Lyell Immunopharma, Inc.LYEL

Lyell Immunopharma, Inc. Segments Disclosure

10-KFiled Mar 12, 20262 min read
Segment
The Company reports segment information in accordance with the management approach, which reflects the internal reporting utilized by the Chief Operating Decision Maker (“CODM”), the Company’s President and Chief Executive Officer. Based on the information used by the CODM to allocate resources and assess the Company’s performance, the Company has determined it operates in one segment. The CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions and assessing financial performance. Prior period segment information has been recast to reflect the manner in which financial information is currently reviewed by the CODM to allocate resources and assess performance, conforming to the current period presentation.
The CODM evaluates the performance of the Company’s sole reportable segment based on net income or loss that also is reported on the consolidated statements of operations and comprehensive loss as net income or loss. The table below details the Company’s segment net loss, significant expenses, and other segment items (in thousands). The measure of segment assets is reported on the consolidated balance sheets as total assets.
Year Ended December 31,
2025
2024
2023
Revenue
$
36 
$
61 
$
130 
Less:
Technical operations
47,202 
46,102 
49,851 
Clinical development
36,671 
38,561 
27,241 
Support functions
25,737 
29,870 
34,096 
Lease costs
16,643 
16,885 
14,788 
Operations management
13,106 
14,145 
22,814 
Research activities
11,038 
25,284 
33,309 
Other segment items(1)
124,087 
172,208 
52,663 
Net loss
$
274,448 
$
342,994 
$
234,632 
1.Includes stock-based compensation, depreciation, other operating income, net, acquired in-process research and development, impairment of long-lived assets, interest income, net, other (expense) income, net, and impairment of other investments.
Total expenditures for additions to the Company’s property and equipment, net were $0.6 million, $0.6 million and $1.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.
The Company’s long-lived assets as of December 31, 2025 and 2024 are located in the United States.
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Historical Timeline

Fiscal YearFiled
2025Mar 12, 2026Showing above
2024Mar 11, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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