Lyell Immunopharma, Inc. reported a net loss of $42.7 million for the second quarter of 2025, a decrease from a loss of $45.8 million in the same period last year. Revenue for the quarter was $8,000, a slight decline from $13,000 in the prior year. For the first half of 2025, the company recorded a net loss of $94.9 million, compared to a loss of $106.5 million in the first half of 2024. The decrease in losses was attributed to reduced operating expenses, which totaled $47.1 million for the second quarter, down from $51.5 million in the same quarter of 2024.
Research and development expenses decreased to $34.9 million in the second quarter of 2025 from $40.3 million in the same quarter of 2024, primarily due to lower costs associated with research activities and a reduction in personnel-related expenses. General and administrative expenses also fell to $9.8 million from $12.3 million year-over-year, reflecting decreased stock-based compensation and legal expenses. The company recognized an impairment of long-lived assets amounting to $1.4 million during the quarter, linked to the planned closure of its West Hills manufacturing facility.
In terms of strategic developments, Lyell Immunopharma is advancing its lead product candidate, LYL314, a dual-targeting CAR T-cell therapy for large B-cell lymphoma. The company is currently conducting a pivotal clinical trial, the PiNACLE trial, which is expected to enroll approximately 120 patients. The trial aims to evaluate the safety and efficacy of LYL314 in patients who have not previously received CAR T-cell therapy. The company has received Regenerative Medicine Advanced Therapy and Fast Track designations from the FDA for this product.
As of June 30, 2025, Lyell Immunopharma had $296.8 million in cash, cash equivalents, and marketable securities, excluding restricted cash. The company anticipates that its existing cash resources will be sufficient to fund operations for at least the next 12 months. However, it also indicated the need for additional capital to support ongoing research and development efforts, including the integration of ImmPACT Bio USA, which was acquired in October 2024. The company plans to continue exploring fundraising opportunities, including potential equity offerings, to meet its future capital requirements.
About Lyell Immunopharma, Inc.
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