Key Highlights

  • Lyell shares were trading up 42.43% at $15.34, against a prior close of $10.77.
  • Ronde-cel posted a 91% response rate and 77% complete response rate in third-line lymphoma.
  • An $80 million private Placement was priced at $10.77 per share.
  • Cash runway now extends into 2028.
  • A BLA submission is planned for the second half of 2027.

Strong Lymphoma Data Outweighs the Dilution

Lyell (NASDAQ:LYEL) shares were trading up 42.43% at $15.34 on Wednesday, even as the company announced an $80 million private placement. Two abstracts with updated data for its CAR T-cell therapy ronde-cel were accepted for the American Society of Hematology meeting, and investors focused on the results.

The stock remains well below its 52-week high of $45.00 and above the low of $7.20.

Ronde-Cel Shows Deep and Durable Responses Without Severe CRS

In the third-line pivotal PiNACLE trial, 44 evaluable patients showed a 91% overall response rate and a 77% complete response rate, with median progression-free survival not yet reached. In a second-line Phase 1/2 cohort of 37 evaluable patients, the response rate was 95% and the complete response rate 76%.

No Grade 3 or higher cytokine release syndrome occurred in either cohort, and Grade 3 or higher neurotoxicity was under 10%, which supports outpatient treatment. Updated data will be presented at ASH, with the oral talk set for December 14.

The Placement Priced at the Prior Close Funds the Path to a Filing

Lyell agreed to sell 7,428,040 shares at $10.77, equal to Tuesday’s closing price, for gross proceeds of about $80 million. ARCH Venture Partners, Adage Capital Management, Caligan Partners and RTW Investments are among the buyers. Cash runway now stretches into 2028.

The company plans a Biologics license application for ronde-cel in the second half of 2027, with pivotal data expected in mid-2027. A second-line Phase 3 trial, PiNACLE-H2H, is under way, and the therapy holds RMAT and Fast Track designations.

Risks Remain for a Clinical-Stage Name After a Big Jump

Lyell is still pre-revenue, and the new shares add to the count. Follow-up on durability and the outcome of the Phase 3 trial remain the main swing factors. A colorectal cancer program, LYL273, is due for more data in 2027.