Revenue volatility remains extreme, evidenced by a 45.6% year-over-year decline in 2026Q1, as the company struggles to convert high gross margins into positive operating income.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Sales/Revenue | 68.09M | 72.95M | 41.51M | 755K | 19.17M | 30.35M | 51.06M | 15.19M | 12.73M | 25.19M | 42.58M | 55.04M | 26.3M | 22.82M | 27.81M | 20.73M | 20.98M | 17.32M | 14.77M | 4.1M |
| Revenue Growth % | 42.95% | 75.76% | 5397.48% | -96.06% | -36.83% | -40.56% | 236.12% | 19.32% | -49.46% | -40.85% | -22.63% | 109.3% | 15.26% | -17.97% | 34.19% | -1.2% | 21.14% | 17.26% | 260.13% | - |
| Cost of Goods Sold | 12.33M | 9.8M | 9.18M | 7.42M | 8.48M | 1.84M | 1.95M | 11.39M | 2.74M | 2.62M | 1.69M | 2.71M | 3.69M | 847.86K | 2.03M | 3.26M | 1.92M | 2.33M | 1.54M | 1.48M |
| COGS % of Revenue | - | 13.43% | 22.12% | 982.65% | 44.25% | 6.08% | 3.82% | 75% | 21.51% | 10.4% | 3.96% | 4.92% | 14.03% | 3.72% | 7.3% | 15.73% | 9.16% | 13.43% | 10.44% | 36.01% |
| Gross Profit | 55.76M | 63.15M | 32.32M | -6.66M | 10.69M | 28.5M | 49.11M | 3.8M | 9.99M | 22.57M | 40.9M | 52.34M | 22.61M | 21.97M | 25.78M | 17.47M | 19.06M | 14.99M | 13.23M | 2.62M |
| Gross Margin % | 81.89% | 86.57% | 77.88% | -882.65% | 55.75% | 93.92% | 96.18% | 25% | 78.49% | 89.6% | 96.04% | 95.08% | 85.97% | 96.28% | 92.7% | 84.27% | 90.84% | 86.57% | 89.56% | 63.99% |
| Gross Profit Growth % | - | 95.37% | 585.05% | -162.36% | -62.5% | -41.96% | 1192.94% | -61.99% | -55.72% | -44.82% | -21.86% | 131.5% | 2.91% | -14.8% | 47.61% | -8.34% | 27.11% | 13.35% | 404.03% | - |
| Operating Expenses | 101.75M | 96.23M | 91.88M | 90.64M | 100.35M | 131.98M | 91.42M | 127.35M | 115.08M | 115.22M | 104.86M | 82.87M | 28.98M | 67.13M | 51.92M | 42.78M | 34.31M | 27.51M | 18.03M | 10.41M |
| OpEx % of Revenue | - | 131.91% | 221.36% | 12005.03% | 523.46% | 434.93% | 179.05% | 838.38% | 903.96% | 457.43% | 246.23% | 150.55% | 110.21% | 294.2% | 186.68% | 206.37% | 163.52% | 158.84% | 122.05% | 253.71% |
| Selling, General & Admin | 9.18M | 8.6M | 8.42M | 8.12M | 8.89M | 22.88M | 22.51M | 43.02M | 47.25M | 44.75M | 41.26M | 29.78M | 15.95M | 30.49M | 25.83M | 26.69M | 17.9M | 7.97M | 5.7M | 4.28M |
| SG&A % of Revenue | - | 11.78% | 20.29% | 1075.36% | 46.4% | 75.4% | 44.1% | 283.19% | 371.13% | 177.66% | 96.89% | 54.1% | 60.63% | 133.63% | 92.85% | 128.74% | 85.31% | 46.03% | 38.61% | 104.3% |
| Research & Development | 94.68M | 93.52M | 90.54M | 87.65M | 97.5M | 117.84M | 77.05M | 92.04M | 76.57M | 79.23M | 74.56M | 57.3M | 17.52M | 34.44M | 25.1M | 15.95M | 16.37M | 0 | 0 | 0 |
| R&D % of Revenue | - | 128.19% | 218.13% | 11608.74% | 508.59% | 388.32% | 150.91% | 605.94% | 601.42% | 314.54% | 175.1% | 104.1% | 66.62% | 150.95% | 90.25% | 76.95% | 78.04% | - | - | - |
| Other Operating Expenses | -2M | -5.88M | -7.08M | -5.13M | -6.04M | -8.74M | -8.14M | -7.71M | -25.42M | -17.9M | -19.38M | -10.88M | -11.05M | -15.95M | 995.85K | 142.57K | 35.91K | 19.54M | 12.32M | 4.37K |
| Operating Income | -46M | -33.08M | -59.55M | -97.3M | -89.67M | -103.48M | -42.31M | -123.55M | -105.09M | -92.65M | -63.96M | -30.53M | -6.38M | -80.62M | -26.14M | -25.31M | -15.25M | -13.5M | -4.8M | -7.78M |
| Operating Margin % | -67.55% | -45.34% | -143.48% | -12887.68% | -467.72% | -341% | -82.87% | -813.38% | -825.47% | -367.83% | -150.2% | -55.46% | -24.25% | -353.35% | -93.98% | -122.09% | -72.68% | -77.92% | -32.48% | -189.73% |
| Operating Income Growth % | - | 44.46% | 38.79% | -8.52% | 13.35% | -144.57% | 65.75% | -17.57% | -13.43% | -44.85% | -109.51% | -378.67% | 92.09% | -208.43% | -3.29% | -65.97% | -12.99% | -181.31% | 38.35% | - |
| EBITDA | -26.31M | -13.01M | -39.71M | -78.78M | -71.23M | -89.33M | -34.48M | -116.68M | -102.71M | -89.28M | -61.75M | -28.62M | -4.71M | -34.69M | -23.72M | -24.5M | -13.67M | -13.13M | -4.4M | -6.93M |
| EBITDA Margin % | -38.64% | -17.84% | -95.67% | -10434.3% | -371.56% | -294.36% | -67.53% | -768.12% | -806.8% | -354.45% | -145.01% | -52% | -17.91% | -152.03% | -85.29% | -118.21% | -65.16% | -75.79% | -29.76% | -168.93% |
| EBITDA Growth % | 19.36% | 67.23% | 49.6% | -10.6% | 20.26% | -159.09% | 70.45% | -13.59% | -15.05% | -44.58% | -115.75% | -507.73% | 86.42% | -46.22% | 3.18% | -79.23% | -4.14% | -198.59% | 36.55% | - |
| D&A (Non-Cash Add-back) | 19.68M | 20.06M | 19.85M | 18.52M | 18.43M | 14.16M | 7.83M | 6.88M | 2.38M | 3.37M | 2.21M | 1.91M | 1.67M | 45.93M | 2.42M | 804.87K | 1.58M | 368.21K | 400.92K | 852.93K |
| EBIT | -70.79M | -59.91M | -29.31M | -111.16M | -94.81M | -92.58M | -51.17M | -112.61M | -88.29M | -103.68M | -67.25M | -28.15M | 2.45M | -36.66M | -25.61M | -25.31M | -14.7M | -13.39M | -3.68M | -6.94M |
| Net Interest Income | -25.76K | 1.39M | 3.83M | -1.69M | -2.67M | -3.65M | -1.69M | 4.02M | 6.06M | 1.41M | -583K | 1.13M | 79.04K | -11.95K | -1.85M | 172.38K | 486.77K | 409.76K | 1.12M | 806.27K |
| Interest Income | 8.47M | 9.5M | 11.28M | 3.61M | 1.12M | 719K | 1.96M | 6.98M | 6.79M | 1.97M | 44.17K | 8.25M | 384.26K | 420.85K | 477.82K | 794.5K | 645.03K | 1.79M | 1.13M | 835.43K |
| Interest Expense | 8.49M | 8.11M | 7.45M | 5.31M | 3.79M | 4.37M | 3.65M | 2.96M | 723K | 560K | 6.31K | 22.96K | 195.78K | 432.8K | 2.32M | 632.49K | 203.48K | 8.6K | 13.92K | 29.16K |
| Other Income/Expense | -23.45M | -34.94M | 22.79M | -19.16M | -8.94M | 6.73M | -11.27M | 8.34M | 16.76M | -11.03M | 47K | 8.38M | 8.63M | -3.99M | -1.9M | 172.38K | 486.77K | 812.28K | 1.1M | 810.65K |
| Pretax Income | -69.45M | -68.02M | -36.76M | -116.46M | -98.6M | -96.75M | -53.58M | -115.21M | -88.33M | -103.68M | -63.92M | -22.27M | 2.25M | -81.09M | -27.87M | -25.14M | -14.76M | -11.72M | -3.68M | -6.97M |
| Pretax Margin % | -102% | -93.24% | -88.57% | -15425.7% | -514.32% | -318.83% | -104.94% | -758.47% | -693.84% | -411.63% | -150.09% | -40.47% | 8.56% | -355.39% | -100.21% | -121.26% | -70.36% | -67.66% | -24.94% | -169.96% |
| Income Tax | -2.16M | -423K | 0 | 371K | 87K | -3K | 0 | 0 | 0 | -13.2M | -1.54M | -926.03K | 2.42M | 4.68M | 1.58M | 5.76M | -4.04M | -6.2M | -3.87M | -2.61M |
| Effective Tax Rate % | 3.1% | 0.62% | 0% | -0.32% | -0.09% | 0% | 0% | 0% | 0% | 12.73% | 2.42% | 4.16% | 107.62% | -5.78% | -5.66% | -22.92% | 27.35% | 52.9% | 105.03% | 37.5% |
| Net Income | -67.29M | -67.59M | -36.76M | -101.06M | -106.14M | -114.2M | -81.07M | -102.09M | -78.69M | -99.37M | -63.92M | -22.46M | 24.32K | -84.28M | -29.45M | -30.9M | -10.72M | -5.52M | 185.15K | -4.36M |
| Net Margin % | -98.83% | -92.66% | -88.57% | -13385.3% | -553.64% | -376.32% | -158.79% | -672.09% | -618.12% | -394.51% | -150.1% | -40.81% | 0.09% | -369.38% | -105.89% | -149.05% | -51.11% | -31.87% | 1.25% | -106.22% |
| Net Income Growth % | -11.17% | -83.87% | 63.62% | 4.79% | 7.06% | -40.86% | 20.59% | -29.73% | 20.81% | -55.46% | -184.58% | -92455.28% | 100.03% | -186.15% | 4.67% | -188.12% | -94.3% | -3080.81% | 104.25% | - |
| Net Income (Continuing) | -67.29M | -67.59M | -36.76M | -116.83M | -98.69M | -96.75M | -53.58M | -115.21M | -88.33M | -103.68M | -67.25M | -22.61M | 2.25M | -37.06M | -29.51M | -30.9M | -10.99M | -10.8M | 179.98K | -4.36M |
| Discontinued Operations | 0 | 0 | 0 | 8.39M | -15.35M | -28.36M | -43.9M | 0 | 0 | 0 | 0 | 0 | -109.55K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 7.97M | 15.18M | 25.05M | 40.35M | 40.97M | 19.11M | 1.87M | 792.64K | -1.53M | -298.27K | 2.76M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.67 | -0.68 | -0.41 | -1.77 | -2.33 | -1.93 | -1.71 | -2.14 | -1.93 | -2.78 | -1.78 | -0.65 | 0.00 | -4.08 | -1.48 | -2.19 | -0.76 | -0.39 | 0.01 | -0.31 |
| EPS Growth % | -8.45% | -65.85% | 76.84% | 24.03% | -20.73% | -12.87% | 20.09% | -10.88% | 30.58% | -56.18% | -173.85% | - | 100.02% | -175.68% | 32.42% | -188.16% | -94.87% | -3077.1% | 104.23% | - |
| EPS (Basic) | - | -0.68 | -0.41 | -1.77 | -2.33 | -1.93 | -1.71 | -2.14 | -1.93 | -2.78 | -1.81 | -0.66 | 0.00 | -4.08 | -1.48 | -2.19 | -0.76 | -0.39 | 0.01 | -0.31 |
| Diluted Shares Outstanding | 100.53M | 100.28M | 90.57M | 57.01M | 45.55M | 44.82M | 42.5M | 42.44M | 40.77M | 35.69M | 35.81M | 34.52M | 26.19M | 20.65M | 19.94M | 14.13M | 14.13M | 14.13M | 14.13M | 14.13M |
| Basic Shares Outstanding | 100.53M | 100.28M | 90.57M | 57.01M | 45.55M | 44.82M | 42.5M | 42.44M | 40.77M | 35.69M | 35.29M | 34.15M | 26.07M | 20.65M | 19.94M | 14.13M | 14.13M | 14.13M | 14.13M | 14.13M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical Milestone Dependency
As reported in financial statements, Cellectis's revenue trajectory remains highly volatile, evidenced by a 45.6% year-over-year decline in 2026Q1 following a peak of $35.2 million in 2025Q3, underscoring the company's reliance on non-recurring partnership milestone payments rather than a sustainable, volume-driven commercial sales model.
The revenue profile is characterized by significant quarterly fluctuations that correlate directly with the timing of R&D cost reimbursements and milestone triggers from strategic partners. This lack of recurring revenue suggests that the company's growth durability is currently tethered to the successful execution of external collaborations rather than internal product commercialization.
Based on recent income statement data, Cellectis maintains a high gross margin profile, peaking at 93.3% in 2025Q3, yet this metric appears structurally disconnected from the company's underlying profitability, which remains deeply negative due to the substantial, inelastic R&D expenditures required to sustain its gene-editing platform.
While the high gross margin reflects the nature of milestone-based revenue that carries minimal direct cost, it provides a misleading picture of operational health. Investors should monitor whether these margins can be sustained if the company transitions toward a more capital-intensive, direct-sales model for its allogeneic therapies.
According to historical income statement filings, Cellectis has failed to demonstrate meaningful operating leverage, as R&D expenses consistently hover around $22 million to $25 million per quarter, effectively neutralizing any gross profit gains and keeping the company in a persistent state of negative operating income.
The inability to scale operating income faster than gross profit highlights the heavy fixed-cost burden associated with maintaining proprietary manufacturing facilities and specialized research personnel. This suggests that the company's current cost structure is not yet optimized for the transition from clinical-stage development to commercial-scale operations.
Analysis of recent financial disclosures reveals that Cellectis's net income is frequently impacted by non-operating items and accounting adjustments, such as the 46.6% net margin recorded in 2024Q4, which likely obscures the core operational burn rate and complicates the assessment of true underlying earnings quality.
The volatility in net income, often decoupled from operating performance, warrants further investigation into the impact of French research tax credits and potential non-cash gains from equity investments. Analysts should focus on the operating loss as a more reliable indicator of the company's actual cash consumption and financial sustainability.
As indicated by the persistent net losses and the $23.1 million R&D spend in 2026Q1, the primary risk to the investment thesis is the company's ongoing cash burn, which necessitates frequent external capital infusions to avoid dilution or insolvency in the absence of a commercial product.
Short-term observers may point to the AstraZeneca partnership as a safety net, but the fundamental challenge remains the company's inability to generate self-sustaining cash flow. If clinical milestones are delayed or if the TALEN platform faces competitive obsolescence, the current valuation may prove unsustainable given the high cost of capital.
Quick answers to the most common questions about buying CLLS stock.
For fiscal year 2025, Cellectis S.A. (CLLS) reported total revenue of $72.9M. This represents a 1678.7% increase compared to $4.1M in 2007.
Cellectis S.A. (CLLS) reported a net loss of $67.6M for the fiscal year ending 2025.
Cellectis S.A. (CLLS) reported an operating income of $-33.1M, resulting in an operating profit margin of -45.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Cellectis S.A. (CLLS) generated $63.2M in gross profit for the year, representing a gross profit margin of 86.6%. This demonstrates the company's core pricing power and production efficiency.