Lyell Immunopharma, Inc. Financials
Lyell Immunopharma, Inc. (LYEL) reported $36K in revenue for fiscal year 2025, down 41.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Lyell still operates as a cash-funded development platform, with almost no revenue support for its operating model.
Across FY2023-FY2025, operating cash burn stayed near-$150M per year while total assets more than halved, which implies the business is spending to keep research programs moving rather than building a larger asset base. With cash below one year of FY2025 operating burn, FY2025 financing cash of$50.4M acted as liquidity support, not optional capital.
The cost structure is scientific rather than physical: FY2025 R&D spending was
Leverage is rising by equity erosion, not by a new debt build: debt-to-equity moved from 0.1x in FY2022 to 0.4x in FY2025 even though no long-term debt is reported, meaning repeated losses are shrinking the capital cushion faster than liabilities are growing.
Financial Health Signals
We are recalculating Lyell Immunopharma, Inc.'s peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
Lyell Immunopharma, Inc. scores -6.05, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($380.6M) relative to total liabilities ($91.8M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Lyell Immunopharma, Inc. passes 1 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
Lyell Immunopharma, Inc. reported a net loss of $274.4M while operations used $150.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Lyell Immunopharma, Inc. generated $36K in revenue in fiscal year 2025. This represents a decrease of 41.0% from the prior year.
Lyell Immunopharma, Inc.'s EBITDA was -$257.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 24.0% from the prior year.
Lyell Immunopharma, Inc. reported -$274.4M in net income in fiscal year 2025. This represents an increase of 20.0% from the prior year.
Lyell Immunopharma, Inc. earned -$16.06 per diluted share (EPS) in fiscal year 2025. This represents an increase of 38.8% from the prior year.
Cash & Balance Sheet
Lyell Immunopharma, Inc. recorded an outflow of $150.8M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 7.4% from the prior year.
Lyell Immunopharma, Inc. held $60.2M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Lyell Immunopharma, Inc.'s ROE was -110.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 21.0 percentage points from the prior year.
Not reported for fiscal year 2025.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Lyell Immunopharma, Inc. invested $158.7M in research and development in fiscal year 2025. This represents a decrease of 7.5% from the prior year.
Lyell Immunopharma, Inc. invested $780K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 68.1% from the prior year.
Not reported for fiscal year 2025.
LYEL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $27K | $36K-41.0% | $61K-53.1% | $130K-99.8% | $84.7M+695.1% | $10.7M+37.3% | $7.8M+1080.5% | $657K |
| R&D Expenses | $156.5M | $158.7M-7.5% | $171.6M-6.2% | $182.9M+14.9% | $159.2M+14.8% | $138.7M-23.9% | $182.2M+186.6% | $63.6M |
| SG&A Expenses | $40.4M | $45.1M-13.3% | $52.0M-22.3% | $67.0M-42.9% | $117.3M+31.7% | $89.1M+90.0% | $46.9M+19.7% | $39.2M |
| Operating Income | -$256.5M | -$269.4M+24.9% | -$358.8M-45.2% | -$247.0M-32.0% | -$187.1M+12.9% | -$214.8M-1.3% | -$211.9M-107.6% | -$102.1M |
| Income Tax | N/A | $0 | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$248.5M | -$274.4M+20.0% | -$343.0M-46.2% | -$234.6M-28.1% | -$183.1M+26.8% | -$250.2M-22.4% | -$204.5M-58.0% | -$129.4M |
| EPS (Diluted) | — | -$16.06+38.8% | -$26.23 | -$18.70 | -$0.74 | -$1.84 | -$15.69 | -$24.04 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
LYEL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Total Assets | $340.1M-30.7% | $490.9M-34.6% | $750.0M-20.0% | $937.6M-16.8% | $1.1B+24.1% | $908.3M | N/A |
| Current Assets | $260.9M-31.3% | $379.6M-31.6% | $554.7M-14.8% | $651.3M+4.0% | $626.3M+1.4% | $617.5M | N/A |
| Cash & Equivalents | $60.2M-43.0% | $105.6M-27.5% | $145.6M+17.9% | $123.6M-58.0% | $293.8M+109.3% | $140.4M+45.2% | $96.7M |
| Total Liabilities | $91.8M-15.0% | $108.0M+13.6% | $95.1M-8.9% | $104.3M-47.2% | $197.6M-83.5% | $1.2B | N/A |
| Current Liabilities | $49.4M-8.1% | $53.8M+55.8% | $34.5M-6.8% | $37.0M-20.8% | $46.7M-5.2% | $49.3M | N/A |
| Total Equity | $248.2M-35.2% | $382.8M-41.5% | $655.0M-21.4% | $833.3M-10.4% | $929.8M+417.8% | -$292.5M-163.3% | -$111.1M |
| Retained Earnings | -$1.6B-20.4% | -$1.3B-34.2% | -$1.0B-30.6% | -$767.5M-31.3% | -$584.4M-74.9% | -$334.1M | N/A |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
LYEL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$133.3M | -$150.0M+7.6% | -$162.4M+0.8% | -$163.7M+3.5% | -$169.6M-34.3% | -$126.2M+21.5% | -$160.9M-507.5% | $39.5M |
| Capital Expenditures | $711K | $780K+68.1% | $464K-82.7% | $2.7M-88.9% | $24.3M-62.9% | $65.5M+27.2% | $51.5M+220.8% | $16.0M |
| Free Cash Flow | -$134.0M | -$150.8M+7.4% | -$162.9M+2.1% | -$166.4M+14.2% | -$193.8M-1.1% | -$191.8M+9.7% | -$212.4M-1006.5% | $23.4M |
| Investing Cash Flow | $5.0M | $54.1M-55.8% | $122.4M-33.5% | $184.0M+1694.9% | -$11.5M+90.5% | -$121.6M+55.6% | -$273.5M+35.3% | -$422.4M |
| Financing Cash Flow | $102.5M | $50.4M+3701.4% | $1.3M-23.9% | $1.7M-83.6% | $10.6M-97.3% | $401.2M-15.8% | $476.8M+35.8% | $351.2M |
| Share Buybacks | N/A | N/A | N/A | N/A | $0 | $0-100.0% | $11.8M+6281.6% | $185K |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
LYEL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Operating Margin | -748344.4% | -588123.0% | -190006.1% | -220.9% | -2016.7% | -2732.6% | -15538.7% |
| Net Margin | -762355.6% | -562285.3% | -180486.1% | -216.2% | -2349.5% | -2636.3% | -19692.1% |
| Return on Equity | -110.6%-21.0pp | -89.6%-53.8pp | -35.8%-13.8pp | -22.0%+4.9pp | -26.9% | N/A | N/A |
| Return on Assets | -80.7%-10.8pp | -69.9%-38.6pp | -31.3%-11.8pp | -19.5%+2.7pp | -22.2%+0.3pp | -22.5% | N/A |
| Current Ratio | 5.28-1.8x | 7.06-9.0x | 16.07-1.5x | 17.59+4.2x | 13.40+0.9x | 12.53 | N/A |
| Debt-to-Equity | 0.37+0.1x | 0.28+0.1x | 0.150.0x | 0.13-0.1x | 0.21 | N/A | N/A |
| FCF Margin | -418900.0% | -266980.3% | -127984.6% | -228.9% | -1800.5% | -2737.9% | 3565.8% |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Lyell Immunopharma, Inc. Ranks
Frequently Asked Questions
What is Lyell Immunopharma, Inc.'s annual revenue?
Lyell Immunopharma, Inc. (LYEL) reported $36K in total revenue for fiscal year 2025. This represents a -41.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Lyell Immunopharma, Inc.'s revenue growing?
Lyell Immunopharma, Inc. (LYEL) revenue declined by 41.0% year-over-year, from $61K to $36K in fiscal year 2025.
Is Lyell Immunopharma, Inc. profitable?
No, Lyell Immunopharma, Inc. (LYEL) reported a net income of -$274.4M in fiscal year 2025.
What is Lyell Immunopharma, Inc.'s EBITDA?
Lyell Immunopharma, Inc. (LYEL) had EBITDA of -$257.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Lyell Immunopharma, Inc.'s return on equity (ROE)?
Lyell Immunopharma, Inc. (LYEL) has a return on equity of -110.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Lyell Immunopharma, Inc.'s free cash flow?
Lyell Immunopharma, Inc. (LYEL) recorded an outflow of $150.8M in free cash flow during fiscal year 2025. This represents a 7.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Lyell Immunopharma, Inc.'s operating cash flow?
Lyell Immunopharma, Inc. (LYEL) recorded an outflow of $150.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Lyell Immunopharma, Inc.'s total assets?
Lyell Immunopharma, Inc. (LYEL) had $340.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Lyell Immunopharma, Inc.'s capital expenditures?
Lyell Immunopharma, Inc. (LYEL) invested $780K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Lyell Immunopharma, Inc. spend on research and development?
Lyell Immunopharma, Inc. (LYEL) invested $158.7M in research and development during fiscal year 2025.
What is Lyell Immunopharma, Inc.'s current ratio?
Lyell Immunopharma, Inc. (LYEL) had a current ratio of 5.28 as of fiscal year 2025, which is generally considered healthy.
What is Lyell Immunopharma, Inc.'s debt-to-equity ratio?
Lyell Immunopharma, Inc. (LYEL) had a debt-to-equity ratio of 0.37 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Lyell Immunopharma, Inc.'s return on assets (ROA)?
Lyell Immunopharma, Inc. (LYEL) had a return on assets of -80.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Lyell Immunopharma, Inc.'s cash runway?
Based on fiscal year 2025 data, Lyell Immunopharma, Inc. (LYEL) had $60.2M in cash against an annual operating cash burn of $150.0M. This gives an estimated cash runway of approximately 5 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Lyell Immunopharma, Inc.'s Altman Z-Score?
Lyell Immunopharma, Inc. (LYEL) has an Altman Z-Score of -6.05, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Lyell Immunopharma, Inc.'s Piotroski F-Score?
Lyell Immunopharma, Inc. (LYEL) has a Piotroski F-Score of 1 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Lyell Immunopharma, Inc.'s earnings high quality?
Lyell Immunopharma, Inc. (LYEL) reported a net loss of $274.4M while operations used $150.0M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.