Lyell Immunopharma Reports Q3 2023 Results; Cash, Cash Equivalents And Marketable Securities As Of September 30, 2023 Were $598.2M
Portfolio Pulse from Benzinga Newsdesk
Lyell Immunopharma (NASDAQ:LYEL) reported Q3 2023 financial results, with cash, cash equivalents, and marketable securities amounting to $598.2M as of September 30, 2023. The company has extended its funding of operations into 2027 by prioritizing investment in core clinical candidates and research platform value drivers. It remains on track to release initial clinical data from two clinical-stage product candidates in 2024. The company also announced a 25% reduction in workforce expected to be completed in Q4 2023.
November 07, 2023 | 10:29 pm
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Lyell Immunopharma reported strong Q3 2023 financial results and extended its funding into 2027. However, the company announced a 25% reduction in workforce, which may impact its operations.
The company's strong financial results and extended funding are positive signs for investors. However, the announced workforce reduction could potentially impact the company's operations and productivity, leading to a neutral short-term impact on the stock.
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