Lyell Immunopharma is a clinical-stage biotech developing next-generation autologous CAR T-cell therapies for cancer. CAR T-cell therapy works by extracting a patient's T cells, genetically engineering them to recognize and attack cancer, then reinfusing them. Lyell's focus is improving on the first generation of approved CAR T-cell therapies, which have significant limitations in response rates and durability. Lyell has two clinical-stage programs. The lead program, ronde-cel, is a dual-targeting CD19/CD20 CAR T-cell therapy for relapsed or refractory large B-cell lymphoma, acquired via the 2024 acquisition of ImmPACT Bio. Ronde-cel targets both CD19 and CD20, addressing a key failure mode of first-generation CD19-only therapies where tumor cells escape by downregulating CD19. The second program, LYL273, is a CAR T-cell therapy targeting metastatic colorectal cancer, licensed in November 2025 for $40M upfront. Lyell has no approved products or revenue, and funds operations through equity financing. The company manufactures clinical trial doses at its LyFE Manufacturing Center in Bothell, Washington, which it intends to use for early commercial supply if products are approved. If approved, Lyell would sell one-time autologous CAR T-cell treatments at high per-patient prices, consistent with the existing market where approved LBCL CAR T therapies command significant list prices. Lyell also considers partnering with larger pharma companies to fund development and commercialization.