Cellectis S.A.
CLLS Healthcare Biotechnology
Cellectis S.A.’s revenue for fiscal 2025 (year ended December 2025) was $79.6 million, up 61.7% from fiscal 2024. In the quarter to June 2026, revenue fell 62.1%, EPS grew 8.33%, free cash flow fell 37.0% and total debt was flat, each against the same quarter a year earlier.
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Cellectis S.A. (CLLS) Beneish M-score
Cellectis S.A.'s Beneish M-score for fiscal 2025 is −2.61; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.61 | (2.61) |
| FY2024 | 0.00 | 2.37 |
| FY2023 | −2.37 | 1.11 |
| FY2022 | −3.48 | (3.16) |
| FY2021 | −0.32 | 0.12 |
| FY2020 | −0.44 | (3.84) |
| FY2019 | 3.40 | 4.90 |
| FY2018 | −1.50 | 1.48 |
| FY2017 | −2.98 | 0.02 |
| FY2016 | −3.00 | (0.45) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.65 | — | 0.59 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 1.16 | — | 0.47 | |
| Sales growth index | 1.62 | — | 1.44 | |
| Depreciation index | 0.89 | — | 0.10 | |
| SG&A index | 0.64 | — | −0.11 | |
| Total accruals to total assets | (0.09) | — | −0.41 | |
| Leverage index | 1.20 | — | −0.39 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.61 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| PMN Promis Neurosciences compare | −7.4× |
| NTRB Nutriband Inc. compare | −3.5× |
| CLLS Cellectis S.A. | −2.6× |
| TELO Telomir Pharmaceuticals, Inc. compare | — |
| EQ Equillium, Inc. compare | — |
| PTHS Pelthos Therapeutics Inc. compare | — |
| AARD Aardvark Therapeutics, Inc. compare | — |
| NMRA Neumora Therapeutics, Inc. compare | — |
| CRBP Corbus Pharmaceuticals Holdings, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI