Revenue: As of FY2025, the actual value is USD 36 K, missing the estimate of USD 36.2 K.EPS: As of FY2025, the actual value is USD -16.06, missing the estimate of USD -10.53.EBIT: As of FY2025, the actual value is USD -282.48 M.<h3>Segment Revenue</h3>Lyell Immunopharma, Inc. has no products approved for sale and has never generated revenue from product sales. Total revenue was $36 thousand for 2025, $61 thousand for 2024, and $130 thousand for 2023 .<h3>Operational Metrics</h3><ul><li>Net Loss: Lyell Immunopharma, Inc. reported a net loss of - $274,448 thousand in 2025, an improvement from - $342,994 thousand in 2024, but higher than - $234,632 thousand in 2023 .</li><li>Loss from Operations: The company’s loss from operations was - $269,404 thousand in 2025, compared to - $358,755 thousand in 2024 and - $247,008 thousand in 2023 .</li><li>Total Operating Expenses: Total operating expenses were $269,440 thousand in 2025, decreasing from $358,816 thousand in 2024, which was an increase from $247,138 thousand in 2023 .</li><li>Research and Development (R&amp;D) Expenses: R&amp;D expenses decreased to $158,675 thousand in 2025 from $171,603 thousand in 2024, primarily due to a $12.3 million reduction in personnel-related expenses (including a - $5.5 million decrease in employee stock compensation) and a $9.2 million reduction in facilities, technology, and depreciation, partially offset by an $8.6 million increase in research activities, collaborations, outside services, and other expenses . R&amp;D expenses in 2024 were $171,603 thousand, down from $182,945 thousand in 2023 .</li><li>General and Administrative (G&amp;A) Expenses: G&amp;A expenses decreased to $45,135 thousand in 2025 from $52,041 thousand in 2024, mainly due to a $5.7 million reduction in personnel costs (including a - $5.5 million decrease in stock-based compensation) and decreases in outside service expenses . G&amp;A expenses in 2024 were $52,041 thousand, down from $66,983 thousand in 2023 .</li><li>Other Operating Income, Net: This was - $2,145 thousand in 2025, - $3,309 thousand in 2024, and - $2,790 thousand in 2023, with the 2025 decrease compared to 2024 primarily due to increased losses on property and equipment disposals .</li><li>Acquired In-Process Research and Development (IPR&amp;D): Acquired IPR&amp;D expense was $66,332 thousand in 2025, primarily from the LYL273 license acquisition, and $87,184 thousand in 2024 from the ImmPACT acquisition, with no such expense in 2023 .</li><li>Impairment of Long-Lived Assets: Impairment expense was $1,443 thousand in 2025, related to the West Hills, Los Angeles lease asset closure, and $51,297 thousand in 2024, with no impairment recorded in 2023 .</li><li>Interest Income, Net: Interest income was $13,080 thousand in 2025, decreasing from $24,068 thousand in 2024, primarily due to decreased interest rates and lower cash equivalent and marketable securities balances . Interest income in 2024 was $24,068 thousand, up from $23,453 thousand in 2023 .</li><li>Other (Expense) Income, Net: This was - $18,124 thousand in 2025, compared to $4,694 thousand in 2024 and $1,846 thousand in 2023, with the 2025 change primarily driven by a - $19.2 million loss from the change in fair value of the SPA put/call liability .</li><li>Impairment of Other Investments: No impairment was recorded in 2025, compared to - $13,001 thousand in 2024 and - $12,923 thousand in 2023 .</li></ul><h3>Cash Flow</h3><ul><li>Net Cash Used in Operating Activities: - $150,024 thousand in 2025, - $162,394 thousand in 2024, and - $163,694 thousand in 2023 .</li><li>Net Cash Provided by Investing Activities: $54,097 thousand in 2025, $122,424 thousand in 2024, and $184,048 thousand in 2023 .</li><li>Net Cash Provided by Financing Activities: $50,406 thousand in 2025, $1,326 thousand in 2024, and $1,743 thousand in 2023 .</li></ul><h3>Unique Metrics</h3><ul><li>Accumulated Deficit: Lyell Immunopharma, Inc. had an accumulated deficit of $1.6 billion as of December 31, 2025 .</li><li>Cash, Cash Equivalents and Marketable Securities: As of December 31, 2025, Lyell Immunopharma, Inc. had $247.2 million in cash, cash equivalents and marketable securities, excluding restricted cash .</li></ul><h3>Outlook / Guidance</h3>Lyell Immunopharma, Inc. expects its current cash, cash equivalents, and marketable securities to fund operations into the second quarter of 2027 . The company anticipates needing to raise additional capital in the future to support further development and potential commercialization of product candidates . Future capital requirements are contingent on various factors, including the scope and costs of R&amp;D, clinical trials, regulatory review, manufacturing, and commercialization activities .

Lyell Immunopharma | 10-K: FY2025 Revenue Misses Estimate at USD 36 K