Lyell Immunopharma Inc. has reported its financial results for the second quarter ending June 30, 2025. The company experienced a net loss of $42.7 million, an improvement from the net loss of $45.8 million recorded in the same period in 2024. This $3.1 million decrease in net loss was primarily attributed to a reduction in stock-based compensation expenses due to lower headcount and the reduced value of new equity awards. On a non-GAAP basis, which excludes stock-based compensation and certain non-cash expenses, the net loss decreased to $37.8 million from $39.1 million in the previous year, mainly due to lower interest income driven by decreased interest rates and lower cash equivalent and marketable securities balances. In terms of business highlights, Lyell Immunopharma announced positive clinical data from its Phase 1/2 trial of LYL314 for the treatment of aggressive large B-cell lymphoma, demonstrating high rates of durable complete responses. The company has initiated the PiNACLE pivotal trial for LYL314 in patients with large B-cell lymphoma in the third- or later-line setting and plans to start a pivotal trial in the second-line setting by early 2026. Lyell also secured a securities purchase agreement for a private placement, generating gross proceeds of up to approximately $100 million, with an initial pro-forma cash position of about $347 million. This funding is intended to support the advancement of their pipeline into mid-2027 through key clinical milestones. Additionally, Lyell anticipates filing the first IND for a fully-armed CAR T-cell product targeting solid tumors in 2026.