Persistent free cash flow deficits, which have ranged between $28 million and $55 million per quarter, indicate a precarious reliance on external capital to sustain clinical operations.
| Cash from Operations | -133.8M | -150.02M | -162.39M | -163.69M | -169.56M | -126.25M | -160.87M | 39.47M |
| Operating CF Margin % | - | -416733.33% | -266219.67% | -125918.46% | -200.22% | -1185.44% | -2074.19% | 6008.22% |
| Operating CF Growth % | 89.37% | 7.62% | 0.79% | 3.46% | -34.3% | 21.52% | -507.54% | - |
| Net Income | -246.41M | -274.45M | -342.99M | -234.63M | -183.12M | -250.22M | -204.47M | -129.38M |
| Depreciation & Amortization | 10.43M | 11.54M | 19.63M | 20.25M | 16.47M | 13.62M | 4.29M | 1.26M |
| Stock-Based Compensation | 35.8M | 41.83M | 33.14M | 47.08M | 0 | 62.2M | 33.26M | 15.73M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 39.51M | 0 | -1.52M |
| Other Non-Cash Items | 67.8M | 80.95M | 130.94M | 183K | 79.11M | 4.62M | 6.38M | 42.57M |
| Working Capital Changes | -1.42M | -9.89M | -3.12M | 3.42M | -82.02M | 4.01M | -336K | 110.81M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.7M | -2.34M | -3.23M | 1.46M | 667K | 91K | -278K | 1.71M |
| Cash from Investing | 2.01M | 54.1M | 122.42M | 184.05M | -11.54M | -121.57M | -273.52M | -422.43M |
| Capital Expenditures | -623K | -780K | -464K | -2.69M | -24.28M | -65.5M | -51.48M | -16.05M |
| CapEx % of Revenue | 2009.68% | 2166.67% | 760.66% | 2066.15% | 28.67% | 615.06% | 663.76% | 2442.47% |
| Acquisitions | 263K | -41.2M | -31.35M | 0 | 0 | 673.47M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -41.17M | -18.9M | 0 | 0 | 0 | -673.47M | 0 | -610.84M |
| Cash from Financing | 102.13M | 50.41M | 1.33M | 1.74M | 10.63M | 401.24M | 476.79M | 351.16M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 102.13M | 50.41M | 1.4M | 2.2M | 11.1M | 391.8M | 476.42M | 351.16M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -11.81M | -185K |
| Other Financing | -2K | -1K | -76K | -457K | -461K | 9.44M | 373K | 0 |
| Net Change in Cash | -29.66M | -45.52M | -38.64M | 22.09M | -170.27M | 153.42M | 42.4M | -31.8M |
| Free Cash Flow | -134.42M | -150.8M | -162.86M | -166.38M | -193.83M | -191.75M | -212.35M | 23.43M |
| FCF Margin % | -433609.68% | -418900% | -266980.33% | -127984.62% | -228.89% | -1800.5% | -2737.94% | 3565.75% |
| FCF Growth % | 23.54% | 7.4% | 2.12% | 14.16% | -1.08% | 9.7% | -1006.45% | - |
| FCF per Share | -6.14 | -8.82 | -12.46 | -13.26 | -15.69 | -15.80 | -17.22 | 1.90 |
| FCF Conversion (FCF/Net Income) | 0.55x | 0.55x | 0.47x | 0.70x | 0.93x | 0.50x | 0.79x | -0.31x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Rapid cash runway depletion
According to quarterly financial data, LYEL's OCF/NI ratio has fluctuated significantly, reaching 1.59 in 2026Q1, which highlights the disconnect between accounting losses and the actual cash required to sustain the company's intensive clinical research and specialized manufacturing operations.
The divergence between net income and operating cash flow suggests that non-cash charges, including stock-based compensation, are significant components of the reported loss profile. Investors should monitor this ratio closely, as it indicates that the company's cash burn is not merely a function of accounting accruals but a reflection of persistent, high-cost operational requirements.
As reported in recent financial statements, LYEL continues to experience deep negative free cash flow, with quarterly outflows consistently ranging between $28 million and $55 million, underscoring the company's total dependence on external capital to fund its ongoing clinical development programs.
The lack of a positive FCF trajectory suggests that the company remains in a high-intensity investment phase with no near-term path to self-funding. The consistency of these outflows, regardless of minor fluctuations in net income, implies that the business model is currently structured to consume capital at a rate that necessitates frequent liquidity events.
Based on historical cash flow filings, LYEL's capital expenditure relative to revenue has shown extreme volatility, peaking at over 190% in certain periods, which reflects the heavy burden of maintaining specialized cell manufacturing infrastructure despite minimal top-line revenue generation.
The high capital intensity relative to revenue suggests that the company has front-loaded its infrastructure costs, potentially creating a fixed-cost trap. This asset-heavy approach warrants further investigation into whether these facilities can be utilized efficiently or if they represent a permanent drag on the company's limited cash reserves.
Data from recent SEC filings indicates that stock-based compensation has been a recurring non-cash expense, often exceeding $8 million per quarter, which effectively obscures the true magnitude of the company's cash-based operational burn rate and dilutes the impact of reported net losses.
By stripping out these non-cash adjustments, it becomes clear that the underlying cash burn is more severe than the headline net income figures might suggest. Analysts should be wary of relying on GAAP net income, as the cash flow statement reveals a more aggressive depletion of liquidity that is essential for the company's survival.
Quick answers to the most common questions about buying LYEL stock.
Lyell Immunopharma, Inc. (LYEL) generated $-150.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Lyell Immunopharma, Inc. (LYEL) reported negative free cash flow of $150.8M in 2025, indicating capital requirements exceeded cash from operations.
Lyell Immunopharma, Inc. (LYEL) spent $0.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.