LYEL · Lyell Immunopharma, Inc.

Lyell Immunopharma's Q1 2026 results showed significant improvement in net loss to $24.2 million from $52.2 million year-over-year, primarily driven by a $17.6 million gain on the Securities Purchase Agreement put/call asset tied to the July 2025 equity private placement. Non-GAAP net loss also narrowed to $37.8 million from $46.3 million, reflecting operational efficiencies including reduced headcount following the 2025 technology transfer of ronde-cel to the LyFE Manufacturing Center. R&D expenses declined $6.8 million to $36.6 million, due to $7.5 million lower personnel costs despite increased clinical trial activity, while G&A expenses dropped $4.5 million to $9.6 million from lower personnel-related expenses. Cash position bolstered to $261.0 million as of March 31, 2026, up from $247.2 million at year-end 2025, after closing the second $50 million tranche of the $100 million private placement at $25.61 per share upon achieving a PiNACLE clinical milestone. This extends runway into Q3 2027. Business highlights underscore pipeline momentum: ronde-cel, a dual CD19/CD20 CAR T with RMAT and Fast Track designations, advances in PiNACLE pivotal trial (additional data H2 2026, pivotal mid-2027, BLA 2027) and newly dosing PiNACLE-H2H Phase 3 head-to-head trial vs. approved CAR Ts. LYL273 Phase 1 in mCRC progressed to Dose Level 3 dosing, with safety data H1 2026 and outcomes H2 2026. Smital Shah's appointment as CFO strengthens leadership amid these developments.