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Lyell(LYEL) - 2024 Q4 - Annual Results
LYELLyell(LYEL)2025-03-11 20:07

Financial Performance - Lyell reported a net loss of 191.9millionforQ42024,comparedtoanetlossof191.9 million for Q4 2024, compared to a net loss of 52.9 million in Q4 2023, and a full-year net loss of 343.0millionversus343.0 million versus 234.6 million in 2023[9] - Revenue for Q4 2024 was 11,000,adecreaseof15.411,000, a decrease of 15.4% compared to 13,000 in Q4 2023[17] - Non-GAAP net loss for Q4 2024 was 45,867,000,comparedto45,867,000, compared to 43,938,000 in Q4 2023, indicating a slight increase of 4.4%[21] - Total operating expenses for Q4 2024 were 201,158,000,significantlyhigherthan201,158,000, significantly higher than 59,521,000 in Q4 2023, primarily due to acquired in-process research and development expenses of 87,184,000[17]−OperatingexpensesforQ42024included87,184,000[17] - Operating expenses for Q4 2024 included 87.2 million in acquired in-process research and development expenses and a 51.3millionimpairmentchargeforlong−livedassets[15]CashandAssets−Thecompanyhascash,cashequivalents,andmarketablesecuritiesof51.3 million impairment charge for long-lived assets[15] Cash and Assets - The company has cash, cash equivalents, and marketable securities of 383.5 million as of December 31, 2024, down from 562.7millionattheendof2023,whichisexpectedtosupportoperationsinto2027[12]−Cash,cashequivalents,andmarketablesecuritiesdecreasedto562.7 million at the end of 2023, which is expected to support operations into 2027[12] - Cash, cash equivalents, and marketable securities decreased to 383,541,000 as of December 31, 2024, down from 562,729,000in2023[18]−Totalassetsdecreasedto562,729,000 in 2023[18] - Total assets decreased to 490,859,000 as of December 31, 2024, from 750,029,000in2023,adeclineof34.5750,029,000 in 2023, a decline of 34.5%[18] Research and Development - Research and development (R&D) expenses for Q4 2024 were 48.7 million, an increase from 47.0 million in Q4 2023, while full-year R&D expenses decreased to 171.6 million from 182.9million[15]−ResearchanddevelopmentexpensesonaGAAPbasisfor2024were182.9 million[15] - Research and development expenses on a GAAP basis for 2024 were 171,603,000, down from 182,945,000in2023,adecreaseof6.2182,945,000 in 2023, a decrease of 6.2%[23] - The ongoing Phase 1/2 trial of IMPT-314 is designed to evaluate tolerability and clinical benefit, with more mature data expected to be shared in mid-2025[10] - IMPT-314, a next-generation dual-targeting CAR T-cell product candidate, is in Phase 1/2 clinical development for relapsed or refractory aggressive large B-cell lymphoma, with an overall response rate of 94% reported in initial data from 23 patients[10] - A new IND submission for a next-generation solid tumor CAR T-cell product candidate is expected in 2026, utilizing proprietary anti-exhaustion technology[3] - The pivotal trial for IMPT-314 in the 3rd line and later setting is expected to be initiated in mid-2025, with a second pivotal trial in the 2nd line setting anticipated by early 2026[6] General and Administrative Expenses - General and administrative (G&A) expenses for Q4 2024 were 14.5 million, compared to 13.2 million in Q4 2023, with full-year G&A expenses decreasing to 52.0 million from 67.0million[15]−GeneralandadministrativeexpensesonaGAAPbasisfor2024were67.0 million[15] - General and administrative expenses on a GAAP basis for 2024 were 52,041,000, a decrease of 22.5% from 66,983,000in2023[26]ImpairmentandAcquisitions−Thecompanyrecognizedimpairmentoflong−livedassetsamountingto66,983,000 in 2023[26] Impairment and Acquisitions - The company recognized impairment of long-lived assets amounting to 51,297,000 in Q4 2024[17] - The company acquired ImmPACT Bio, which strengthened its clinical pipeline with the addition of IMPT-314[6] Future Outlook - The company plans to continue focusing on research and development to enhance its product pipeline and market position[19]