Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 __________________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40502 __________________________ Lyell Immunopharma, Inc. (Exact Name of Registr ...

• Acquired exclusive global rights to LYL273, a novel GCC-targeted CAR T-cell product candidate that has demonstrated a 67% overall response rate, an 83% disease control rate and a manageable safety profile at the highest dose level studied to date in patients with refractory metastatic colorectal cancer in an ongoing U.S. Phase 1 clinical trial • Received RMAT designation from the U.S. FDA for ronde-cel for the treatment of patients with relapsed or refractory LBCL receiving treatment in the second-line (2 ...

Core Insights - Lyell Immunopharma, Inc. reported financial results and business highlights for Q3 2025, focusing on its advanced CAR T-cell therapies for cancer treatment [1] Clinical Programs - The lead clinical program, rondecabtagene autoleucel (ronde-cel), is in pivotal trials for relapsed and/or refractory large B-cell lymphoma (LBCL) [2] - Ronde-cel has received Regenerative Medicine Advanced Therapy (RMAT) designation from the FDA for both second-line and third-line settings [2][8] - Lyell acquired global rights to LYL273, a CAR T-cell product candidate for refractory metastatic colorectal cancer (mCRC), which showed a 67% overall response rate in a Phase 1 trial [3][5] Financial Performance - The company reported a net loss of $38.8 million for Q3 2025, an improvement from a net loss of $44.6 million in Q3 2024 [12] - Research and development expenses decreased to $28.2 million in Q3 2025 from $39.5 million in Q3 2024, primarily due to reduced personnel costs [13] - Cash, cash equivalents, and marketable securities were approximately $320 million as of September 30, 2025, expected to support operations into 2027 [16] Upcoming Developments - Two pivotal trials, PiNACLE and PiNACLE – H2H, are set to advance, with patient enrollment for PiNACLE – H2H expected to begin by early 2026 [4][10] - New clinical data for ronde-cel will be presented at the upcoming ASH meeting in December 2025 [5][10] Pipeline and Manufacturing - Lyell's pipeline includes next-generation CAR T-cell therapies targeting significant unmet needs in cancer treatment [5] - The LyFE Manufacturing Center™ has the capacity to produce over 1,200 CAR T-cell doses, supporting both clinical trials and potential commercial launches [17]

Lyell Immunopharma (NasdaqGS:LYEL) Update / Briefing November 10, 2025 08:30 AM ET Speaker0Welcome to today's call. Lyle acquires exclusive global rights to a next generation CAR T cell product candidate in clinical development for metastatic colorectal cancer. For those of you who are joining us via Zoom, if you would like to ask a question, please raise your hand by clicking the raise hand at the bottom of your Zoom window. You can raise your hand at any point during the call to enter the queue, and you w ...

Lyell Strengthens Next-Generation CAR T-Cell Pipeline with Novel GCC-Targeted Product Candidate for Metastatic Colorectal Cancer Lyell Immunopharma November 10, 2025 Forward Looking Statements Certain matters discussed in this presentation are "forward-looking statements" of Lyell Immunopharma, Inc. (hereinafter referred to as the "Company," "we," "us," or "our") within the meaning of the Private Securities Litigation Reform Act of 1995 (the "PSLRA"). All such written or oral statements made in this present ...

Core Insights - Lyell Immunopharma has acquired global rights to LYL273, a novel CAR T-cell therapy targeting guanylyl cyclase-C (GCC) for metastatic colorectal cancer (mCRC) and other GCC-expressing cancers, enhancing its solid tumor pipeline [1][9] - In a Phase 1 clinical trial, LYL273 demonstrated a 67% overall response rate and an 83% disease control rate in patients with refractory mCRC, indicating promising efficacy and a manageable safety profile [1][4][5] - The acquisition includes an upfront payment of $40 million and potential milestone payments totaling up to $675 million, along with royalties on future net sales [9] Company Developments - The Phase 1 clinical trial data showed that at the highest dose level, 67% of patients achieved an overall response, with one patient experiencing a pathological complete response [4][5] - The treatment-related adverse events were more common at the higher dose level, with cytokine release syndrome occurring in 83% of patients [5][6] - Lyell expects its cash resources to be sufficient to fund operations into 2027, supported by ongoing clinical trials and prudent expense management [10][11] Industry Context - Colorectal cancer is the second leading cause of cancer deaths globally, with a rising incidence among individuals under 55 years old, highlighting the urgent need for innovative therapies like LYL273 [2][7] - The Fast Track designation granted by the U.S. FDA for LYL273 underscores its potential as a significant advancement in treating mCRC, an area with substantial unmet medical needs [7]

Core Insights - Lyell Immunopharma, Inc. is advancing a pipeline of next-generation CAR T-cell therapies, specifically focusing on rondecabtagene autoleucel (ronde-cel) for aggressive large B-cell lymphoma (LBCL) [1][8] - Ronde-cel has received FDA designations as Regenerative Medicine Advanced Therapy (RMAT) and Fast Track for treating relapsed and/or refractory diffuse LBCL in later lines of therapy [1][8] Clinical Data Presentation - New clinical and translational data from the Phase 1/2 trial of ronde-cel will be presented at the 67th American Society of Hematology (ASH) Annual Meeting, highlighting high overall response and complete response rates in high-risk LBCL patients [2][3] - The ongoing PiNACLE trial continues to enroll patients with LBCL in the third- or later-line setting, and a randomized controlled trial comparing ronde-cel to an approved CD19 CAR T-cell therapy is set to begin in the second-line setting [2] Manufacturing and Technology - Ronde-cel is manufactured using a process that enriches for CD62L-positive cells, resulting in enhanced naïve and central memory CAR T cells with improved antitumor activity [4][8] - The Lyell LyFE Manufacturing Center™ has the capacity to produce over 1,200 CAR T-cell doses at full capacity, supporting both ongoing and future clinical trials [8]

Summary of Lyell Immunopharma FY Conference Call Company Overview - **Company**: Lyell Immunopharma (NasdaqGS:LYEL) - **Focus**: Clinical stage oncology company specializing in next-generation cell therapy for cancer, targeting both hematologic malignancies and solid tumors [3][4] Key Initiatives and Pipeline - **Lead Program**: RondaCell, a dual-targeting CD19/20 CAR T cell therapy for relapsed and refractory aggressive large B-cell lymphoma [3][4] - **Clinical Trials**: - Pivotal single-arm study for third-line treatment underway - Phase 3 randomized head-to-head trial launched for second-line treatment [3][4] Competitive Landscape - **RondaCell vs. Existing Therapies**: - RondaCell shows an 88% overall response rate and a 70% complete response rate in patients with relapsed disease, compared to 70% and 50% respectively for currently approved CD19 CARs [4][5] - Duration of complete response is emphasized as a critical metric for success [8][12] Data and Efficacy - **Response Rates**: - RondaCell's complete response rate at six months is 71%, significantly higher than Yescarta's 40% [8][12] - The company aims to demonstrate superior efficacy in harder-to-treat patient populations [10][12] Safety Profile - **Safety Data**: - RondaCell shows lower rates of cytokine release syndrome (CRS) and immune effector cell-associated neurotoxicity syndrome (ICANS) compared to competitors [16] - 47% to 57% CRS rates for RondaCell versus 80% for Kite/Gilead products [16] Market Potential - **Market Disruption**: - The emergence of CD19/CD20 CAR therapies is expected to disrupt the existing CD19 CAR market, with potential for significant market share capture [17][18] - The company is confident in its product profile and aims to position RondaCell as a best-in-class therapy [18] Trial Design and Regulatory Path - **Pivotal Trials**: - Two pivotal trials are ongoing, with the third-line study being a single-arm study and the second-line study designed as a head-to-head trial against Yescarta and Breyanzi [19][22] - Primary endpoint for the second-line trial is event-free survival [23] Commercial Strategy - **Self-Sufficiency**: - The company believes it can independently commercialize RondaCell, with a manufacturing capacity of up to 1,200 doses per year [27][28] - Open to strategic partnerships but not urgent due to current capital and manufacturing capabilities [28] Future Outlook - **Data Readouts**: - Significant data updates expected by the end of the year for both third-line and second-line trials [30] - Continued data flow anticipated, with a focus on maturing trial results [30][31] Conclusion - Lyell Immunopharma is positioned to potentially redefine treatment paradigms in large B-cell lymphoma with RondaCell, leveraging strong clinical data, a favorable safety profile, and a strategic approach to market entry and commercialization [3][4][18]

Summary of Lyell Immunopharma FY Conference Call Company Overview - **Company**: Lyell Immunopharma (NasdaqGS:LYEL) - **Industry**: Biotechnology, specifically focused on oncology and CAR T cell therapy - **Key Product**: RONDACELL, a dual-targeting CD19/CD20 CAR T cell therapy for aggressive relapse refractory large B-cell lymphoma [2][3] Core Points and Arguments - **Clinical Focus**: Lyell Immunopharma is dedicated to developing next-generation CAR T cell therapies for both hematologic malignancies and solid tumors [2] - **Lead Program**: RONDACELL is currently in pivotal clinical trials, including a single-arm trial in the third-line setting and a randomized controlled trial in the second-line setting [2][6] - **Unique Selling Proposition**: - RONDACELL targets both CD19 and CD20, reducing the chance of antigen escape and increasing the likelihood of complete responses [3][4] - The manufacturing process selects for naïve T cells, which are believed to provide better durability and response rates [4][28] - **Trial Design**: The second-line trial, known as Pinnacle head-to-head, will compare RONDACELL against existing therapies (axicabtagene ciloleucel or Breyanzi) with a primary endpoint of event-free survival [7][9] Key Data and Expectations - **Response Rates**: Recent data showed an 88% overall response rate and a 72% complete response rate in the third-line setting, significantly better than existing CD19 CAR therapies [15][16] - **Enrollment Plans**: The company plans to enroll 200 patients per arm in the head-to-head trial, with expectations to begin patient enrollment by early 2026 [9][10] - **Market Opportunity**: Approximately 30,000 patients in the U.S. with DLBCL, with about 12,000 progressing to second-line therapy, representing a significant market potential [24] Financials and Funding - **Cash Position**: Lyell has $347 million in cash, sufficient to support operations through mid-2027, although additional funding will be needed for the second-line pivotal study [48][50] - **Recent Financing**: A recent PIPE financing raised up to $100 million, with structured tranches based on performance milestones [51] Competitive Landscape - **Market Share**: Yescarta holds about 52% of the market share in the CD19 CAR T space, with Breyanzi slightly behind [23] - **Competitive Edge**: Lyell believes its dual-targeting approach and safety profile will allow it to capture market share from existing therapies [38][39] - **Intellectual Property**: The company claims a dominant IP position dating back to 2014, which is crucial for maintaining competitive advantage [44] Safety and Manufacturing - **Safety Profile**: RONDACELL has shown a favorable safety profile, with lower rates of cytokine release syndrome (CRS) and neurotoxicity compared to competitors [30][32] - **Manufacturing Capacity**: The Bothell, Washington facility can produce approximately 1,200 doses per year, supporting both clinical and potential commercial needs [33] Future Directions - **Solid Tumor Program**: Lyell is developing a solid tumor CAR T therapy, with an IND submission planned for 2026 [45] - **AI Utilization**: The company is exploring AI applications primarily in R&D to enhance efficiency and effectiveness [56][58] Regulatory Environment - **Focus on FDA**: The company is closely monitoring FDA regulations as it prepares for pivotal trials and BLA submissions [59][60] Conclusion Lyell Immunopharma is positioned to disrupt the CAR T cell therapy market with its innovative dual-targeting approach, strong clinical data, and robust manufacturing capabilities, while also navigating a competitive landscape and regulatory challenges effectively.

Core Viewpoint - Lyell Immunopharma has initiated the PiNACLE - H2H Phase 3 trial to evaluate its dual-targeting CAR T-cell therapy, rondecabtagene autoleucel (ronde-cel), against existing CD19-targeting therapies for relapsed or refractory large B-cell lymphoma [1][10] Group 1: Trial Details - The PiNACLE - H2H trial is a head-to-head randomized controlled trial comparing ronde-cel to either lisocabtagene maraleucel (liso-cel) or axicabtagene ciloleucel (axi-cel) in patients with relapsed or refractory large B-cell lymphoma [1][10] - The trial aims to enroll approximately 400 patients and will assess event-free survival as the primary endpoint [10] - Ronde-cel is designed to target B cells expressing either CD19, CD20, or both, with a focus on improving complete response rates and duration of responses compared to existing therapies [5][6] Group 2: Product Information - Ronde-cel has received Regenerative Medicine Advanced Therapy (RMAT) and Fast Track designations from the FDA for the treatment of patients with relapsed or refractory large B-cell lymphoma [7] - The manufacturing process of ronde-cel aims to produce a higher proportion of naïve and central memory T cells, enhancing its antitumor activity [6][8] - The company is also conducting a single-arm pivotal trial (PiNACLE) for ronde-cel in the third-line or later setting, expected to enroll around 120 patients [10] Group 3: Expert Collaboration - A Steering Committee of distinguished lymphoma experts has been established to guide the trial's design and execution [2][3] - Experts involved include members from prominent institutions such as the University of Chicago and the Moffitt Cancer Center [4][10] - The collaboration aims to provide robust clinical data to support the potential benefits of ronde-cel over existing therapies [2][3]