COMPANY PROFILE / iPS CELLS & REGENERATIVE MEDICINE
Eli Lilly
A major drugmaker turning the cash it earns from obesity and diabetes into acquisitions in gene editing, gene therapy and in vivo CAR-T
Eli Lilly is not an iPS cell or regenerative medicine company. Its 2025 revenue was about US$65.2 billion, driven mainly by its obesity and diabetes medicines (Mounjaro and Zepbound). It appears in this series because it has been buying or acquiring, one after another, a therapy that rewrites genes directly (Verve Therapeutics, July 2025), an AAV gene therapy for an eye disease (Adverum Biotechnologies, December 2025) and therapies that make CAR-T cells inside the body (Orna, May 2026, and Kelonia, June 2026). These take a different road from regenerative medicine, which makes cells outside the body and returns them, and they point to competing approaches aimed at the same diseases. This article keeps the company-wide picture brief and focuses on what Lilly has bought in this field, and what is still at an early stage. It is not a recommendation of any treatment, only an organisation of the company's disclosures.
- Lilly in 30 seconds, and where it stands in iPS cells and regenerative medicine
- The logo and how the name is written
- Where the company sits in the iPS cell and regenerative medicine field
- Scale
- Resources committed to this field
- What it has done so far
- What comes next
- What the company is aiming for
- Map of acquisitions and partnerships
- Technologies, products and services on offer
- The risks this company carries
- Glossary, references and claim-to-source audit
1. Eli Lilly in 30 seconds, and where it stands in iPS cells and regenerative medicine
United StatesLilly Corporate Center
LLYAbout 50,000 employees (end of 2025)
AAV / in vivo CAR-TNo iPS cell work is described in the 10-K or 10-Q
(in vivo CAR-T)June 2026. Fair value at acquisition: US$4.897 billion
Phase 3From Adverum. Neovascular age-related macular degeneration
Lilly's strengths are financial power and a sales network. Gene editing, gene therapy and in vivo CAR-T were not built from scratch in house but brought in by acquisition Sourced. What is more, most of the products it has taken on are in early clinical stages (Phase 1 to 2) or preclinical, and the words "iPS cell" do not appear in the 10-K or 10-Q. Lilly's moves are therefore best read not as evidence that cell therapies made from iPS cells are spreading, but as evidence that a major drugmaker is putting money into a different approach, in which genes are rewritten inside the body, or immune cells are made inside the body, without making cells outside it. For more, see our explainers on genome editing, lipid nanoparticles, viral vectors and CAR-T cells.
2. The logo and how the name is written
A note on names: the legal entity is Eli Lilly and Company (the formal name) and its common name is Lilly. Its registrant name on EDGAR is "ELI LILLY & Co". This article covers the U.S. parent company, not its Japanese subsidiary. The logo is the script-style "Lilly" shown on the company's official website.
Official site: https://www.lilly.com/3. Where the company sits in the iPS cell and regenerative medicine field
Lilly is placed mainly on the left of Fig. 1 (large pharma & strategic partners), with the middle (genome editing & gene therapy) highlighted as secondary. Its mechanisms of treatment break down as follows Sourced.
| Mechanism | What Lilly has | Status |
|---|---|---|
| Genome editing (to the liver via LNP) | VERVE-102 (PCSK9 gene), a Lp(a) editing programme (from the Verve collaboration) | VERVE-102 is in Phase 1b, with Phase 2 due to start in October 2026 |
| Gene delivery with AAV | Ixo-vec (neovascular age-related macular degeneration). Earlier acquisitions (from Prevail and Akouos) | Ixo-vec is in Phase 3 |
| In vivo CAR-T | KLN-1010 (Kelonia, multiple myeloma), ORN-252 (Orna, CD19, autoimmune disease) | Both in Phase 1 |
| iPS cell-derived cells | - | Not described in the 10-K or 10-Q |
| Autologous / allogeneic cell therapy, mesenchymal stem cells | - | Not described in the 10-K or 10-Q (no cell therapy that processes cells outside the body appears among the main pipeline products) |
4. Scale
Lilly is a large pharmaceutical company, so the whole-company picture is limited to one table. Amounts are in US$ million and the fiscal year ends in December Sourced.
| Measure (US$ million) | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | - | 45,043 | 65,179 |
| Net income | - | 10,590 | 20,640 |
| R&D expenses | 9,313 | 10,991 | 13,337 |
| Acquired in-process R&D (expensed) | - | 3,280 | 2,910 |
| Capital expenditure | - | 5,100 | 7,800 |
Revenue rose 45% in 2025, mainly because of the diabetes and obesity medicines Mounjaro and Zepbound (10-K). Lilly has about 50,000 employees (about 27,000 outside the United States), of whom about 12,000 work in R&D.
The figures above are for the company as a whole. Dedicated R&D spending and headcount for gene editing, gene therapy and in vivo CAR-T are not disclosed Not yet confirmed. How much of the US$13.3 billion of R&D expenses goes to this field is unknown. In the risk section of its 10-K, the company also notes that it depends on a small number of products or product groups for a large share of its revenue.
5. Resources committed to this field
| Resource | What it is | Category |
|---|---|---|
| People (sites and staff) | About 50,000 staff company-wide, about 12,000 of them in R&D. The number dedicated to genetic medicines is not disclosed | Sourced / dedicated headcount not confirmed |
| Money (manufacturing capital expenditure) | Capital expenditure was US$7.8 billion in 2025 (US$5.1 billion in 2024), described as investment in facilities around the world to make current and future products. Capital expenditure for genetic medicines is not disclosed | Sourced / amount not confirmed |
| Outside investment and acquisitions | Prevail (January 2021: US$747.4 million in cash plus a CVR of up to about US$160 million); Akouos (December 2022: US$327.2 million in cash plus a CVR of up to about US$122 million); Verve (July 2025: US$549 million in cash plus a CVR of up to about US$300 million); Adverum (December 2025); Orna (May 2026: US$1.233 billion of acquired in-process R&D); Kelonia (June 2026: fair value of US$4.897 billion) | Sourced |
| In-licensing and collaborations | A five-year research collaboration with Verve (June 2023, in vivo gene editing targeting Lp(a)). The first development candidate of the collaboration was selected between January and March 2025, and Verve received a US$20 million milestone. Lilly had an option to opt in to the PCSK9 programme. Acquired in July 2025 | Sourced (from Verve's 10-Q) |
| Universities, research institutions and public funding | Not described in Lilly's own 10-K or 10-Q. The 10-Q of the acquired company Verve describes intellectual property licences from Harvard, the Broad Institute, Beam Therapeutics and Novartis | Not confirmed (Lilly's side) / Verve's side is Sourced |
A CVR (contingent value right) is additional consideration paid only if a specific result is achieved. Verve's CVR is up to US$3.00 per share (up to about US$300 million in total), and Adverum's is up to US$8.91 per share (if both conditions are met). Both are ceilings that apply if the milestones are reached, not confirmed payments Sourced. For Kelonia, too, the June 2026 10-Q records contingent consideration of up to US$3.75 billion, whose fair value at acquisition was estimated at US$1.765 billion. When quoting these numbers, "confirmed amounts" and "ceiling amounts" need to be read separately.
6. What it has done so far
| When | What happened | Why it matters |
|---|---|---|
| January 2021 | Acquires Prevail Therapeutics: AAV9-based gene therapies for neurodegenerative disease (PR001, PR006) | The starting point of Lilly's gene therapy. Described as a "new modality" |
| December 2022 | Acquires Akouos: gene therapy for inner-ear conditions such as hearing loss | Extension of gene therapy to the ear |
| June 2023 | Five-year research collaboration with Verve (in vivo gene editing targeting Lp(a)) | Lilly's first involvement in genome editing |
| March 2025 | Verve: the FDA accepts the IND (investigational new drug application) for VERVE-102 and grants Fast Track designation. The collaboration's first development candidate is selected, triggering a US$20 million milestone. Verve says it expects to submit the PCSK9 opt-in package to Lilly | The collaboration moves to the product stage |
| 16 June to July 2025 | Signs a merger agreement for Verve and acquires it through a tender offer (US$10.50 per share plus a CVR of up to US$3.00) | Buys a genome editing company outright |
| 24 October to 9 December 2025 | Signs a merger agreement for Adverum and acquires it through a tender offer (US$3.56 per share plus a CVR of up to US$8.91). Obtains Ixo-vec | Acquires a Phase 3 product in AAV gene therapy |
| May 2026 | Acquires the assets of Orna Therapeutics (ORN-252, in vivo CAR-T targeting CD19, Phase 1). Acquired in-process R&D of US$1.233 billion | In vivo CAR-T for autoimmune disease |
| 25 June 2026 | Acquires Kelonia Therapeutics (in vivo CAR-T, KLN-1010). Fair value at acquisition: US$4.897 billion | A serious investment in in vivo CAR-T |
A caution on reading the early VERVE-102 data
In April 2025, before its acquisition, Verve announced data on 14 patients in the Heart-2 study (Phase 1b), with a data cut-off of 13 March 2025. After a single dose, the mean reduction in blood LDL cholesterol in the highest-dose group (0.6 mg/kg, 4 patients) was 53%, time-averaged from day 28 after dosing to the last follow-up. However, this was an early, open-label, dose-escalation study with no comparison against a control group. Its primary endpoint is safety (adverse events), and efficacy is a secondary check. Gene editing is an irreversible change, and long-term safety has yet to be tested. This article does not recommend any particular treatment.
7. What comes next
| Product | Status (ClinicalTrials.gov and the 10-K and 10-Q) | Category |
|---|---|---|
| VERVE-102 (PCSK9) | Phase 1b Heart-2 (NCT06164730, estimated 85 participants, primary endpoint adverse events, estimated primary completion October 2026). Phase 2 (NCT07839936, estimated 175 participants, primary endpoint percentage change in LDL-C at 90 days, due to start in October 2026, estimated primary completion August 2028) | In development (Phase 1b to 2). Timing of approval: Not yet confirmed |
| Ixo-vec (AAV, neovascular AMD) | Phase 3 ARTEMIS (NCT06856577, 311 participants, primary endpoint average change in visual acuity at weeks 52 and 56, estimated primary completion December 2026). AQUARIUS (NCT07482176, estimated 534 participants, started March 2026) | In development (Phase 3) |
| KLN-1010 (Kelonia, in vivo CAR-T) | Phase 1 (NCT07075185, relapsed or refractory multiple myeloma, estimated 70 participants, estimated primary completion March 2027) | In development (Phase 1) |
| ORN-252 (Orna, in vivo CAR-T) | Phase 1 (NCT07439796, 20 healthy adults, safety assessment, estimated primary completion December 2026). The 10-Q describes it as targeting CD19, for autoimmune disease involving B cells | In development (Phase 1) |
None of the following appears in the disclosures Not yet confirmed.
The timing of approval filings for each product; dedicated R&D spending and headcount for genetic medicines; any in-house plan using iPS cells; and the Phase 3 results for Ixo-vec (the studies are still running). The main pipeline table in the 10-K for the end of 2025 does not list the earlier gene therapies from Prevail and Akouos (GBA1, GRN, OTOF), and their status cannot be confirmed from the 10-K.
8. What the company is aiming for
This section goes beyond what the company says directly. It sets out inferences that can be drawn from primary sources, each with its basis.
| What can be read | Primary evidence behind it | Category |
|---|---|---|
| Lilly has chosen the route of rewriting genes, or making immune cells, inside the body rather than iPS cells | Every product acquired is given in the body (gene editing, AAV, in vivo CAR-T). The 10-K and 10-Q do not mention iPS cells | Inference (Sourced: the types of product acquired) |
| Its policy is to bring in new technology by acquisition | Six acquisitions between 2021 and 2026 (Prevail, Akouos, Verve, Adverum, Orna, Kelonia). No in-house start-up is described | Inference (Sourced: the run of acquisitions) |
| The tilt towards in vivo CAR-T has strengthened sharply only recently | Orna (US$1.233 billion) and Kelonia (US$4.897 billion) in May and June 2026. In the same period it issued US$9 billion of long-term debt, part of which is stated to fund the acquisitions of Centessa and Kelonia | Sourced (amounts and timing) / Inference (the tilt) |
| It is spreading its bets across areas where long-term safety is not yet established | Three Phase 1 products and one Phase 3. Most are at an early stage | Inference |
The 10-Q states that between January and June 2026 Lilly spent US$13.3 billion on acquisitions including Centessa, Kelonia, Orna, Ventyx and Ajax Sourced. The two in vivo CAR-T companies (Orna and Kelonia) appear to account for a large share of that, but how much the company intends to invest in this field is not disclosed. In vivo CAR-T also solves the same problem by a different method from the off-the-shelf iPS cell-derived products: it removes the effort of making cells patient by patient. Which of the two reaches practical use depends on clinical results Not yet confirmed.
9. Map of acquisitions and partnerships
10. Technologies, products and services on offer
No product in this field has been approved. The technology platforms Lilly has acquired are as follows Sourced.
| Item | What the disclosures say |
|---|---|
| VERVE-102 (gene editing) | Designed to switch off the PCSK9 gene permanently in the liver. Delivered in Verve's own GalNAc-LNP (lipid nanoparticle). Uses base editing technology. Verve says the aim is to lower blood LDL cholesterol |
| Ixo-vec (AAV gene therapy) | For neovascular age-related macular degeneration. Developed by Adverum and in Phase 3 (ARTEMIS and AQUARIUS) |
| KLN-1010 / ORN-252 (in vivo CAR-T) | Therapies that give T cells the CAR inside the body. KLN-1010 is for multiple myeloma, and ORN-252 targets CD19 for autoimmune disease. The delivery method is not described in Lilly's disclosures |
| Manufacturing | Investment in a worldwide manufacturing network (capital expenditure of US$7.8 billion in 2025). No manufacturing facility dedicated to genetic medicines has been disclosed |
VERVE-102 wraps the RNA of the editing enzyme and the guide RNA in a lipid nanoparticle (LNP) and delivers it to the liver (Verve's 10-Q says that the total dose of RNA in milligrams is becoming a key to pharmacodynamics) Sourced. On the materials side, four things matter: (1) RNA synthesis and purity (the editing enzyme mRNA and the guide RNA), (2) lipid quality (ionisable lipids, PEG lipids and so on, which govern particle stability and how well the particles reach the liver), (3) the mixing step that gives particles a uniform size, and single-use materials, and (4) freezing and storage conditions (see our explainers on lipid nanoparticles, mRNA and genome editing). With AAV products such as Ixo-vec, by contrast, manufacturing the viral vector (cell culture, purification and titre) tends to be the bottleneck, so the materials involved differ from those of cell therapies that process cells outside the body (see our explainers on viral vectors, GMP and CDMOs). Lilly does not disclose the specific materials or contract manufacturers it uses for each product Not yet confirmed.
11. The risks this company carries
| Risk | Substance | Category |
|---|---|---|
| Most products are early-stage | In vivo CAR-T is in Phase 1, gene editing in Phase 1b, and the only Phase 3 product is the AAV therapy Ixo-vec | Sourced |
| Long-term safety of gene editing | Editing is a permanent change. Verve's 10-Q describes in vivo gene editing as a new technology whose safety and efficacy have not yet been established in the clinic. Verve discontinued the Heart-1 study of its earlier product, VERVE-101 | Sourced |
| Acquisition prices and performance conditions | CVRs and contingent consideration (up to US$3.75 billion for Kelonia) depend on results. Estimates made at acquisition may change. The 10-Q says the fair value calculation is provisional because limited information was available before the acquisition | Sourced |
| The whole company depends on a few products | The increase in revenue is mainly due to the diabetes and obesity medicines. Success or failure in genetic medicines would not weigh heavily on the company's overall results | Sourced (the dependence) / Inference (the effect) |
| Clean-up of earlier gene therapies | In 2022 the company recorded an impairment of the intangible asset for an earlier product (the GBA1 gene therapy). Products from Prevail and Akouos are not listed in the main pipeline table at the end of 2025 | Sourced (the impairment) / not confirmed (what followed) |
| Thin knowledge of iPS cells | No in-house plan for iPS cells or for cell therapy outside the body is disclosed | Inference |
12. Glossary
- Genome editing (gene editing)
- A technology for rewriting DNA at a specific location. VERVE-102 uses base editing, which changes a base without cutting both DNA strands.
- AAV
- Adeno-associated virus. Used as a carrier (vector) to deliver genes into cells.
- LNP (lipid nanoparticle)
- A tiny particle that wraps RNA in lipids to deliver it to cells.
- In vivo CAR-T
- An approach in which T cells are given the CAR inside the body, without processing cells outside it.
- PCSK9
- A protein that affects the amount of LDL cholesterol in the blood. The gene that makes it is the editing target.
- CVR (contingent value right)
- Additional consideration paid after an acquisition only if specific results are achieved.
- Acquired in-process R&D (IPR&D)
- The price paid for an acquired asset still in development. In an asset acquisition it is recorded as an expense.
- Asset acquisition versus business combination
- In accounting, acquiring a whole business is a business combination and acquiring only assets is an asset acquisition, and the two are treated differently.
- Form 10-K / 10-Q / 8-K
- The annual, quarterly and current reports filed with the U.S. SEC.
13. References
- Eli Lilly and Company Form 10-K for the fiscal year ended December 31, 2025 (filed with the U.S. SEC on 12 February 2026). Revenue, R&D expenses, employees, the Verve acquisition and Ixo-vec. https://www.sec.gov/Archives/edgar/data/59478/000005947826000013/lly-20251231.htm
- Eli Lilly and Company Form 10-Q for the quarter ended June 30, 2026 (filed with the U.S. SEC on 5 August 2026). Kelonia, Orna and spending on business development. https://www.sec.gov/Archives/edgar/data/59478/000005947826000081/lly-20260630.htm
- Eli Lilly and Company Form 10-K for the fiscal year ended December 31, 2023 (filed with the U.S. SEC on 21 February 2024). The Prevail and Akouos acquisitions. https://www.sec.gov/Archives/edgar/data/59478/000005947824000065/lly-20231231.htm
- Verve Therapeutics Form 10-Q for the quarter ended March 31, 2025 (filed with the U.S. SEC on 14 May 2025). The research collaboration with Lilly, VERVE-102 and the early Heart-2 data. https://www.sec.gov/Archives/edgar/data/1840574/000095017025070911/verv-20250331.htm
- Verve Therapeutics Form 8-K (filed 17 June 2025). Terms of the merger agreement with Lilly. https://www.sec.gov/Archives/edgar/data/1840574/000119312525141748/d30505d8k.htm
- Verve Therapeutics Form 8-K (filed 25 July 2025). Completion of the tender offer. https://www.sec.gov/Archives/edgar/data/1840574/000119312525165462/d71385d8k.htm
- Adverum Biotechnologies Form 8-K (filed 24 October 2025). Terms of the merger agreement with Lilly. https://www.sec.gov/Archives/edgar/data/1501756/000119312525249438/d70157d8k.htm
- Adverum Biotechnologies Form 8-K (filed 9 December 2025). Completion of the tender offer. https://www.sec.gov/Archives/edgar/data/1501756/000119312525312722/d96637d8k.htm
- ClinicalTrials.gov NCT06164730 (VERVE-102, Phase 1b Heart-2). https://clinicaltrials.gov/study/NCT06164730
- ClinicalTrials.gov NCT07839936 (VERVE-102, Phase 2). https://clinicaltrials.gov/study/NCT07839936
- ClinicalTrials.gov NCT06856577 (Ixo-vec, Phase 3 ARTEMIS). https://clinicaltrials.gov/study/NCT06856577
- ClinicalTrials.gov NCT07482176 (Ixo-vec, Phase 3 AQUARIUS). https://clinicaltrials.gov/study/NCT07482176
- ClinicalTrials.gov NCT07075185 (KLN-1010, Phase 1). https://clinicaltrials.gov/study/NCT07075185
- ClinicalTrials.gov NCT07439796 (ORN252, Phase 1). https://clinicaltrials.gov/study/NCT07439796
- Eli Lilly and Company Official website, used to check the company name and logo. https://www.lilly.com/
14. Claim-to-source audit
| Claim in the article | Category | Source |
|---|---|---|
| Legal name, head office, listing venue, about 50,000 employees (about 12,000 in R&D) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/59478/000005947826000013/lly-20251231.htm |
| Revenue, net income, R&D expenses, acquired in-process R&D, capital expenditure | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/59478/000005947826000013/lly-20251231.htm |
| Terms of the Verve acquisition (US$549 million in cash, CVR of up to about US$300 million, July 2025) and that VERVE-102 is the main asset acquired | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/59478/000005947826000013/lly-20251231.htm |
| Date of the Verve agreement (16 June 2025) and completion of the tender offer (July 2025) | Sourced | References 5 and 6 https://www.sec.gov/Archives/edgar/data/1840574/000119312525141748/d30505d8k.htm |
| The research collaboration with Verve (June 2023), the US$20 million milestone, IND acceptance and Fast Track for VERVE-102, and the early Heart-2 data (14 patients) | Sourced | Reference 4 https://www.sec.gov/Archives/edgar/data/1840574/000095017025070911/verv-20250331.htm |
| Terms of the Adverum acquisition (US$3.56 per share plus a CVR of up to US$8.91) and completion (9 December 2025) | Sourced | References 7 and 8 https://www.sec.gov/Archives/edgar/data/1501756/000119312525249438/d70157d8k.htm |
| Ixo-vec is in Phase 3 and was acquired with Adverum | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/59478/000005947826000013/lly-20251231.htm |
| Orna (ORN-252, May 2026, US$1.233 billion) and Kelonia (KLN-1010, 25 June 2026, US$4.897 billion, contingent consideration of up to US$3.75 billion) | Sourced | Reference 2 https://www.sec.gov/Archives/edgar/data/59478/000005947826000081/lly-20260630.htm |
| US$13.3 billion spent on business development in 2026, and the issue of US$9 billion of long-term debt | Sourced | Reference 2 https://www.sec.gov/Archives/edgar/data/59478/000005947826000081/lly-20260630.htm |
| Terms of the Prevail acquisition (January 2021) and the Akouos acquisition (December 2022) | Sourced | Reference 3 https://www.sec.gov/Archives/edgar/data/59478/000005947824000065/lly-20231231.htm |
| Design and primary endpoints of the VERVE-102 Heart-2 study (NCT06164730) | Sourced | Reference 9 https://clinicaltrials.gov/study/NCT06164730 |
| Design and planned start of the VERVE-102 Phase 2 study (NCT07839936) | Sourced | Reference 10 https://clinicaltrials.gov/study/NCT07839936 |
| Design of ARTEMIS (NCT06856577) and AQUARIUS (NCT07482176) | Sourced | References 11 and 12 https://clinicaltrials.gov/study/NCT06856577 |
| Design of KLN-1010 (NCT07075185) and ORN252 (NCT07439796) | Sourced | References 13 and 14 https://clinicaltrials.gov/study/NCT07075185 |
| That in vivo gene editing is a new technology not yet confirmed in the clinic, and the discontinuation of the Heart-1 study (VERVE-101) | Sourced | Reference 4 https://www.sec.gov/Archives/edgar/data/1840574/000095017025070911/verv-20250331.htm |
| The 2022 impairment of the intangible asset for the GBA1 gene therapy | Sourced | Reference 3 https://www.sec.gov/Archives/edgar/data/59478/000005947824000065/lly-20231231.htm |
| That the fair value calculation for the Kelonia acquisition is provisional | Sourced | Reference 2 https://www.sec.gov/Archives/edgar/data/59478/000005947826000081/lly-20260630.htm |
| Confirmation of the logo and the way the name is written | Sourced | Reference 15 https://www.lilly.com/ |
| The three types of company in Fig. 1 | Our calculation | Our own classification. Companies shown are examples from those covered in this series |
| Dedicated R&D spending, headcount and capital expenditure for genetic medicines, timing of approval filings, the delivery methods of Orna and Kelonia, and any in-house plan for iPS cells | Not yet confirmed | Not in Lilly's disclosures. This article makes no estimate https://www.sec.gov/Archives/edgar/data/59478/000005947826000013/lly-20251231.htm |
| The reading that Lilly has chosen rewriting genes inside the body rather than iPS cells | Inference | This article's interpretation of the types of product acquired and the absence of any mention of iPS cells |
| The reading that its policy is to bring in new technology by acquisition | Inference | This article's interpretation of the run of acquisitions from 2021 to 2026 |
| The reading that the tilt towards in vivo CAR-T has strengthened recently | Inference | This article's interpretation of the amounts acquired in May and June 2026 |
| The reading that it is spreading its bets across early-stage products, and the view that success in genetic medicines is unlikely to weigh heavily on the whole company | Inference | This article's interpretation of the distribution of development phases and the revenue mix |
Last updated 1 October 2026 / Troy Technical
Every figure in this article comes from statutory filings made by Eli Lilly, Verve Therapeutics and Adverum Biotechnologies with the U.S. Securities and Exchange Commission, and from ClinicalTrials.gov. No research-firm estimates or press-based figures have been used. Passages marked "Inference" are this article's interpretation of primary sources, not statements made by the company. This article is not medical advice. It does not recommend any particular treatment or rank it against others.