<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <schemaVersion>X0202</schemaVersion>
<headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0002124413</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>03/06/2026</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001806952</issuerCik>
        <issuerName>Lyell Immunopharma, Inc.</issuerName>
        <issuerCusips>
          <issuerCusipNumber>55083R203</issuerCusipNumber>
        </issuerCusips>
        <issuerPrincipalExecutiveOfficeAddress>
          <street1 xmlns="http://www.sec.gov/edgar/common">201 Haskins Way</street1>
          <city xmlns="http://www.sec.gov/edgar/common">South San Francisco</city>
          <stateOrCountry xmlns="http://www.sec.gov/edgar/common">CA</stateOrCountry>
          <zipCode xmlns="http://www.sec.gov/edgar/common">94080</zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>EULER FUND, L.P.</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>1426528</soleVotingPower>
        <sharedVotingPower>0</sharedVotingPower>
        <soleDispositivePower>1426528</soleDispositivePower>
        <sharedDispositivePower>0</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1426528</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>6.71</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
      <comments>As of the date hereof, the Reporting Person's beneficial ownership consists of 1,426,528 shares of Common Stock. The percentage reported in Item 11 is based on 21,243,954 shares of Class A common stock outstanding as reported in the Issuer's Form 424B5 filed with the SEC on December 18, 2025.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Euler Managers Limited</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>1426528</soleVotingPower>
        <sharedVotingPower>0</sharedVotingPower>
        <soleDispositivePower>1426528</soleDispositivePower>
        <sharedDispositivePower>0</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1426528</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>6.71</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <comments>As of the date hereof, the Reporting Person's beneficial ownership consists of 1,426,528 shares of Common Stock. The percentage reported in Item 11 is based on 21,243,954 shares of Class A common stock outstanding as reported in the Issuer's Form 424B5 filed with the SEC on December 18, 2025.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Antonis Indianos</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>G4</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>1426528</soleVotingPower>
        <sharedVotingPower>0</sharedVotingPower>
        <soleDispositivePower>1426528</soleDispositivePower>
        <sharedDispositivePower>0</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1426528</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>6.71</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
      <comments>As of the date hereof, the Reporting Person's beneficial ownership consists of 1,426,528 shares of Common Stock. The percentage reported in Item 11 is based on 21,243,954 shares of Class A common stock outstanding as reported in the Issuer's Form 424B5 filed with the SEC on December 18, 2025.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Lyell Immunopharma, Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>201 Haskins Way, South San Francisco, California 94080</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Each of the following is hereinafter individually referred to as a "Reporting Person" and collectively as the "Reporting Persons." This statement is filed on behalf of:

i.      EULER FUND, L.P.
ii.     Euler Managers Limited
iii.    Antonis Indianos

Antonis Indianos is the indirect owner of Euler Managers Limited, and, as such, may be deemed to beneficially own the shares held by Euler Managers Limited.

Euler Managers Limited is the general partner of Euler Fund, L.P., and, as such, may be deemed to beneficially own the shares held by Euler Fund, L.P.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>Euler Fund, L.P.: One Capital Place, PO Box 847, Grand Cayman KY1-1103, Cayman Islands
Euler Managers Limited: One Capital Place, PO Box 847, Grand Cayman KY1-1103, Cayman Islands
Antonis Indianos: Etolon 11, Nicosia 1101, Cyprus</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Euler Fund, L.P., and Euler Managers Limited: Cayman Islands. Antonis Indianos: Cypriot.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>See Items 5-11 of the cover page for each Reporting Person</amountBeneficiallyOwned>
        <classPercent>See Items 5-11 of the cover page for each Reporting Person</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>See Items 5-11 of the cover page for each Reporting Person</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>See Items 5-11 of the cover page for each Reporting Person</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>See Items 5-11 of the cover page for each Reporting Person</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>See Items 5-11 of the cover page for each Reporting Person</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>EULER FUND, L.P.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Alfred Shum</signature>
        <title>Alfred Shum, President of the General Partner</title>
        <date>04/21/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Euler Managers Limited</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Alfred Shum</signature>
        <title>Alfred Shum, President</title>
        <date>04/21/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Antonis Indianos</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Antonis Indianos</signature>
        <title>Antonis Indianos</title>
        <date>04/21/2026</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
