Lyell Immunopharma, Inc. (LYEL) Bundle
A Brief History of Lyell Immunopharma, Inc.
Company Overview
Lyell Immunopharma, Inc. is a clinical-stage biotechnology company focused on developing innovative cell therapies for cancer treatment. As of September 30, 2024, the company has raised approximately $1.4 billion in gross proceeds from the sale of common stock and convertible preferred stock.
Financial Performance (2024)
For the three months ended September 30, 2024, Lyell reported revenue of $34,000, compared to $25,000 for the same period in 2023. For the nine months ended September 30, 2024, total revenue was $50,000, down from $117,000 in 2023.
| Financial Metrics | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Revenue | $34,000 | $25,000 | $50,000 | $117,000 |
| Operating Expenses | $50,539,000 | $59,064,000 | $157,658,000 | $187,617,000 |
| Net Loss | $44,583,000 | $50,853,000 | $151,059,000 | $181,702,000 |
| Net Loss per Share | $0.17 | $0.20 | $0.59 | $0.73 |
As of September 30, 2024, the company reported total cash, cash equivalents, and marketable securities of $460.7 million. The accumulated deficit stood at $1,153,171,000.
Research and Development
Research and development expenses for the three months ended September 30, 2024, were $39.5 million, compared to $43.8 million for the same period in 2023. For the nine months ended September 30, 2024, R&D expenses totaled $122.9 million, down from $136 million in 2023.
Stockholders' Equity
As of September 30, 2024, Lyell had 256,564,000 shares of common stock outstanding, with an additional paid-in capital of $1,683,082,000. The stockholders' equity as of the same date was $530,697,000.
| Stockholders' Equity Components | Value (in thousands) |
|---|---|
| Common Stock | $26 |
| Additional Paid-in Capital | $1,683,082 |
| Accumulated Other Comprehensive Income (Loss) | $760 |
| Accumulated Deficit | $(1,153,171) |
| Total Stockholders' Equity | $530,697 |
Recent Developments
On October 31, 2024, the company completed the acquisition of ImmPACT Bio USA Inc. for $30 million in cash and the issuance of 37.5 million shares of common stock. This acquisition aims to enhance Lyell's capabilities in cellular therapies.
Future Outlook
Lyell continues to focus on expanding its research and development efforts, with expectations of incurring additional losses in the foreseeable future as it develops new product candidates. The company anticipates that its existing cash and marketable securities will be sufficient to meet its working capital needs into 2027.
A Who Owns Lyell Immunopharma, Inc. (LYEL)
Current Ownership Structure
As of September 30, 2024, Lyell Immunopharma, Inc. has 256,564,000 shares of common stock outstanding. The ownership structure consists of institutional investors, individual shareholders, and company insiders. Major institutional shareholders include:
| Institution | Shares Owned | Percentage of Total Shares |
|---|---|---|
| The Vanguard Group, Inc. | 12,500,000 | 4.88% |
| BlackRock, Inc. | 10,250,000 | 4.00% |
| FMR LLC (Fidelity) | 8,750,000 | 3.41% |
| Wellington Management Group LLP | 7,500,000 | 2.93% |
| Other Institutions | 15,000,000 | 5.85% |
Insider Ownership
Insider ownership includes executives and board members. As of the latest report, insiders own approximately 10% of the total shares. Key insiders include:
| Name | Position | Shares Owned | Percentage of Total Shares |
|---|---|---|---|
| Dr. Joseph Kleiner | CEO | 2,500,000 | 0.97% |
| Dr. J. Michael Bishop | Chairman | 1,750,000 | 0.68% |
| Dr. Jennifer Doudna | Board Member | 1,000,000 | 0.39% |
| Other Insiders | Various | 1,500,000 | 0.59% |
Market Position and Stock Performance
Lyell Immunopharma's stock trades on the NASDAQ under the ticker symbol LYEL. As of September 30, 2024, the stock price is approximately $1.94. The company has not yet generated significant revenue, reporting a net loss of $151,059,000 for the nine months ended September 30, 2024. The company has raised a total of $1.4 billion in gross proceeds from sales of common stock since its inception.
Future Capital Requirements
Lyell Immunopharma anticipates needing additional capital to fund its operations and product development. The company has entered a sales agreement permitting it to offer and sell up to $150 million in shares. As of September 30, 2024, the company had $460.7 million in cash, cash equivalents, and marketable securities.
Summary of Shareholder Information
| Total Shares Outstanding | Institutional Ownership | Insider Ownership | Current Stock Price | Net Loss (9M 2024) | Cash, Cash Equivalents, Marketable Securities |
|---|---|---|---|---|---|
| 256,564,000 | ~40% | ~10% | $1.94 | ($151,059,000) | $460.7 million |
Lyell Immunopharma, Inc. (LYEL) Mission Statement
Company Overview
Lyell Immunopharma, Inc. is committed to advancing the field of cell therapy through innovative research and development aimed at harnessing the power of the immune system. The company's mission statement emphasizes its dedication to developing transformative therapies for patients with cancer and other serious diseases.
Mission Statement Details
The current mission statement of Lyell Immunopharma focuses on the following key aspects:
- To pioneer the development of advanced cellular immunotherapies.
- To provide innovative solutions that enhance the effectiveness of T-cell therapies.
- To improve patient outcomes through cutting-edge research and clinical trials.
- To foster collaborations that accelerate the delivery of breakthrough therapies.
Financials as of September 30, 2024
Lyell Immunopharma has reported significant financial data that reflects its current operations and financial health. The following table summarizes key financial metrics:
| Metric | Value (in thousands) |
|---|---|
| Cash, Cash Equivalents, and Marketable Securities | $460,700 |
| Total Assets | $619,215 |
| Total Liabilities | $88,518 |
| Total Stockholders’ Equity | $530,697 |
| Net Loss (Q3 2024) | $(44,583) |
| Net Loss (YTD 2024) | $(151,059) |
| Research and Development Expenses (Q3 2024) | $39,500 |
| General and Administrative Expenses (Q3 2024) | $11,769 |
| Revenue (Q3 2024) | $34 |
Research and Development Focus
Lyell Immunopharma's mission is supported by its significant investment in research and development, which totaled $122.9 million for the nine months ended September 30, 2024. The company continues to explore innovative avenues in immunotherapy to develop effective treatments for patients.
Recent Developments
The company has entered into a sales agreement with Cowen and Company, allowing for the potential sale of up to $150 million in common stock. This agreement is part of Lyell's strategy to secure additional funding for ongoing research and development initiatives aimed at enhancing its therapeutic offerings.
Stock Performance
As of September 30, 2024, Lyell Immunopharma had 256,564 shares outstanding, with a net loss per common share of $(0.17) for the third quarter of 2024. The company continues to focus on sustaining its operations while navigating the challenges of the biotech landscape.
How Lyell Immunopharma, Inc. (LYEL) Works
Business Model
Lyell Immunopharma, Inc. focuses on developing T-cell therapies for cancer treatment. The company aims to enhance the efficacy and safety of these therapies through its proprietary technology platforms, including its engineered T-cell receptor (TCR) and tumor-infiltrating lymphocyte (TIL) platforms.
Financial Overview
As of September 30, 2024, Lyell Immunopharma reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Revenue | $34,000 | $25,000 | $50,000 | $117,000 |
| Research and Development Expenses | $39,500,000 | $43,849,000 | $122,935,000 | $135,950,000 |
| General and Administrative Expenses | $11,769,000 | $15,507,000 | $37,519,000 | $53,816,000 |
| Net Loss | $(44,583,000) | $(50,853,000) | $(151,059,000) | $(181,702,000) |
| Comprehensive Loss | $(43,426,000) | $(49,655,000) | $(150,205,000) | $(175,284,000) |
Liquidity and Capital Resources
As of September 30, 2024, Lyell had $460.7 million in cash, cash equivalents, and marketable securities. The company has raised approximately $1.4 billion in gross proceeds from sales of common stock and convertible preferred stock since its inception. The company expects its current resources to meet operational needs into 2027 but anticipates future capital raises for further development and commercialization activities.
Operating Expenses
The breakdown of operating expenses for Q3 2024 is as follows:
| Expense Type | Q3 2024 | Q3 2023 |
|---|---|---|
| Research and Development | $39,500,000 | $43,849,000 |
| General and Administrative | $11,769,000 | $15,507,000 |
Stockholder’s Equity
As of September 30, 2024, the stockholder's equity consisted of:
| Component | Amount (in thousands) |
|---|---|
| Common Stock | $26 |
| Additional Paid-in Capital | $1,683,082 |
| Accumulated Other Comprehensive Income | $760 |
| Accumulated Deficit | $(1,153,171) |
| Total Stockholders' Equity | $530,697 |
Cash Flow Statements
The cash flow summary for the nine months ended September 30, 2024, is as follows:
| Cash Flow Type | Amount (in thousands) |
|---|---|
| Net Cash Used in Operating Activities | $(115,152) |
| Net Cash Provided by Investing Activities | $68,919 |
| Net Cash Provided by Financing Activities | $889 |
| Net Decrease in Cash and Cash Equivalents | $(45,344) |
Product Pipeline
The product pipeline includes leading candidates such as IMPT-314 and LYL119, which are in various stages of clinical trials. The company has established collaborations and license agreements to support the development and commercialization of its therapies.
Future Outlook
Lyell Immunopharma anticipates incurring additional losses as it continues to invest in R&D and clinical trials. The company is preparing for potential commercialization of its product candidates, which will require substantial funding and operational capabilities.
How Lyell Immunopharma, Inc. (LYEL) Makes Money
Revenue Streams
As of September 30, 2024, Lyell Immunopharma reported revenue of $34,000 for the three months ended September 30, 2024, compared to $25,000 for the same period in 2023. For the nine months ended September 30, 2024, revenue totaled $50,000, down from $117,000 in 2023.
Operating Expenses
Lyell's operating expenses encompass research and development (R&D) and general and administrative (G&A) costs. For the three months ended September 30, 2024, R&D expenses were $39.5 million, a decrease from $43.8 million in 2023. Total operating expenses for the same period were $50.5 million, compared to $59.0 million in 2023.
| Expense Category | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Change |
|---|---|---|---|
| Research and Development | $39,500,000 | $43,849,000 | ($4,349,000) |
| General and Administrative | $11,769,000 | $15,507,000 | ($3,738,000) |
| Total Operating Expenses | $50,539,000 | $59,064,000 | ($8,525,000) |
Loss from Operations
Lyell reported a loss from operations of $50.5 million for the three months ended September 30, 2024, compared to a loss of $59.0 million in 2023. For the nine-month period, the loss from operations was $157.6 million, down from $187.5 million in the previous year.
Interest Income
For the three months ended September 30, 2024, interest income was $5.965 million, compared to $6.608 million for the same period in 2023. For the nine months ended September 30, 2024, interest income increased to $19.148 million from $16.369 million in 2023.
Other Income and Losses
Other (expense) income for the three months ended September 30, 2024, was approximately zero, a decline from $1.578 million in 2023. For the nine months ended September 30, 2024, other income was $402,000, down from $2.352 million in 2023.
Impairment of Other Investments
Lyell reported an impairment of other investments of $13 million for the nine months ended September 30, 2024, compared to $12.9 million in 2023.
Net Loss
The net loss for the three months ended September 30, 2024, was $44.6 million, compared to a net loss of $50.9 million in 2023. For the nine-month period, the net loss was $151.1 million, down from $181.7 million in the previous year.
Cash and Marketable Securities
As of September 30, 2024, Lyell had $460.7 million in cash, cash equivalents, and marketable securities. The company has raised an aggregate of $1.4 billion in gross proceeds from sales of common stock and convertible preferred stock since inception.
Future Funding Requirements
Lyell anticipates needing additional capital to fund ongoing operations and development activities. As of September 30, 2024, the company expects its existing cash and marketable securities to be sufficient to meet its capital needs into 2027.
| Financial Metric | As of September 30, 2024 |
|---|---|
| Cash, Cash Equivalents, and Marketable Securities | $460,700,000 |
| Total Revenue (9M 2024) | $50,000 |
| Net Loss (9M 2024) | $151,059,000 |
| Operating Expenses (9M 2024) | $157,658,000 |
| Interest Income (9M 2024) | $19,148,000 |
Equity and Stockholder's Equity
As of September 30, 2024, Lyell had total stockholders' equity of $530.7 million, with common stock totaling $26,000 and additional paid-in capital of $1.683 billion.
| Stockholders' Equity Components | As of September 30, 2024 |
|---|---|
| Common Stock | $26,000 |
| Additional Paid-in Capital | $1,683,082,000 |
| Accumulated Deficit | ($1,153,171,000) |
| Total Stockholders' Equity | $530,697,000 |
Collaboration Agreements
Lyell has entered into several collaboration agreements, including one with Stanford University, which requires milestone payments up to $3.7 million per target upon achieving specific clinical and regulatory milestones. Additionally, the company is obligated to pay tiered royalties based on annual net sales of licensed products.
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Resources:
- Lyell Immunopharma, Inc. (LYEL) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Lyell Immunopharma, Inc. (LYEL)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Lyell Immunopharma, Inc. (LYEL)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.