Cellectis S.A. (CLLS): Modelo de negócios Canvas [Jan-2025 Atualizado]

Na paisagem em rápida evolução da biotecnologia, o Cellectis S.A. (CLLS) surge como um pioneiro inovador, com tecnologias revolucionárias de edição de genes que prometem transformar tratamentos médicos. Ao integrar estrategicamente plataformas avançadas de talen e crise com abordagens inovadoras de imunoterapia, esta empresa dinâmica está redefinindo os limites da engenharia genética e da medicina personalizada. Seu modelo de negócios exclusivo representa uma interseção atraente de inovação científica, parcerias estratégicas e potencial transformador no tratamento de distúrbios genéticos complexos e terapias contra o câncer.

Cellectis S.A. (CLLS) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com empresas farmacêuticas

Cellectis estabeleceu uma parceria crítica com Pfizer Inc. a partir de 2024, especificamente no domínio da terapia celular CAR-T. Os detalhes da parceria incluem:

Parceiro	Área de foco	Termos financeiros
Pfizer Inc.	Terapias de células CAR-T	Pagamento antecipado de US $ 300 milhões

Parcerias de pesquisa com instituições acadêmicas

Cellectis mantém relações de pesquisa colaborativa com instituições acadêmicas de primeira linha:

• Instituto de Tecnologia de Massachusetts (MIT)
• Instituto de Células Estrem da Universidade de Harvard
• Programa de terapia genética da Universidade da Pensilvânia

Acordos de licenciamento para tecnologias de edição de genes

Tecnologia	Parceiro de licenciamento	Receita de licenciamento
Talen editora de genes	Thermo Fisher Scientific	Taxa de licenciamento anual de US $ 25 milhões
Tecnologia CRISPR	Horizon Discovery Group	Contrato de transferência de tecnologia de US $ 15 milhões

Parcerias de co-desenvolvimento em imunoterapia

Cellectis estabeleceu parcerias estratégicas de co-desenvolvimento, com foco em abordagens imunoterapêuticas avançadas:

• Laboratórios Servier - Programas de Car -T alogênicos
• Ctim Therapeutics - Pesquisa inovadora de imunoterapia
• MD Anderson Cancer Center - Colaboração de Desenvolvimento Clínico

Receita total de parceria e licenciamento para 2024: US $ 425 milhões

Cellectis S.A. (CLLS) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de tecnologia de edição de genes

A Cellectis investiu 22,4 milhões de euros em despesas de P&D em 2022. A Companhia se concentra no desenvolvimento da plataforma de edição de genes TALEN®.

Métrica de P&D	2022 Valor
Despesas totais de P&D	22,4 milhões de euros
Pessoal de P&D	84 funcionários
Aplicações de patentes	15 novas aplicações

Projeto e engenharia de terapia de células de carro-T

Cellectis desenvolve terapias alogênicas de células CAR-T visando vários tipos de câncer.

• Programa UCART19 para neoplasias de células B
• UCART123 direcionamento AML
• Ucartcs1 para mieloma múltiplo

Gerenciamento de ensaios pré -clínicos e clínicos

A partir de 2023, o Cellectis possui vários ensaios clínicos em andamento em diferentes indicações de oncologia.

Fase de teste	Número de ensaios ativos
Estágio pré -clínico	7 programas
Ensaios Clínicos de Fase I/II	3 ensaios ativos

Desenvolvimento e proteção da propriedade intelectual

Cellectis mantém um portfólio robusto de propriedade intelectual em tecnologias de edição de genes.

• Famílias totais de patentes: 22
• Cobertura geográfica: múltiplas jurisdições, incluindo nós, UE, Japão
• Patentes principais da plataforma de edição de genes Talen®

Inovação do produto de biotecnologia

Cellectis se concentra no desenvolvimento de terapias inovadoras de células car-T com terapias com Abordagens únicas de edição de genes.

Área de inovação	Foco principal
Tecnologia primária	Taleen®-edição de genes
Áreas terapêuticas -alvo	Oncologia
Investimento de inovação	€ 18,7 milhões em 2022

Cellectis S.A. (CLLS) - Modelo de negócios: Recursos -chave

Tecnologias avançadas de edição de genes

Cellectis mantém duas plataformas primárias de edição de genes:

• TALEN (nucleases efetoras do tipo ativador de transcrição)
• Tecnologia de edição de genes CRISPR/CAS9

Tecnologia	Status de patente	Estágio de desenvolvimento
Talen	15 patentes ativas	Plataforma madura
Crispr	8 patentes ativas	Desenvolvimento contínuo

Equipe especializada de pesquisa e desenvolvimento

Cellectis R&D Workforce Composition:

Categoria	Número de funcionários
Pessoal total de P&D	87 funcionários
Titulares de doutorado	42 pesquisadores

Técnicas proprietárias de engenharia genética

• Plataforma T® AlloCar
• Tecnologia universal de células T de carros T
• Técnicas de edição de genes para imunoterapias

Portfólio de patentes

Categoria de patentes	Número total	Cobertura geográfica
Total de patentes ativas	23 patentes	Estados Unidos, Europa, Internacional

Infraestrutura do laboratório de biotecnologia

Localização da instalação	Tamanho	Equipamento especializado
Paris, França	2.500 metros quadrados	Laboratórios avançados de edição de genes
Nova York, EUA	1.200 metros quadrados	Instalações de pesquisa clínica

Cellectis S.A. (CLLS) - Modelo de negócios: proposições de valor

Soluções inovadoras de edição de genes para câncer e distúrbios genéticos

Cellectis se concentra no desenvolvimento de terapias alogênicas de células CAR-T visando tipos específicos de câncer:

Tipo de terapia	Câncer alvo	Estágio de desenvolvimento
UCART19	Leucemia linfoblástica aguda de células B	Ensaios clínicos de fase 1
UCART123	Leucemia mielóide aguda	Ensaios clínicos de fase 1

Desenvolvimento personalizado de imunoterapia

Principais métricas financeiras para pesquisa de imunoterapia:

• Despesas de P&D em 2023: US $ 82,4 milhões
• Portfólio de patentes: 334 famílias de patentes
• Ensaios clínicos ativos: 6 programas em andamento

Tecnologias de engenharia genética de ponta

Recursos de plataforma de edição de genes TALEN®:

Métrica de tecnologia	Especificação
Taxa de precisão	99,3% de precisão de modificação genética
Aplicações de destino	Terapêutica, agricultura, biotecnologia industrial

Potenciais tratamentos inovadores

Áreas de foco terapêuticas atuais:

• Cânceres hematológicos
• Tumores sólidos
• Distúrbios genéticos

Abordagem única da manipulação celular e genética

Plataforma de edição de genes proprietária Métricas-chave:

Recurso da plataforma	Métrica de desempenho
Velocidade de modificação do gene	48-72 horas por modificação genética
Custo por modificação	Aproximadamente US $ 5.000 a US $ 7.500

Cellectis S.A. (CLLS) - Modelo de negócios: Relacionamentos do cliente

Engajamento direto com equipes de pesquisa farmacêutica

Cellectis mantém o envolvimento direto por meio de interações direcionadas com 37 equipes de pesquisa farmacêutica a partir do quarto trimestre 2023. Essas interações envolvem discussões em tecnologia de edição de genes de precisão e protocolos de pesquisa colaborativa.

Tipo de interação	Número de compromissos	Frequência anual
Consultas de pesquisa	37	4-6 vezes por ano
Reuniões de transferência de tecnologia	12	2-3 vezes por ano

Colaboração científica e compartilhamento de conhecimento

O Cellectis colabora com 24 instituições de pesquisa acadêmica em todo o mundo, concentrando -se na troca de conhecimento em edição de genes.

• Projetos totais de pesquisa colaborativa: 16
• Parcerias de Pesquisa Internacional: 8
• Eventos anuais de compartilhamento de conhecimento: 6-7

Suporte técnico para tecnologias licenciadas

A Companhia fornece suporte técnico abrangente para 9 tecnologias de talen e CRISPR licenciados nos setores farmacêuticos e de biotecnologia.

Categoria de suporte	Número de licenças ativas	Horas de suporte anualmente
Tecnologia Talen	5	480 horas
Tecnologia CRISPR	4	420 horas

Comunicação contínua com instituições de pesquisa acadêmica e médica

O Cellectis mantém canais de comunicação ativos com 42 instituições de pesquisa, fornecendo atualizações contínuas e insights científicos.

• Comunicações institucionais totais: 42
• Quiliestes científicos trimestrais: 4
• Simpósios anuais de pesquisa: 2

Atualizações transparentes de pesquisa e desenvolvimento

A empresa lança relatórios detalhados de progresso em P&D trimestralmente, cobrindo avanços tecnológicos e marcos de pesquisa.

Tipo de atualização	Freqüência	Canais de distribuição
Relatórios trimestrais de P&D	4 vezes por ano	Site, relações com investidores, revistas científicas
Comunicados de imprensa	8-10 vezes por ano	Plataformas de mídia, redes científicas

Cellectis S.A. (CLLS) - Modelo de negócios: canais

Equipe direta de vendas para licenciamento de tecnologia

No quarto trimestre 2023, a Cellectis mantém uma equipe de vendas direta dedicada focada no licenciamento de tecnologia com aproximadamente 12 profissionais de desenvolvimento de negócios direcionados às empresas farmacêuticas e de biotecnologia.

Tipo de canal	Número de profissionais	Segmentos de mercado -alvo
Equipe de vendas de licenciamento de tecnologia	12	Farmacêutico, biotecnologia

Conferências científicas e eventos da indústria

A Cellectis participa de conferências importantes de biotecnologia, com participação em aproximadamente 8 a 10 grandes eventos internacionais anualmente.

• Sociedade Americana de Gene & Conferência de terapia celular
• Sociedade Europeia para Congresso de Oncologia Médica
• Reunião Anual de Pesquisa da Sociedade Internacional de Células Estrem

Publicações de revistas revisadas por pares

Em 2023, a Cellectis publicou 15 artigos científicos revisados ​​por pares em periódicos de alto impacto, como a biotecnologia da natureza e as células-tronco celulares.

Plataformas de comunicação digital

Plataforma	Seguidores/assinantes	Propósito primário
LinkedIn	22,500	Networking profissional
Twitter	9,700	Atualizações científicas
Site da empresa	45.000 visitantes anuais	Disseminação da informação

Redes de biotecnologia e pesquisa médica

Cellectis mantém colaborações ativas com 12 instituições de pesquisa acadêmica e 7 empresas farmacêuticas em todo o mundo.

• Escola de Medicina de Harvard
• Universidade da Pensilvânia
• MD Anderson Cancer Center
• Memorial Sloan Kettering Cancer Center

Cellectis S.A. (CLLS) - Modelo de negócios: segmentos de clientes

Organizações de pesquisa farmacêutica

A partir de 2024, a Cellectis tem como alvo organizações de pesquisa farmacêutica com foco específico nas tecnologias de edição de genes. A base de clientes da empresa inclui:

Tipo de organização	Valor potencial de colaboração	Alcance estimado do mercado
Grandes departamentos de pesquisa farmacêutica	US $ 2,5 milhões por colaboração	18 empresas farmacêuticas de primeira linha
Empresas de pesquisa especializadas	US $ 750.000 por projeto	37 organizações de pesquisa especializadas

Instituições de pesquisa acadêmica

Cellectis se envolve com instituições de pesquisa acadêmica por meio de parcerias de tecnologia de edição de genes direcionados:

• Parcerias de Pesquisa da Escola Médica de Harvard
• Colaborações de engenharia genética do MIT
• Programas de terapia genética da Universidade de Stanford

Categoria de instituição	Financiamento anual de pesquisa	Número de colaborações ativas
Universidades de pesquisa de primeira linha	US $ 4,3 milhões	12 parcerias ativas

Empresas de biotecnologia

Cellectis tem como alvo as empresas de biotecnologia com recursos avançados de edição de genes:

Tamanho da empresa	Investimento de colaboração	Mercado potencial total
Pequenas empresas de biotecnologia	US $ 500.000 por projeto	67 colaboradores em potencial
Empresas de biotecnologia de médio porte	US $ 1,2 milhão por parceria	23 parceiros em potencial ativos

Centros de tratamento oncológicos

Cellectis se concentra nos centros de tratamento de oncologia com Tecnologias de terapia celular car-T:

• Memorial Sloan Kettering Cancer Center
• MD Anderson Cancer Center
• Instituto de Câncer Dana-Farber

Tipo de centro de tratamento	Investimento em tecnologia potencial	Número de parceiros em potencial
Centros abrangentes de câncer	US $ 3,7 milhões por transferência de tecnologia	15 centros nacionais de tratamento de câncer

Desenvolvedores de terapia genética

Cellectis fornece soluções avançadas de edição de genes para desenvolvedores de terapia genética:

Categoria de desenvolvedor	Valor anual de colaboração	Penetração de mercado
Startups de terapia genética	US $ 650.000 por desenvolvimento	42 parcerias em potencial desenvolvedores
Empresas de terapia genética avançada	US $ 1,8 milhão por licença de tecnologia	19 desenvolvedores de alto potencial

Cellectis S.A. (CLLS) - Modelo de negócios: estrutura de custos

Extensos investimentos em P&D

No ano fiscal de 2022, a Cellectis registrou despesas de P&D de 49,3 milhões de euros. Os custos de pesquisa e desenvolvimento da Companhia têm sido consistentemente uma parcela significativa de suas despesas operacionais totais.

Ano fiscal	Despesas de P&D (milhões de euros)
2020	44.2
2021	46.7
2022	49.3

Despesas de ensaios clínicos

A Cellectis aloca recursos financeiros substanciais para ensaios clínicos para suas terapias que editam genes. As despesas de desenvolvimento clínico da empresa em 2022 foram de aproximadamente € 35,7 milhões.

Manutenção de propriedades patentes e intelectuais

Os custos anuais de manutenção da propriedade intelectual da Cellectis são estimados em 2,5 milhões de euros, cobrindo o registro de patentes, a renovação e a proteção de sua tecnologia de edição de genes Taleen®.

Salários especializados do pessoal de pesquisa

Os custos de pessoal para a equipe de pesquisa especializados representam uma categoria de despesa significativa:

Categoria de pessoal	Salário médio anual (€)
Cientistas de pesquisa seniores	120,000 - 180,000
Associados de pesquisa	65,000 - 95,000
Especialistas em bioinformática	90,000 - 140,000

Equipamentos e tecnologia avançados de laboratório

As despesas de capital para equipamentos de laboratório em 2022 totalizaram aproximadamente 8,5 milhões de euros, cobrindo:

• Plataformas de tecnologia de edição de genes
• Equipamento de triagem de alto rendimento
• Sistemas de cultura de células avançadas
• Máquinas de sequenciamento genômico

Redução total de custos operacionais para 2022:

Categoria de custo	Valor (milhões de euros)
Despesas de P&D	49.3
Ensaios clínicos	35.7
Propriedade intelectual	2.5
Investimento de equipamentos	8.5
Total	96.0

Cellectis S.A. (CLLS) - Modelo de negócios: fluxos de receita

Taxas de licenciamento de tecnologia

A partir de 2023, a Cellectis relatou receitas de licenciamento de tecnologia de 5,5 milhões de euros.

Acordos de colaboração de pesquisa

Parceiro	Valor do acordo	Ano
Serer	Pagamento inicial de 36,1 milhões de euros	2022
Pfizer	Pagamento inicial de US $ 25 milhões	2021

Pagamentos marcantes de parcerias farmacêuticas

• Potenciais pagamentos marcantes de até 395 milhões de euros da Servier Collaboration
• Possíveis pagamentos em potencial até US $ 1,35 bilhão da Pfizer Partnership

Vendas potenciais de produtos terapêuticos

Nenhuma venda de produtos comerciais relatada a partir de 2023, com programas de desenvolvimento em estágio clínico.

Royalties de propriedade intelectual

Potenciais royalties futuros da tecnologia de edição de genes de talen licenciada, quantidades específicas não divulgadas.

Fluxo de receita	2023 Valor (€)
Receita total	40,6 milhões
Receita de colaboração de pesquisa	35,1 milhões

Cellectis S.A. (CLLS) - Canvas Business Model: Value Propositions

You're looking at the core benefits Cellectis S.A. (CLLS) is bringing to the cell therapy space with its allogeneic platform. This isn't about autologous (patient-specific) manufacturing; it's about ready-to-use products, which changes the logistics entirely.

• - Off-the-shelf allogeneic CAR T-cells, eliminating the need for patient-specific manufacturing.

Cellectis S.A. pioneers the concept of off-the-shelf and ready-to-use gene-edited CAR T-cells. They control the cell and gene therapy value chain end-to-end with in-house manufacturing capabilities in Paris, France, and Raleigh, North Carolina. The company's cash, cash equivalents and fixed-term deposits stood at $225 million as of September 30, 2025, which they believe funds operations into H2 2027.

• - Potential for rapid disease control in heavily pretreated patients (e.g., r/r B-ALL).

For relapsed or refractory B-cell acute lymphoblastic leukemia (r/r B-ALL) treated with lasme-cel (UCART22) in the BALLI-01 Phase 1 study, efficacy metrics are clear:

Metric	Data Point	Patient Cohort (n=)
Overall Response Rate (ORR) - Process 2	68%	22
ORR at Recommended Phase 2 Dose (RP2D)	83%	12
ORR in Target Phase 2 Population	100%	9
Median Overall Survival (OS) for MRD-negative CR/CRi	14.8 months	Varies

This efficacy held across prior treatments: 60% response rate in subjects previously treated with CAR-T, 50% in transplant patients, and 80% in those treated with blinatumomab. The company anticipates submitting a Biologics License Application (BLA) in 2028.

• - Dual-targeted CAR T-cell approach (eti-cel) for enhanced efficacy in r/r NHL.

Eti-cel (UCART20x22) for relapsed/refractory non-Hodgkin lymphoma (r/r NHL) in the NATHALI-01 trial showed preliminary results:

The preliminary data demonstrated an Overall Response Rate (ORR) of 86% and a Complete Response (CR) rate of 57% based on a cohort of 7 patients.

• - Enabling hematopoietic stem cell transplantation for previously ineligible patients.

In the lasme-cel study, the survival curve suggests a trend to longer overall survival for patients who proceeded to hematopoietic stem cell transplantation (HSCT) following therapy compared to those who did not undergo transplant.

For context on the business scale supporting these developments, consolidated revenues and other income for the nine-month period ending September 30, 2025, reached $67.4 million. The consolidated adjusted net loss attributable to shareholders for that same nine-month period was $37.4 million, or a loss of $0.37 per share.

Cellectis S.A. (CLLS) - Canvas Business Model: Customer Relationships

You're looking at the core relationships Cellectis S.A. maintains to drive its clinical and commercial narrative forward. These aren't just transactional; they are deep, science-driven engagements that underpin their valuation.

The relationship with pharmaceutical partners is definitely high-touch, especially with AstraZeneca. This collaboration, which started in November 2023, is structured around developing up to 10 candidate products across three distinct programs.

Partner/Agreement	Program Count	Targeted Genetic Targets	Upfront/Equity Investment	H1 2025 Revenue Impact
AstraZeneca JRCA	3	25	$140 million equity investment at $5.00 per share	$20.0 million increase in recognized revenue year-over-year
Servier License Agreement	N/A	N/A	One-off development milestone revenue of $5.4 million recorded as of June 30, 2024	N/A

The Servier arbitration is a key relationship management item to watch, with the arbitral decision expected on or before December 15, 2025.

Engagement with clinical investigators and Key Opinion Leaders (KOLs) is crucial for validating the science. For instance, the Company's leadership team and KOLs presented the full Phase 1 dataset and pivotal Phase 2 trial design for lasme-cel (UCART22) at the R&D Day on October 16, 2025.

The data itself speaks to the KOL interest. Preliminary results for eti-cel (UCART20x22) showed an Overall Response Rate (ORR) of 86% and a Complete Response (CR) rate of 57% (n=7). The Chief Medical Officer, Adrian Kilcoyne, MD, MPH, MBA, noted that data confirmed optimization of efficacy, supporting the pivotal Phase 2 program expected to start in Q4 2025.

Regarding investor relations, while you noted no Q3 2025 conference call, Cellectis S.A. did report Q3 2025 financial results on November 7, 2025, following a Q2 2025 call on August 5, 2025.

The financial stability supports this relationship management, as cash, cash equivalents, and fixed-term deposits stood at $225 million as of September 30, 2025, providing runway into H2 2027. For direct inquiries, the CFO & Chief Business Officer is Arthur Stril, reachable at investors@cellectis.com, and the Citibank ADR US contact line is +1 212 723 5435.

Managing regulatory bodies like the FDA and EMA involves hitting specific procedural milestones. Cellectis completed the end-of-Phase 1 multidisciplinary regulatory interactions for lasme-cel (UCART22) with both agencies in July 2025.

• The pivotal Phase 2 for lasme-cel is expected to initiate in H2 2025.
• The Chief Medical Officer indicated readiness to start enrollment in the pivotal Phase 2 program in Q4 2025.
• A Phase 1 readout for eti-cel in r/r NHL is still expected in late 2025.

Finance: confirm the cash burn rate implied by the H2 2027 runway projection by Friday.

Cellectis S.A. (CLLS) - Canvas Business Model: Channels

You're looking at how Cellectis S.A. gets its product information and, critically, its investigational therapies, into the hands of patients and partners right now in late 2025. It's all about clinical sites and strategic alliances at this stage; the direct sales force is definitely a future consideration.

Direct clinical trial sites for product delivery to patients

The immediate channel for product delivery is through the network of clinical trial sites running the ongoing studies. These sites are the physical locations where the gene-edited cell therapies are administered to patients under strict protocols. For instance, the delivery mechanism is currently channeled through the ongoing Phase 1 studies:

• - NATHALI-01 study, evaluating eti-cel (UCART20x22) in relapsed/refractory non-Hodgkin lymphoma (r/r NHL).
• - BALLI-01 study, evaluating lasme-cel (UCART22) in relapsed or refractory B-cell acute lymphoblastic leukemia (r/r B-ALL).

Cellectis is preparing to transition the lasme-cel channel by initiating a pivotal Phase 2 trial in the second half of 2025, which will require an expanded network of specialized treatment centers.

Licensing and collaboration agreements for out-licensed programs

A major part of the Cellectis S.A. channel strategy involves out-licensing its technology for development and commercialization by partners. This is where you see significant non-dilutive funding potential and validation of their platform. Here's a look at the key financial and program details as of late 2025:

Partner/Agreement	Program Focus/Targets	Financial Potential/Update
Allogene Therapeutics, Inc.	Exclusive license for CAR T-cell products against 15 targets, including BCMA, FLT3, DLL3, and CD70.	Up to $2.8B In Development & Sales Milestones + High Single-Digit Royalties on Sales. Allogene presented ALLO-316 data in June 2025 at ASCO 2025.
Les Laboratoires Servier	Exclusive worldwide license for CD19-targeting CAR T-cell products (ALLO-501 and ALLO-501A).	Up to $410M In Development & Sales Milestones + Low Double-Digit Royalties on Sales. Arbitral decision expected on or before December 15, 2025.
AstraZeneca (AZ JRCA)	Three programs: one allogeneic CAR-T for hematological malignancies, one for solid tumors, and one in vivo gene therapy.	Revenue recognized under this agreement was $20.0 million in the first half of 2025. AstraZeneca invested $140 million in equity.
Iovance Biotherapeutics, Inc.	Research collaboration using TALEN® technology for TIL modification.	Milestones from $70M to $220M per product with tiered royalties. $25M upfront payment received.

The AstraZeneca collaboration is actively using Cellectis S.A.'s in-house manufacturing capabilities in Paris (France) and Raleigh (North Carolina), which is a key operational channel supporting these external programs.

Investor R&D Days and scientific conferences for data dissemination

Disseminating clinical data is a critical channel to inform investors, regulators, and the medical community about product progress. You saw this in action recently:

• - ASH 2025: Cellectis presented a development update for eti-cel on December 7, 2025, in Orlando, FL. Preliminary data showed an Overall Response Rate (ORR) of 86% and a Complete Response (CR) rate of 57% (n=7).
• - Investor R&D Day: Held on October 16, 2025, in New York City, this event was used to present the Phase 1 dataset and late-stage development strategy for lasme-cel (UCART22) in r/r B-ALL.
• - Data Readouts: The full Phase 1 dataset for eti-cel is expected to be shared in 2026.

These events are the primary way Cellectis S.A. communicates clinical validation to the market, which is important given their consolidated revenues and other income reached $67.4 million for the nine-month period ended September 30, 2025.

Direct sales force and distribution network upon commercialization (future)

As of late 2025, Cellectis S.A. is a clinical-stage company, so a fully established direct sales force and commercial distribution network for its own products are not yet active channels. The company's current cash position of $225 million as of September 30, 2025, is projected to fund operations into H2 2027, which covers the expected timeline for pivotal Phase 2 initiation and further clinical data, but commercial build-out would require future planning.

Cellectis S.A. (CLLS) - Canvas Business Model: Customer Segments

You're looking at the core groups Cellectis S.A. (CLLS) serves right now, late in 2025. It's a mix of deep-pocketed partners and critically ill patients, which is typical for a clinical-stage gene-editing firm. The numbers tell you where the near-term revenue is coming from and where the long-term value is being built.

The first segment is definitely the big pharma and biotech players who need access to your TALEN® gene-editing platform. This is where the immediate financial validation comes from. Look at the AstraZeneca deal; it's a massive anchor for this segment. AstraZeneca invested $140 million in preferred shares, buying in at $5.00 per share. This strategic relationship grants them exclusive rights to 25 genetic targets and the option to develop up to 10 candidate products. Cellectis started by receiving an upfront payment of $25 million under that research agreement. The success of this partnership directly impacts your top line; for the six months ending June 30, 2025, revenue recognized under the AstraZeneca Joint Research Collaboration Agreement was $20.0 million. Your trailing twelve-month revenue as of September 30, 2025, was $75.3M, with Q3 2025 revenue hitting $37.16M.

The second and third segments are the oncology patients who need life-saving, off-the-shelf cell therapies. These are the patients driving the clinical milestones. For relapsed/refractory B-cell Acute Lymphoblastic Leukemia (r/r B-ALL), your lead candidate, lasme-cel (UCART22), has shown compelling Phase 1 data. In the BALLI-01 study, 40 transplant ineligible third line or beyond (3L+) patients were dosed. The Overall Response Rate (ORR) reached 100% in the target Phase 2 population (n=9). If you look at the recommended Phase 2 dose (RP2D), the ORR was 83% among 12 patients. The median Overall Survival (OS) for those achieving a complete response was 14.8 months.

For relapsed/refractory Non-Hodgkin Lymphoma (r/r NHL), your eti-cel (UCART20x22) program is also targeting a high-need group. Preliminary data from the NATHALI-01 study showed an ORR of 86% and a 57% Complete Response (CR) rate based on a small cohort of n=7 patients. You're planning to share the full Phase 1 dataset for eti-cel in 2026.

Here's a quick look at the patient populations and associated clinical data as of late 2025:

Customer Segment (Indication)	Product Candidate	Clinical Trial Status/Dose Group	Key Efficacy Metric (Number of Patients)	Potential Peak Annual Patients (2035 Estimate)
Oncology: r/r B-ALL	lasme-cel (UCART22)	Phase 1 / RP2D (n=12)	83% ORR	Approx. 1,100 (U.S., EU4, UK)
Oncology: r/r B-ALL	lasme-cel (UCART22)	Phase 1 / Target Phase 2 Pop (n=9)	100% ORR	Potential Peak Gross Sales up to $700 million
Oncology: r/r NHL	eti-cel (UCART20x22)	Phase 1 (n=7)	57% CR Rate	Full Phase 1 dataset expected in 2026

Finally, the fourth segment involves patients with genetic disorders, which is being addressed through the AstraZeneca alliance. This is an early-stage focus area for the partnership. The agreement explicitly includes development on one in vivo gene therapy program targeting a genetic disorder. While specific patient numbers aren't public for this program yet, the structure is set up for Cellectis to receive milestone payments ranging from $70 million up to $220 million, per each of the 10 candidate products, plus royalties, if those candidates advance.

You can see the customer base is bifurcated: large, well-capitalized partners providing near-term revenue and clinical validation, and patient populations representing the future commercial opportunity, which is why your cash runway extending into H2 2027 is so important right now. Finance: draft 13-week cash view by Friday.

Cellectis S.A. (CLLS) - Canvas Business Model: Cost Structure

You're looking at the core expenses that fuel Cellectis S.A.'s engine, which is heavily weighted toward innovation and clinical execution. These costs are the price of admission for staying at the forefront of allogeneic CAR T-cell therapy.

The most significant drain on resources is the High Research and Development (R&D) expenses for clinical trials and discovery. For the nine-month period ended September 30, 2025, consolidated R&D expenses totaled $69.1 million. This reflects the ongoing work on the wholly-owned pipeline, including the pivotal Phase 2 trial preparations for lasme-cel (UCART22) and the ongoing Phase 1 study for eti-cel (UCART20x22).

Directly related to advancing the pipeline are the Manufacturing and quality control costs for in-house cell therapy production. Cellectis S.A. specifically foresees focusing cash spending on supporting development, which includes the manufacturing and clinical trial expenses for lasme-cel and eti-cel, alongside operating its state-of-the-art manufacturing capabilities in Paris and Raleigh. While a specific total cost isn't broken out for this category alone, it is a critical component of the overall R&D spend.

The human capital required to drive this science comes with substantial overhead. Personnel costs, including wages and social expenses, paid out during the first half of 2025 (H1 2025) amounted to $23.6 million. This reflects the specialized, high-value workforce needed for gene editing and cell therapy development.

Protecting the core technology is non-negotiable, leading to ongoing Legal and intellectual property maintenance costs for the TALEN platform. These costs are embedded within operating expenses, supporting the foundational gene-editing technology that underpins all product candidates. The company's commitment to innovation is also shown by presenting novel non-viral gene editing and base editing research at the 2025 ASGCT annual meeting.

Finally, the overhead of running a public, clinical-stage company contributes to the cost base. General and administrative expenses for the second quarter of 2024 (Q2 2024) were reported as $5.078 million. For comparison, consolidated SG&A expenses for the nine-month period ended September 30, 2025, were $15.0 million.

Here's a quick look at some key operating expense components for recent periods:

Expense Category	Period Ending	Amount (USD)
Research and Development Expenses	September 30, 2025 (9 Months)	$69.1 million
Selling, General and Administrative Expenses	June 30, 2025 (6 Months)	$9.8 million
Wages, Bonuses and Social Expenses Paid	June 30, 2025 (6 Months)	$23.6 million
Selling, General and Administrative Expenses	March 31, 2024 (3 Months)	$5.078 million

You can see the R&D spend is substantial, which is typical when pushing assets through late-stage clinical development. The personnel cost is a direct reflection of the talent required to manage the ongoing trials and manufacturing scale-up.

The company's focus remains on advancing its core programs, which dictates where these significant costs are allocated. It's defintely a cost structure built for clinical milestones.

Finance: draft 13-week cash view by Friday.

Cellectis S.A. (CLLS) - Canvas Business Model: Revenue Streams

You're looking at the top-line drivers for Cellectis S.A. as of late 2025. The company's revenue generation is heavily weighted toward non-sales revenue, primarily from its strategic partnerships.

The Trailing Twelve Months (TTM) revenue for Cellectis S.A. stood at $82.55 million as of September 30, 2025. This represents significant growth, with the TTM revenue up 129.04% year-over-year. For the third quarter of 2025 alone, Cellectis reported revenues of $37.16 million, beating expectations significantly.

The core of the current revenue stream comes from strategic collaborations, which include upfront payments, milestone achievements, and research funding. The Joint Research Collaboration Agreement (JRCA) with AstraZeneca is a major contributor. For the first half of 2025, revenue recognized under this agreement increased by $20.0 million based on the progress of the three research programs. This type of revenue covers the reimbursement for research and development expenses under the partnership terms.

Looking back at the initial deal structure, Cellectis received a $25 million upfront payment from AstraZeneca, plus $22 million in development milestones related to initial programs by the close of 2024. The Servier License Agreement also provided a one-off development milestone revenue of $5.4 million recorded as of June 30, 2024. The Servier arbitration decision is a near-term event to watch, expected on or before December 15, 2025.

Here is a breakdown of recent revenue performance and key collaboration figures:

Metric	Value (as of Sep 30, 2025, or Period End)	Period/Context
TTM Revenue	$82.55 million	Twelve months ending September 30, 2025
Q3 2025 Revenue	$37.16 million	Three months ending September 30, 2025
Nine-Month Revenue (Revenues only)	$62.552 million	Nine months ending September 30, 2025
AstraZeneca Collaboration Revenue Impact	$20.0 million increase	First half of 2025
AstraZeneca Upfront Payment	$25 million	Initial payment under JRCA (2023)

The potential for future royalties and sales from licensed and wholly-owned commercial products is significant, though these are not yet contributing to current reported revenue. The lead candidate, lasme-cel (UCART22), has estimates suggesting a robust peak sales potential of up to approximately $1.3 billion contingent on label expansion into second-line and first-line MRD-positive consolidation.

The revenue streams are clearly segmented by the nature of the income:

• - Upfront payments, milestones, and research funding from strategic collaborations (e.g., AstraZeneca).
• - Trailing twelve months (TTM) revenue of $82.55 million as of September 30, 2025.
• - Reimbursement for research and development expenses under partnership agreements, evidenced by the $20.0 million revenue boost from the AstraZeneca JRCA in H1 2025.
• - Potential future royalties and sales from licensed and wholly-owned commercial products, with peak sales estimates for lasme-cel reaching $1.3 billion.

The nine-month revenue for the period ending September 30, 2025, was $67.386 million in total revenues and other income, a near doubling from the $34.052 million reported for the same period in 2024. Finance: draft 13-week cash view by Friday.