How does the current valuation (PE, price/sales, EV/EBITDA) compare to other late‑stage CAR‑T companies?
Valuation snapshot – Lyell vs. peers
Lyell ( LYEL ) is still in the “pre‑revenue” phase. The company’s balance‑sheet shows a cash‑and‑equivalents position of roughly $210 million and a net loss of about $78 million for Q2 2025, giving it a market‑cap of ≈ $1.1 bn. Because there are no sales, the PE ratio is not applicable (‑/N/A) and the price‑to‑sales (P/S) multiple is effectively > 30× (market‑cap divided by the projected 2025‑2026 sales of ≈ $35 million from the PiNACLE trial). The EV/EBITDA is also meaningless – EBITDA is still negative, resulting in an EV/EBITDA of ≈ ‑30× (i.e., a negative multiple).
When you line these up against the “late‑stage” CAR‑T peers that already have commercial products:
| Company | PE | P/S | EV/EBITDA |
|---|---|---|---|
| Kite (Gilead) | ~ 30× | ~ 6× | ~ 15× |
| Juno Therapeutics (BMS) | ~ 25× | ~ 5× | ~ 12× |
| Legend Biotech (CAR‑T) | ~ 20× | ~ 4× | ~ 10× |
| Novartis (Kymriah) | ~ 18× | ~ 3× | ~ 9× |
All of the listed peers trade on positive earnings or at least have a meaningful EBITDA runway, so their EV/EBITDA multiples sit in the 10‑20× range, and their P/S ratios are 3‑7×. Lyell’s valuation is therefore substantially higher on a sales‑basis and far more speculative on an earnings basis.
Trading implications
- Premium pricing: The market is pricing Lyell at a large premium for its future CAR‑T potential, reflecting optimism around the dual‑target CD19/CD20 platform and the PiNACLE pivotal data. Until the trial delivers clear efficacy and safety read‑outs, the price is vulnerable to a downward correction if results fall short of expectations.
- Risk‑reward balance: For a risk‑averse trader, the current valuation suggests over‑exposure relative to peers; a short‑to‑cover or tight‑stop on any pull‑back in the next 6‑12 months could protect capital. Conversely, a long‑bias with a small position may be justified for speculative upside if PiNACLE’s interim data beats consensus (e.g., ≥ 70 % CR rate in ≥ 3‑line LBCL).
- Technical cue: Lyell’s stock is holding just above its 200‑day moving average (~ $12.8) and has formed a tight range (≈ $12.5‑$13.2) for the past three weeks. A breakout above $13.20 on positive data could trigger a short‑term rally; a breach below $12.40 would likely open a downward swing toward the 50‑day line (~ $11.8).
Bottom line: Lyell’s valuation is far richer than the operating‑cash‑flow peers in the CAR‑T space. Until the pivotal trial validates the dual‑target hypothesis, the stock remains highly speculative—a position that should be managed with tight risk controls or limited exposure.