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Dec 30, 2024
Lyell Immunopharma Q4 2024 Earnings Report
Lyell Immunopharma reported a net loss of $191.9 million on revenues of $11 thousand for Q4 2024.
Key Takeaways
Lyell Immunopharma reported a significant increase in net loss for the fourth quarter of 2024, primarily driven by acquired in-process research and development expenses and long-lived asset impairment. Despite the financial loss, the company highlighted progress in its clinical pipeline, particularly with IMPT-314, and maintained a strong cash position to fund operations into 2027.
Acquired ImmPACT Bio, adding IMPT-314, a next-generation dual-targeting CD19/CD20 CAR T-cell product candidate for aggressive large B-cell lymphoma (LBCL).
Presented positive initial data from Phase 1 multi-center clinical trial of IMPT-314 in patients with aggressive LBCL, showing a 94% overall response rate and 71% complete response rate by three months.
Accelerated development of IMPT-314, with pivotal trials expected to initiate in mid-2025 for 3rd line+ setting and early 2026 for 2nd line setting.
Reported cash, cash equivalents, and marketable securities of $383.5 million as of December 31, 2024, projected to support pipeline advancement into 2027.
Lyell Immunopharma
Lyell Immunopharma
Forward Guidance
Lyell Immunopharma expects to initiate pivotal trials for IMPT-314 in mid-2025 and early 2026, submit a new IND for a solid tumor CAR T-cell candidate in 2026, and anticipates its cash position will support operations into 2027.
Positive Outlook
- Initiate pivotal trial for IMPT-314 in 3rd line+ LBCL by mid-2025.
- Initiate pivotal trial for IMPT-314 in 2nd line LBCL by early 2026.
- Submit new IND for a next-generation solid tumor CAR T-cell product candidate with a new target in 2026.
- Cash, cash equivalents, and marketable securities of $383.5 million expected to support pipeline advancement into 2027.
- Streamlined expenses with net cash use in 2025 projected between $175 million - $185 million.
Challenges Ahead
- No specific negative forward guidance was provided in the report.
- Potential for clinical trial results to differ from nonclinical, early clinical, preliminary or expected results.
- Significant uncertainty associated with product candidates ever receiving any regulatory approvals.
- Risks related to the inability to recognize anticipated benefits of acquisitions and successful integration.
- Macroeconomic conditions, including geopolitical instability and changes in interest rates, could impact financial performance.