Lyell(US:LYEL)2025-03-11 20:07Financial Performance - Lyell reported a net loss of $191.9 million for Q4 2024, compared to a net loss of $52.9 million in Q4 2023, and a full-year net loss of $343.0 million versus $234.6 million in 2023[9] - Revenue for Q4 2024 was $11,000, a decrease of 15.4% compared to $13,000 in Q4 2023[17] - Non-GAAP net loss for Q4 2024 was $45,867,000, 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, significantly higher than $59,521,000 in Q4 2023, primarily due to acquired in-process research and development expenses of $87,184,000[17] - Operating expenses for Q4 2024 included $87.2 million in acquired in-process research and development expenses and a $51.3 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 $562.7 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 $562,729,000 in 2023[18] - Total assets decreased to $490,859,000 as of December 31, 2024, from $750,029,000 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 $182.9 million[15] - Research and development expenses on a GAAP basis for 2024 were $171,603,000, down from $182,945,000 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 $67.0 million[15] - General and administrative expenses on a GAAP basis for 2024 were $52,041,000, a decrease of 22.5% from $66,983,000 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]