10-K · March 12, 2026
Lyell Immunopharma Inc. reported a significant net loss of $274.4 million for the fiscal year ending December 31, 2025, compared to a loss of $343.0 million in 2024. Despite a decline in research and development…
Earnings analysis · 10-Q
LYEL earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Lyell Immunopharma reported a significant decline in revenue for Q1 2026, generating only $2 million compared to $7 million in Q1 2025. The gross margin remained at 100%, but the operating expenses decreased…
Read full summary
Lyell Immunopharma reported a significant decline in revenue for Q1 2026, generating only $2 million compared to $7 million in Q1 2025. The gross margin remained at 100%, but the operating expenses decreased substantially from $57.4 million in Q1 2025 to $44.3 million in Q1 2026. Despite these reductions, the net loss improved notably to $24.15 million from a loss of $52.19 million a year prior. This underscores a continued focus on reducing cash burn while progressing towards pivotal trials for its leading therapies, ronde-cel and LYL273.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-24.15
- Gross margin
- 100%
What stood out
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Reduction in Operating Expenses
Operating expenses decreased from $57.4 million in Q1 2025 to $44.3 million in Q1 2026.
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Significant Improvement in Net Loss
Net loss improved to $24.15 million from $52.19 million in the prior year.
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Increase in Other Income
Other income increased to $20.11 million, driven by a gain from the change in fair value of the SPA put/call asset.
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Liquidity Position Stabilized
Cash, cash equivalents, and marketable securities were reported at $261 million as of March 31, 2026.
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No New Debt Incurred
The company reported no long-term debt outstanding as of March 31, 2026.
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Ongoing Clinical Activity
Two pivotal trials for ronde-cel are still active, with expected data releases in 2026 and 2027.
What to watch
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Regulatory Approval Uncertainty
The FDA may require additional trials for product candidates, delaying commercialization.
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Persistent Cash Burn Risks
Despite reducing operating expenses, cumulative cash burn remains a concern with $261 million available as of March 31, 2026.
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Intellectual Property Challenges
Potential litigation over patent rights could undermine competitive advantage and lead to costly settlements.
Management's outlook
Management continues to emphasize cost containment and strategic prioritization of product development. Guidance for specific financial metrics is deferred to future communications.
Earlier filings 4
10-Q · November 12, 2025
Lyell Immunopharma reported third quarter results revealing a significant decrease in revenue to $15 million from $34 million year-over-year, alongside an improvement in diluted EPS, which narrowed the loss to -$2.13…
10-Q · August 12, 2025
Lyell Immunopharma reported a revenue of $8.0 million in Q2 2025, reflecting a decline of $5.0 million from $13.0 million in Q2 2024. The company reported a diluted EPS of -2.89, slightly better than the estimated…
10-Q · May 13, 2025
Lyell Immunopharma's Q1 2025 results show a significant decline in revenue and continuing losses, although gross margins remain constant at 100%. EPS reported at -0.18 indicates ongoing challenges. Management's focus on…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.