0001628280-26-017253
SEC filingLyell Immunopharma, Inc. reported a net loss of $274.4 million for fiscal year 2025, compared to a net loss of $343.0 million in the prior year. Revenue was minimal at $36 thousand, while operating expenses totaled $269.4 million, primarily driven by research and development costs of $158.7 million and acquired in-process research and development expenses of $66.3 million. The company used $150.0 million in cash for operating activities, but generated $54.1 million from investing activities and $50.4 million from financing activities, resulting in a net decrease in cash of $45.5 million. Total assets stood at $340.1 million, with stockholders' equity of $248.2 million. The company continues to advance its clinical pipeline, including pivotal trials for ronde-cel in large B-cell lymphoma and Phase 1 development of LYL273 for metastatic colorectal cancer.
Lyell Immunopharma reported a net loss of $274.4 million for fiscal year 2025, representing an improvement from the $343.0 million net loss in the prior year. Revenue was minimal at $36 thousand, down from $61 thousand in 2024. Operating expenses totaled $269.4 million, with research and development costs of $158.7 million and general and administrative expenses of $45.1 million. The company recorded $66.3 million in acquired in-process research and development expenses related to the ICT license acquisition. Comprehensive loss was $274.5 million, including a $49 thousand net unrealized loss on marketable securities. The company ended the year with $340.1 million in total assets and $248.2 million in stockholders' equity.
Revenue for fiscal year 2025 was $36 thousand, representing a decrease from $61 thousand in the prior year. The company's primary focus remains on research and development activities rather than commercial revenue generation. The minimal revenue reflects the pre-commercial stage of the company's product candidates. No segment revenue breakdown is provided as the company operates as a single reportable segment focused on developing next-generation autologous CAR T-cell therapies for cancer treatment.
The company reported a loss from operations of $269.4 million for fiscal year 2025. Research and development expenses accounted for 58.9% of total operating expenses, while general and administrative expenses represented 16.7%. Other operating income, net provided $2.1 million, primarily from sublease arrangements. The company's cost structure reflects its clinical-stage status with significant investment in advancing its pipeline, including ronde-cel for large B-cell lymphoma and LYL273 for metastatic colorectal cancer.
Cash used in operating activities was $150.0 million for fiscal year 2025, primarily driven by the net loss of $274.4 million, partially offset by non-cash items including $66.3 million in acquired IPR&D expense and $41.8 million in stock-based compensation. Investing activities provided $54.1 million in cash, mainly from maturities of marketable securities of $374.7 million, partially offset by purchases of marketable securities of $278.9 million. Financing activities provided $50.4 million, primarily from a $50.0 million securities purchase agreement equity issuance. The company ended the year with $60.2 million in cash and cash equivalents and $187.0 million in marketable securities, with total current assets of $260.9 million.
The company's strategy focuses on advancing its lead late-stage clinical program evaluating ronde-cel for patients with large B-cell lymphoma and efficiently advancing its Phase 1 clinical program evaluating LYL273 for patients with advanced metastatic colorectal cancer. The company believes its existing cash, cash equivalents and marketable securities will be sufficient to meet working capital and capital expenditure needs into the second quarter of 2027. Key risks include the need for substantial additional capital to achieve goals, potential failure of product candidates in development, and intense competition in the pharmaceutical industry. The company plans to continue investing in research and development while maintaining its manufacturing capabilities at the LyFE Manufacturing Center.