GSK terminates collaboration with Lyell; NY-ESO-1 programs discontinued

Lyell Immunopharma, Inc.

GSK provided termination notice Oct 24, 2022, effective Dec 24, 2022; ends development of LYL132 and LYL331 incorporating Lyell's technologies.
Termination follows GSK's strategic review after lete-cel NSCLC data; not based on safety/efficacy of Lyell's programs.
Lyell discontinuing further work on these programs; minimal operational impact as GSK ran them; no patients treated with LYL132.
Cash, cash equivalents and marketable securities expected to fund working capital into 2025; Glaxo Group remains significant stockholder.
Lyell received $250M upfront/equity in 2019 collaboration; would have been eligible for milestones and royalties.

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