Lyell Immunopharma (LYEL) investor relations material

Executive summary

• Advanced late-stage clinical cell therapy pipeline with lead candidate ronde-cel in pivotal trials for LBCL and LYL273 for metastatic colorectal cancer; pivotal PiNACLE trial for ronde-cel remains on track with pivotal data expected mid-2027 and BLA submission planned for 2027.

• PiNACLE-H2H Phase 3 trial began dosing, comparing ronde-cel to standard-of-care CD19 CAR T-cell therapies in second-line LBCL.

• LYL273 Phase 1 trial in mCRC continues, with Dose Level 3 dosing started and safety data expected in H1 2026; further updates expected throughout 2026.

• Manufacturing capacity established at LyFE Center, supporting clinical and potential commercial supply and enabling commercial launch capability.

• Appointment of Smital Shah as Chief Financial and Business Officer in March 2026.

Financial highlights

• Net loss for Q1 2026 was $24.2 million, a significant improvement from $52.2 million in Q1 2025, mainly due to a $17.6 million gain on a securities purchase agreement asset.

• Non-GAAP net loss decreased to $37.8 million from $46.3 million year-over-year, reflecting lower headcount after technology transfer.

• Research and development expenses decreased to $36.6 million from $43.4 million year-over-year, mainly due to lower personnel and facility costs, partially offset by higher clinical trial activity.

• General and administrative expenses fell to $9.6 million from $14.0 million year-over-year, mainly due to lower personnel-related costs.

• Cash, cash equivalents, and marketable securities totaled $261.0 million as of March 31, 2026, up from $247.2 million at year-end 2025.

Outlook and guidance

• Existing cash resources expected to fund operations into Q3 2027, supporting ongoing clinical and operational activities.

• Additional capital will be required to complete clinical development and commercialization.

• Key upcoming milestones include pivotal trial data for ronde-cel and further clinical updates for LYL273, with pivotal data and BLA submission targeted for 2027.