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Jun 30, 2025
Lyell Immunopharma Q2 2025 Earnings Report
Lyell reported a narrower net loss in Q2 2025, supported by reduced operating expenses and continued clinical progress in its lead CAR T-cell program, LYL314.
Key Takeaways
In Q2 2025, Lyell Immunopharma posted a net loss of $42.7 million, a reduction from the prior year, reflecting disciplined cost management. The company continued clinical advancement of LYL314, initiated a pivotal trial, and secured new funding to extend its runway through mid-2027.
Net loss narrowed to $42.7 million in Q2 2025 from $45.8 million in Q2 2024.
Non-GAAP net loss was $37.8 million, reflecting reduced stock-based compensation and expenses.
Research and development expenses decreased to $34.9 million, driven by lower personnel and research costs.
Ended the quarter with $297 million in cash, cash equivalents, and marketable securities.
Forward Guidance
Lyell expects to initiate a Phase 3 trial of LYL314 in early 2026 and plans to use its financial runway to support pivotal trials and potential BLA submission in 2027.
Positive Outlook
- Initiated pivotal PiNACLE trial in 3L+ LBCL patients for LYL314.
- Plan to start second pivotal trial in 2L LBCL patients by early 2026.
- Presented encouraging Phase 1/2 results with high durable response rates.
- Cash runway extended into mid-2027 with $347M pro forma liquidity.
- Manufacturing capacity ready for commercial launch through LyFE facility.
Challenges Ahead
- Still operating at a net loss with limited revenue.
- Dependence on successful trial outcomes for LYL314.
- Stock-based compensation and R&D expenses remain high.
- No commercial product revenue reported to date.
Historical Earnings Impact
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