Both CAR-T Programs Expected to Report Data in Q4, Cash Runway Extends Through End of 2027

Overview

Goldman Sachs releases a Q1 performance update and R&D progress report for Cellectis SA. The report notes that the company's two core CAR-T programs (lasme-cel and eti-cel) are progressing as planned, with key clinical data expected in Q4 2026. The company's cash position is strong, supporting operations through the end of 2027. Given its early-stage R&D status, Goldman Sachs maintains its 'Early-Stage Biotech' designation without providing an investment rating or target price.

Core views

Pipeline progress: lasme-cel (allogeneic CD22-targeted CAR-T) for relapsed/refractory acute lymphoblastic leukemia (ALL) is expected to report interim Phase 2 data in Q4 2026. Previous Phase 1 data showed 100% ORR and 56% CR in the target population. eti-cel (allogeneic dual-targeted CD20/CD22 CAR-T) for non-Hodgkin lymphoma (NHL) is also expected to report full Phase 1 data (including IL-2 combination cohort) in Q4 2026, with previous data showing 88% ORR. Financials and cash flow: 1Q26 EPS was -$0.18, better than Goldman Sachs' estimate of -$0.21. Cash and equivalents stood at $188mn at the end of Q1, expected to fund operations through Q4 2027. Collaborations and potential revenue: The partnership with AstraZeneca (AZN) is advancing, involving up to 10 new product developments. In the Servier collaboration, CLLS could receive up to $340mn in milestone payments and sales royalties if the UCART19-based cema-cel project succeeds. Positive cema-cel data from ALLO represents a potential upside for CLLS. Valuation adjustments: Goldman Sachs revised operating expense forecasts based on updated guidance and rolled forward the DCF model by three months. Updated EPS forecasts for 2026-2028 were also provided.

Analysis framework

The institution employs a pipeline-driven valuation approach, focusing on key clinical data readout timelines and probability of success (PoS). The DCF model incorporates peak sales projections and success probabilities for sensitivity analysis. Partner progress (e.g., ALLO, AZN) and its potential impact on milestone revenue are also considered.

Methodology notes

• Valuation MethodDCF Discounted Cash Flow

  DCF Discounted Cash Flow

  Estimates value by discounting future free cash flows to present; the report explicitly mentions rolling forward the DCF model by three months for valuation updates.

• Valuation Method

  Probability of Success (PoS) Adjustment

  In biotech valuations, different success probabilities (e.g., 70%, 85%) are applied based on R&D stages to adjust expected cash flows and reflect development risks.

• Event Gaming & Behavioral FinanceEvent-driven analysis

  Catalyst-Driven Analysis

  Stock price and valuation are primarily driven by specific clinical data readout timelines (catalysts), which investors should monitor closely.

Asset mapping & comparison

Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).

• CLLS.US

  Primary beneficiary; pipeline progress directly determines company value

  Strengths

  Differentiated CAR-T targets, cash runway through 2027

  Weaknesses

  Early-stage R&D, no commercial products

  Risks

  Clinical data misses expectations, R&D failure

• ALLO

  Partner; cema-cel progress affects CLLS milestone payments

  Strengths

  Positive cema-cel data, smooth advancement

  Risks

  Project failure leading to missed milestone payments

• AZN

  Partner; collaboration may bring upfront or milestone payments

  Strengths

  Large pharma with abundant R&D resources

  Risks

  Termination or slow progress

Key data

• 1Q26 EPS-$0.18Better than expected -$0.21
• Cash & Equivalents$188mnAs of 1Q26
• Cash RunwayThrough Q4 2027Expected to fund operations
• lasme-cel Phase 2 DataQ4 2026Key interim analysis
• eti-cel Phase 1 DataQ4 2026Full dataset
• Current Share Price$3.98Closing on May 11, 2026

Impact & implications

Positive data readouts may drive stock re-rating, but given the early-stage nature, volatility risks remain high. Partner progress could unlock milestone payments, with ALLO's cema-cel success potentially delivering significant payments and royalties to improve CLLS' cash position.

Risks

• Clinical data misses expectations
• R&D failure risk
• Faster-than-expected cash burn
• Partner collaboration termination

What to watch

• Q4 2026 clinical data readouts
• Cash burn rate
• Partner project progress