Lyell Immunopharma (LYEL) Q4 2025 earnings summary

Executive summary

• Patient dosing began in a first-of-its-kind Phase 3 head-to-head CAR T-cell trial (PiNACLE-H2H) for large B-cell lymphoma (LBCL), and the pivotal PiNACLE trial for ronde-cel is ongoing.

• Phase 1 trial for LYL273 in metastatic colorectal cancer (mCRC) is ongoing, with seven new patients treated and no dose-limiting toxicity observed.

• Cash position at year-end 2025 was $247.2 million, excluding a $50 million equity tranche closed in March 2026; cash runway expected into Q2 2027.

• Smital Shah appointed Chief Financial and Business Officer in March 2026.

Financial highlights

• Net loss for Q4 and full year 2025 was $140.7 million and $274.4 million, respectively, improving from $191.9 million and $343.0 million in 2024.

• Non-GAAP net loss for Q4 and full year 2025 was $33.1 million and $144.8 million, compared to $45.9 million and $159.5 million in 2024.

• R&D expenses for Q4 2025 were $52.2 million (GAAP) and $30.1 million (non-GAAP), reflecting workforce reductions and technology transfer savings.

• G&A expenses for Q4 2025 were $10.6 million (GAAP) and $7.1 million (non-GAAP), down from prior year due to lower personnel costs.

• Cash, cash equivalents, and marketable securities were $247.2 million at year-end 2025, down from $383.5 million at year-end 2024.

Outlook and guidance

• Cash runway expected to support operations and clinical milestones into Q2 2027.

• Pivotal data from the PiNACLE trial anticipated mid-2027 to support BLA submission.

• Multiple clinical milestones expected in the next 12–18 months, including progress in both ronde-cel and LYL273 programs.