CYAD-02 is a gene-modified cell therapy commercialized by Celyad Oncology, with a leading Phase I program in Myelodysplastic Syndrome. According to Globaldata, it is involved in 1 clinical trial, which is ongoing. GlobalData uses proprietary data and analytics to provide a complete picture of CYAD-02’s valuation in its risk-adjusted NPV model (rNPV). Buy the model here.

The revenue for CYAD-02 is expected to reach an annual total of $7 mn by 2038 globally based off GlobalData’s Expiry Model. The drug’s revenue forecasts along with estimated costs are used to measure the value of an investment opportunity in that drug, otherwise known as net present value (NPV). Applying the drug’s phase transition success rate to remaining R&D costs and likelihood of approval (LoA) to sales related costs provides a risk-adjusted NPV model (rNPV). The rNPV model is a more conservative valuation measure that accounts for the risk of a drug in clinical development failing to progress.

CYAD-02 Overview

CYAD-02 is under development for the treatment of relapsed and refractory acute myeloid leukemia and myelodysplastic syndrome. The therapeutic candidate consists of allogenic T cells engineered to express chimeric antigen receptors (CAR T-cells). It acts by targeting cells expressing NKG2D. It is administered through parenteral route.

Celyad Oncology Overview

Celyad Oncology (Celyad) carries out the discovery and development of cell therapies. The company’s pipeline products include CYAD-211, to treat refractory multiple myeloma; CYAD-101, to treat metastatic colorectal cancer; and CYAD-02, to treat refractory acute myeloid leukemia (AML) and myelodysplastic syndromes (MDS). Its allogeneic (off-the-shelf) therapy and autologous (personalized) CAR T cell therapy candidates are used to treat patients suffering with solid tumors and hematological malignancies. Celyad’s technology platforms include T cell receptor Inhibitory Molecule (TIM) and short hairpin RNA (shRNA). It operates in Belgium and the US. Celyad is headquartered in Mont-Saint-Guibert, Belgium.

The operating loss of the company was EUR26.4 million in FY2021, compared to an operating loss of EUR17 million in FY2020. The net loss of the company was EUR26.5 million in FY2021, compared to a net loss of EUR17.2 million in FY2020.

For a complete picture of CYAD-02’s valuation, buy the drug’s risk-adjusted NPV model (rNPV) here.


GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

To create this model, GlobalData takes into account factors including patent law, known and projected regulatory approval processes, cash flows, drug margins and company expenses. Combining these data points with GlobalData’s world class analysis creates high value models that companies can use to help in evaluation processes for each drug or company.

The rNPV method integrates the probability of a drug reaching a clinical stage into the cash flow at that time, which provides a more accurate valuation, as it considers the probability that the drug never makes it through the clinical pathway to commercialization. GlobalData’s rNPV model uses proprietary likelihood of approval (LoA) and phase transition success rate (PTSR) data for the indication in the highest development stage, which can be found on GlobalData’s Pharmaceutical Intelligence Center.