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Sep 30, 2024
Lyell Immunopharma Q3 2024 Earnings Report
Lyell Immunopharma reported third quarter 2024 financial results and business highlights.
Key Takeaways
Lyell Immunopharma reported a net loss of $44.6 million for the third quarter ended September 30, 2024, compared to a net loss of $50.9 million for the same period in 2023. The company's cash, cash equivalents and marketable securities totaled $460.7 million as of September 30, 2024, which is expected to fund operations into 2027. Lyell is advancing two wholly-owned product candidates: IMPT-314 is in Phase 1-2 clinical development and LYL119 is entering Phase 1 clinical development.
Acquired ImmPACT Bio and strengthened clinical pipeline with the addition of IMPT-314, a dual-targeting CD19/CD20 CAR T-cell product candidate.
Presenting initial data from Phase 1 multi-center clinical trial of IMPT-314 at the American Society of Hematology 2024 (ASH) Annual Meeting.
Presenting three abstracts at the Society for Immunotherapy of Cancer (SITC) 2024 Annual Meeting highlighting anti-exhaustion technology and product candidates being advanced in Lyell’s pipeline.
Cash, cash equivalents and marketable securities of $460.7 million as of September 30, 2024 funds the Company through multiple clinical milestones into 2027.
Lyell Immunopharma
Lyell Immunopharma
Forward Guidance
Lyell anticipates benefits from the ImmPACT Bio acquisition, plans to accelerate IMPT-314 development, and expects its financial position to support pipeline advancement through multiple clinical milestones into 2027.
Positive Outlook
- Anticipated benefits of Lyell’s acquisition of ImmPACT Bio
- Lyell’s ability to accelerate the development of IMPT-314 and deliver increased complete response rates
- Lyell’s initiation of a pivotal trial in 2025 for IMPT-314
- Lyell’s development plans for LYL119 and the effectiveness of any technologies incorporated into LYL119
- Lyell’s expectation that its financial position and cash runway will support advancement of its pipeline through multiple clinical milestones into 2027
Challenges Ahead
- Inability to recognize the anticipated benefits of acquiring ImmPACT Bio and successful integration of ImmPACT Bio’s business with Lyell’s, including manufacturing IMPT-314 in Lyell’s LyFE manufacturing facility
- Effects of macroeconomic conditions, including any geopolitical instability and actual or perceived changes in interest rates and economic inflation
- 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