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Lyell Immunopharma Inc. (LYEL-2.30%) has filed its 10-K filing for the fiscal year ended December 31, 2024.
The company reported a net loss of $342,994,000 for the year, compared to a net loss of $234,632,000 in the previous year. The increase in net loss is attributed to higher operating expenses, including research and development and general administrative costs.
Research and development expenses were $171,603,000, a decrease from $182,945,000 in the previous year. This decrease was primarily due to lower personnel-related expenses following a reduction in workforce.
General and administrative expenses decreased to $52,041,000 from $66,983,000, mainly due to a reduction in personnel costs, including stock-based compensation.
The company recognized $87,184,000 in acquired in-process research and development expenses related to the acquisition of ImmPACT Bio USA Inc., and $51,297,000 in impairment of long-lived assets.
Interest income, net, increased slightly to $24,068,000 from $23,453,000, driven by higher interest rates.
Lyell Immunopharma reported $13,001,000 in impairment of other investments, reflecting a full impairment of one of its investments.
As of December 31, 2024, the company had $383,541,000 in cash, cash equivalents, and marketable securities, a decrease from $562,729,000 as of December 31, 2023.
Lyell expects to incur additional losses in the foreseeable future as it continues research and development efforts, including clinical trials and integration of ImmPACT into its business.
The company anticipates that its existing cash resources will be sufficient to meet its working capital and capital expenditure needs for at least the next 12 months.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lyell Immunopharma Inc. annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.