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Lyell Lyell Immunopharma Reports Second Quarter 2021 Financial Results and Business Highlights August 12 , 2021 • Achieved operational readiness of state - of - the - art LyFE manufacturing facility to support multiple clinical trials • Cash , cash equivalents and marketable securities of $ 974.8 million as of June 30 , 2021 includes $ 391.8 million in net proceeds from initial public offering SOUTH SAN FRANCISCO , Calif . , Aug. 12 , 2021 ( GLOBE NEWSWIRE ) -- Lyell Immunopharma , Inc. ( Lyell ) , ( Nasdaq : LYEL ) , a T cell reprogramming company dedicated to the mastery of T cells to cure patients with solid tumors , today reported financial results for the second quarter and first six months of 2021 and provided business highlights . " Lyell is steadily progressing our two T cell reprogramming platforms , Gen - R and Epi - R , to address what we believe are the primary barriers that limit consistent , reliable and curative responses to cell therapy in solid tumors , " said Liz Homans , Chief Executive Officer of Lyell . " Over the past six months we have expanded our development and executive teams and achieved important operational advances that keep us on track to submit four INDs and begin generating clinical data in 2022. With the completion of our initial public offering in June , we have a strong capital position to execute our vision of curing patients with solid tumors . " Recent Business Highlights • Achieved operational readiness of state - of - the - art manufacturing capabilities to produce cell products for multiple upcoming planned clinical trials . The LyFE Manufacturing Center integrates innovations that enable real - time monitoring and analysis of data and insights into the manufacturing processes . LyFE is operational and the Company has successfully completed engineering runs at scale to supply product for its upcoming planned clinical trials . • Expanded Board of Directors with industry and medical leaders Otis Brawley , M.D. , Elizabeth Nabel , M.D. and Lynn Seely , M.D. Dr. Brawley is a Bloomberg Distinguished Professor of Oncology and Epidemiology at Johns Hopkins University and is a member of the board of directors of PDS Biotechnology Corporation . He was formerly the Chief Medical and Scientific Officer of American Cancer Society and director of the Georgia Cancer Center at Grady Memorial Hospital . Dr. Nabel is Executive Vice President for Strategy at Modex Therapeutics and a member of the board of directors of Moderna , Inc. , Medtronic , and Accolade . She is the former President of Brigham Health , which includes Brigham and Women's Hospital , Brigham and Women's Faulkner Hospital , and the Brigham and Women's Physician Organization . Dr. Nabel was also a Professor of Medicine at Harvard Medical School . Dr. Seely is a member of the board of directors of Blueprint Medicines , Corp. She previously served as President , Chief Executive Officer and member of the board of directors of Myovant Sciences and Senior Vice President and Chief Medical Officer of Medivation . • Further strengthened its balance sheet with net proceeds of $ 391.8 million from the sale of 25 million shares of common stock in the Company's initial public offering , bringing cash , cash equivalents and marketable securities to $ 974.8 million as of June 30 , 2021 . Second Quarter and First Six Months of 2021 Financial Results GAAP Results • Cash Position : Cash , cash equivalents and marketable securities were $ 974.8 million as of June 30 , 2021 , compared to $ 692.6 million as of December 31 , 2020 , an increase of $ 282.2 million . Lyell successfully completed its initial public offering in June 2021 in which it issued 25 million shares of common stock , at a price of $ 17.00 per share , for net proceeds of $ 391.8 million , after deducting underwriting discounts and commissions and offering expenses . • Research and Development ( R & D ) Expenses : R & D expenses , were $ 46.4 million and $ 88.0 million for the three and six months ended June 30 , 2021 , respectively , as compared to $ 97.2 million and $ 122.7 million for the three and six months ended June 30 , 2020 , respectively . The decrease in R & D expense for the three and six months ended June 30 , 2021 ,