Cellectis ADR Dossier - Source-backed chat

Cellectis ADR

ALCLSEuronext Growth

SectorHealth Care

IndustryBiotechnology

Beta (adjusted)2.27

Intrinsic Value

Insufficient data for a value estimateNot enough reliable inputs to publish a fair value for this company yet.

Market Price $1.40Price as of 1 Oct 2026

Data confidenceNot applicable

Market Cap $141M

Enterprise Value $199.4M

Shares Outstanding 100.3M diluted

Moat Rating None

Next Earnings Date10 Nov 2026

All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference.

Thesis

Street consensus, scenarios, merits, risks, and invalidation triggers

AI-assisted

Thesis Summary

Cellectis S.A. is transitioning into a late-stage clinical development company, anchored by its pioneering TALEN gene-editing platform and a robust pipeline of allogeneic, off-the-shelf CAR-T cell therapies. The company's lead candidate, lasme-cel (UCART22), is currently in a pivotal Phase 2 trial (BALLI-01) for relapsed/refractory B-cell acute lymphoblastic leukemia (r/r B-ALL), with critical interim data expected in Q4 2026. Additionally, its dual-targeting candidate, eti-cel (UCART20x22), is showing best-in-class potential in r/r non-Hodgkin lymphoma (NHL), with a full Phase 1 dataset also slated for Q4 2026. Backed by a deep strategic partnership with AstraZeneca and a solid cash runway extending into Q4 2027, Cellectis represents a highly asymmetric risk-reward opportunity in the gene-editing and cell therapy space.

This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today.

Street view · analyst 12-month targets5 analysts · as of 18 Aug 2026

Low · most bearish analyst$4.00

Mean target$7.60

High · most bullish analyst$10.00

Our research · scenarios, merits, risks, and invalidation triggersResearch as of 19 Jun 2026

Scenarios · 12-month scenario targetsAnchored at research date

Bear CaseDownside scenario

The bear case involves clinical setbacks, such as severe safety signals (e.g., high-grade CRS, ICANS, or graft-versus-host disease) in the BALLI-01 or NATHALI-01 trials, leading to clinical holds. Efficacy in the pivotal Phase 2 trial could also disappoint, falling below the historical Phase 1 benchmarks. Additionally, a faster-than-expected cash burn or a slowdown in the AstraZeneca collaboration could force highly dilutive equity raises before the end of the current cash runway in Q4 2027.

Base CaseCentral scenario

The base case assumes successful execution of the pivotal Phase 2 BALLI-01 trial for lasme-cel, with the Q4 2026 interim analysis (n=40) confirming the high efficacy (83%+ ORR) and favorable safety profile observed in Phase 1. It also assumes steady progress in the NATHALI-01 trial for eti-cel, demonstrating enhanced durability with low-dose IL-2 support. AstraZeneca continues to fund joint research, providing milestone payments that preserve the cash runway beyond 2027. Under this scenario, Cellectis is positioned for a BLA submission for lasme-cel in 2028, driving significant valuation expansion toward consensus targets.

Bull CaseUpside scenario

Cellectis's bull case is anchored by its pioneering TALEN gene-editing platform and its off-the-shelf (allogeneic) CAR-T pipeline, notably lasme-cel (UCART22) which is in a pivotal Phase 2 trial for r/r B-ALL with interim data expected in Q4 2026. The company's operational outlook is significantly de-risked by a major strategic partnership with AstraZeneca, which invested $140 million in equity and entered into a research collaboration. This partnership, combined with existing cash reserves, extends Cellectis's financial runway into H2 2027, providing ample time to reach key clinical readouts.

Scenarios are anchored to street consensus at the research date, with our probabilities and rationale.

Key Investment Merits

Pioneering TALEN gene-editing platform with a strong, established IP portfolio.
Lasme-cel (UCART22) is the first allogeneic CAR-T therapy in a pivotal trial for r/r B-ALL, addressing a high unmet medical need.
Eti-cel (UCART20x22) represents a best-in-class dual-targeting (CD20/CD22) approach to overcome antigen escape in NHL.
Deep strategic partnership with AstraZeneca provides validation, research funding, and long-term milestone potential.
Fully integrated, end-to-end in-house manufacturing capabilities in Paris and Raleigh, ensuring control over the value chain.

Key Investment Risks

Inherent clinical development and regulatory risks associated with oncology cell therapies.
High cash burn rate typical of clinical-stage biotech companies, with a runway currently extending only into Q4 2027.
Intense competition in the allogeneic CAR-T and gene-editing landscape from larger, well-capitalized biopharma players.
Potential intellectual property disputes or licensing terminations (e.g., recent patent disputes with Thermo Fisher's LTC).

Thesis Invalidation Triggers

Failure of lasme-cel to meet efficacy endpoints or safety benchmarks in the Q4 2026 BALLI-01 interim analysis.
FDA clinical hold placed on lead programs due to severe adverse events.
Termination or material downscaling of the strategic partnership with AstraZeneca.
Severe cash depletion forcing highly dilutive financing under unfavorable market conditions.

All scenarios are estimates and subject to change. Past performance is not indicative of future results.

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Explore this dossier

ValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework.