| Information concerning the Group's Consolidated Operations | Note 3. Information concerning the Group’s Consolidated Operations 3.1 Revenues and other income 3.1.1 For the six-month Revenues by country of origin and other income
For the six-month period ended June 30,
2021 2022
$ in thousands
From France 20,061 2,972
From USA (1) 16,716 73
Revenues 36,777 3,045
Research tax credit 4,272 3,544
Subsidies and other 1,532 7
Other income 5,804 3,551
Total revenues and other income 42,581 6,596
(1) Revenues from USA concern Calyxt only. Revenues by nature
For the six-month period ended June 30,
2021 2022
$ in thousands
Recognition of previously deferred upfront payments — —
Other revenues from collaboration agreements 20,014 2,530
Collaboration agreements 20,014 2,530
Licenses — 276
Products & services 16,763 239
Total revenues 36,777 3,045
Recognition of other revenues for the six-month six-month right-of-use Revenues related to licenses include royalties received under our various license agreements. Products and services revenues mainly include the revenues of plants activities which are primarily attributable to Calyxt’s seed and grain crop sales for $5.0 million during the first six months of 2021. The decreases in revenue and cost of goods sold were driven by the late 2021 completion of the wind-down of Calyxt’s soybean product line. All of Calyxt’s revenue in the first semester of 2022 was associated with Calyxt’s agreement with a large food ingredient manufacturer to develop a palm oil alternative. 3.1.2 For the three-month period ended June 30 Revenues by country of origin and other income
For the three-month period ended June 30,
2021 2022
$ in thousands
From France (2) (552 ) 1,307
From USA (1) 11,728 42
Revenues 11,176 1,348
Research tax credit 1,909 1,416
Subsidies and other 1,530 0
Other income 3,439 1,416
Total revenues and other income 14,615 2,765
(1) Revenues from USA concern Calyxt only.
(2) For the three months ended June, 2022 is mainly driven by the recognition of $1.0 million related a change of control of a licensee pursuant to the terms of the license agreement with Cellectis and amendment to the license agreement Revenues by nature
For the three-month period ended June 30,
2021 2022
$ in thousands
Recognition of previously deferred upfront payments — —
Other revenues from collaboration agreements (551 ) 998
Collaboration agreements (551 ) 998
Licenses (48 ) 158
Products & services 11,775 192
Total revenues 11,176 1,348
3.2 Operating expenses 3.2.1 For the six-month
For the six-month period ended June 30,
Cost of revenue 2021 2022
Cost of goods sold (18,706 ) 0
Royalty expenses (1,194 ) (714 )
Cost of revenue (19,899 ) (714 )
For the six-month period ended June 30,
Research and development expenses 2021 2022
Wages and salaries (20,863 ) (23,400 )
Social charges on stock option grants (845 ) 32
Non-cash (4,530 ) (3,554 )
Personnel expenses (26,237 ) (26,923 )
Purchases and external expenses (30,897 ) (22,578 )
Other (5,204 ) (9,026 )
Total research and development expenses (62,338 ) (58,527 )
For the six-month
Selling, general and administrative expenses 2021 2022
Wages and salaries (9,183 ) (6,262 )
Social charges on stock option grants (350 ) (39 )
Non-cash 509 (2,731 )
Personnel expenses (9,024 ) (9,033 )
Purchases and external expenses (6,419 ) (5,910 )
Other (2,776 ) (2,751 )
Total selling, general and administrative expenses (18,219 ) (17,695 )
For the six-month
Personnel expenses 2021 2022
Wages and salaries (30,046 ) (29,663 )
Social charges on stock option grants (1,195 ) (8 )
Non-cash (4,020 ) (6,285 )
Total personnel expenses (35,261 ) (35,956 )
The decrease in cost of goods sold of $18.7 million between the six-month period 3.2.2 For the three-month period ended June 30
For the three-month period ended June 30,
2021 2022
Cost of goods sold (11,375 ) (0 )
Royalty expenses (380 ) (329 )
Cost of revenue (11,754 ) (329 )
For the three-month period ended June 30,
Research and development expenses 2021 2022
Wages and salaries (9,986 ) (11,120 )
Social charges on free shares and stock option grants (84 ) 39
Non-cash (2,819 ) (1,894 )
Personnel expenses (12,888 ) (12,975 )
Purchases and external expenses (15,845 ) (11,626 )
Other (2,413 ) (4,448 )
Total research and development expenses (31,147 ) (29,048 )
For the three-month period ended June 30,
Selling, general and administrative expenses 2021 2022
Wages and salaries (3,206 ) (3,073 )
Social charges on free shares and stock option grants (17 ) 7
Non-cash (1,172 ) (1,484 )
Personnel expenses (4,395 ) (4,549 )
Purchases and external expenses (3,600 ) (2,523 )
Other (1,348 ) (1,343 )
Total selling, general and administrative expenses (9,343 ) (8,415 )
For the three-month period ended June 30,
Personnel expenses 2021 2022
Wages and salaries (13,192 ) (14,192 )
Social charges on free shares and stock option grants (100 ) 46
Non-cash (3,990 ) (3,378 )
Total personnel expenses (17,283 ) (17,524 )
The decrease in cost of goods sold of $11.4 million between the three-month period ended June 30, 2021 and 2022 is driven by Calyxt’s business 3.3 Reportable segments Accounting policies Reportable segments are identified as components of the Group that have discrete financial information available for evaluation by the Chief Operating Decision Maker (“CODM”), for purposes of performance assessment and resource allocation. For the six-month
• The Chief Executive Officer;
• The Executive Vice President CMC and Manufacturing (previously The Executive Vice President Strategic Initiatives);
• The Senior Vice President of US Manufacturing;
• The Chief Scientific Officer;
• The Chief Financial Officer;
• The General Counsel;
• The Chief Business Officer;
• The Chief Regulatory & Pharmaceutical Compliance Officer;
• The Chief Medical Officer; and
• The Chief Human Resources Officer. We view our operations and manage our business in two operating and reportable segments that are engaged in the following activities:
• Therapeutics: This segment is focused on the development of (i) gene-edited allogeneic Chimeric Antigen Receptor T-cells
• Plants: This segment is focused on using Calyxt’s proprietary PlantSpringTM technology platform to engineer plant metabolism to produce innovative, high-value, and sustainable materials and products for use in helping customers meet their sustainability targets and financial goals. Calyxt’s diversified product offerings will primarily be delivered through its proprietary BioFactory ™ There are inter-segment transactions between the two reportable segments, including allocation of corporate general and administrative expenses by Cellectis S.A. and allocation of research and development expenses to the reportable segments. With respect to corporate general and administrative expenses, Cellectis S.A. historically provided Calyxt, with general sales and administrative functions, accounting and finance functions, investor relations, intellectual property, legal advice, human resources, communication and information technology under a Management Services Agreement. Effective with the end of the third quarter 2019, Calyxt has internalized nearly all of the services previously provided by Cellectis under this agreement. Under the Management Services Agreement, Cellectis S.A. charges Calyxt, in euros at cost plus a mark-up 12-month The intersegment revenues represent the transactions between segments. Intra-segment transactions are eliminated within a segment’s results and intersegment transactions are eliminated in consolidation as well as in key performance indicators by reportable segment. Information related to each reportable segment is set out below. Segment revenues and other income, research and development expenses, selling, general and administrative expenses, and cost of revenue and other operating income and expenses, and adjusted net income (loss) attributable to shareholders of Cellectis (which does not include non-cash Adjusted net income (loss) attributable to shareholders of Cellectis S.A. is not a measure calculated in accordance with IFRS. Because adjusted net income (loss) attributable to shareholders of Cellectis excludes non-cash non-cash The net income (loss) by segment includes the impact of the operations between segments while the intra-segment operations are eliminated. Details of key performance indicators by reportable segment for the six months period ended June 30
For the six-month period ended June 30, 2021 For the six-month period ended June 30,
$ in thousands Plants Therapeutics Total Plants Therapeutics Total
External revenues 16,716 20,061 36,777 73 2,972 3,045
External other income 1,528 4,276 5,804 — 3,551 3,551
External revenues and other income 18,244 24,337 42,581 73 6,523 6,596
Cost of revenue (18,706 ) (1,194 ) (19,899 ) — (714 ) (714 )
Research and development expenses (5,836 ) (56,503 ) (62,338 ) (6,297 ) (52,231 ) (58,527 )
Selling, general and administrative expenses (7,528 ) (10,691 ) (18,219 ) (6,801 ) (10,893 ) (17,695 )
Other operating income and expenses 7 482 489 242 774 1,016
Total operating expenses (32,063 ) (67,905 ) (99,968 ) (12,856 ) (63,064 ) (75,920 )
Operating income (loss) before tax (13,818 ) (43,569 ) (57,387 ) (12,783 ) (56,541 ) (69,324 )
Net financial gain (loss) (584 ) 1,015 431 5,900 9,213 15,113
Net income (loss) (14,402 ) (42,554 ) (56,956 ) (6,883 ) (47,328 ) (54,211 )
Non-controlling 5,169 — 5,169 3,352 — 3,352
Net income (loss) attributable to shareholders of Cellectis (9,233 ) (42,554 ) (51,787 ) (3,531 ) (47,328 ) (50,858 )
Depreciation and amortization (1,218 ) (5,954 ) (7,173 ) (1,316 ) (9,434 ) (10,749 )
Additions to tangible and intangible assets 308 11,020 11,327 671 1,452 2,123 Details of key performance indicators by reportable segment for the three months period ended June, 30
For the three-month period ended June 30, For the three-month period ended June 30,
$ in thousands Plants Therapeutics Total Plants Therapeutics Total
External revenues 11,728 (552 ) 11,176 42 1,307 1,348
External other income 1,528 1,911 3,439 — 1,416 1,416
External revenues and other income 13,256 1,359 14,615 42 2,723 2,765
Cost of revenue (11,337 ) (418 ) (11,754 ) 0 (329 ) (329 )
Research and development expenses (2,810 ) (28,336 ) (31,147 ) (3,419 ) (25,630 ) (29,048 )
Selling, general and administrative expenses (3,410 ) (5,933 ) (9,343 ) (3,585 ) (4,830 ) (8,415 )
Other operating income and expenses 31 118 150 198 753 951
Total operating expenses (17,526 ) (34,569 ) (52,096 ) (6,806 ) (30,036 ) (36,842 )
Operating income (loss) before tax (4,270 ) (33,210 ) (37,481 ) (6,764 ) (27,313 ) (34,077 )
Financial gain (loss) (294 ) (3,836 ) (4,129 ) 6,322 8,301 14,623
Net income (loss) (4,564 ) (37,046 ) (41,610 ) (442 ) (19,012 ) (19,454 )
Non controlling interests 1,691 — 1,691 506 — 506
Net income (loss) attributable to shareholders of Cellectis (2,873 ) (37,046 ) (39,919 ) 64 (19,012 ) (18,947 )
Depreciation and amortization (614 ) (2,768 ) (3,382 ) (608 ) (4,500 ) (5,108 )
Additions to tangible and intangible assets 39 4,688 4,727 308 870 1,178 |
