Lyell Immunopharma (LYEL) Q4 2023 earnings summary

Executive summary

• Advancing four wholly owned cell therapy candidates: LYL797 and LYL845 in Phase 1, with LYL119 and a second-generation TIL candidate in preclinical development.

• Initial clinical and translational data from lead CAR T-cell and TIL trials were expected in 2024; cash was projected to fund operations into 2027.

Financial highlights

• GAAP net loss was $52.9M in Q4 2023 and $234.6M for FY 2023, vs. $8.4M and $183.1M in 2022; non-GAAP net loss, excluding specified non-cash items, was $43.9M and $177.4M vs. $0.3M and $104.2M.

• Revenue was $13K in Q4 and $130K for FY 2023, vs. $48.4M and $84.7M in 2022; the decline followed termination of the GSK agreement in Dec. 2022.

• R&D expense was $47.0M in Q4 and $182.9M for FY 2023, vs. $38.0M and $159.2M; annual increase included $4.6M in one-time severance and employee-related costs.

• G&A expense was $13.2M in Q4 and $67.0M for FY 2023, vs. $26.3M and $117.3M; decreases primarily reflected lower non-cash stock-based compensation.

Outlook and guidance

• Initial LYL797 Phase 1 clinical and translational data from at least 20 patients were expected in H1 2024; LYL845 data were expected in H2 2024.

• An IND submission for LYL119 was expected in H1 2024; the LYL845 trial was expected to incorporate the Epi-R P2 manufacturing process in 2024.

• Cash, cash equivalents and marketable securities were expected to support working capital, capital expenditures and pipeline advancement into 2027.