Lyell Cuts 73 Staff as A part of LA Website Closure

5 months after buying the cell remedy firm ImmPACT Bio, Lyell Immunopharma has disclosed that it’s shutting down the Los Angeles manufacturing facility that was a part of the deal and letting go of 73 folks on the website. The layoffs are efficient June 2, in line with a Employee Adjustment and Retraining Notification Act (WARN) discover.

San Francisco–based mostly Lyell is shifting manufacturing of IMPT-314, a drug it acquired from ImmPACT Bio, to its Bothell, Washington, manufacturing facility, in line with an April 1 SEC submitting. IMPT-314 is a dual-targeting CD19/20 CAR T cell candidate for hematologic malignancies, together with B-cell non-Hodgkin’s lymphoma.

Lyell had 300 total staff as of Dec. 31, in line with a March 11 SEC submitting, which implies the layoffs, as soon as full, might depart the corporate with round 225 folks on employees.

In reference to the employees cuts, the biotech expects to incur combination bills of between $3 million and $4 million associated to severance, advantages, payroll taxes and different workforce discount prices, in line with the April SEC submitting. Lyell famous that these prices needs to be acknowledged primarily within the second and third quarters of this 12 months. It additionally said that it expects its internet money use of $175 million to $185 million in 2025 will present money runway into 2027 “by way of a number of value-creating medical catalysts.”

The corporate reported a internet lack of $343 million for the 12 months ending Dec. 31, 2024, and a internet lack of $234.6 million in 2023.

Lyell acquired ImmPACT partly to strengthen its clinical-stage pipeline of CAR T cell therapies, in line with the biotech’s Oct. 31 announcement of the deal’s closure. The corporate famous at the moment that it might speed up improvement of IMPT-314. Within the March SEC submitting, Lyell stated it expects to start out two pivotal medical applications for the drug: one in mid-2025 and one other by early 2026.