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Arcellx (ACLX) Financials

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Annual Income Statements for Arcellx

Annual Income Statements for Arcellx

This table shows Arcellx's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -65 -189 -71 -107 -229
Consolidated Net Income / (Loss)		 -65 -189 -71 -107 -229
Net Income / (Loss) Continuing Operations		 -65 -189 -71 -107 -229
Total Pre-Tax Income 		-65 -189 -70 -105 -229
Total Operating Income		 -65 -191 -90 -138 -253
Total Gross Profit		 0.00 0.00 110 108 22
Total Revenue		 0.00 0.00 110 108 22
Operating Revenue		 - 0.00 110 108 22
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 65 191 200 246 275
Selling, General & Admin Expense		 18 42 66 88 118
Research & Development Expense		 47 150 134 157 158
Total Other Income / (Expense), net		 0.05 2.58 20 33 24
Interest & Investment Income		 - 4.30 24 33 24
Income Tax Expense		 - 0.00 0.66 2.07 0.07
Basic Earnings per Share		 ($145.55) ($5.19) ($1.47) ($2.00) ($4.07)
Weighted Average Basic Shares Outstanding		 446.38K 36.36M 48.06M 53.57M 56.31M
Diluted Earnings per Share		 ($145.55) ($5.19) ($1.47) ($2.00) ($4.07)
Weighted Average Diluted Shares Outstanding		 446.38K 36.36M 48.06M 53.57M 56.31M
Weighted Average Basic & Diluted Shares Outstanding		 - 47.84M 52.80M 54.94M 58.48M

Quarterly Income Statements for Arcellx

This table shows Arcellx's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -24 -39 20 -7.20 -27 -26 -47 -62 -53 -56 -58
Consolidated Net Income / (Loss)		 -24 -39 20 -7.20 -27 -26 -47 -62 -53 -56 -58
Net Income / (Loss) Continuing Operations		 -24 -39 20 -7.20 -27 -26 -47 -62 -53 -56 -58
Total Pre-Tax Income 		-24 -39 20 -7.20 -27 -26 -46 -62 -53 -56 -58
Total Operating Income		 -30 -45 15 -16 -35 -34 -53 -69 -59 -62 -64
Total Gross Profit		 14 15 63 39 27 26 15 8.13 7.55 4.95 1.65
Total Revenue		 14 15 63 39 27 26 15 8.13 7.55 4.95 1.65
Operating Revenue		 14 15 63 39 27 26 15 8.13 7.55 4.95 1.65
Total Operating Expenses		 44 60 48 55 62 60 68 77 66 67 65
Selling, General & Admin Expense		 16 16 19 23 21 20 24 26 29 32 31
Research & Development Expense		 28 44 29 32 41 39 45 51 38 35 34
Total Other Income / (Expense), net		 5.42 5.52 5.47 8.61 8.13 7.97 7.58 6.63 5.98 6.00 5.61
Interest & Investment Income		 - - - 9.20 8.45 8.09 - 6.64 5.98 6.00 5.60
Income Tax Expense		 -0.28 -0.01 0.62 0.00 0.34 0.22 1.51 0.00 0.03 0.00 0.04
Basic Earnings per Share		 ($0.50) ($0.81) $0.42 ($0.14) ($0.51) ($0.48) ($0.87) ($1.13) ($0.94) ($0.99) ($1.01)
Weighted Average Basic Shares Outstanding		 48.11M 48.35M 48.06M 52.76M 53.52M 53.82M 53.57M 55.26M 56.22M 56.59M 56.31M
Diluted Earnings per Share		 ($0.50) ($0.81) $0.42 ($0.14) ($0.51) ($0.48) ($0.87) ($1.13) ($0.94) ($0.99) ($1.01)
Weighted Average Diluted Shares Outstanding		 48.11M 48.35M 48.06M 52.76M 53.52M 53.82M 53.57M 55.26M 56.22M 56.59M 56.31M
Weighted Average Basic & Diluted Shares Outstanding		 48.36M 48.69M 52.80M 53.50M 53.76M 54.07M 54.94M 55.11M 55.46M 57.82M 58.48M

Annual Cash Flow Statements for Arcellx

This table details how cash moves in and out of Arcellx's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -16 36 332 -291 -25
Net Cash From Operating Activities		 -54 -99 208 -83 -210
Net Cash From Continuing Operating Activities		 -54 -99 208 -83 -210
Net Income / (Loss) Continuing Operations		 -65 -189 -71 -107 -229
Consolidated Net Income / (Loss)		 -65 -189 -71 -107 -229
Depreciation Expense		 1.04 1.32 2.04 5.19 6.68
Amortization Expense		 0.21 -2.13 -11 -15 -8.44
Non-Cash Adjustments To Reconcile Net Income		 6.76 89 75 61 76
Changes in Operating Assets and Liabilities, net		 2.72 1.33 212 -27 -56
Net Cash From Investing Activities		 -80 -118 -155 -183 86
Net Cash From Continuing Investing Activities		 -80 -118 -155 -183 86
Purchase of Property, Plant & Equipment		 -5.78 -2.28 -21 -13 -2.33
Purchase of Investments		 -74 -274 -442 -597 -407
Sale and/or Maturity of Investments		 0.00 158 309 428 496
Net Cash From Financing Activities		 118 253 279 -24 99
Net Cash From Continuing Financing Activities		 118 253 279 -24 99
Issuance of Common Equity		 0.00 260 301 1.16 133
Other Financing Activities, net		 0.05 -7.21 -22 -25 -34
Cash Income Taxes Paid		 - 0.00 0.21 1.64 1.32

Quarterly Cash Flow Statements for Arcellx

This table details how cash moves in and out of Arcellx's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Net Change in Cash & Equivalents		 29 -175 268 -242 -55 62 -56 -25 -19 17 1.26
Net Cash From Operating Activities		 -23 -10 58 -32 -36 31 -46 -63 -40 -49 -58
Net Cash From Continuing Operating Activities		 -23 -10 58 -32 -36 31 -46 -63 -40 -49 -58
Net Income / (Loss) Continuing Operations		 -24 -39 20 -7.20 -27 -26 -47 -62 -53 -56 -58
Consolidated Net Income / (Loss)		 -24 -39 20 -7.20 -27 -26 -47 -62 -53 -56 -58
Depreciation Expense		 0.44 0.45 0.72 0.83 1.24 1.33 1.79 1.58 1.62 1.84 1.64
Amortization Expense		 -2.71 -2.42 -3.94 -4.36 -4.13 -3.40 -3.57 -3.14 -2.40 -1.67 -1.24
Non-Cash Adjustments To Reconcile Net Income		 11 29 43 17 15 15 15 23 18 17 18
Changes in Operating Assets and Liabilities, net		 -7.78 1.81 -1.04 -38 -21 44 -12 -23 -3.77 -11 -18
Net Cash From Investing Activities		 51 -160 21 -207 -7.87 36 -4.12 38 11 -20 58
Net Cash From Continuing Investing Activities		 51 -160 21 -207 -7.87 36 -4.12 38 11 -20 58
Purchase of Property, Plant & Equipment		 -7.23 -7.93 -5.29 -6.43 -3.21 -2.29 -1.50 -0.78 -0.49 -0.30 -0.76
Purchase of Investments		 - -238 -42 -318 -83 -60 -136 -79 -157 -122 -50
Sale and/or Maturity of Investments		 59 86 69 118 78 98 134 117 168 102 108
Net Cash From Financing Activities		 0.12 -4.99 189 -2.99 -10 -4.66 -6.02 0.54 10 86 1.63
Net Cash From Continuing Financing Activities		 0.12 -4.99 189 -2.99 -10 -4.66 -6.02 0.54 10 86 1.63
Issuance of Common Equity		 0.53 -0.53 201 - 0.65 - 0.52 - - 124 0.53
Other Financing Activities, net		 -0.41 -4.46 -12 -2.99 -11 -4.66 -6.54 0.54 1.67 -38 1.10
Cash Income Taxes Paid		 0.21 - - - 1.07 0.40 0.17 - - - 0.05

Annual Balance Sheets for Arcellx

This table presents Arcellx's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 129 314 825 711 604
Total Current Assets		 113 267 716 599 462
Cash & Equivalents		 31 64 395 106 80
Restricted Cash		 - 0.00 1.90 0.21 0.00
Short-Term Investments		 74 191 307 482 370
Prepaid Expenses		 8.19 12 12 12 12
Plant, Property, & Equipment, net		 10 11 43 46 43
Total Noncurrent Assets		 5.66 36 66 66 99
Long-Term Investments		 - 0.00 27 38 70
Other Noncurrent Operating Assets		 5.66 36 39 27 29
Total Liabilities & Shareholders' Equity		 129 314 825 711 604
Total Liabilities		 17 109 340 257 202
Total Current Liabilities		 15 57 118 125 104
Accounts Payable		 1.33 9.05 2.62 2.10 5.58
Accrued Expenses		 13 12 18 57 35
Current Deferred Revenue		 0.18 0.00 0.00 0.00 0.00
Other Current Liabilities		 0.15 36 97 67 64
Total Noncurrent Liabilities		 2.07 52 222 131 97
Noncurrent Deferred Revenue		 1.90 0.00 0.00 0.00 0.00
Other Noncurrent Operating Liabilities		 0.18 52 222 131 97
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 233 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -122 205 485 455 402
Total Preferred & Common Equity		 -122 205 485 455 402
Preferred Stock		 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -122 205 485 455 402
Common Stock		 8.62 524 874 951 1,127
Retained Earnings		 -130 -319 -389 -497 -726
Accumulated Other Comprehensive Income / (Loss)		 -0.02 -0.22 0.55 0.85 0.84

Quarterly Balance Sheets for Arcellx

This table presents Arcellx's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025
Total Assets		 337 623 624 614 780 734 765 648 619 656
Total Current Assets		 290 571 558 491 589 530 587 554 464 472
Cash & Equivalents		 57 275 304 126 155 100 162 81 62 79
Restricted Cash		 - - - - 0.21 0.21 0.21 0.21 0.00 0.00
Short-Term Investments		 224 259 203 314 419 417 412 462 391 382
Accounts Receivable		 - 21 29 31 0.00 0.00 0.00 0.00 0.00 0.00
Prepaid Expenses		 9.52 17 22 20 15 13 13 11 11 11
Plant, Property, & Equipment, net		 10 14 22 38 45 46 47 46 44 43
Total Noncurrent Assets		 37 37 43 85 146 158 129 48 110 141
Long-Term Investments		 - - - 43 117 130 102 22 85 115
Other Noncurrent Operating Assets		 37 37 43 42 29 28 26 26 26 26
Total Liabilities & Shareholders' Equity		 337 623 624 614 780 734 765 648 619 656
Total Liabilities		 101 319 330 348 283 247 282 231 227 215
Total Current Liabilities		 45 166 156 173 108 88 137 112 122 118
Accounts Payable		 2.96 4.53 5.69 7.19 3.10 4.87 5.99 4.37 2.08 4.20
Accrued Expenses		 11 14 12 17 34 42 43 43 53 47
Current Deferred Revenue		 0.00 107 94 94 31 15 70 57 59 60
Other Current Liabilities		 31 40 44 55 40 26 18 7.36 7.42 7.47
Total Noncurrent Liabilities		 56 153 174 175 175 159 145 119 105 97
Noncurrent Deferred Revenue		 0.00 106 124 121 112 96 83 69 60 52
Other Noncurrent Operating Liabilities		 29 47 49 54 63 63 62 49 45 44
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 236 304 294 266 497 487 483 417 392 441
Total Preferred & Common Equity		 236 304 294 266 497 487 483 417 392 441
Total Common Equity		 236 304 294 266 497 487 483 417 392 441
Common Stock		 516 650 664 676 894 912 931 975 1,004 1,108
Retained Earnings		 -280 -346 -370 -409 -397 -424 -450 -559 -612 -668
Accumulated Other Comprehensive Income / (Loss)		 -0.40 0.09 -0.01 -0.07 -0.51 -0.79 1.90 0.65 0.40 0.71

Annual Metrics And Ratios for Arcellx

This table displays calculated financial ratios and metrics derived from Arcellx's official financial filings.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - -
Revenue Growth		 0.00% 0.00% 0.00% -2.16% -79.35%
EBITDA Growth		 0.00% -204.13% 46.99% -44.92% -72.38%
EBIT Growth		 0.00% -197.03% 51.43% -47.89% -83.97%
NOPAT Growth		 0.00% -194.16% 53.01% -53.06% -83.97%
Net Income Growth		 0.00% -190.41% 62.53% -51.86% -113.26%
EPS Growth		 0.00% 96.43% 71.68% -36.05% -103.50%
Operating Cash Flow Growth		 0.00% -83.09% 309.03% -140.21% -151.91%
Free Cash Flow Firm Growth		 0.00% 0.00% 273.17% -228.61% -34.86%
Invested Capital Growth		 0.00% -788.30% -392.59% 30.38% 31.20%
Revenue Q/Q Growth		 0.00% 0.00% 133.87% -30.73% -37.92%
EBITDA Q/Q Growth		 0.00% -14.17% 25.52% -99.44% -3.38%
EBIT Q/Q Growth		 0.00% -13.28% 28.57% -120.24% -4.33%
NOPAT Q/Q Growth		 0.00% -11.23% 37.96% -98.17% -4.34%
Net Income Q/Q Growth		 0.00% -10.76% 45.42% -165.56% -5.06%
EPS Q/Q Growth		 0.00% 88.51% 48.78% -181.69% -3.56%
Operating Cash Flow Q/Q Growth		 0.00% -6.40% 70.41% -501.07% -6.13%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 36.06% -144.41% -0.32%
Invested Capital Q/Q Growth		 0.00% -185.97% -13.47% 12.36% 12.94%
Profitability Metrics		 - - - - -
Gross Margin		 0.00% 0.00% 100.00% 100.00% 100.00%
EBITDA Margin		 0.00% 0.00% -93.12% -137.93% -1,143.53%
Operating Margin		 0.00% 0.00% -81.47% -127.46% -1,135.61%
EBIT Margin		 0.00% 0.00% -84.96% -128.41% -1,135.61%
Profit (Net Income) Margin		 0.00% 0.00% -64.08% -99.46% -1,027.25%
Tax Burden Percent		 100.00% 100.00% 100.95% 101.97% 100.03%
Interest Burden Percent		 100.00% 97.77% 74.72% 75.96% 90.43%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -58.08% -119.11% -20.48% -22.84% -53.42%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% -16.46% -18.04% -38.48%
Return on Assets (ROA)		 0.00% 0.00% -12.41% -13.97% -34.81%
Return on Common Equity (ROCE)		 63.09% -31.37% -20.48% -22.84% -53.42%
Return on Equity Simple (ROE_SIMPLE)		 53.47% -92.06% -14.56% -23.60% 0.00%
Net Operating Profit after Tax (NOPAT)		 -46 -134 -63 -96 -177
NOPAT Margin		 0.00% 0.00% -57.03% -89.22% -794.93%
Net Nonoperating Expense Percent (NNEP)		 -18.60% -30.49% -1.58% -1.63% -9.04%
Return On Investment Capital (ROIC_SIMPLE)		 - -65.32% -12.96% -21.17% -44.03%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 60.14% 81.91% 528.39%
R&D to Revenue		 0.00% 0.00% 121.33% 145.54% 707.22%
Operating Expenses to Revenue		 0.00% 0.00% 181.47% 227.46% 1,235.61%
Earnings before Interest and Taxes (EBIT)		 -65 -193 -94 -139 -253
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -64 -194 -103 -149 -255
Valuation Ratios		 - - - - -
Price to Book Value (P/BV)		 0.00 6.63 5.57 9.12 9.37
Price to Tangible Book Value (P/TBV)		 0.00 6.63 5.57 9.12 9.37
Price to Revenue (P/Rev)		 0.00 0.00 24.49 38.42 169.17
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 34.84 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 17.87 32.62 145.83
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 9.50 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 14.83 0.00 0.00
Leverage & Solvency		 - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -0.94 -1.13 -1.43 -1.44 -1.34
Leverage Ratio		 1.15 1.40 1.65 1.63 1.53
Compound Leverage Factor		 1.15 1.37 1.23 1.24 1.39
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 208.63% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -108.63% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 2.22 4.84 4.74 9.03 8.90
Noncontrolling Interest Sharing Ratio		 208.63% 73.66% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - -
Current Ratio		 7.60 4.71 6.06 4.78 4.44
Quick Ratio		 7.05 4.50 5.94 4.68 4.32
Cash Flow Metrics		 - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -77 133 -171 -231
Operating Cash Flow to CapEx		 -937.89% -4,361.13% 968.70% -621.31% -9,035.58%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - -
Asset Turnover		 0.00 0.00 0.19 0.14 0.03
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 4.09 2.42 0.50
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - -
Invested Capital		 7.25 -50 -246 -171 -118
Invested Capital Turnover		 0.00 0.00 -0.75 -0.52 -0.15
Increase / (Decrease) in Invested Capital		 0.00 -57 -196 75 53
Enterprise Value (EV)		 253 1,104 1,971 3,521 3,250
Market Capitalization		 124 1,359 2,702 4,147 3,770
Book Value per Share		 ($272.22) $4.67 $9.97 $8.41 $6.96
Tangible Book Value per Share		 ($272.22) $4.67 $9.97 $8.41 $6.96
Total Capital		 112 205 485 455 402
Total Debt		 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00
Net Debt		 -105 -255 -731 -626 -520
Capital Expenditures (CapEx)		 5.78 2.28 21 13 2.33
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -6.65 -45 -106 -114 -92
Debt-free Net Working Capital (DFNWC)		 98 210 598 474 358
Net Working Capital (NWC)		 98 210 598 474 358
Net Nonoperating Expense (NNE)		 19 55 7.77 11 52
Net Nonoperating Obligations (NNO)		 -105 -255 -731 -626 -520
Total Depreciation and Amortization (D&A)		 1.25 -0.80 -9.01 -10 -1.77
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% -95.90% -105.32% -414.40%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 542.18% 439.06% 1,606.30%
Net Working Capital to Revenue		 0.00% 0.00% 542.18% 439.06% 1,606.30%
Earnings Adjustments		 - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($5.19) ($1.47) ($2.00) ($4.07)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 36.36M 48.06M 53.57M 56.31M
Adjusted Diluted Earnings per Share		 $0.00 ($5.19) ($1.47) ($2.00) ($4.07)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 36.36M 48.06M 53.57M 56.31M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 47.84M 52.80M 54.94M 58.48M
Normalized Net Operating Profit after Tax (NOPAT)		 -46 -134 -63 -96 -177
Normalized NOPAT Margin		 0.00% 0.00% -57.03% -89.22% -794.93%
Pre Tax Income Margin		 0.00% 0.00% -63.48% -97.54% -1,026.95%
Debt Service Ratios		 - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -1.06% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Arcellx

This table displays calculated financial ratios and metrics derived from Arcellx's official financial filings.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 119.16% 91.47% 74.03% -75.83% -79.29% -72.41% -80.99% -89.17%
EBITDA Growth		 13.54% 55.74% 85.42% 62.42% -12.65% 32.91% -1,150.61% -253.55% -55.76% -72.06% -15.21%
EBIT Growth		 21.57% 57.64% 92.54% 73.36% -11.29% 34.82% -2,343.42% -320.23% -66.30% -83.15% -19.81%
NOPAT Growth		 5.53% 52.21% 151.94% 48.09% -18.38% 25.07% -355.83% -335.79% -67.82% -83.77% -19.81%
Net Income Growth		 22.48% 57.65% 150.89% 73.68% -14.04% 34.24% -337.26% -765.10% -94.00% -115.65% -23.43%
EPS Growth		 40.48% 61.79% 142.86% 75.86% -2.00% 40.74% -307.14% -707.14% -84.31% -106.25% -16.09%
Operating Cash Flow Growth		 -0.30% 39.32% 311.66% -117.53% -60.29% 404.09% -179.02% -97.90% -9.61% -260.18% -26.39%
Free Cash Flow Firm Growth		 641.72% 447.43% 622.28% -120.52% -137.10% -126.76% -153.17% -103.89% 28.73% -130.08% 12.43%
Invested Capital Growth		 -1,379.49% -1,141.46% -392.59% 15.32% 24.88% 9.86% 30.38% 23.71% 8.82% 30.74% 31.20%
Revenue Q/Q Growth		 -20.15% 4.58% 322.20% -37.83% -30.24% -4.94% -41.35% -46.75% -7.07% -34.49% -66.58%
EBITDA Q/Q Growth		 7.54% -56.43% 84.38% -66.36% -177.20% 6.84% -191.11% 12.65% 15.56% -3.52% -2.74%
EBIT Q/Q Growth		 10.66% -63.00% 91.79% -122.92% -273.17% 4.53% -207.67% 12.66% 14.78% -5.19% -3.09%
NOPAT Q/Q Growth		 2.95% -51.77% 146.31% -176.07% -121.33% 3.94% -58.12% -29.62% 14.76% -5.19% -3.09%
Net Income Q/Q Growth		 12.76% -64.90% 150.45% -136.27% -277.91% 4.91% -82.01% -32.26% 15.25% -5.70% -4.18%
EPS Q/Q Growth		 13.79% -62.00% 151.85% -133.33% -264.29% 5.88% -81.25% -29.89% 16.81% -5.32% -2.02%
Operating Cash Flow Q/Q Growth		 -112.42% 55.33% 676.60% -154.78% -13.61% 184.74% -249.84% -37.18% 37.08% -23.85% -18.23%
Free Cash Flow Firm Q/Q Growth		 -7.45% -19.67% 25.44% -122.00% -67.33% 42.06% -149.23% 15.62% 41.51% -87.03% 5.14%
Invested Capital Q/Q Growth		 7.42% -1.75% -13.47% 20.78% 17.88% -22.11% 12.36% 13.19% 1.85% 7.25% 12.94%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 -184.65% -276.19% -10.22% -27.34% -108.64% -106.47% -528.48% -866.90% -787.73% -1,244.68% -3,826.24%
Operating Margin		 -206.68% -299.94% 23.75% -40.27% -127.79% -129.14% -348.17% -847.56% -777.42% -1,248.25% -3,850.24%
EBIT Margin		 -168.76% -263.03% -5.11% -18.34% -98.09% -98.52% -516.82% -847.71% -777.42% -1,248.25% -3,850.24%
Profit (Net Income) Margin		 -166.79% -262.99% 31.42% -18.34% -99.34% -99.37% -308.40% -766.02% -698.58% -1,127.12% -3,513.42%
Tax Burden Percent		 98.83% 99.98% 96.96% 100.00% 101.27% 100.87% 103.30% 100.00% 100.06% 100.00% 100.07%
Interest Burden Percent		 100.00% 100.00% -633.82% 100.00% 100.00% 100.00% 57.77% 90.36% 89.81% 90.30% 91.19%
Effective Tax Rate		 0.00% 0.00% 3.04% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -59.31% -51.56% -20.48% -12.63% -13.80% -10.79% -22.84% -35.56% -42.75% -47.18% -53.42%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 -10.89% -26.08% -0.99% -3.44% -20.91% -22.26% -72.61% -91.21% -65.46% -63.08% -130.47%
Return on Assets (ROA)		 -10.77% -26.07% 6.09% -3.44% -21.18% -22.46% -43.33% -82.42% -58.82% -56.95% -119.06%
Return on Common Equity (ROCE)		 -59.31% -51.56% -20.48% -12.63% -13.80% -10.79% -22.84% -35.56% -42.75% -47.18% -53.42%
Return on Equity Simple (ROE_SIMPLE)		 -62.34% -48.67% 0.00% -10.18% -11.06% -8.37% 0.00% -38.96% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -21 -31 15 -11 -24 -24 -37 -48 -41 -43 -45
NOPAT Margin		 -144.68% -209.96% 23.03% -28.19% -89.45% -90.40% -243.72% -593.29% -544.19% -873.78% -2,695.17%
Net Nonoperating Expense Percent (NNEP)		 -0.78% -2.15% 1.08% 0.63% -0.47% -0.40% -1.46% -2.23% -1.97% -2.00% -2.36%
Return On Investment Capital (ROIC_SIMPLE)		 - - 3.00% - - - -8.18% -11.57% -10.48% -9.81% -11.08%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 108.62% 107.05% 30.67% 57.95% 78.24% 78.65% 155.70% 322.62% 379.31% 639.26% 1,888.88%
R&D to Revenue		 198.06% 292.89% 45.58% 82.33% 149.55% 150.49% 292.47% 624.94% 498.11% 708.99% 2,061.37%
Operating Expenses to Revenue		 306.68% 399.94% 76.25% 140.27% 227.79% 229.14% 448.17% 947.56% 877.42% 1,348.25% 3,950.24%
Earnings before Interest and Taxes (EBIT)		 -24 -39 -3.23 -7.20 -27 -26 -79 -69 -59 -62 -64
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -26 -41 -6.45 -11 -30 -28 -81 -70 -60 -62 -63
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 5.17 6.52 5.57 6.82 6.06 9.29 9.12 8.65 9.25 10.33 9.37
Price to Tangible Book Value (P/TBV)		 5.17 6.52 5.57 6.82 6.06 9.29 9.12 8.65 9.25 10.33 9.37
Price to Revenue (P/Rev)		 47.11 36.78 24.49 25.72 20.40 28.81 38.42 46.93 63.69 126.84 169.17
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 31.39 26.55 17.87 20.47 15.93 24.47 32.62 39.56 54.25 110.79 145.83
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 8.77 10.28 9.50 0.00 0.00 183.18 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 10.79 12.82 14.83 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -1.32 -1.47 -1.43 -1.53 -1.48 -1.55 -1.44 -1.38 -1.35 -1.36 -1.34
Leverage Ratio		 1.62 1.89 1.65 1.75 1.74 1.84 1.63 1.56 1.54 1.54 1.53
Compound Leverage Factor		 1.62 1.89 -10.46 1.75 1.74 1.84 0.94 1.41 1.38 1.39 1.40
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 2.63 2.55 5.10 7.34 7.16 9.53 9.31 8.73 8.66 11.66 9.94
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 3.57 2.84 6.06 5.46 6.01 4.29 4.78 4.93 3.81 3.99 4.44
Quick Ratio		 3.43 2.72 5.94 5.32 5.85 4.19 4.68 4.83 3.72 3.90 4.32
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 209 168 210 -46 -77 -45 -112 -94 -55 -103 -98
Operating Cash Flow to CapEx		 -312.88% -127.44% 1,100.47% -496.07% -1,128.20% 1,341.44% -3,070.71% -8,095.51% -8,158.32% -16,623.99% -7,614.53%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.06 0.10 0.19 0.19 0.21 0.23 0.14 0.11 0.08 0.05 0.03
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 2.02 1.97 4.09 4.44 4.22 3.65 2.42 1.70 1.26 0.79 0.50
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -213 -217 -246 -195 -160 -195 -171 -149 -146 -135 -118
Invested Capital Turnover		 -0.33 -0.40 -0.75 -0.62 -0.78 -0.76 -0.52 -0.45 -0.37 -0.22 -0.15
Increase / (Decrease) in Invested Capital		 -229 -199 -196 35 53 21 75 46 14 60 53
Enterprise Value (EV)		 1,011 1,252 1,971 2,695 2,306 3,812 3,521 3,039 3,091 3,977 3,250
Market Capitalization		 1,518 1,735 2,702 3,386 2,953 4,489 4,147 3,604 3,629 4,553 3,770
Book Value per Share		 $6.12 $5.50 $9.97 $9.41 $9.11 $8.99 $8.41 $7.59 $7.12 $7.95 $6.96
Tangible Book Value per Share		 $6.12 $5.50 $9.97 $9.41 $9.11 $8.99 $8.41 $7.59 $7.12 $7.95 $6.96
Total Capital		 294 266 485 497 487 483 455 417 392 441 402
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -506 -483 -731 -691 -647 -677 -626 -565 -538 -576 -520
Capital Expenditures (CapEx)		 7.23 7.93 5.29 6.43 3.21 2.29 1.50 0.78 0.49 0.30 0.76
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -105 -121 -106 -93 -75 -124 -114 -102 -111 -108 -92
Debt-free Net Working Capital (DFNWC)		 402 318 598 481 442 450 474 442 342 354 358
Net Working Capital (NWC)		 402 318 598 481 442 450 474 442 342 354 358
Net Nonoperating Expense (NNE)		 3.16 7.93 -5.30 -3.87 2.71 2.34 9.87 14 12 13 14
Net Nonoperating Obligations (NNO)		 -506 -483 -731 -691 -647 -678 -626 -565 -538 -576 -520
Total Depreciation and Amortization (D&A)		 -2.27 -1.97 -3.22 -3.53 -2.89 -2.07 -1.78 -1.56 -0.78 0.18 0.40
Debt-free, Cash-free Net Working Capital to Revenue		 -324.48% -257.38% -95.90% -70.86% -51.80% -79.69% -105.32% -132.51% -194.91% -300.00% -414.40%
Debt-free Net Working Capital to Revenue		 1,247.77% 674.79% 542.18% 365.20% 305.30% 288.98% 439.06% 575.05% 600.30% 985.26% 1,606.30%
Net Working Capital to Revenue		 1,247.77% 674.79% 542.18% 365.20% 305.30% 288.98% 439.06% 575.05% 600.30% 985.26% 1,606.30%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.50) ($0.81) $0.42 ($0.14) ($0.51) ($0.48) ($0.87) ($1.13) ($0.94) ($0.99) ($1.01)
Adjusted Weighted Average Basic Shares Outstanding		 48.11M 48.44M 48.06M 52.76M 53.52M 53.82M 53.57M 55.26M 56.22M 56.59M 56.31M
Adjusted Diluted Earnings per Share		 ($0.50) ($0.81) $0.42 ($0.14) ($0.51) ($0.48) ($0.87) ($1.13) ($0.94) ($0.99) ($1.01)
Adjusted Weighted Average Diluted Shares Outstanding		 48.11M 48.44M 48.06M 52.76M 53.52M 53.82M 53.57M 55.26M 56.22M 56.59M 56.31M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 48.36M 48.69M 52.80M 53.50M 53.76M 54.07M 54.94M 55.11M 55.46M 57.82M 58.48M
Normalized Net Operating Profit after Tax (NOPAT)		 -21 -31 15 -11 -24 -24 -37 -48 -41 -43 -45
Normalized NOPAT Margin		 -144.68% -209.96% 23.03% -28.19% -89.45% -90.40% -243.72% -593.29% -544.19% -873.78% -2,695.17%
Pre Tax Income Margin		 -168.76% -263.03% 32.41% -18.34% -98.09% -98.52% -298.55% -766.02% -698.20% -1,127.12% -3,511.00%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, investor-focused look at Arcellx (ACLX) using the last four years of quarterly statements. The focus is on liquidity, funding, and profitability trends, with key data drawn from income statements, cash flow statements, and balance sheets.

  • Liquidity remains strong through 2025, with roughly $0.45–0.54 billion in cash and short-term investments across the quarters (e.g., Q1 2025 around $543M total liquid assets; Q3 2025 about $461M in cash + short-term investments).
  • Equity financing has been a meaningful liquidity source in 2025, as shown by large common stock issuances (roughly $1.0B in Q2 2025 and ~$1.11B in Q3 2025), boosting the company’s equity cushion.
  • Asset-sale activity contributed sizable cash inflows, helping offset operating cash burn (e.g., Q2 2025: $167.8M from sale/maturity of investments; Q3 2025: $102.4M; Q4 2025: $108.2M).
  • The balance sheet shows a relatively modest leverage profile, with total liabilities around $216–226M and total equity around $392–441M in 2025, indicating a solid equity base relative to liabilities.
  • Revenue levels remain volatile and do not show a consistent, sustained growth trend across the four-year window, making near-term top-line Upside less certain.
  • Funding in recent periods has been equity-driven rather than debt-driven, which reduces interest costs but can pose dilution risk to shareholders over time.
  • Net income has been negative across all quarters, with sizable losses (for example, Q4 2025 net income around -$58.1M and EPS about -$1.01).
  • Cash flow from continuing operating activities is consistently negative in the periods shown (e.g., Q4 2025: -$58.1M; Q3 2025: -$49.2M), signaling ongoing cash burn from core operations.
  • Operating expenses remain large relative to revenue in many quarters (SG&A and R&D drive high total operating expenses, contributing to negative operating income in several periods).
  • Dilution-pressure risks are evident from equity issuance, with very large common stock balances and rising weighted average shares, accompanying negative earnings per share in multiple quarters.
05/21/26 08:49 PM ETAI Generated. May Contain Errors.

Arcellx Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Arcellx's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Arcellx's net income appears to be on an upward trend, with a most recent value of -$228.93 million in 2025, rising from -$64.97 million in 2021. The previous period was -$107.35 million in 2024. View Arcellx's forecast to see where analysts expect Arcellx to go next.

Arcellx's total operating income in 2025 was -$253.08 million, based on the following breakdown:
  • Total Gross Profit: $22.29 million
  • Total Operating Expenses: $275.37 million

Over the last 4 years, Arcellx's total revenue changed from $0.00 in 2021 to $22.29 million in 2025, a change of 2,228,600,000.0%.

Arcellx's total liabilities were at $201.64 million at the end of 2025, a 21.4% decrease from 2024, and a 1,091.9% increase since 2021.

In the past 4 years, Arcellx's cash and equivalents has ranged from $30.83 million in 2021 to $394.58 million in 2023, and is currently $80.26 million as of their latest financial filing in 2025.

Over the last 4 years, Arcellx's book value per share changed from -272.22 in 2021 to 6.96 in 2025, a change of -102.6%.


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Financial statements for NASDAQ:ACLX last updated on 2/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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