Tearsheet

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -77%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -49%

Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more.

Weak multi-year price returns
2Y Excs Rtn is -113%, 3Y Excs Rtn is -152%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -189 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -608139%

Expensive valuation multiples
P/SPrice/Sales ratio is 8,990x

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -52%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -52%, Rev Chg QQuarterly Revenue Change % is -71%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 129355%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -431600%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -433610%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -93%

Significant short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 16.21

Key risks
LYEL key risks include [1] potential failure of key clinical trials, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -77%
1 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -49%
2 Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more.
3 Weak multi-year price returns
2Y Excs Rtn is -113%, 3Y Excs Rtn is -152%
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -189 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -608139%
5 Expensive valuation multiples
P/SPrice/Sales ratio is 8,990x
6 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -52%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -52%, Rev Chg QQuarterly Revenue Change % is -71%
7 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 129355%
8 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -431600%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -433610%
9 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -93%
10 Significant short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 16.21
11 Key risks
LYEL key risks include [1] potential failure of key clinical trials, Show more.

LYEL in ETFs

Weight = LYEL's share of each fund

VTI0.00%
IBB0.01%
SCHA0.00%
VHT0.00%
DFAS0.00%
SCHB0.00%
DFAC0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/3/2026

Lyell Immunopharma (LYEL) stock has lost about 45% since 2/28/2026 because of the following key factors:

1. Protracted Clinical Development Timelines for Lead Programs. Lyell Immunopharma's key therapeutic candidate, ronde-cel (LYL314), is in late-stage clinical trials for large B-cell lymphoma, but pivotal data is not anticipated until mid-2027, with a Biologics License Application (BLA) submission to the FDA expected by the end of 2027. This extended timeline for potential market approval means that substantial revenue generation remains distant, contributing to investor impatience and a valuation decline for the clinical-stage biotechnology company.

2. Persistent Cash Burn and Shareholder Dilution. Despite securing additional funding through the closing of a second $50 million tranche of an equity private placement in March 2026, Lyell Immunopharma reported a net loss of $24.2 million for the first quarter ended March 31, 2026. The company's ongoing need for capital to fund its research and development, coupled with a significant dilution of shares outstanding by 57.6% over the past year, likely exerted downward pressure on the stock as investors weighed future funding needs against current operational losses.

Show more
Updated on 6/3/2026

Lyell Immunopharma (LYEL) stock has lost about 45% since 2/28/2026 because of the following key factors:

1. Protracted Clinical Development Timelines for Lead Programs. Lyell Immunopharma's key therapeutic candidate, ronde-cel (LYL314), is in late-stage clinical trials for large B-cell lymphoma, but pivotal data is not anticipated until mid-2027, with a Biologics License Application (BLA) submission to the FDA expected by the end of 2027. This extended timeline for potential market approval means that substantial revenue generation remains distant, contributing to investor impatience and a valuation decline for the clinical-stage biotechnology company.

2. Persistent Cash Burn and Shareholder Dilution. Despite securing additional funding through the closing of a second $50 million tranche of an equity private placement in March 2026, Lyell Immunopharma reported a net loss of $24.2 million for the first quarter ended March 31, 2026. The company's ongoing need for capital to fund its research and development, coupled with a significant dilution of shares outstanding by 57.6% over the past year, likely exerted downward pressure on the stock as investors weighed future funding needs against current operational losses.

3. Absence of Immediate, Transformative Positive Catalysts. While Lyell announced progression in its pipeline, including the initiation of patient dosing in the PiNACLE-H2H Phase 3 trial in February 2026, these developments did not present an unexpected acceleration in timelines or overwhelmingly positive short-term data that could significantly re-rate the stock upwards. The company's Q1 2026 earnings, which reported zero revenue, met analyst estimates but did not offer a strong positive catalyst to counteract the capital intensity and inherent risks associated with long-term drug development.

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Stock Movement Drivers

Fundamental Drivers

The -46.9% change in LYEL stock from 2/28/2026 to 6/21/2026 was primarily driven by a -24.4% change in the company's Total Revenues ($ Mil).
(LTM values as of)22820266212026Change
Stock Price ($)24.0012.74-46.9%
Change Contribution By: 
Total Revenues ($ Mil)00-24.4%
P/S Multiple10,693.58,990.3-15.9%
Shares Outstanding (Mil)1822-16.5%
Cumulative Contribution-46.9%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/21/2026
ReturnCorrelation
LYEL-46.9% 
Market (SPY)9.2%39.3%
Sector (XLV)-6.4%25.0%

Fundamental Drivers

The -46.9% change in LYEL stock from 11/30/2025 to 6/21/2026 was primarily driven by a -24.4% change in the company's Total Revenues ($ Mil).
(LTM values as of)113020256212026Change
Stock Price ($)24.0012.74-46.9%
Change Contribution By: 
Total Revenues ($ Mil)00-24.4%
P/S Multiple10,693.58,990.3-15.9%
Shares Outstanding (Mil)1822-16.5%
Cumulative Contribution-46.9%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/21/2026
ReturnCorrelation
LYEL-46.9% 
Market (SPY)9.9%26.0%
Sector (XLV)-4.4%13.7%

Fundamental Drivers

The 45.9% change in LYEL stock from 5/31/2025 to 6/21/2026 was primarily driven by a 353.5% change in the company's P/S Multiple.
(LTM values as of)53120256212026Change
Stock Price ($)8.7312.7445.9%
Change Contribution By: 
Total Revenues ($ Mil)00-52.3%
P/S Multiple1,982.68,990.3353.5%
Shares Outstanding (Mil)1522-32.6%
Cumulative Contribution45.9%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/21/2026
ReturnCorrelation
LYEL45.9% 
Market (SPY)28.1%23.0%
Sector (XLV)14.6%19.5%

Fundamental Drivers

The -80.0% change in LYEL stock from 5/31/2023 to 6/21/2026 was primarily driven by a -100.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)53120236212026Change
Stock Price ($)63.8012.74-80.0%
Change Contribution By: 
Total Revenues ($ Mil)840-100.0%
P/S Multiple9.58,990.394969.7%
Shares Outstanding (Mil)1222-43.0%
Cumulative Contribution-80.0%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/21/2026
ReturnCorrelation
LYEL-80.0% 
Market (SPY)85.7%24.4%
Sector (XLV)22.9%20.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
LYEL Return-54%-55%-44%-67%140%-59%-96%
Peers Return-27%-34%-11%-19%-19%39%-60%
S&P 500 Return27%-19%24%23%16%8%98%

Monthly Win Rates [3]
LYEL Win Rate14%42%42%25%58%0% 
Peers Win Rate42%38%37%48%43%50% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
LYEL Max Drawdown--66%-64%-81%-48%-61% 
Peers Max Drawdown-48%-53%-55%-56%-47%-28% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: IOVA, NKTX, FATE, GILD, BMY.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)

How Low Can It Go

EventLYELS&P 500
2025 US Tariff Shock
  % Loss-37.0%-18.8%
  % Gain to Breakeven58.7%23.1%
  Time to Breakeven21 days79 days
2024 Yen Carry Trade Unwind
  % Loss-24.1%-7.8%
  % Gain to Breakeven31.7%8.5%
  Time to Breakeven12 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-53.7%-9.5%
  % Gain to Breakeven115.8%10.5%
  Time to Breakeven149 days24 days
2023 SVB Regional Banking Crisis
  % Loss-28.1%-6.7%
  % Gain to Breakeven39.2%7.1%
  Time to Breakeven19 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-52.2%-24.5%
  % Gain to Breakeven109.2%32.4%
  Time to Breakeven117 days427 days

Compare to IOVA, NKTX, FATE, GILD, BMY

In The Past

Lyell Immunopharma's stock fell -37.0% during the 2025 US Tariff Shock. Such a loss loss requires a 58.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventLYELS&P 500
2025 US Tariff Shock
  % Loss-37.0%-18.8%
  % Gain to Breakeven58.7%23.1%
  Time to Breakeven21 days79 days
2024 Yen Carry Trade Unwind
  % Loss-24.1%-7.8%
  % Gain to Breakeven31.7%8.5%
  Time to Breakeven12 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-53.7%-9.5%
  % Gain to Breakeven115.8%10.5%
  Time to Breakeven149 days24 days
2023 SVB Regional Banking Crisis
  % Loss-28.1%-6.7%
  % Gain to Breakeven39.2%7.1%
  Time to Breakeven19 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-52.2%-24.5%
  % Gain to Breakeven109.2%32.4%
  Time to Breakeven117 days427 days

Compare to IOVA, NKTX, FATE, GILD, BMY

In The Past

Lyell Immunopharma's stock fell -37.0% during the 2025 US Tariff Shock. Such a loss loss requires a 58.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Lyell Immunopharma (LYEL)

Lyell Immunopharma (LYEL) is a biotechnology company dedicated to developing innovative T cell therapies specifically for patients with solid tumors. The company's core focus is on enhancing the effectiveness of T cells, which are crucial immune cells, by overcoming common challenges like T cell exhaustion and ensuring their long-term persistence within the body. Lyell achieves this through advanced proprietary technology platforms, including Gen-R, which uses ex vivo genetic reprogramming, and Epi-R, which employs ex vivo epigenetic reprogramming to generate T cells with robust and durable anti-cancer capabilities.

The company's pipeline includes several key product candidates targeting significant unmet needs in oncology. LYL797 is a T cell product candidate under development for the treatment of non-small cell lung cancer and triple-negative breast cancers. Another candidate, LYL845, is designed to target multiple solid tumors. Lyell is also advancing NY-ESO-1 for synovial sarcoma and other solid tumor indications, a program benefiting from a research and development collaboration and license agreement with GlaxoSmithKline. Lyell Immunopharma's primary market comprises patients afflicted with various aggressive solid tumors, aiming to provide them with more effective and enduring therapeutic options.

AI Analysis | Feedback

Lyell Immunopharma is like a **Kite Pharma (Gilead)** or **Novartis** for 'reprogrammed' T-cell therapies specifically designed to fight solid tumors.

Think of Lyell Immunopharma as developing the 'next-generation' of T-cell therapies, similar to those by **Kite Pharma (Gilead)**, but engineered to overcome exhaustion and effectively target difficult solid tumors.

AI Analysis | Feedback

  • LYL797: A T cell product candidate currently in development for the treatment of non-small cell lung cancer and triple-negative breast cancers.
  • LYL845: A T cell product candidate in development designed to target multiple solid tumors.
  • NY-ESO-1 program: A T cell therapy program being developed in collaboration with GlaxoSmithKline, targeting synovial sarcoma and other solid tumor indications.

AI Analysis | Feedback

Lyell Immunopharma (LYEL) sells primarily to other companies in the pharmaceutical and biotechnology sector, typically through research and development collaborations, licensing agreements, or potential future commercialization partnerships.

Based on the provided information, a major customer and partner is:

  • GlaxoSmithKline (Symbol: GSK) - for the NY-ESO-1 program through a research and development collaboration and license agreement.

AI Analysis | Feedback

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Lynn Seely, M.D. President and Chief Executive Officer

Dr. Seely has served as Lyell's President and Chief Executive Officer since December 2022. She was previously the President and CEO of Myovant Sciences, Inc., where she oversaw the marketing approval and launch of ORGOVYX for men with advanced prostate cancer and MYFEMBREE for women with uterine fibroids and endometriosis. Prior to Myovant, Dr. Seely served as the Chief Medical Officer of Medivation, Inc., overseeing the development and marketing approval of XTANDI. She also held leadership roles in drug development collaborations with Pfizer Inc. and Astellas Pharma US, Inc. Earlier in her career, she was Vice President of Clinical Development at Corgentech Inc., Cytyc Health Corporation, and ProDuct Health, Inc., a medical device company that was acquired by Cytyc Corporation. Dr. Seely began her industry career at Chiron Corporation. She also previously served as the lead independent director for Blueprint Medicines Corporation, which was acquired by Sanofi.

Smital Shah Chief Financial and Business Officer

Ms. Shah was appointed Lyell's Chief Financial and Business Officer effective March 9, 2026. She brings over two decades of experience in corporate finance, capital markets, and strategic operations within the biopharmaceutical industry. From October 2014 to December 2022, Ms. Shah served as Chief Business and Financial Officer at ProQR Therapeutics (Nasdaq: PRQR), where she was responsible for directing all business functions including finance, communications, commercial strategy, business development, and legal. Prior to ProQR, she managed Gilead Sciences' multi-billion-dollar debt, cash, and investment portfolios. She also worked as an investment banker at Leerink Partners and J.P. Morgan, focusing on capital raising and strategic transactions in the biotechnology space. Earlier in her career, Ms. Shah held various research and development roles at Johnson & Johnson. Ms. Shah served on the Board of Directors of Pliant Therapeutics until June 2025 and as a Board Member and Chair of the Audit Committee at Graphite Bio until its merger with LENZ Therapeutics in March 2024.

Gary Lee, Ph.D. Chief Scientific Officer

Dr. Lee has served as Lyell's Chief Scientific Officer since January 2022. He is a veteran biotech executive with decades of experience leading cell and gene therapy programs for human applications. From October 2018 to January 2022, Dr. Lee was the Chief Scientific Officer at Senti Bio. Prior to that, from August 2005 to October 2018, he held positions of increasing scientific and leadership responsibility at Sangamo Therapeutics, including serving as the Vice President of Cell Therapy where he led the company's T-cell engineering programs.

Stephen Hill, M.B.A. Chief Operating Officer

Mr. Hill serves as the Chief Operating Officer of Lyell Immunopharma. His role involves overseeing the company's operations.

David Shook, M.D. Chief Medical Officer

Dr. Shook was appointed Chief Medical Officer of Lyell Immunopharma on June 9, 2025. He brings deep expertise in cell therapy and has a proven track record of success in leading clinical developments for oncology.

AI Analysis | Feedback

Key Risks to Lyell Immunopharma (LYEL)

  1. Clinical Development and Regulatory Approval Risk: Lyell Immunopharma's success heavily depends on the successful outcome of clinical trials for its T-cell product candidates (e.g., LYL797, LYL845, NY-ESO-1) and subsequent regulatory approvals. T-cell therapies, especially for solid tumors, face significant challenges in demonstrating efficacy and safety, leading to high failure rates in clinical development. Failure to achieve positive results in clinical trials or obtain necessary regulatory approvals would prevent the company from commercializing its therapies and generating significant revenue.
  2. Intense Competition and Market Adoption Risk: The field of T-cell therapies for solid tumors is highly competitive, with numerous pharmaceutical and biotechnology companies developing similar or competing treatments. Even if Lyell's product candidates are approved, their commercial success will depend on their ability to differentiate themselves from existing and future therapies, achieve favorable market access, and gain widespread adoption by physicians and patients. Competition could also lead to pricing pressures or make it difficult to secure market share.
  3. Intellectual Property Protection Risk: As a company relying on novel "ex vivo genetic reprogramming" (Gen-R) and "ex vivo epigenetic reprogramming" (Epi-R) technologies, Lyell Immunopharma's business is highly dependent on its ability to protect its intellectual property. Challenges to its patents, the inability to obtain broad enough patent coverage, or the emergence of competing technologies that do not infringe on its patents could significantly weaken its competitive position and ability to commercialize its innovations.

AI Analysis | Feedback

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AI Analysis | Feedback

Lyell Immunopharma (symbol: LYEL) targets several significant addressable markets with its main product candidates.

Non-Small Cell Lung Cancer (NSCLC)

The global non-small cell lung cancer (NSCLC) therapeutics market was valued at approximately USD 20.2 billion in 2024 and is projected to reach USD 53.9 billion by 2034, with a compound annual growth rate (CAGR) of 10.4% from 2025 to 2034. North America held a dominant share of this market, accounting for 44.4% in 2024.

Triple-Negative Breast Cancer (TNBC)

The global triple-negative breast cancer treatment market was estimated at USD 670.5 million in 2024 and is expected to grow to USD 1.04 billion by the end of 2034, expanding at a CAGR of 4.6% over the next ten years. In 2024, North America is projected to account for 42.5% of the global triple-negative breast cancer treatment market share.

Synovial Sarcoma

The global synovial sarcoma treatment market is estimated to be valued at USD 715 million in 2025 and is expected to reach USD 1.25 billion by 2032, exhibiting a CAGR of 8.5% from 2025 to 2032. Another estimate places the global market at USD 2412 million in 2025, forecasting a rise to USD 3470 million by 2032 with a CAGR of 5.4% during 2026-2032. North America held the largest market share, accounting for 41% in 2023.

Melanoma

The global melanoma market is expected to reach USD 7.5 billion by 2029.

Colorectal Cancer (CRC)

The global colorectal cancer market is projected to reach USD 18.34 billion by 2028.

AI Analysis | Feedback

Lyell Immunopharma (NASDAQ: LYEL) is a clinical-stage T-cell reprogramming company focused on developing T-cell therapies for solid tumors and hematologic malignancies. While direct product revenue is not substantial in the immediate term, the anticipated drivers of future revenue growth over the next 2-3 years stem from the advancement of its key pipeline candidates through clinical development and towards potential commercialization.

The primary expected drivers of Lyell Immunopharma's future revenue growth include:

  1. Advancement of Ronde-cel (IMPT-314) for Large B-cell Lymphoma (LBCL): Lyell's lead program, ronde-cel (formerly IMPT-314), a dual-targeting CD19/CD20 CAR T-cell therapy, has shown promising Phase 1 data with high overall response and complete response rates in large B-cell lymphoma patients. The company has initiated pivotal trials, including the PiNACLE trial for third-line treatment with a Biologics License Application (BLA) submission anticipated in 2027, and the PiNACLE-H2H Phase 3 head-to-head trial for second-line treatment, which has commenced patient dosing. Positive results from these pivotal trials and subsequent regulatory approval would be the most significant driver of future revenue.
  2. Progression of LYL273 for Metastatic Colorectal Cancer: LYL273, a GCC-targeted CAR T-cell candidate, has demonstrated encouraging early clinical data in a Phase 1 US trial for metastatic colorectal cancer, including a 67% overall response rate at dose level 2. The company plans to initiate a pivotal trial for LYL273 in the first half of 2027, signaling its potential as a significant revenue contributor in a high unmet need oncology market.
  3. Continued Clinical Development and Indication Expansion of LYL797: LYL797, a ROR1-targeted CAR T-cell product candidate, has shown dose-dependent clinical activity and the ability of CAR T-cells to expand and infiltrate solid tumors in initial Phase 1 trials. Lyell has expanded the evaluation of LYL797 to include ovarian and endometrial cancers and plans to pursue new indications such as multiple myeloma and chronic lymphocytic leukemia. Ongoing positive clinical data and the broadening of its target patient population are crucial for establishing future market opportunities.
  4. Advancement of LYL845 (TIL therapy): LYL845, a tumor-infiltrating lymphocyte (TIL) therapy, is currently in Phase 1 clinical development for melanoma, non-small cell lung cancer (NSCLC), and colorectal cancer. Initial clinical and translational data are expected in the second half of 2024. Continued positive data from this program will be vital for its progression to later-stage trials and eventual commercial potential.

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Share Issuance

  • Lyell Immunopharma raised $425 million through its Initial Public Offering (IPO) in 2021.
  • In March 2026, the company closed an additional $50 million tranche of an equity private placement at $25.61 per share, completing a total of approximately $100 million from a July 2025 private placement.
  • Lyell registered additional shares of common stock under its 2021 Equity Incentive Plan and 2021 Employee Stock Purchase Plan annually from 2021 to 2026 due to automatic increases.

Inbound Investments

  • In 2019, Lyell received $250 million as a combined upfront payment and equity investment from GlaxoSmithKline (GSK) through a research and development collaboration.
  • Lyell completed a $100 million equity private placement, with an initial $50 million tranche closing in July 2025 and the second $50 million tranche closing in March 2026 upon achieving a clinical milestone.
  • GSK continues to be a significant investor in Lyell, holding 12% of the company as of April (year not specified but around the time of agreement termination).

Outbound Investments

  • In November 2025, Lyell acquired exclusive global rights (excluding Greater China) to LYL273, a CAR T-cell therapy for metastatic colorectal cancer, from Innovative Cellular Therapeutics (ICT) for an upfront payment of $40 million in cash and approximately 2 million shares of Lyell common stock, with potential milestone payments up to $820 million.
  • The company incurred $66.3 million in acquired in-process research and development (IPR&D) expense related to the LYL273 license acquisition in the fourth quarter and full year 2025.
  • Lyell's net loss for the full year 2024 included $87.2 million in acquired in-process research and development (IPR&D) expense as part of its acquisition of ImmPACT Bio USA Inc.

Capital Expenditures

  • Lyell anticipates its current cash, cash equivalents, and marketable securities will be sufficient to cover working capital and capital expenditure needs into the second quarter of 2027.
  • The company's cash, cash equivalents, and marketable securities were approximately $247.2 million as of December 31, 2025 (excluding a $50 million tranche received in March 2026), down from approximately $383.5 million as of December 31, 2024.
  • Capital expenditures are primarily focused on advancing clinical-stage product candidates and core research platforms.

Better Bets vs. Lyell Immunopharma (LYEL)

Latest Trefis Analyses

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Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

LYELIOVANKTXFATEGILDBMYMedian
NameLyell Im.Iovance .Nkarta Fate The.Gilead S.Bristol-. 
Mkt Price12.743.912.862.09123.7654.008.32
Mkt Cap0.31.60.20.3153.7110.11.0
Rev LTM02860629,73448,483146
Op Inc LTM-189-358-116-13911,90113,591-128
FCF LTM-134-305-88-10810,23011,908-98
FCF 3Y Avg-157-353-104-1249,32512,501-114
CFO LTM-134-271-87-10310,80613,306-95
CFO 3Y Avg-156-330-94-1219,88413,780-108

Growth & Margins

LYELIOVANKTXFATEGILDBMYMedian
NameLyell Im.Iovance .Nkarta Fate The.Gilead S.Bristol-. 
Rev Chg LTM-52.3%34.3%--52.6%3.5%1.8%1.8%
Rev Chg 3Y Avg-52.2%---14.0%3.2%1.9%-6.1%
Rev Chg Q-71.4%44.8%--20.3%4.4%2.6%2.6%
QoQ Delta Rev Chg LTM-13.9%8.4%--5.0%1.0%0.6%0.6%
Op Inc Chg LTM15.1%10.2%11.9%24.9%9.7%72.7%13.5%
Op Inc Chg 3Y Avg-3.3%4.4%2.7%18.9%0.1%21.0%3.5%
Op Mgn LTM-608,138.7%-125.4%--2,207.5%40.0%28.0%-125.4%
Op Mgn 3Y Avg-434,253.2%-8,287.5%--2,296.1%36.7%20.2%-2,296.1%
QoQ Delta Op Mgn LTM-48,058.2%25.8%-15.0%0.3%-0.4%0.3%
CFO/Rev LTM-431,600.0%-94.8%--1,632.3%36.3%27.4%-94.8%
CFO/Rev 3Y Avg-311,855.0%-6,811.7%--1,556.1%34.4%29.2%-1,556.1%
FCF/Rev LTM-433,609.7%-106.8%--1,711.4%34.4%24.6%-106.8%
FCF/Rev 3Y Avg-313,453.6%-7,181.8%--1,602.6%32.5%26.5%-1,602.6%

Valuation

LYELIOVANKTXFATEGILDBMYMedian
NameLyell Im.Iovance .Nkarta Fate The.Gilead S.Bristol-. 
Mkt Cap0.31.60.20.3153.7110.11.0
P/S8,990.35.7-39.75.22.35.7
P/Op Inc-1.5-4.6-1.8-1.812.98.1-1.6
P/EBIT-1.5-4.6-1.8-1.813.19.6-1.6
P/E-1.1-4.6-2.1-1.916.715.1-1.5
P/CFO-2.1-6.0-2.4-2.414.28.3-2.3
Total Yield-88.4%-21.6%-47.1%-51.8%8.6%11.2%-34.3%
Dividend Yield0.0%0.0%0.0%0.0%2.6%4.6%0.0%
FCF Yield 3Y Avg-56.6%-21.1%-51.8%-75.9%7.2%10.5%-36.5%
D/E0.10.00.40.30.10.40.2
Net D/E-0.8-0.2-0.7-0.40.10.3-0.3

Returns

LYELIOVANKTXFATEGILDBMYMedian
NameLyell Im.Iovance .Nkarta Fate The.Gilead S.Bristol-. 
1M Rtn-27.0%-4.9%-5.6%-7.1%-7.3%-9.2%-7.2%
3M Rtn-33.4%6.0%33.6%90.0%-9.2%-5.1%0.4%
6M Rtn-61.8%57.7%59.8%99.0%0.8%1.9%29.8%
12M Rtn46.6%97.5%61.6%75.6%17.0%21.0%54.1%
3Y Rtn-80.6%-51.8%-37.4%-60.3%74.9%-5.0%-44.6%
1M Excs Rtn-23.0%11.0%4.7%8.6%-6.5%-9.4%-0.9%
3M Excs Rtn-52.2%-12.5%18.3%80.0%-25.3%-19.6%-16.1%
6M Excs Rtn-71.3%63.5%46.8%81.4%-4.8%-8.5%21.0%
12M Excs Rtn6.0%68.2%32.6%48.8%-7.8%-5.3%19.3%
3Y Excs Rtn-152.1%-127.4%-111.0%-134.0%4.1%-75.9%-119.2%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment0008511
Total0008511


Operating Income by Segment
$ Mil20242023
Single Segment-359-247
Total-359-247


Net Income by Segment
$ Mil202520242023
Single Segment-274-343-235
Total-274-343-235


Price Behavior

Price Behavior
Market Price$12.74 
Market Cap ($ Bil)0.3 
First Trading Date06/17/2021 
Distance from 52W High-67.0% 
   50 Days200 Days
DMA Price$18.50$20.77
DMA Trendupdown
Distance from DMA-31.2%-38.7%
 3M1YR
Volatility74.1%81.5%
Downside Capture432.15250.34
Upside Capture95.89227.36
Correlation (SPY)40.0%29.8%
LYEL Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta2.262.482.041.501.961.60
Up Beta-0.560.811.301.011.751.56
Down Beta3.112.500.23-0.711.870.99
Up Capture68%129%172%210%447%340%
Bmk +ve Days13283667141432
Stock +ve Days9213264126347
Down Capture612%724%338%240%161%113%
Bmk -ve Days7132757109318
Stock -ve Days11203160121382

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with LYEL
LYEL35.5%81.7%0.73-
Sector ETF (XLV)14.0%15.0%0.6625.0%
Equity (SPY)26.5%12.4%1.6129.6%
Gold (GLD)24.2%27.5%0.7716.3%
Commodities (DBC)19.8%18.8%0.83-7.7%
Real Estate (VNQ)11.0%13.7%0.5213.5%
Bitcoin (BTCUSD)-40.0%42.4%-1.0823.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with LYEL
LYEL-47.8%94.3%-0.27-
Sector ETF (XLV)5.4%14.7%0.1925.4%
Equity (SPY)13.5%17.1%0.6228.3%
Gold (GLD)17.1%18.3%0.769.3%
Commodities (DBC)7.5%19.4%0.29-0.0%
Real Estate (VNQ)1.9%18.9%0.0024.7%
Bitcoin (BTCUSD)11.0%54.2%0.4017.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with LYEL
LYEL-27.7%94.3%-0.27-
Sector ETF (XLV)9.4%16.6%0.4625.4%
Equity (SPY)15.3%18.0%0.7328.3%
Gold (GLD)12.3%16.1%0.639.3%
Commodities (DBC)5.9%18.0%0.26-0.0%
Real Estate (VNQ)5.3%20.7%0.2224.7%
Bitcoin (BTCUSD)60.0%66.8%1.0017.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date5292026
Short Interest: Shares Quantity1.4 Mil
Short Interest: % Change Since 51520261.0%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest16.2 days
Basic Shares Quantity21.9 Mil
Short % of Basic Shares6.2%

Earnings Returns History

Updated 6/15/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/6/2026-3.8%-7.7%-42.6%
3/12/2026-14.2%-16.2%0.1%
11/12/2025-1.2%-2.3%83.8%
8/12/20252.5%2.5%25.8%
5/13/2025-3.6%4.3%20.4%
3/11/20250.9%-27.3%-33.7%
11/7/20240.0%-9.8%-26.2%
8/7/20246.4%-14.9%-17.0%
...
SUMMARY STATS   
# Positive11610
# Negative8139
Median Positive3.7%4.2%10.6%
Median Negative-3.7%-9.8%-21.5%
Max Positive11.6%8.1%83.8%
Max Negative-18.6%-27.3%-42.6%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/6/2026-3.8%-7.7%-42.6%
3/12/2026-14.2%-16.2%0.1%
11/12/2025-1.2%-2.3%83.8%
8/12/20252.5%2.5%25.8%
5/13/2025-3.6%4.3%20.4%
3/11/20250.9%-27.3%-33.7%
11/7/20240.0%-9.8%-26.2%
8/7/20246.4%-14.9%-17.0%
5/6/20247.6%4.2%5.5%
2/28/20242.8%-7.0%-21.5%
11/7/20234.4%-15.6%-13.8%
8/8/2023-0.4%-4.6%-18.3%
5/4/20232.5%4.1%41.3%
2/28/202311.6%-2.8%8.8%
11/8/2022-18.6%-16.1%-29.0%
8/4/20229.3%8.1%3.5%
5/10/2022-11.0%-20.8%3.1%
11/12/2021-1.1%-8.7%-13.1%
8/12/20213.7%1.8%12.4%
SUMMARY STATS   
# Positive11610
# Negative8139
Median Positive3.7%4.2%10.6%
Median Negative-3.7%-9.8%-21.5%
Max Positive11.6%8.1%83.8%
Max Negative-18.6%-27.3%-42.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/06/202610-Q
12/31/202503/12/202610-K
09/30/202511/12/202510-Q
06/30/202508/12/202510-Q
03/31/202505/13/202510-Q
12/31/202403/11/202510-K
09/30/202411/07/202410-Q
06/30/202408/07/202410-Q
03/31/202405/06/202410-Q
12/31/202302/28/202410-K
09/30/202311/07/202310-Q
06/30/202308/08/202310-Q
03/31/202305/04/202310-Q
12/31/202202/28/202310-K
09/30/202211/08/202210-Q
06/30/202208/04/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/06/202610-Q
12/31/202503/12/202610-K
09/30/202511/12/202510-Q
06/30/202508/12/202510-Q
03/31/202505/13/202510-Q
12/31/202403/11/202510-K
09/30/202411/07/202410-Q
06/30/202408/07/202410-Q
03/31/202405/06/202410-Q
12/31/202302/28/202410-K
09/30/202311/07/202310-Q
06/30/202308/08/202310-Q
03/31/202305/04/202310-Q
12/31/202202/28/202310-K
09/30/202211/08/202210-Q
06/30/202208/04/202210-Q
03/31/202205/10/202210-Q
12/31/202103/29/202210-K
09/30/202111/12/202110-Q
06/30/202108/12/202110-Q
03/31/202106/18/2021424B4

Recent Forward Guidance

Updated 6/1/2026

Latest: Q1 2026 Earnings Reported 5/6/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q3 2027 Cash Runway     RaisedGuidance: 0 for Q2 2027

Prior: Q4 2025 Earnings Reported 3/12/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2027 Cash Runway 2,027    

Insider Activity

Updated 6/18/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Seely, LynnPresident and CEODirectSell615202618.913887,3371,397,033Form
2Lee, Gary KChief Scientific OfficerDirectSell615202618.921302,460336,927Form
3Hill, Stephen JChief Operating OfficerDirectSell615202618.92891,684338,554Form
4Bulis, Veronica SanchezVP, Corporate ControllerDirectSell615202618.912174,103291,592Form
5Shook, DavidChief Medical OfficerDirectSell611202612.641,97724,989264,467Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Seely, LynnPresident and CEODirectSell615202618.913887,3371,397,033Form
2Lee, Gary KChief Scientific OfficerDirectSell615202618.921302,460336,927Form
3Hill, Stephen JChief Operating OfficerDirectSell615202618.92891,684338,554Form
4Bulis, Veronica SanchezVP, Corporate ControllerDirectSell615202618.912174,103291,592Form
5Shook, DavidChief Medical OfficerDirectSell611202612.641,97724,989264,467Form
6Arch, Venture Partners Ix, Llc See footnoteBuy309202625.61488,09012,499,98536,533,382Form
7Arch, Venture Fund Xiii, LP See footnoteBuy309202625.61488,09012,499,98536,533,382Form
8Lee, Gary KChief Scientific OfficerDirectSell211202623.121473,399430,240Form
9Hill, Stephen JChief Operating OfficerDirectSell211202623.121092,520439,997Form
10Seely, LynnPresident and CEODirectSell211202623.1243810,1271,889,390Form
11Bulis, Veronica SanchezVP, Corporate ControllerDirectSell211202623.122545,872361,527Form
12Bulis, Veronica SanchezVP, Corporate ControllerDirectSell106202632.3293630,252230,797Form
13Bulis, Veronica SanchezVP, Corporate ControllerDirectSell106202638.671,13643,929312,338Form
14Seely, LynnPresident and CEODirectSell1112202516.114126,6371,081,931Form
15Bulis, Veronica SanchezVP, Corporate ControllerDirectSell1112202516.102393,848148,329Form
16Lee, Gary KChief Scientific OfficerDirectSell1112202516.161382,230248,315Form
17Hill, Stephen JChief Operating OfficerDirectSell1112202516.12951,531253,890Form
18Seely, LynnPresident and CEODirectSell822202510.547,25776,518712,469Form
19Hill, Stephen JChief Operating OfficerDirectSell822202510.541,00410,586167,070Form
20Newton, Charles WChief Financial OfficerDirectSell822202510.541,45315,320161,386Form
21Lee, Gary KChief Scientific OfficerDirectSell822202510.541,45315,320163,474Form
22Seely, LynnPresident and CEODirectSell813202510.344064,197360,052Form
23Hill, Stephen JChief Operating OfficerDirectSell813202510.349497291,481Form
24Lee, Gary KChief Scientific OfficerDirectSell813202510.341361,40692,597Form
25Newton, Charles WChief Financial OfficerDirectSell813202510.341361,40690,551Form
26Seely, LynnPresident and CEODirectSell813202510.533914,116370,873Form
27Hill, Stephen JChief Operating OfficerDirectSell813202510.539195894,134Form
28Lee, Gary KChief Scientific OfficerDirectSell813202510.531311,37995,713Form
29Newton, Charles WChief Financial OfficerDirectSell813202510.531311,37993,629Form
Core Cache Last Updated: 6/21/2026