Professional Documents
Culture Documents
10 Cellectis’ subsidiaries
12 Scientific updates
16 Product portfolio
25 financial items
lETTER fROM THE CEO
2008 was a transforming year for Cellectis, as indeed it was for the entire field
of rational genome engineering. During the year we created two subsidiaries
for the downstream application of our technologies: Cellectis BioResearch,
dedicated to the production of research tools, and Cellectis Genome Surgery,
dedicated to the development of meganucleases for therapeutic purposes.
2008 also marked our achievement of a significant proof of concept: demon-
strating that an artificially manufactured meganuclease could effectively target
Dr. André Choulika and correct an endogenous gene. Major partnership agreements have also
Chief Executive Officer
strengthened our balance sheet, with nearly Û 28 million in cash at the end of
the year. As we look ahead, we aim to push beyond the capabilities of current
research and ensure that the power of genome engineering is accessible to a
wide range of industries and markets. Cellectis employees and advisors are uni-
fied in their passion to see meganucleases become products that contribute to
the health and wellbeing of each individual, but also to make Cellectis a world
leader in the biotechnology industry.
Our young company has developed in a remarkably short space of time: and
the potential for our technology is greater than ever. The need for new thera-
peutic products continues to grow, and innovation is at the forefront of solu-
tions for difficult to treat or naturally evasive diseases, such as viral infections.
innovation is also an effective tool for responding to the requirements of
regulatory authorities and contributors to in the healthcare system. Of course,
it is not without risk — at the same time, we must consider the products effec-
tiveness, if it is safe and if it meets the terms of patent protection. However,
it is solely by the development of new approaches “at the frontiers of what is
possible” that ground breaking, high-impact innovations emerge, and our
approach to genome surgery using meganucleases fits precisely into this
strategic vision. The exceptional results obtained this year by Cellectis, both
scientifically and commercially, reinforce the potential of our economic model
for creating long-term added value.
We share the pride with our scientists and staff in their considerable progress in
DnA recombination and meganuclease engineering. Today, at the forefront
of this field, they set the pace for progress and constantly improve standards,
to bring a completely new class of products to therapeutic and industrial
development. Our meganuclease platform continues to demonstrate its ability
to target an ever-increasing number of specific genes, thus giving us the
means to create and sustain a solid portfolio of products over the long term.
We plan to direct our technology and talents toward the development of
therapeutic meganucleases, as well as research tools, agricultural chemistry,
the production of new biologicals and renewable energies.
The success of Cellectis depends primarily on the people who give us their
commitment. During the course of 2008 we continued our efforts to diversify
and strengthen our skill base. We increased the number of senior level staff
members internally, reinforced our governance bodies: board of directors,
scientific advisory board and executive committee; and we increased the num-
ber of collaborative projects, both on a scientific and commercial level. This
strategy gives Cellectis access to a very large network of expertise for building
a position as world leader.
finally, i would like to thank all of our shareholders for the interest they have
shown in Cellectis. We are delighted that they share our vision, our passion and
our determination in wishing to create a company that can be instrumental in
changing lives. We would like to thank them for their support and we work to
meet the industrial challenge to revolutionize biotechnology.
André Choulika
Chief Executive Officer
Genome engineering
Cellectis is a biotechnology company specializing in DnA programming. it discovers and develops
technologies enabling the genetic code of living organisms to be changed in a controlled, effective
and precise way. its mission is to repair DnA and unlock its potential to improve the wellbeing,
health and nutrition of humanity.
The universality of DnA, as well as the principles that govern its repair and recombination, mean that
Cellectis’ technologies are applicable to all living organisms. The value of correcting or changing the
genetic code is at the very heart of modern biotechnology. it gives humanity an understanding of the
workings of genetic determinism, and also of the differences and diversity that can result from it.
These variations can also lead to disorders that are often synonymous with disease. Genome surgery
is Cellectis’ planned approach for the treatment of diseased DnA. it is designed to eliminate the cause
of the disease, rather than merely relieve the symptoms. Diseases resulting from genome disorders
can take diverse forms such as congenital genetic diseases, cancers or viral infections.
Humanity has been manipulating the genome for several generations, through the process of genetic
selection, and it has allowed the development of new species and the progress of civilization. freeing
the potential contained in the genetic heritage, using genome engineering, opens the way for new
therapeutic solutions, and new methods for producing fuel, fibers and seeds. The potential inherent
in genome engineering is considerable, both in terms of its diversity and for the value that it contributes
to the development of humanity and human health.
• The growth challenge: Each of the products created by Cellectis generates value.
The aim of Cellectis is to bring its products as close to the market as possible, to maximize their value,
but also to optimize time-to-market for a better financial return.
• The innovation challenge: The implementation of genome engineering often requires associated
technologies: for example, delivery methods for therapeutic meganucleases, the integration
of innovative solutions in research kits or the search for new expertise, such as in plant biology.
• The leadership challenge: Cellectis has been able to capitalize on its leading position. However,
by opening the way for genome engineering using meganucleases, it is also vital to strengthen this
position by investing in research upstream of the induced DnA recombination.
Thus, upstream research, the combination of meganucleases with other technologies and the subsequent
incorporation of development and marketing activities are a critical axis of growth for Cellectis.
• Research and production tools: Research and production tools are products in a mature market that
have the potential to be a source of short-term revenue. in addition, making our technology available
to a large number of players in academic research and the industry, helps increase our visibility.
The aim is to place Cellectis products in the majority of the world’s laboratory benches and enable
researchers, technicians and engineers to become familiar with meganucleases, fuelling multiple
applications for our technology.
• Agricultural biotechnology: This sector is growing rapidly; seed producers are investing in technologies
to generate new plants that adhere to environmental regulation and contribute to development
and growth. Our genome engineering products in this sector have the potential to drive medium-term
profitability and therefore we are investing to grow this valuable part of the business.
• Therapeutics: The development of therapeutic products with very high potential value is one of the
company’s major avenues of growth. However, each of these products requires over ten years’ development
from inception to commercialization. The process also requires a very significant capital expenditure and
traditionally carries a high rate of failure. Therefore, the net present value of these products is still modest.
The increase in the production capacity of the meganuclease platform to 20 new products per year was
the company’s key milestone in 2008. As a result of this expanded capacity, Cellectis is now in a position
to produce DnA recombination systems in all the company’s strategic applications. Our first research
and production tools have been sold and have become benchmarks in reverse genetics, both in industrial
biology laboratories and in academic research. The development of therapeutic meganucleases has reached
the preclinical stage. Collaborative projects are currently being built up in the agricultural biochemistry
sector and Cellectis plans to take a pivotal role. lastly, although the diversity of markets for its applications
gives the company a solid organic growth perspective, it also offers a very high potential for external
growth by acquisition of technologies, distribution networks, market share and skills, whilst remaining
Meganucleases on DnA sequences. steadfastly true to the company’s business model based on genome engineering.
Based on this precept, and following the example of the chemical industry in the middle of the 20th century,
Cellectis has implemented strong specializations within the company, so that the target avenues of
development are strengthened and synergized. The inception of subsidiaries by field of application balances
the distribution of resources.
The subsidiaries
Cellectis Genome Surgery S.A.S. and Cellectis BioResearch S.A.S. are wholly owned by Cellectis S.A.
Each subsidiary has a specific business plan and over time will be a group profit center, generating value.
The mission of the subsidiaries is to grow not only organically, but also by acquisition. in line with group
strategy, the order book for the parent company’s new meganuclease production platform is filling up as a
result of the subsidiary business plans. Each is committed to the market logic in which it evolved: Cellectis
Genome Surgery is committed to the development of biopharmaceuticals, whilst Cellectis BioResearch is
committed to the development of laboratory reagents. They benefit from maximum development potential,
each in its market sector, but also as a result of the synergy of the group as a whole. The aim is to establish
subsidiaries according to the maturity of the applications markets or the opportunities, such as agricultural
biotechnology, stem cells, green fuels or biofibers.
Cellectis’ value creation model is based on the concept that genome engineering will become a fundamen-
tal aspect of everyday life. This model harbors considerable potential that goes far beyond the biopharma-
ceutical market alone. The information that comes from genome sequencing or the study of poly-
morphisms, in all living species, is growing exponentially. in addition, technology has made such progress
in this field that, very soon, genome sequencing for any individual will become accessible within practical
lead times and costs, on a very large scale. This colossal source of information finds its natural outlet in
genome engineering. We are currently at the dawn of the era of biology as a new technological resource
for wellbeing and growth. Genome engineering represents the future of these perspectives and will be
present in all aspects of everyday life.
Genome surgery constitutes a real technological leap that this subsidiary, as well as its partners (pharma-
ceutical companies, academics, doctors and patients’ groups), aspire to transform into an effective medical
product. Since its creation in June 2008, Cellectis Genome Surgery has been structured in project mode
for an effective transition between what can be called the end of the “discovery” phase and preclinical
and clinical development. The first proofs of concept studies initiated in 2008 were, from the beginning,
conducted on the matrix model.
Cellectis BioResearch is involved in the development and marketing of research kits that make genome
engineering accessible to all researchers in biology, the world over.
in particular, it offers “turnkey” solutions, enabling biologists to personalize their daily tools of work with
control and precision, for example, cell-lines with the features of an organ or a tissue, healthy or diseased.
The kits can be seen as a simple and effective means of facilitating access to the technologies developed
by Cellectis as they all contain meganucleases, either natural or with modified specificity. The kits developed
bioresearch to date enable a gene to be integrated into a very precise and unique area
of a genome. for Cellectis BioResearch, this initially involves products for targeted integration into the three
most studied genetic models to date: humans, mice and hamsters. The long-term objective is to make these
kits universally applicable and usable:
• to monitor the expression of a gene (positive and negative regulation, constitutive or inductible,
variable in time).
Cellectis believes that genome engineering based on meganucleases will become a reference standard for
21st century biology. By offering high performance kits that are extremely easy to use and that enable rapid
personalization of the genome of any cell system being studied, Cellectis BioResearch is at the forefront
of this revolution.
The objective of the technologies developed by An automated platform able to produce 20 new
Cellectis is to produce a controlled, effective and meganucleases per year
precise modification of DnA in the genetic program new, dedicated laboratories have been installed to
of living species. These technologies are based on accommodate the new meganuclease production
a fundamental principle that is common to all living platform, with its capacity to produce 20 new
species – the activation of endogenous cell main- products per year. The platform operates as follows:
tenance and repair systems when DnA is broken. a DnA sequence of interest is analyzed by a
There are numerous non-specific factors that can software package developed by the Cellectis bio-
alter the DnA of a cell’s genome, such as X-rays, informatics team. This analysis in silico offers a series
chemical products, certain enzymes or even ordinary of potential target sequences. At the same time,
processes in the life of any cell (cell division, DnA this software also identifies the modules that will
replication, etc.). However, the cells of all living be assembled to produce new meganucleases with
species have a finely tuned mechanism that enables the ability to cut these target sequences. A series of
them to repair these alterations in the genome with meganucleases potentially able to cut the chosen
the aim of preserving its integrity. This mechanism target is generated, and each new meganuclease is
can judiciously be used to introduce targeted modi- individually tested for its ability to cut the chosen
fications, in a precise and rational way. target in a living cell (bakers’ yeast). The whole
process is automated by dedicated robots, in order
Cellectis uses meganucleases because their to test the greatest possible number of candidates.
natural function is precisely to cut DnA at a unique The best meganucleases are selected for their
and exact place in the genome in order to modify activity and their specificity in relation to their tar-
the chromosome. The action of a meganuclease get. Over several refining cycles the lead candidates
results in the insertion or the replacement of a are improved and tested finally in mammalian cells.
DnA sequence at the point where it is cut. The first Each meganuclease is customized to meet pre-
meganucleases were discovered over 20 years ago specified activity and specificity requirements for
in bakers’ yeast. its intended application. These parameters are
documented in a performance report that is made
Cellectis has developed a proprietary technology available to collaborators and will ultimately form
for reprogramming meganucleases, in order to the basis of any regulatory filing. The meganucleases
target them at will to new DnA sequences. Thanks produced in this way are developed by Cellectis, its
Hightech laboratories at Parc Biocitech.
to its protein engineering platform, which now subsidiaries or partners.
provides the capacity to produce 20 new mega-
nucleases per year, Cellectis is targeting very Second- and third-generation meganucleases
diverse applications, from research and production Cellectis researchers are putting significant efforts
tools to therapeutic molecules such as antivirals. into understanding the recognition and cutting
mechanisms of natural and artificial meganucleases.
Similar to previous years in our development as a Their objective is to produce meganuclease proto-
company, 2008 was a year rich in discoveries. types with increased specificity and stronger activity
that will be easier to manipulate and vectorize. The
first generation of meganucleases with modified
specificity was based on heterodimeric molecules,
in other words proteins consisting of independent
subunits that could form associations. This first
generation required the co-expression of two genes
coding for these two subunits. The advances made
throughout 2008, and subsequent production,
involved directly manufacturing “single chain”
meganucleases encoded by a single gene and
excluding any form of homodimerization. To this
was added modifications known as “portable,”
which improved meganuclease activity as well as
specificity. lastly, new meganucleases based on
new molecular back bones have extended the DnA
sequence space obtainable by Cellectis.
Starting from its vision of commercializing its technological platform based on meganucleases and
homologous recombination, Cellectis has structured its business development activity to address the key
markets for living organisms: in direct terms, therapeutic applications for repairing DnA, the development
of innovative research tools, and the targeted modification of genes for agriculture; in a more exploratory
fashion, non-fossil fuels, biomaterials and microorganisms. As such, Cellectis offers opportunities to
access a unique set of programs and technologies.
Therapeutic programs
Via its subsidiary Cellectis Genome Surgery, Cellectis is developing several therapeutic programs for
Health. the treatment of hitherto incurable monogenic diseases and chronic infections caused by DnA viruses.
All these projects are at the preclinical stage.
• Viral infections including HiV, hepatitis B and herpes simplex where cutting viral DnA in
infected cells enables the patient’s immune system to eliminate viral particles.
Agronomy.
Aware of the proof of concept that must be established in this field, Cellectis is focusing its approach
on a model in which the potential attrition rate is balanced by the number of potential drug candidates
that can be produced by the meganuclease platform. This number balances the risks and the benefits
associated with the development of therapeutic products throughout preclinical trials and the first stages
of clinical development.
Licensing
Cellectis is expanding its development by establishing licensing agreements for proprietary technologies
and technologies for which it holds the exclusive license:
• Access to its meganuclease engineering platform in the context of collaborative projects to develop
Production of biologicals.
new therapeutic programs, cell lines and agricultural traits. This technology will realize the first
proof of concept in animals in the coming years. it is already being used in the commercial development
of plants and therapeutic proteins.
• Access to patents for homologous recombination, to create and use genetically modified cells and mice.
This technology is achieving a certain maturity, since it is used globally by the pharmaceutical and
biotechnology industries. it is currently used at different stages, from research into targeted therapies
to drug manufacturing. Our intellectual property is providing optimum value for Cellectis, as well as for
institut Pasteur, which owns the parent patents.
Research.
Agricultural biotechnology
Cellectis is developing partnership agreements with the Top 7 firms in agricultural biotechnology
sector, with a view to securing the use and general application within this field of its approach
to genome engineering using meganucleases. The Cellectis partners can thus break free from the random
transgenesis methods conventionally used in these organisms. The applications of meganucleases
primarily involve the targeted insertion of genes and the generation of new traits by correcting, modifying
or regulating the genes of the plant itself. in this way, Cellectis is building a circle of licensed users
around itself, who have access to its technologies and its meganuclease engineering platform for the
development of agricultural biotechnology products.
Products
Research kits are marketed and sold by the subsidiary Cellectis BioResearch. They carry out targeted
integration of a gene into various cell lines using natural or modified meganucleases. Standard
terms and conditions are supplied for use solely in research. for all other applications, for example the
production of therapeutic proteins and antibodies, screening or profiling of active molecules,
a commercial license is required.
MArKeTed TOOLS
Products 2008 2009 2010 2011
Cellectis bioresearch π10
Mouse components
Cellectis bioresearch & bioproduction Hamster components
Mouse components
Human components
Hamster metabolism
Plants Confidential targets (partnerships)
in vitro test Partnerships/commercialization
Cellectis products are designed for genome engineering. Their purpose is to modify DnA in a living cell,
for the benefit of humanity. The aim of this modification is to treat the cause of diseases resulting
from a disruption in genetic programming; to create biological products such as therapeutic proteins or
antibodies; to improve the characteristics of certain species; to manufacture tools for research and
development; or simply to understand how DnA functions.
The product portfolio is weighted according to the projects developed wholly by Cellectis and its sub-
sidiaries, and collaborative projects, particularly in the field of agricultural biotechnology. Projects wholly
conducted by Cellectis comprise 80 percent therapeutic projects and 20 percent research and production
tools. This weighting is based on the potential high level of attrition inherent in pharmaceutical products
and the lower risk inherent in tool development. The potential of therapeutic products to provide very high
added value is made on a long-term. On the other hand, tools have a short development cycle, and can
thus generate short-term revenue as well as offer R&D laboratories worldwide access to and familiarity with
Cellectis technologies. Consequently, the risk associated with the development of drugs with high added
value in the long term is balanced by the relative volume of projects in this field, by collaborative projects
in agricultural biotechnology and lastly by the sale of genome engineering tools.
2- Antivirals
Antivirals based on meganucleases operate on the principle of cutting and destroying the viral DnA inside
infected cells. They can also prevent the cell from infection by restricting the presence of the viral DnA.
Here are two examples:
This kit was designed for researchers and industrial companies wishing to carry out the stable insertion
of DnA into CHO-K1 cells (hamster cell lines) by eliminating the uncertainties and variations associated
with random integration. The kit contains the CHO-K1 cell line with a meganuclease recognition site at
a specific genomic position. The kit also contains the meganuclease that will target this site, and a DnA
integration matrix where the gene that is to be expressed can be cloned. in addition to its ease of use and
the speed of obtaining cell lines (24 days), the advantage of this new kit is the predictability of expression
of the gene of interest provided by the gene targeting at a specific locus.
* patent belonging solely to the Company ** including 1 patent belonging solely to the Company *** including 2 patents belonging solely to the Company
1: number including international PCT applications designating in particular Europe and the uSA
2: Patents / patent applications in Canada, Australia, Japan, China, israel and international PCT applications
3: number including french patents from priority french applications
a An international PCT application that can be validated in the 139 countries that have ratified the Patent Cooperation Treaty
b A single European patent that can be validated in the 32 countries that have ratified the European Patent Treaty: AT, BE, BG, CH, CY, CZ, DE, DK, EE, ES,
fi, fR, GB, GR, Hu, iE, iS, iT, li, lT, lu, lV, MC, MT, nl, Pl, PT, RO, SE, Si, SK, TR (plus extension agreements with Al, BA, HR, MK, RS)
At the end of 2008, Cellectis owned rights to 36 patent families, including 42 patents granted (38 of these
belonging to institut Pasteur) and 130 patent applications under examination, particularly in Europe,
the uSA, Japan, China, israel, Canada and Australia. in 2008 Cellectis was granted its second patent in
Australia and has submitted 11 new patent applications that are currently under examination. This constant
increase in new patent families is a result of the innovation of the Cellectis laboratories in protecting both
the manufacturing processes for meganucleases with modified specificity and meganucleases as a product.
in January 2008, following an oral procedure, the Opposition Division of the European Patent Office
upheld patent EP419621 (procedure for gene targeting by homologous recombination) licensed to Cellectis
by institut Pasteur. The opposition procedure was instigated by Cell Genesys, nearly fifteen years ago.
This long procedure affected only slightly the breadth of the claims granted in 1995, the first part of the
procedure having led the Opposition Division to uphold the patent as it had been granted. Cell Genesys is
continuing to demand the total withdrawal of the patent; it is possible that the European Patent Office
will adopt the same position as that which it adopted at the beginning of this procedure. in parallel, several
divisional applications have come from patent EP419621, including one giving rise to a patent that was
granted and remained unopposed.
Cellectis gives a particular importance to respecting and maximizing the value of the intellectual property
entrusted to it by institut Pasteur. Cellectis is also committed to promoting its own intellectual property by
ensuring the defense of its rights, and respecting the rights of others.
A large number of employees have been working with the company for a long time,
some of them since its creation.
Thanks to their innovation, the sustained level of their work contribution, the enthusiasm of their team
spirit, and their commitment to a common project and vision, Cellectis has succeeded in creating significant
technological advances in biotechnology and in being constantly at the cutting edge of innovation.
The majority of Cellectis employees work in the head office premises, on the Parc Biocitech
in the Paris region. Employees can be seconded to academic laboratories in the context of
certain partnerships.
The CEO, Dr. André Choulika, leads the company’s management structure. He supervises
the sales policy and research and development strategy, and ensures the coordination between
the Group’s various management structures. An executive committee assists him.
This committee is a driving force in the management of operations and current business,
as well as in company strategy.
Cellectis also has a steering committee, a compensation committee and a finance committee.
Executive committee:
(from left to right)
Dr. Dirk Pollet,
Dr. David Sourdive,
Dr. frédéric Pâques,
Dr. André Choulika,
Dr. Marc le Bozec.
• André Choulika, PhD, CEO and founder of the company. He is one of the pioneers in the analysis and
use of meganucleases to modify complex genomes. He obtained his PhD in molecular virology from the
university of Pierre et Marie Curie, Paris iV at institut Pasteur, before undertaking post-doctoral studies in
the Genetics Department of Harvard Medical School. He developed the first approaches to the application
of meganucleases to human therapies whilst working in the Molecular Medicine department at Boston
Children’s Hospital. He has also studied at the HEC School of Management (Challenge + program).
• david Sourdive, PhD, EVP of Corporate Development and co-founder of the company. After a
doctorate in molecular virology at the institut Pasteur, he joined one of the top immunology and antiviral
laboratories at the university of Emory, Atlanta, uSA, where his work focused on immunological memory.
Before founding the company, he was head of the biotechnology laboratory at the Centre d’Études
du Bouchet (french Ministry of Defense), between 1998 and 1999. He studied at the École Polytechnique,
and also at the HEC School of Management (Challenge + program).
• Frédéric Pâques, PhD, joined the company in October 2001 as Research and Development Manager,
and has been Chief Scientific Officer since June 2002. He is a renowned world expert in DnA
recombination mechanisms. A former student of the École normale Supérieure (ulm), he gained his
doctorate at the university of Paris Xi in 1994, before undertaking post-doctoral studies at the
university of Brandeis (Waltham, uSA), where he carried out major projects on recombination in
bakers’ yeast. When he returned to france he worked as a researcher for CRnS.
• Marc Le Bozec, Chief finance Officer, was COO at Alfact innovation (Paris, france) until September 2006.
He has over ten years’ experience as consultant in the biotech sector (Arthur D. little, Paris office),
and then as founder, Chairman and CEO of BioProtein Technologies (france) – a company dedicated
to the production of recombinant proteins in the milk of transgenic animals. He is also a graduate of
the HEC School of Management.
• dirk Pollet, PhD, has been Chief Business Officer, Executive Director of Dircs bvba, and consultant for
Cellectis since november 2008. Before founding Dircs bvba, he was Senior Vice President licensing
and intellectual Property for Galapagos nV in Belgium and member of its Executive Committee. Before
joining Galapagos nV in 2000, Dirk Pollet was Director of Molecular Diagnostics with Glaxo Wellcome,
Stevenage, uK. He also contributed to the start-up and construction of the diagnostic group at
innogenetics nV, where he worked for fourteen years. Dirk Pollet holds a PhD in biochemistry from
the university of Antwerp in Belgium.
6
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Capital structure as at december 31, 2008
Odyssee Venture 5%
lCf Rothschild 5%
Public 28%
AGf PE 11%
Kaminvest 11%
Regeneron 3%
Bankinvest 15%
founders, Personnel & Management 17%
institut Pasteur 5%
Corporate
Commercial
• The signing of an agreement worth uS$ 17.5 million with Regeneron Pharmaceuticals
for the development of new therapeutic products (July).
• The signing of a genome surgery program worth Û 7 million with the AfM to treat
genetic diseases (September).
• The launch of the ACTiVE program, a Û 10 million project for the antiviral use
of meganucleases in the treatment of persistent infections including HiV and herpes (October).
r&d
Balance sheet
Assets
Cellectis is pursuing its policy of investment and this is reflected both in intangible assets, for which
gross values rose by about Û 500,000 (for the most part corresponding to the expenses associated with
11 submissions of new patent applications), and in tangible assets, which increased in gross value by
more than Û 400,000.
Deferred tax assets grew by more than Û 800,000 thanks to the indefinitely deferrable nature of
cumulative losses. This is a specific presentation requirement according to ifRS.
Cash and cash equivalents rose by more than Û 3 million between January 1 and December 31, 2008.
Liabilities
The company’s own reserves grew by Û 3.3 million between the year end 2007 and that of 2008,
corresponding to the increase in capital reserves for Regeneron Pharmaceuticals, inc.
Trade payables increased by Û 1 million, essentially as a result of royalties due to the institut Pasteur,
in line with the increase in turnover.
Turnover went up by more than 600 percent between 2007 and 2008, thanks to the signing of two
major agreements, with Regeneron Pharmaceuticals, inc., and with AfM.
Charges relating to staff rose by more than Û 1 million, due to a strong increase in headcount
(from 35 staff at the start of 2007, the company had nearly 64 by the end of 2008), and due to the
withdrawal of the status of Jeune Entreprise innovante (JEi) – a preferential tax status for innovative
start-up companies – which almost doubled the social contributions.
The other operating expenditure grew by almost Û 5 million, for several reasons:
- increased recourse to external advisers;
- success fee payable to advisers upon signing the agreement with Regeneron Pharmaceuticals, inc.;
- strong increase in rental charges for equipment (systematic policy of leasing equipment) and premises
(the company occupied about 5,000 m2 at the end of 2008, against 2,000 m2 at the start of the year;
- lastly, royalties due to the institut Pasteur went up significantly in line with the increase in turnover.
Tax on profit or loss increased due to the application of the new method of calculating R&D tax credit.
2008 2007
Amounts in thousands of euros 12 months 12 months
financial items are
Turnover 10 600 1 448
presented according to ifRS.
Other business revenue 10 1 365
revenue from ordinary activity 10 610 2 813
Purchases consumed (1 108) (1 013)
Personnel expenses (4 097) (2 934)
Other operational expenses (8 344) (3 433)
Taxes (220) (185)
net depreciation (348) (383)
net provisions 60 (202)
Current operating income (3 446) (5 337)
Other non-current operating income and expenditure 5
Operating income (3 446) (5 332)
interest income and equivalents 810 573
interest payable (10) (20)
net interest receivable 800 553
Other financial income and expenditure 0 (2)
Taxes on earnings 2779 1 793
net income 133 (2 988)
The operational activity of Cellectis did not consume cash in 2008. The Û 3.38 million difference
in the opening cash balance and the closing cash balance is explained by the increase in capital reserves
for Regeneron Pharmaceuticals, inc.
investors@cellectis.com
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