Lyell Immunopharma Inc. (LYEL) completed the second tranche of a $100 million equity private placement, raising an additional $50 million on March 9 2026, and announced the appointment of Smital Shah as its new Chief Financial and Business Officer.
The first $50 million tranche closed in July 2025, and the second tranche was contingent on the company achieving a clinical milestone in the PiNACLE pivotal trial of rondecabtagene autoleucel (ronde‑cel) for relapsed/refractory large B‑cell lymphoma. The successful milestone triggered the closing of the second tranche, extending Lyell’s cash, cash equivalents and marketable securities to support working capital and capital expenditures through the second quarter of 2027.
Smital Shah brings extensive experience from ProQR Therapeutics and Gilead Sciences. Her compensation package includes a $500,000 base salary, a target bonus of up to 50 %, and an option to purchase 140,000 shares of common stock. Shah’s appointment is intended to strengthen financial oversight and support the company’s execution of its clinical and commercial strategy.
Lyell’s third‑quarter 2025 results showed a net loss of $38.8 million, an improvement from the $44.6 million loss reported for the same period in 2024. Revenue for the quarter was $61 k, down 53.1 % year‑over‑year from $130 k, reflecting the company’s early‑stage status and limited product sales.
President and CEO Lynn Seely said the private placement “significantly derisks our business, extends our cash runway into mid‑2027 and enables us to focus on rapidly advancing the clinical development of LYL314.” She added that Shah’s “deep expertise in navigating complex financial landscapes” will guide Lyell’s financial strategy as it enters a transformative year of execution.
The appointment of Shah and the successful equity placement underscore Lyell’s commitment to advancing its CAR T‑cell pipeline, particularly the dual‑targeting CD19/CD20 therapy rondecabtagene autoleucel, while providing the financial resources needed to sustain its clinical program until commercialization or further funding rounds.
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