Lyell(US:LYEL)2024-11-07 21:09Financial Performance - Lyell Immunopharma reported a net loss of $44.6 million for Q3 2024, an improvement from a net loss of $50.9 million in Q3 2023, representing a 10.5% decrease in losses year-over-year[4]. - GAAP net loss for Q3 2024 was $44.583 million, a decrease from $50.853 million in Q3 2023[13]. - Non-GAAP net loss for Q3 2024 was $37.064 million, compared to $43.043 million in Q3 2023[13]. Expenses - Research and development (R&D) expenses for Q3 2024 were $39.5 million, down from $43.8 million in Q3 2023, reflecting a decrease of 7.8% primarily due to reduced personnel-related expenses[5]. - General and administrative (G&A) expenses decreased to $11.8 million in Q3 2024 from $15.5 million in Q3 2023, a reduction of 24.2% driven by lower non-cash stock-based compensation[5]. - Total operating expenses for Q3 2024 were $50.5 million, a decrease from $59.0 million in Q3 2023, reflecting a reduction of 8.5%[10]. - Stock-based compensation expense for Q3 2024 was $7.622 million, down from $10.516 million in Q3 2023[13]. - Total research and development expenses for the nine months ended September 30, 2024, were $122.935 million, down from $135.950 million in the same period of 2023[14]. - Total general and administrative expenses for the nine months ended September 30, 2024, were $37.519 million, compared to $53.816 million in the same period of 2023[16]. Cash and Assets - Cash, cash equivalents, and marketable securities totaled $460.7 million as of September 30, 2024, down from $562.7 million as of December 31, 2023, indicating a decrease of 18.1%[6]. - Lyell's total assets as of September 30, 2024, were $619.2 million, down from $750.0 million as of December 31, 2023, indicating a decrease of 17.4%[11]. Clinical Development - The company plans to initiate a pivotal clinical trial for IMPT-314 in 2025, targeting patients with relapsed/refractory large B-cell lymphoma who have not yet been exposed to CAR T-cell therapy[2]. - Initial data from the Phase 1-2 trial of IMPT-314 is expected to be presented at the ASH 2024 Annual Meeting on December 9, 2024[2]. - Lyell's acquisition of ImmPACT Bio is expected to enhance the clinical pipeline, particularly with the addition of IMPT-314, which has shown promising Phase 1 clinical data[1]. - The company is advancing LYL119, a next-generation ROR1-targeted CAR T-cell product candidate, which is entering Phase 1 clinical development[2]. Changes in Liabilities - The change in estimated fair value of success payment liabilities for Q3 2024 was $(103,000), compared to $(2.706 million) in Q3 2023[13].