# Lyell Immunopharma, Inc. (LYEL)

> Source: Nexqual · https://nexqual.com/LYEL · data as of 2026-11-09 21:00 UTC · cite as "Nexqual, Lyell Immunopharma, Inc. (LYEL), nexqual.com/LYEL" · informational, not investment advice.

**Price:** USD 15.42 (+3.77% on the day) · last close of Nov 9, 2026; US market pre market, not a live price. Prev close 14.86 · day 14.76–17.12 · 52w 7.2–45 · market cap $379M · NMS

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $15K, net income -$255M (-1701066.7% margin), free cash flow -$140M (SEC filings).
- Analysts: Buy (mean 2.13 on a 1–5 scale) (8 analysts), mean target USD 38.38 (range 12–49).
- Total return with dividends: 1Y -12.8% vs S&P 500 +11.7%; 5Y -93.2% vs S&P 500 +72.2%.
- Latest earnings report: 2026-11-04 (next date not yet announced).
- Dividend: LYEL paid no cash dividend in the last five years.
- Short interest: 6.64% of float (as of 2026-10-15), 7.9 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $10.7M | $84.7M | $130K | $61K | $36K | $15K |
| Operating income | -$215M | -$187M | -$247M | -$359M | -$269M | -$268M |
| Net income | -$250M | -$183M | -$235M | -$343M | -$274M | -$255M |
| EPS (diluted) | -$36.80 | -$14.80 | -$18.70 | -$26.23 | -$16.06 | — |
| Free cash flow | -$192M | -$194M | -$166M | -$163M | -$151M | -$140M |
| Operating margin | -2016.7% | -220.9% | -190006.2% | -588123.0% | -748344.4% | -1783580.0% |
| Net margin | -2349.5% | -216.2% | -180486.2% | -562285.2% | -762355.6% | -1701066.7% |
| Revenue growth | +37.3% | +695.1% | -99.8% | -53.1% | -41.0% | — |
| Cash + short-term investments | $615M | $640M | $546M | $371M | $247M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/S 25274.0x · P/B 2.0x · FCF yield -36.92% · Earnings yield -67.31%

## Analysts
Consensus Buy (mean 2.13 on a 1–5 scale), 8 analysts; mean target USD 38.38 (low 12, high 49).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-11-03 | Needham | Reiterated | Buy | $44 |
| 2026-09-11 | Needham | Reiterated | Buy | $44 |
| 2026-08-06 | Stifel | Initiated | Buy | $36 |
| 2026-07-22 | B. Riley Securities | Initiated | Buy | $44 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-11-10) | 5Y (from 2021-11-08) |
|---|---|---|
| Total return | -12.8% | -93.2% |
| S&P 500 (SPY) | +11.7% | +72.2% |
| Per year | -12.8% | -41.6% |
| Volatility (annualized) | 87.7% | 90.6% |
| Max drawdown | -80.5% (Dec 2025→Oct 2026) | -96.5% (Nov 2021→May 2025) |

## Dividends
LYEL paid no cash dividend in the last five years.

## Short interest
1,398,232 shares sold short, 6.64% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 1,187,902 shares (+17.7%). Days to cover: 7.9 (short shares ÷ average daily volume).

## Peers (Biotechnology)
CGON (CG Oncology, Inc.) USD 74.74 -1.64% · ARWR (Arrowhead Pharmaceuticals, Inc.) USD 49.24 -15.34% · ORKA (Oruka Therapeutics, Inc.) USD 104.56 +1.65% · AXSM (Axsome Therapeutics, Inc.) USD 133.96 +1.20% · IMVT (Immunovant, Inc.) USD 35.15 +15.13% · CAI (Caris Life Sciences, Inc.) USD 25.57 +1.35%

## More
Full page: https://nexqual.com/LYEL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Company outlook (8-K filed 2026-11-04)

- "With two pivotal trials underway, including our single-arm pivotal PiNACLE trial expected to complete enrollment by year end and on track for pivotal data and BLA submission in the second half of 2027, we are now focusing on preparation for commercialization."
- "Pivotal data are expected in mid-2027 with submission of a Biologics License Application (BLA) to the FDA expected to follow in the second half of 2027."
- "The proceeds are expected to extend cash runway into 2028, beyond anticipated BLA submission for ronde-cel in the second half of 2027, as well as updated clinical data from the GCC-targeted LYL273 program for patients with mCRC."
- "LyFE has commercial launch capability and is expected to have the capacity to manufacture more than 3,000 CAR T-cell doses per year."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $-1.61 | $0.00 | −$1.61 | $0 | 1 |
| Next quarter (ends 2027-03-31) | $-1.82 | $-2.13 | +$0.31 | $5,000 | 5 |
| Current fiscal year (ends 2026-12-31) | $-6.92 | $0.00 | −$6.92 | $6,400 | 1 |
| Next fiscal year (ends 2027-12-31) | $-6.32 | $0.00 | −$6.32 | $0 | 1 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Sep 30, 2026 | −$1.69 | −$1.88 | Beat +10.1% | — |
| — | Quarter ended Jun 30, 2026 | −$1.74 | −$1.79 | Beat +2.8% | — |
| — | Quarter ended Mar 31, 2026 | −$1.10 | −$2.36 | Beat +53.4% | — |
| — | Quarter ended Dec 31, 2025 | −$7.68 | −$2.23 | Miss −244.4% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-11-04 | 10-Q | Quarterly report · period ended Sep 30, 2026 | https://www.sec.gov/Archives/edgar/data/1806952/000162828026070171/0001628280-26-070171-index.htm |
| 2026-11-04 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1806952/000162828026070161/0001628280-26-070161-index.htm |
| 2026-11-04 | 8-K | Unregistered sale of shares | https://www.sec.gov/Archives/edgar/data/1806952/000119312526446317/0001193125-26-446317-index.htm |
| 2026-09-10 | 8-K | Other material event — “On September 10, 2026, Lyell Immunopharma, Inc. (the "Company") issued a press release (the "LYL273 Press Release") regarding the completion of the technology transfer for LYL273 to the Company's LyFE Manufacturing Facility in Bothell, Washington and an updated timeline on the Phase 1/2 trial evaluating LYL273 in metastatic colorectal cancer. LYL273 is the Company's next-generation guanylyl cyclase C (GCC)-targeted CAR T-cell product candidate for the treatment of relapsed/refractory metastatic colorectal cancer…” | https://www.sec.gov/Archives/edgar/data/1806952/000119312526387890/0001193125-26-387890-index.htm |
| 2026-08-14 | Schedule 13G/A | Foresite Capital Fund IV, L.P., Foresite Capital Management IV, LLC: 2.7% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1806952/000110465926097073/0001104659-26-097073-index.htm |
| 2026-08-06 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1806952/000162828026054367/0001628280-26-054367-index.htm |
| 2026-08-06 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1806952/000162828026054330/0001628280-26-054330-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.