Detailed financial statements for Lyell Immunopharma, Inc. (LYEL): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Lyell Immunopharma, Inc., a clinical-stage cell therapy company, develops chimeric antigen receptor (CAR) T-cell product candidates for patients with hematologic malignancies and solid tumors. The company’s lead product candidate include rondecabtagene autoleucel, an autologous dual-targeting CD19/CD20 CAR T-cell therapy in development, which is in pivotal PiNACLE trial in the 3L+ setting and in a Phase 1/2 clinical trial in the 2L setting, as well as a second pivotal trial,...
Analysis Summary
Lyell Immunopharma, Inc. reported revenue of $36000 in the most recent fiscal year, growing at a 5-year CAGR of -65.9%.
Trailing-twelve-month margins: gross margin -85.4%, operating margin -7113.3%, net margin -9202.9%.
At the current price of $10.78, LYEL has negative trailing earnings (P/E not meaningful) and an ROE of -91.62%. Market capitalisation stands at $264M.
Balance sheet quality for LYEL: current ratio of 5.3, net cash position of $196.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $657000 | $7.8M | $10.7M | $84.7M | $130000 | $61000 | $36000 |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 | $11.5M |
| Gross Profit | $657000 | $7.8M | $10.7M | $84.7M | $130000 | $61000 | -$11.5M |
| Research & Development | $63.6M | $182.2M | $138.7M | $159.2M | $182.9M | $171.6M | $158.7M |
| Selling, General & Admin | $39.2M | $46.9M | $89.1M | $117.3M | $67.0M | $52.0M | $45.1M |
| Operating Expenses | $102.7M | $219.7M | $225.4M | $271.7M | $247.1M | $358.8M | $192.3M |
| Operating Income | -$102.1M | -$211.9M | -$214.8M | -$187.1M | -$247.0M | -$358.8M | -$203.8M |
| EBITDA | -$100.8M | -$215.4M | -$236.6M | -$165.1M | -$214.4M | -$200.6M | -$262.9M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$129.4M | -$204.5M | -$250.2M | -$183.1M | -$234.6M | -$343.0M | -$274.4M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$129.4M | -$204.5M | -$250.2M | -$183.1M | -$234.6M | -$343.0M | -$274.4M |
| EPS | $-0.53 | $-0.84 | $-1.03 | $-0.74 | $-0.93 | $-1.31 | $-16.06 |
| EPS (Diluted) | $-0.53 | $-0.84 | $-1.03 | $-0.74 | $-0.93 | $-1.31 | $-16.06 |
| Shares Outstanding (Diluted) | $12.3M | $12.3M | $12.1M | $12.4M | $12.5M | $13.1M | $17.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $15000 | $6000 | $2000 | $4000 |
| Gross Profit | $15000 | $6000 | -$2.3M | $4000 |
| Operating Income | -$37.3M | -$61.3M | -$46.2M | -$47.3M |
| EBITDA | -$36.3M | -$138.3M | -$21.8M | -$42.5M |
| Net Income | -$38.8M | -$140.7M | -$24.2M | -$44.8M |
| EPS | $-2.13 | $-10.86 | $-1.10 | $-1.92 |
| EPS (Diluted) | $-2.13 | $-6.62 | $-1.10 | $-1.92 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $96.7M | $140.4M | $293.8M | $123.6M | $145.6M | $105.6M | $60.2M |
| Short-term Investments | $339.4M | $472.2M | $321.0M | $516.6M | $400.6M | $264.9M | $187.0M |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $440.3M | $617.5M | $626.3M | $651.3M | $554.7M | $379.6M | $260.9M |
| Property, Plant & Equipment | $43.7M | $124.1M | $166.6M | $166.3M | $142.3M | $72.9M | $53.6M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $555.6M | $908.3M | $1.13B | $937.6M | $750.0M | $490.9M | $340.1M |
| Accounts Payable | $2.8M | $9.4M | $3.2M | $3.9M | $4.8M | $5.4M | $2.9M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $22.0M | $49.3M | $46.7M | $37.0M | $34.5M | $53.8M | $49.4M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $147.6M | $189.8M | $197.6M | $104.3M | $95.1M | $108.0M | $91.8M |
| Retained Earnings | -$129.7M | -$334.1M | -$584.4M | -$767.5M | -$1.00B | -$1.35B | -$1.62B |
| Total Equity | $408.1M | $718.4M | $929.8M | $833.3M | $655.0M | $382.8M | $248.2M |
| Total Debt | $27.5M | $54.6M | $67.8M | $67.7M | $63.2M | $59.0M | $51.0M |
| Net Debt | -$408.6M | -$558.0M | -$547.0M | -$572.5M | -$483.1M | -$311.6M | -$196.2M |
| Working Capital | $418.2M | $568.3M | $579.5M | $614.3M | $520.2M | $325.8M | $211.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $123.6M | $60.2M | $90.8M | $73.0M |
| Total Assets | $408.0M | $340.1M | $350.6M | $311.2M |
| Total Liabilities | $78.8M | $91.8M | $77.0M | $77.3M |
| Total Equity | $329.1M | $248.2M | $273.7M | $233.8M |
| Total Debt | $53.1M | $51.0M | $48.9M | $36.9M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Income | -$129.4M | -$204.5M | -$250.2M | -$183.1M | -$234.6M | -$343.0M | -$274.4M |
| Depreciation & Amortization | $1.3M | $4.3M | $13.6M | $16.5M | $20.2M | $19.6M | $11.5M |
| Stock-based Compensation | $15.7M | $33.3M | $62.2M | 0 | $47.1M | $33.1M | $41.8M |
| Change in Working Capital | $110.8M | -$336000 | $4.0M | -$82.0M | $3.4M | -$3.1M | -$9.9M |
| Operating Cash Flow | $39.5M | -$160.9M | -$126.2M | -$169.6M | -$163.7M | -$162.4M | -$150.0M |
| Capital Expenditure | -$16.0M | -$51.5M | -$65.5M | -$24.3M | -$2.7M | -$464000 | -$780000 |
| Acquisitions | 0 | 0 | $673.5M | 0 | 0 | -$31.3M | -$41.2M |
| Stock Repurchased | -$185000 | -$11.8M | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $23.4M | -$212.4M | -$191.8M | -$193.8M | -$166.4M | -$162.9M | -$150.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$28.6M | -$32.3M | -$38.5M | -$33.9M |
| Capital Expenditure | -$62000 | -$304000 | -$89000 | -$256000 |
| Free Cash Flow | -$28.6M | -$32.6M | -$38.6M | -$34.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $5.2M | $25.6M | 0 | $4.5M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +1080.5% | +37.3% | +695.1% | -99.8% | -53.1% | -41.0% | |
| Net Income Growth (YoY) | -58.0% | -22.4% | +26.8% | -28.1% | -46.2% | +20.0% | |
| EPS Growth (YoY) | -59.4% | -22.2% | +28.1% | -26.1% | -40.1% | -1126.0% | |
| Shares Change (YoY) | +0.0% | -1.6% | +1.8% | +1.6% | +4.2% | +30.7% | |
| FCF Growth (YoY) | -1006.5% | +9.7% | -1.1% | +14.2% | +2.1% | +7.4% | |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | -31952.8% |
| Operating Margin | -15538.7% | -2732.6% | -2016.7% | -220.9% | -190006.2% | -588123.0% | -566038.9% |
| EBITDA Margin | -15347.5% | -2777.6% | -2221.5% | -195.0% | -164909.2% | -328923.0% | -730302.8% |
| Net Margin | -19692.1% | -2636.3% | -2349.5% | -216.2% | -180486.2% | -562285.2% | -762355.6% |
| FCF Margin | 3565.8% | -2737.9% | -1800.5% | -228.9% | -127984.6% | -266980.3% | -418900.0% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.90 | $-17.22 | $-15.80 | $-15.69 | $-13.26 | $-12.46 | $-8.82 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $12.3M | $12.3M | $12.1M | $12.4M | $12.5M | $13.1M | $17.1M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -91.62% |
| Return on Invested Capital | -70.80% |
| Return on Assets | -79.86% |
| Gross Margin | -8537.04% |
| Operating Margin | -711329.63% |
| Net Margin | -920285.19% |
Financial Health
| Debt / Equity | 0.16 |
| Current Ratio | 5.36 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -4.46 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| P/E | -638.20 | -400.33 | -150.17 | -93.64 | -41.51 | -9.77 | -1.92 |
| P/B | 10.21 | 5.80 | 2.02 | 1.03 | 0.74 | 0.44 | 2.12 |
| P/S | 6339.02 | 536.97 | 176.41 | 10.12 | 3745.44 | 2743.40 | 14614.51 |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | -31952.8% |
| Operating Margin | -15538.7% | -2732.6% | -2016.7% | -220.9% | -190006.2% | -588123.0% | -566038.9% |
| Net Margin | -19692.1% | -2636.3% | -2349.5% | -216.2% | -180486.2% | -562285.2% | -762355.6% |
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Explore sector: Healthcare · Biotechnology
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