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Lyell Lyell Immunopharma Reports Third Quarter 2021 Financial Results and Business Highlights November 12 , 2021 • Cash and investments of $ 936.4 million as of September 30 , 2021 supports advancing multi - modality cell therapy pipeline SOUTH SAN FRANCISCO , Calif . , Nov. 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 third quarter 2021 financial results and provided business highlights . " We continue to advance our multi - modality pipeline and remain on track to submit four INDS by the end of 2022 and are expanding our organizational capabilities across research , development and manufacturing to support our pipeline . " said Liz Homans , Chief Executive Officer of Lyell . “ Our team is preparing to initiate multiple clinical trials incorporating our two platforms that enable T cells to overcome exhaustion and maintain durable stemness in the solid tumor microenvironment , and we look forward to elucidating the potential clinical benefits of these technologies . " Third Quarter 2021 Financial Results GAAP and Non - GAAP Operating Results • Research and Development ( R & D ) Expenses were $ 31.4 million for the three months ended September 30 , 2021 , compared to $ 24.5 million for the same period in 2020. The increase in R & D expense on a GAAP basis was primarily due to increases in facilities and technology costs and personnel - related expenses , partially offset by a decrease in success payments expenses . Non - GAAP R & D expenses , which exclude non - cash stock - based compensation and non - cash expenses related to the change in the estimated fair value of success payment liabilities , for the third quarter ended September 30 , 2021 were $ 28.7 million , compared to $ 21.3 million for the same period in 2020 . • General and Administrative ( G & A ) Expenses were $ 21.2 million for the three months ended September 30 , 2021 , compared to $ 13.6 million for the same period in 2020. The increase in G & A expense on a GAAP basis was primarily due to an increase in personnel - related expenses , including stock - based compensation expense . Non - GAAP G & A expenses , which exclude non - cash stock - based compensation , for the third quarter ended September 30 , 2021 were $ 10.9 million , compared to $ 5.8 million for the same period in 2020 . • Net loss was $ 48.9 million for the three months ended September 30 , 2021 , compared to $ 35.7 million for the same period in 2020. Non - GAAP net loss , which excludes non - cash stock - based compensation and non - cash expenses related to the change in the estimated fair value of success payment liabilities , was $ 35.7 million for the third quarter ended September 2021 , compared to $ 24.7 million for the same period in 2020 . A discussion of these non - GAAP financial measures , including reconciliations of GAAP to non - GAAP financial measures , is presented below under " Non - GAAP Financial Measures . " Cash , cash equivalents and marketable securities Cash , cash equivalents and marketable securities as of September 30 , 2021 were $ 936.4 million , compared to $ 692.6 million as of December 31 , 2020 , an increase of $ 243.8 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 . About Lyell Immunopharma , Inc. Lyell is a T cell reprogramming company dedicated to the mastery of T cells to cure patients with solid tumors . The Company focuses on addressing what it believes are the primary barriers that limit consistent , reliable and curative responses to adoptive T cell therapy : T cell exhaustion and lack of durable stemness , which includes proliferative capacity , ability to self - renew and ability to differentiate and eliminate solid tumors . Lyell is applying its proprietary ex vivo genetic and epigenetic reprogramming technology platforms , Gen - R and Epi - R , to address these barriers in order to develop new medicines with improved , durable and potentially curative clinical outcomes . Lyell is based in South San Francisco , California and Seattle and Bothell , Washington . To learn more , please visit www.lyell.com . Forward Looking Statements This press release contains forward - looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward - looking statements expressed or implied in this press release include , but are not limited to , statements regarding : Lyell's anticipated progress , business