Lyell closes ImmPACT Bio acquisition; acquired firm had $136.8M deficit, going concern flag

Lyell Immunopharma, Inc.

ImmPACT Bio's audited FY2023 net loss $58.9M, R&D spend $44.0M, accumulated deficit $136.8M.
Auditors express substantial doubt about ImmPACT's ability to continue as a going concern due to recurring losses and negative cash flows.
ImmPACT had $39.9M cash and equivalents, $1.2M short-term investments, $5.9M property/equipment as of Dec 31, 2023.
Lyell completed acquisition of ImmPACT on Oct 31, 2024; combined pro forma financials filed for FY2023 and nine months ended Sep 30, 2024.

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