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Mar 31, 2023
Lyell Immunopharma Q1 2023 Earnings Report
Lyell Immunopharma reported financial results for the first quarter ended March 31, 2023.
Key Takeaways
Lyell Immunopharma reported a net loss of $67.0 million for the first quarter ended March 31, 2023. The company's cash, cash equivalents and marketable securities totaled $668.0 million as of March 31, 2023, which is expected to support operations into 2026.
Two phase 1 clinical trials are recruiting patients at 14 sites across the US.
Cash, cash equivalents and marketable securities totaled $668.0 million as of March 31, 2023, supporting pipeline advancement into 2026.
Net loss for the first quarter was $67.0 million, compared to $68.1 million for the same period in 2022.
Revenue was $0.1 million for the first quarter, compared to $0.6 million for the same period in 2022.
Lyell Immunopharma
Lyell Immunopharma
Forward Guidance
Lyell believes that its cash, cash equivalents and marketable securities balances will be sufficient to meet working capital and capital expenditure needs into 2026.
Positive Outlook
- Advancing four wholly-owned product candidates.
- Two product candidates, LYL797 and LYL845, are in Phase 1 clinical development.
- Two additional product candidates, LYL119 and a TIL product candidate incorporating novel genetic and epigenetic reprogramming technologies, are in preclinical development.
- An IND for LYL119 is expected to be submitted in the first half of 2024.
- Initial clinical data from the Phase 1 trial of LYL797 are expected in the first half of 2024.
Challenges Ahead
- Effects of geopolitical instability.
- Macroeconomic conditions and the COVID-19 pandemic.
- Lyell’s ability to submit planned INDs or initiate or progress clinical trials on the anticipated timelines, if at all.
- Lyell’s limited experience as a company in enrolling and conducting clinical trials, and lack of experience in completing clinical trials.
- Lyell’s ability to manufacture and supply its product candidates for its clinical trials.