last missed cell.

You already met with both FDA and the EMA regarding the pivotal phase two trial design. Could you share a little bit high level thoughts with us? What could be the path forward there?

Andre, Chief Executive Officer, Cellectis: Well, hi, Gina. This is Andre speaking. I would like to answer the first question. It’s complicated to answer your question for the simple reason that I guess that probably there is still thinking on way that things are going to go, and I don’t want to draw here any kind of scenario, knowing that any kind of scenario can happen from one side or another, and I personally hope that we’re going to prevail in this arbitration, it means that we’re going to get back our CD19 prolapse, and that we’re going to have the compensation for like the loss incurred by the non development by Surgi, however it’s very difficult to forecast exactly what could be the decision at the end in these type of arbitration, so I would like to keep the door open as much as possible for any kind of scenarios, but we believe that we’re totally right in our position knowing that is nothing has been happening so far. A question mark on, if I start like putting some scenario, means, I already thought about the fact that can have some back position, but we don’t have any back position.

And for the questions for like interaction with the FDA and EMA, I’d like to defer this to Adrian. Adrian?

Adrian Kilcoyne, Chief Medical Officer, Cellectis: Yes. Thanks, Andre. Yeah, great question. Yes, we’ve interacted with both EMA and FDA. And just in the spirit of transparency, the EMA, it was a written feedback.

They felt the submission was clear, and therefore they could give us very clear guidance on that and a very productive feedback that was. The FDA was a face to face meeting. And, while I can’t go into the details, but certainly at the R and D Day on October 16, we will share a lot more detail around the study design, etcetera. But a few top level take homes is we got clear agreement on endpoints. We had there was no concerns raised around our statistical plan.

There was no issues raised about the size of the database we would have as we go to BLA with the based on what we had submitted. So overall, in our view, there is a very clear path forward for our Phase two program. So, again, I’d reiterate very productive meetings with both regulatory authorities who are generally aligned in their feedback, which is always a bonus I feel.

Gena Wang, Analyst, Barclays: Thank you.

Conference Operator: Thank you. Next question comes from Kelly Shi with Jefferies. Your line is open.

Angie Yu, Analyst, Jefferies: Hi, this is Angie Yu on behalf of Kelly Shi from Jefferies. Thank you for taking our questions. I have two questions. For the R and D Day, what data points should we expect, and supposing we don’t have the trial design at this point, you will disclose on the R and D day, then how do you consider the dynamic in the FDA that could potentially have any impacts on the pivotal trials? Thank you.

Arthur Strill, Chief Financial Officer and Chief Business Officer, Cellectis: Good morning. This is Arthur. I will start on the R and D Day and then let Adrian add any points and also on the FDA question. So the purpose of the R and D Day is really twofold. We want to be presenting the full phase one data set for LASMA cell that will include all patients that have been dosed so far and a particular focus on the patients at the recommended phase two dose.

And that will be safety, efficacy, and durability datasets. And the second point is we want to present what we call the late stage development strategy, which indeed will include the phase two design, the patient population, and then provide some color on the path to BLA. So it will be both a look into the past at all the phase one sets, but also a look into the future as to the plans for the product all the way to commercialization. And then I’ll hand it over to Adrian if you want to add any color and address the FDA question.

Adrian Kilcoyne, Chief Medical Officer, Cellectis: Yeah. I mean, I think, you know, if I can answer with a question, you know, are there any barriers that became evident in our interactions with either regulatory authorities to progressing to Phase II and pivotal? Absolutely not. I think the regulatory authorities, both of them acknowledged the high unmet need that exists within the space we’re going in, try and position this product. But also, I think it was very clear from the tone of these meetings that they’re broadly supportive of what we’re doing.

So, again, to get alignment on endpoints, to get alignment broadly on the study design as we had presented it to them and patient numbers. Overall, we don’t see any significant roadblocks. So again, alignment between ourselves and the regulatory authorities. And again, as Arthur said, we will be presenting the study design in detail and discussing through those endpoints. But, I think again, I would restate that the registration path for this product seems relatively clear.

And of course, everything is dependent on ultimately safety data.

Angie Yu, Analyst, Jefferies: Great. Thank you.

Conference Operator: Thank you. Our next question will come from Jack Allen with Baird. Your line is open.

Jack Allen, Analyst, Baird: Great. Thanks so much for taking the questions and congratulations on the progress. I guess maybe I’ll start with one on UCART22 and the upcoming R and D Day. I wanted to ask how the team is thinking about the bar for success in relapsed refractory ALL. I know there’s some data about bestinosa out there and also some autologous CD19 CAR Ts.

But as you move toward the pivotal study, what are you looking at as the bar for success? And what kind of expectations do you have for durability of response from UCART22? And how much follow-up should we expect on Phase I patients when we get that data update in the back half of this year and then, I guess, in mid October? And then I have a quick follow-up as well.

Arthur Strill, Chief Financial Officer and Chief Business Officer, Cellectis: Thanks, Jack for the great questions. Adrian, do you want to take this?

Adrian Kilcoyne, Chief Medical Officer, Cellectis: Sure. So, there’s many questions in there. Suffice to say, more detail on the endpoints, the timing of those endpoints will be shared in detail during the October 16 R and D day. But you know, durability of response in the allogeneic setting is really important. And, on sharing the data with both regulatory authorities, they’re very clear on the approach we’re taking will give you the adequate data in order to support registration, assuming the data is positive based on our, what we’re showing.

Of course, this is, also there will be a longer term follow-up in all these, you know, we’re committed to fifteen year follow-up for these patients. But also within the trial, we have that we will have a longer a long overall survival follow-up for a number of years. So, but that is not part of the primary analysis. So, the primary analysis, as we will share is a much more short term surrogate endpoints, which again has been agreed with the regulatory authorities.

Jack Allen, Analyst, Baird: Got it. That’s very helpful. And then maybe for Adrian to get a little an update as he keeps it. I’d love to hear any high level thoughts you have on the recent decision by Allogene to move away from the CD52 lipid depletion. How are you thinking about that as it relates to your programs moving forward?

And would you anticipate including alemtuzumab in a potential pivotal study of UCART22?

Adrian Kilcoyne, Chief Medical Officer, Cellectis: Well, I can start on that, Arthur and Andre. Yes, we’ve been following the Allogene story very closely. We believe that alemtuzumab is really important as part of the lymphodepletion regimen. And we want to be really cautious in how we interpret our approach in the context of Allogene’s approach. I want to stress that these are very different positionings of the products.

We’re talking very late stage ALL, and we’re talking very late stage NHL compared to the Allogene approach as much earlier. And we also don’t know very much around the pharmacokinetics of the allo product, but it appears to be at a much higher dose than we give within our clinical trials. And of course, the third thing which is really, really important is that everything we do is based on risk benefit. So, the risk benefit assessment within the Allogene program is very different to the risk benefit assessment we see in our programs. So, all in all very difficult.

I think it would be unfair to draw any comparisons between these programs. We are fairly confident about our risk benefit assessment across our programs with alemtuzumab. And we believe it all adds a critical improvement in responses, which we’re fairly confident in our approach moving forward.

Arthur Strill, Chief Financial Officer and Chief Business Officer, Cellectis: Yeah. And if I can add something, I think Adrian, you’re spot on obviously on dose, but it’s also important to remember that these are different products. And I think our strategy has always been from the get go to secure direct access to alemtuzumab, which is something that we’ve done with Sanofi a few years back. So we know we have access to actual alemtuzumab. ALLO-six forty seven is a different product.

And honestly, we’re not exactly aware as to how it compares, what are the glycosylation patterns, what are the what is the structure of the antibody. And so it’s very difficult to compare apples to oranges. And we’re very pleased to be moving forward with actual alemtuzumab.

Jack Allen, Analyst, Baird: Great. Thank you so much. I guess just maybe one last one on the topic. Any high level thoughts on ways you could mitigate potential infection risk in your study? I know the CDPD lymphodepletion can lead to a longer depletion of T cells.

Have you given any further thought on protocols you can put into place to mitigate infection risk?

Adrian Kilcoyne, Chief Medical Officer, Cellectis: Yeah, mean, as part of all our trials, we have a mandatory prophylaxis. So, that’s already built in. We have significant risk mitigation strategies already built into our trials. So, yeah, I think we’ve already addressed much of that. But of course, we remain vigilant.

Jack Allen, Analyst, Baird: Great. Thank you so much for taking the questions and congratulations again on the progress.

Conference Operator: Our next question comes from Yanan Zhu with Wells Fargo Securities. Your line is now open.

Yanan Zhu, Analyst, Wells Fargo Securities: Oh, great. Thanks for taking our questions. Just maybe a follow-up on the FDA discussion for the B ALL program. Wondering I know you’ll provide more details at the R and D Day. Wondering if the population for the pivotal trial, is that a specific population like post CD19 CAR T, or is that a more broader population?

And also, in terms of patient number, could we look to the most recent CD19 autologous CAR T programs for B ALL for the rough range, or could the trial be smaller than that? Thanks.

Adrian Kilcoyne, Chief Medical Officer, Cellectis: Yeah, questions. Excuse me. So, as you’re probably aware, we’re looking at a very late stage treatment. So, we’re going for a fairly broad patient population in terms of age cutoff. And again, we’ll share the details with that.

We would anticipate there will be a significant number of lines of therapy for most patients in our clinical trial, and that will include obviously CD19 CARs, etcetera. So you’ll see, details breakdown of this at the R and D Day. So, I would encourage you to, to come along. In terms of the number of patients, I think the number of patients in our trial is driven by two things. One is the powering of our trials.

And the two is the requirement of the safety database, which often takes precedence. So, think here a suggestion that looking at other autologous CD19 CARs in this space will give you while not entirely accurate, it will give you a ballpark as to what kind of numbers we need to have in these kind of trials. And it’s driven by the size the safety database rather than the assumed statistical powering.

Yanan Zhu, Analyst, Wells Fargo Securities: Great. That’s super helpful. And then as a follow-up for the Servier program arbitration discussion, I was just wondering, could you give us a sense of the size of the milestone payments that potentially could be awarded at that point? Thank you.

Arthur Strill, Chief Financial Officer and Chief Business Officer, Cellectis: Yeah. Thanks, Yanan. Unfortunately, as this is an ongoing legal matter, we’re not gonna be able to give more details on this. Sorry.

Yanan Zhu, Analyst, Wells Fargo Securities: No problem. Thanks for taking the questions, and congrats on the progress.

Arthur Strill, Chief Financial Officer and Chief Business Officer, Cellectis: Thank you so much.

Conference Operator: Thank you. Our next question will come from Sebastian Vanderskoot with Camden. Your line is open.

Sebastian Vanderskoot, Analyst, Camden: Hi, team. Congrats on the progress. Thank you for taking my questions. Just two from my side. The first one is a follow-up on allergy decision to not move forward with the anti CD2 or antibody.

Can you maybe give some insight whether there’s been any feedback from the regulators on, inclusion of the anti CD52 in your, treatment regimen? And do you expect that there might be another conversation with the FDA after these findings from EloGene? And then I have a follow-up.

Arthur Strill, Chief Financial Officer and Chief Business Officer, Cellectis: Thanks, Sebastian. Adrian, you want to take this one?

Adrian Kilcoyne, Chief Medical Officer, Cellectis: Sebastian, I just want to make sure I’ve understood the question. Could you just repeat it?

Sebastian Vanderskoot, Analyst, Camden: Sure. So it comes down to whether you expect that this decision from Allogene that came after your conversation with the regulator, whether that can still influence the design of the pivotal study with the use of the anti CD52 antibody?

Adrian Kilcoyne, Chief Medical Officer, Cellectis: No, we honestly, don’t believe so. Again, we have an established, safety profile and an established risk benefit assessment. As Arthur already stated, the allogene product is different. And even if we assume they may be even similar, our dosing levels are significantly lower than we see with the Allogene product. And again, the regulatory authorities have reviewed our full end of phase one package, including detailed look at the safety profiles.

So, don’t see that there’ll be we don’t foresee any changes based on what we’ve seen with allergy.

Sebastian Vanderskoot, Analyst, Camden: Got it. Thank you. Very clear. And then maybe regarding the cash runway and cash position. Could you indicate whether that incorporates the entire completion of the pivotal study for lesme cell?

Arthur Strill, Chief Financial Officer and Chief Business Officer, Cellectis: Yeah. Great question. So the cash runway into H2 twenty twenty seven does include pivotal studies. Actually, we’ve made assumptions both for lesmicell and for eticell. So all the costs are fully loaded in that front.

We’ve also been very prudent as we’ve always done on cash in from milestones and non dilutive funding. So this one have been probabilized. So there is potential for upside there if they do materialize. We will provide the full detailed timelines of the phase two at the R and D day. But to answer your question, yes, the runway does include the pivotal study.

Sebastian Vanderskoot, Analyst, Camden: Great. And then maybe the last one, it’s on the data set for AT cell by year end. Can you just give some color on the size of that same data set? Will it be similar in patient size? I understand that there will not be enough follow-up.

But in terms of patient size, will it be similar to the last me cell disclosure back in October?

Adrian Kilcoyne, Chief Medical Officer, Cellectis: Yeah, I’ll take that, Arthur. So, obviously, laxmicella is a much more it’s our lead candidate with much more patients within the Phase one program than Eddycell. So, you will be anticipating smaller patient numbers. And again, we will you’ll see based on our submissions to ASH, you’ll see much more of that data then.

Sebastian Vanderskoot, Analyst, Camden: Great. Thank you so much.

Conference Operator: Thank you. Our next question will come from Salveen Richter with Goldman Sachs. Your line is open.

Mark, Analyst, Goldman Sachs: Hey, good morning. This is Mark on for Salveen. Thank you so much for taking our question and congrats on the quarter. I have a follow-up on Eddy Cell. There’s been a lot of news from autologous dual targeting CAR Ts recently.

What are your thoughts? How do you view that data? Is there any read through to Eddie cell and sort of beyond the allogeneic autologous sort of difference? How do you think Eddie cell is differentiated in the dual targeting space? Thanks.

Adrian Kilcoyne, Chief Medical Officer, Cellectis: Yeah, it’s a great question. We believe we’ve got a very well differentiated product with Eddy Cell. We believe our positioning is very clear. It’s a later line diffuse large B cell lymphoma, most likely, certainly within the non Hodgkin’s lymphoma space. We think are and again, when you see what’s presented at ASH, it’ll be assuming it’s accepted.

You’ll see a clear strategy, which I think differentiates the product significantly from the current batch of autologous products. So, I can’t really say much more until you see what we will be hopefully presenting at ASH.

Arthur Strill, Chief Financial Officer and Chief Business Officer, Cellectis: If I can add, and thanks Mark for the great question. I think the and sorry, I’m going to state the obvious, but the big important piece about EdiCel is it does not target 19. A lot of the dual targeting data we’ve seen is like nineteen twenty, nineteen twenty two. So I think it’s great, but it’s yet again hitting 19. So the primary competitors to a nineteen twenty or a nineteen twenty two are gonna be the approved autologous 19 and potentially some of the allo 19.

I think where Etisal is pretty unique to our knowledge at this stage is that it is a twenty and twenty two, and so it will be particularly relevant to physicians who have hit 19 once and will then Or twice. Twice, and we’ll want to to alternate the targets. I think the other important thing to remember is right now 19 is firmly entrenched in the second line. This is primarily Yescarta and Brionzi. If Allogene is successful successful with this first line consolidation approach, to which, by the way, we have a vested interest in, there is potential for 19 to come already up to the first line consolidation.

And then there will be a very, very strong need to hit orthogonal targets. So coming at it with an off the shelf alternative that does not require an additional round of leukapheresis, harvesting of the patient slots, etcetera. So pure off the shelf alternative that does not target 19, I think in our universe of NHL and LVCL is pretty differentiated and unique.

Jack Allen, Analyst, Baird: That is it. Thank you.

Conference Operator: Thank you. It appears we have no further questions at this time. I’d now like to turn the program back over to our presenters for any additional or closing remarks.

Arthur Strill, Chief Financial Officer and Chief Business Officer, Cellectis: Well, we’d like to thank you all. And with that, obviously, there is a very rich second half this year for Cellectis. So please stay tuned and we hope that you will be all at our R and D R and D Day event on October 16 and probably wait to what’s going

Andre, Chief Executive Officer, Cellectis: to happen for Selective by the end of the year. So a lot of like rich event things that will come up. Thank you very much for your attention and have a good day.

Conference Operator: Thank you, ladies and gentlemen. This concludes today’s event. You may now disconnect.

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