--- title: "Lyell Immunopharma | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 2 K" type: "News" locale: "en" url: "https://longbridge.com/en/news/285432579.md" datetime: "2026-05-06T20:26:04.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285432579.md) - [en](https://longbridge.com/en/news/285432579.md) - [zh-HK](https://longbridge.com/zh-HK/news/285432579.md) --- # Lyell Immunopharma | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 2 K Revenue: As of FY2026 Q1, the actual value is USD 2 K, missing the estimate of USD 4.4 K. EPS: As of FY2026 Q1, the actual value is USD -1.1, beating the estimate of USD -2.364. EBIT: As of FY2026 Q1, the actual value is USD -46.46 M. Lyell Immunopharma, Inc. operates as a single reportable segment, with financial information reviewed on a consolidated basis by its Chief Operating Decision Maker (CODM). #### Revenue Revenue was $2 thousand for the three months ended March 31, 2026, a decrease from $7 thousand for the three months ended March 31, 2025. Lyell Immunopharma, Inc. has not generated revenue from product sales as it has no approved products. #### Operating Expenses Total operating expenses were $44,263 thousand for the three months ended March 31, 2026, a decrease of $13,111 thousand from $57,374 thousand for the three months ended March 31, 2025. **Research and Development (R&D) Expenses**: R&D expenses decreased by $6,843 thousand, from $43,447 thousand in 2025 to $36,604 thousand in 2026. This reduction was primarily due to a -$7,537 thousand decrease in personnel-related expenses and a -$2,714 thousand reduction in facilities, technology, and depreciation expenses, partially offset by a $3,408 thousand increase in research activities, collaborations, and outside services. **General and Administrative (G&A) Expenses**: G&A expenses decreased by $4,491 thousand, from $14,046 thousand in 2025 to $9,555 thousand in 2026, mainly due to a -$4,000 thousand decrease in personnel costs, including a -$1,500 thousand decrease in stock-based compensation expense. **Other Operating Income, Net**: Other operating income, net increased to $1,896 thousand for the three months ended March 31, 2026, from - $119 thousand for the same period in 2025, primarily due to increased sublease income and reduced losses on property and equipment disposals. #### Net Loss Net loss improved to - $24,153 thousand for the three months ended March 31, 2026, compared to - $52,195 thousand for the three months ended March 31, 2025, representing a decrease in net loss of $28,042 thousand. #### Interest Income, Net Interest income, net decreased by $1,668 thousand, from $3,862 thousand in 2025 to $2,194 thousand in 2026, driven by decreased interest rates and lower cash equivalent and marketable securities balances. #### Other Income, Net Other income, net significantly increased to $17,914 thousand for the three months ended March 31, 2026, from $1,310 thousand for the same period in 2025, primarily due to a $17,600 thousand gain from the change in the fair value of the Securities Purchase Agreement (SPA) put/call asset. #### Cash Flows - **Net Cash Used in Operating Activities**: - $38,510 thousand for the three months ended March 31, 2026, compared to - $54,738 thousand for the three months ended March 31, 2025. - **Net Cash Provided by Investing Activities**: $17,378 thousand for the three months ended March 31, 2026, compared to $69,466 thousand for the three months ended March 31, 2025. - **Net Cash Provided by Financing Activities**: $51,722 thousand for the three months ended March 31, 2026, compared to $1 thousand for the three months ended March 31, 2025. - **Net Increase in Cash, Cash Equivalents and Restricted Cash**: $30,590 thousand for the three months ended March 31, 2026, compared to $14,729 thousand for the three months ended March 31, 2025. #### Balance Sheet Highlights - **Cash, Cash Equivalents and Marketable Securities**: $261,000 thousand as of March 31, 2026, excluding restricted cash. - **Total Assets**: $350,626 thousand as of March 31, 2026, up from $340,052 thousand as of December 31, 2025. - **Total Liabilities**: $76,961 thousand as of March 31, 2026, down from $91,850 thousand as of December 31, 2025. - **Total Stockholders’ Equity**: $273,665 thousand as of March 31, 2026, up from $248,202 thousand as of December 31, 2025. - **Accumulated Deficit**: - $1,643,707 thousand as of March 31, 2026. #### Future Outlook and Strategy Lyell Immunopharma, Inc. anticipates continued significant operating losses due to ongoing R&D, clinical trials, and manufacturing expansion efforts. The company projects its current cash, cash equivalents, and marketable securities will fund operations for at least the next 12 months. 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