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We Think Lyell Immunopharma (NASDAQ:LYEL) Can Afford To Drive Business Growth

We Think Lyell Immunopharma (NASDAQ:LYEL) Can Afford To Drive Business Growth

我们认为 Lyell Immunopharma(纳斯达克股票代码:LYEL)有能力推动业务增长
Simply Wall St ·  2023/10/14 08:33

Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the right price. For example, although software-as-a-service business Salesforce.com lost money for years while it grew recurring revenue, if you held shares since 2005, you'd have done very well indeed. But while the successes are well known, investors should not ignore the very many unprofitable companies that simply burn through all their cash and collapse.

即使企业亏损,如果股东以合适的价格收购一家好的企业,他们也有可能赚钱。例如,尽管软件即服务业务Salesforce.com在经常性收入增长的同时多年亏损,但如果你自2005年以来持有股票,你的表现确实会很好。但是,尽管成功是众所周知的,但投资者不应忽视许多无利可图的公司,这些公司只会耗尽所有现金然后倒闭。

Given this risk, we thought we'd take a look at whether Lyell Immunopharma (NASDAQ:LYEL) shareholders should be worried about its cash burn. In this article, we define cash burn as its annual (negative) free cash flow, which is the amount of money a company spends each year to fund its growth. First, we'll determine its cash runway by comparing its cash burn with its cash reserves.

鉴于这种风险,我们想看看莱尔免疫药业(纳斯达克股票代码:LYEL)的股东是否应该担心其现金消耗。在本文中,我们将现金消耗定义为其年度(负)自由现金流,即公司每年为其增长提供资金的金额。首先,我们将通过将其现金消耗与现金储备进行比较来确定其现金流道。

Check out our latest analysis for Lyell Immunopharma

查看我们对 Lyell Immunopharma 的最新分析

How Long Is Lyell Immunopharma's Cash Runway?

Lyell Immunopharma 的现金跑道有多长?

A cash runway is defined as the length of time it would take a company to run out of money if it kept spending at its current rate of cash burn. In June 2023, Lyell Immunopharma had US$596m in cash, and was debt-free. Importantly, its cash burn was US$173m over the trailing twelve months. So it had a cash runway of about 3.5 years from June 2023. A runway of this length affords the company the time and space it needs to develop the business. You can see how its cash balance has changed over time in the image below.

现金流道的定义是,如果公司保持目前的现金消耗率,则需要多长时间才能耗尽资金。2023年6月,Lyell Immunopharma拥有5.96亿美元的现金,并且没有债务。重要的是,在过去的十二个月中,其现金消耗为1.73亿美元。因此,从2023年6月起,它的现金流约为3.5年。如此长度的跑道为公司提供了发展业务所需的时间和空间。您可以在下图中看到其现金余额如何随着时间的推移而变化。

debt-equity-history-analysis
NasdaqGS:LYEL Debt to Equity History October 14th 2023
NASDAQGS: LYEL 债券与股本的比率历史记录 2023 年 10 月 14 日

How Well Is Lyell Immunopharma Growing?

Lyell Immunopharma 的生长情况如何?

On balance, we think it's mildly positive that Lyell Immunopharma trimmed its cash burn by 9.0% over the last twelve months. Revenue also improved during the period, increasing by 16%. On balance, we'd say the company is improving over time. Clearly, however, the crucial factor is whether the company will grow its business going forward. So you might want to take a peek at how much the company is expected to grow in the next few years.

总的来说,我们认为Lyell Immunopharma在过去十二个月中将其现金消耗减少了9.0%,这略为乐观。在此期间,收入也有所改善,增长了16%。总的来说,我们可以说公司正在随着时间的推移而有所改善。但是,显然,关键因素是该公司未来是否会发展其业务。因此,你可能想看看该公司在未来几年预计将增长多少。

How Easily Can Lyell Immunopharma Raise Cash?

Lyell Immunopharma 筹集现金有多容易?

We are certainly impressed with the progress Lyell Immunopharma has made over the last year, but it is also worth considering how costly it would be if it wanted to raise more cash to fund faster growth. Issuing new shares, or taking on debt, are the most common ways for a listed company to raise more money for its business. One of the main advantages held by publicly listed companies is that they can sell shares to investors to raise cash and fund growth. We can compare a company's cash burn to its market capitalisation to get a sense for how many new shares a company would have to issue to fund one year's operations.

Lyell Immunopharma在过去一年中取得的进展无疑给我们留下了深刻的印象,但也值得考虑的是,如果它想筹集更多现金来资助更快的增长,将花费多大。发行新股或承担债务是上市公司为其业务筹集更多资金的最常见方式。上市公司的主要优势之一是,它们可以向投资者出售股票以筹集现金和为增长提供资金。我们可以将公司的现金消耗与其市值进行比较,以了解公司必须发行多少新股才能为一年的运营提供资金。

Lyell Immunopharma's cash burn of US$173m is about 42% of its US$412m market capitalisation. That's high expenditure relative to the value of the entire company, so if it does have to issue shares to fund more growth, that could end up really hurting shareholders returns (through significant dilution).

Lyell Immunopharma的1.73亿美元现金消耗约为其4.12亿美元市值的42%。相对于整个公司的价值,这是很高的支出,因此,如果它必须发行股票来为更多增长提供资金,那最终可能会真正损害股东的回报(通过大幅稀释)。

Is Lyell Immunopharma's Cash Burn A Worry?

Lyell Immunopharma 的现金消耗令人担忧吗?

Even though its cash burn relative to its market cap makes us a little nervous, we are compelled to mention that we thought Lyell Immunopharma's cash runway was relatively promising. While we're the kind of investors who are always a bit concerned about the risks involved with cash burning companies, the metrics we have discussed in this article leave us relatively comfortable about Lyell Immunopharma's situation. On another note, we conducted an in-depth investigation of the company, and identified 4 warning signs for Lyell Immunopharma (1 is a bit unpleasant!) that you should be aware of before investing here.

尽管相对于市值而言,它的现金消耗使我们有些紧张,但我们不得不提到,我们认为Lyell Immunopharma的现金流相对乐观。虽然我们是那种总是有点担心现金消耗公司所涉及的风险的投资者,但我们在本文中讨论的指标使我们对Lyell Immunopharma的情况相对满意。另一方面,我们对该公司进行了深入调查,发现了Lyell Immunopharma的4个警告信号(1个有点不愉快!)在这里投资之前,您应该注意这一点。

Of course Lyell Immunopharma may not be the best stock to buy. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks that insiders are buying.

当然,Lyell Immunopharma可能不是最好的买入股票。因此,你可能希望看到这份免费收藏的拥有高股本回报率的公司,或者这份内部人士正在购买的股票清单。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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