Executive Summary

Q3 2025 net loss improved to $(38.8)M and diluted EPS of $(2.13), beating S&P Global consensus EPS of $(2.64); revenue was $15K versus consensus of $0, a small but positive surprise. Bold beats below. Values retrieved from S&P Global.*
Operating discipline drove a YoY reduction in R&D ($28.2M vs $39.5M) and modest G&A decline ($10.7M vs $11.8M), partly offset by a $(4.0)M loss on the SPA put/call asset tied to stock price moves.
Strategic momentum: acquired exclusive global rights to LYL273 (GCC CAR-T) with 67% ORR at highest dose; ronde‑cel (LYL314) received RMAT in 2L LBCL and PiNACLE–H2H Phase 3 is initiating sites ahead of first patient early 2026.
Liquidity remained strong with ~$320M cash, cash equivalents and marketable securities; cash runway into 2027 reaffirmed and 2025 net cash use guidance lowered to $155–$160M (ex-$40M upfront), a positive funding signal.

What Went Well and What Went Wrong

R&D efficiency: R&D fell $11.3M YoY on lower external R&D and headcount; “The decrease… was primarily due to… reduction in costs associated with… supplies… collaboration… and a decrease in personnel‑related expenses.”
Regulatory/designation wins: RMAT designation for ronde‑cel in 2L LBCL, complementing 3L+ RMAT/Fast Track, enabling increased FDA interactions.
Strategic asset acquisition: LYL273 license adds a solid tumor pipeline with dose-dependent activity (67% ORR at Dose Level 2) and Fast Track status; “We believe LYL273 has the potential to be a transformational advance in the treatment of colorectal cancer.”

Other income headwind: $(4.0)M loss recognized on the SPA put/call asset as a function of stock price changes, reducing the improvement in net loss.
Interest income down: Lower rates and balances reduced interest income to $3.3M from $6.0M YoY, creating a drag below the operating line.
Minimal revenue: Q3 revenue was $15K (vs $34K YoY), underscoring no commercial products yet and reliance on financing/partnerships.

Metric	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Revenue ($USD Thousands)	$34	$7	$8	$15
Diluted EPS ($USD)	$(3.48)	$(3.54)*	$(2.89)	$(2.13)
Net Income ($USD Thousands)	$(44,583)	$(52,195)	$(42,684)	$(38,846)

Values with an asterisk retrieved from S&P Global.*

Operating Expenses ($USD Thousands)	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Research & Development	$39,500	$43,447	$34,857	$28,172
General & Administrative	$11,769	$14,046	$9,786	$10,687
Other Operating (Income)/Loss	$(730)	$(119)	$1,062	$(1,591)

KPIs	Mar 31, 2025	Jun 30, 2025	Sep 30, 2025
Cash, Cash Equivalents & Marketable Securities ($USD Thousands)	$330,126	$296,849	$319,624
Cash From Operations (YTD, $USD Thousands)	$(54,738)	$(89,196)	$(117,773)

Note: Company reports one segment.

Metric	Period	Previous Guidance	Current Guidance	Change
Net Cash Use (ex-$40M upfront)	FY 2025	$175–$185M	$155–$160M	Lowered
Cash Runway	Through	Into mid-2027	Into 2027 (post LYL273 upfront)	Maintained/clarified
PiNACLE – H2H (2L LBCL)	Trial start	NA	First patient by early 2026	New timing detail
PiNACLE (3L+ LBCL)	Data/use	Progress update late 2025; basis for BLA in 2027	Reaffirmed	Maintained
ASH Presentations	Dec 2025	NA	Two oral presentations accepted	New event
LYL273 Phase 1 Update	1H 2026	NA	Next data update 1H 2026	New event

(No Q3 2025 transcript found.) Trends compiled from filings/press releases.

Topic	Previous Mentions (Q2 2025)	Previous Mentions (Q1 2025)	Current Period (Q3 2025)	Trend
Manufacturing/LyFE capacity	LyFE manufacturing ongoing; >1,200 doses capacity; West Hills closure impairment	LyFE technology transfer complete; West Hills workforce reduction	LyFE supports pivotal trials and potential commercial launch	Strengthening, scale maintained
Regulatory designations	RMAT/Fast Track in 3L+ LBCL	RMAT in 3L+ LBCL	RMAT added for 2L LBCL	Positive progression
R&D execution (ronde‑cel)	PiNACLE underway; Phase 3 H2H by early 2026	Pivotal trials planned mid‑2025/early‑2026	Site initiation for H2H; ASH orals accepted	Advancing to pivotal
Solid tumor pipeline	Preclinical “fully‑armed” CAR T; IND in 2026	Preclinical tech stack; IND in 2026	LYL273 license; Fast Track; strong early ORR	Major expansion
Macro/interest income	Interest income down on rates/balances	Interest income down	Interest income $3.3M vs $6.0M YoY	Ongoing headwind

“Lyell is well positioned with two next-generation CAR T-cell product candidates, each with promising clinical data… focused on rapidly advancing the pivotal development of ronde‑cel through two pivotal programs.” — Lynn Seely, MD, President & CEO
“We believe LYL273 has the potential to be a transformational advance in the treatment of colorectal cancer, an area of tremendous unmet need.” — Lynn Seely, MD
CMO perspective on science: “CD62L-positive cell enrichment achieves greater memory phenotype expression and in vivo cell expansion compared to published data from FDA-approved CAR T-cell therapies for LBCL.” — David Shook, MD

No Q3 2025 earnings call transcript was available; key clarifications emerged via press releases:

Timing: First patient in PiNACLE–H2H expected by early 2026; ASH oral presentations scheduled for December.
Cash runway and burn: Runway into 2027 reaffirmed; 2025 net cash use guidance lowered to $155–$160M (ex-$40M upfront for LYL273).
LYL273 safety management: Optimized diarrhea management protocol implemented; no Grade ≥3 diarrhea in last three patients at Dose Level 2.

Consensus EPS (S&P Global) for Q3 2025: $(2.6425) vs actual $(2.13) — bold beat. Values retrieved from S&P Global.*
Consensus revenue (S&P Global) for Q3 2025: $0 vs actual $15K — bold beat on non-zero revenue. Values retrieved from S&P Global.*

EPS and revenue beats reflect disciplined opex: R&D down $11.3M YoY and G&A down $1.1M YoY; despite a $(4.0)M SPA put/call loss, overall loss narrowed. Potential near-term sentiment positive.
Clinical/regulatory momentum is strong: RMAT in 2L LBCL and PiNACLE–H2H site initiation underpin a clear path to pivotal outcomes; ASH December presentations are a near-term catalyst.
Portfolio expansion to solid tumors via LYL273 adds optionality and value; early U.S. Phase 1 data show compelling ORR/DCR with manageable safety and Fast Track designation, next update 1H 2026.
Liquidity and burn guidance de-risk funding: ~$320M cash and lowered 2025 net cash use support operations into 2027 without immediate financing pressure.
Trading focus: Watch ASH data (Dec 2025) and PiNACLE–H2H initiation milestones; any updates on SPA put/call mechanics or equity financing terms could affect non-operating items and sentiment.
Risk monitor: Interest income headwinds, non-cash SPA mark-to-model volatility, and minimal revenue until approvals; execution in pivotal programs remains the key value driver.
Medium-term thesis: Dual-targeting CAR T strategy (CD19/CD20) and CD62L enrichment aim to improve complete response rates and durability vs CD19-only therapies; if pivotal data confirm, 2027 BLA target is credible.

Bold beats/misses:

All other quantitative data are cited in tables above from company filings and press releases.