Lyell Immunopharma Reports Revenue Increase and Reduced Net Loss in Q1 2025

Lyell Immunopharma, Inc. reported its financial results for the first quarter of 2025, revealing a modest increase in revenue and a reduction in net loss compared to the same period in 2024. The company generated revenue of $7,000, up from $3,000 in the prior year. However, operating expenses rose to $57.4 million from $55.6 million, primarily driven by increased personnel costs associated with the company's workforce reduction and the acquisition of ImmPACT Bio USA Inc. The net loss for the quarter was $52.2 million, a decrease from the $60.7 million loss reported in the first quarter of 2024.

In terms of operational developments, Lyell Immunopharma has made significant strides in its clinical programs, particularly with its lead product candidate, LYL314, a dual-targeting CAR T-cell therapy for aggressive B-cell malignancies. The company is currently conducting a Phase 1/2 clinical trial for LYL314, which has received Regenerative Medicine Advanced Therapy (RMAT) and Fast Track designations from the FDA. The trial is expected to expand into pivotal trials in mid-2025, targeting patients who have not yet received CAR T-cell therapy.

The company’s cash position improved, with cash and cash equivalents totaling $120.3 million as of March 31, 2025, compared to $105.6 million at the end of 2024. However, total current assets decreased to $309.2 million from $379.6 million, largely due to a reduction in marketable securities. The company’s total liabilities also decreased to $93.3 million from $108.0 million, reflecting a reduction in accrued liabilities and contingent consideration payable.

Lyell Immunopharma's workforce has been impacted by the closure of its West Hills manufacturing facility, resulting in a reduction of approximately 73 employees. The company has transitioned manufacturing operations to its LyFE Manufacturing Center in Bothell, Washington, which is expected to support ongoing and future clinical trials. Looking ahead, the company anticipates needing additional capital to fund its operations and clinical development efforts, with plans to explore various funding opportunities, including potential equity offerings. The management believes that existing cash resources will be sufficient to meet operational needs for at least the next 12 months.