ACLX

MKT CAP:$7B

Arcellx, Inc.

Market Cap

$7B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$115.08+$51.73 (+81.68%)

Apr 23, 2026

Company Details

Arcellx, Inc., a clinical-stage biotechnology company, engages in the development of various immunotherapies for patients with cancer and other incurable diseases. The company's lead ddCAR product candidate is CART-ddBCMA, which is in phase...

CEO

Rami Elghandour

IPO Date

Feb 4, 2022

Website

arcellx.com

Key Metrics TTM

Revenue

$22M

-79.4% YoY

Net Income

-$229M

EPS (Diluted)

-$4.06

Free Cash Flow

-$213M

Revenue / Share

$0.40

Gross Margin

-64.8%

Operating Margin

-1135.6%

Net Margin

-1027.3%

FCF Margin

-953.9%

P/S

301.9x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

Q4 2025

Feb 26, 2026

$2M-89.2%EPS -$1.00

Q3 2025

Nov 5, 2025

$5M-81.0%EPS -$0.99

Q2 2025

Aug 7, 2025

$8M-72.4%EPS -$0.94

Q1 2025

May 8, 2025

$8M-79.3%EPS -$1.13

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	$0	-$26M
Q2 22	$0	$0	-$31M
Q3 22	$0	$0	-$94M
Q4 22	$0	$0	-$40M
Q1 23	$18M	$17M	-$30M
Q2 23	$14M	$14M	-$30M
Q3 23	$15M	$15M	-$45M
Q4 23	$63M	$62M	$15M
Q1 24	$39M	$38M	-$16M
Q2 24	$27M	$26M	-$35M
Q3 24	$26M	$26M	-$34M
Q4 24	$15M	$15M	-$53M
Q1 25	$8M	$8M	-$69M
Q2 25	$8M	$8M	-$59M
Q3 25	$5M	-$30M	-$62M
Q4 25	$2M	$13.0K	-$64M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	78.9x	—
Q2 23	47.4x	—
Q3 23	38.4x	—
Q4 23	25.9x	—
Q1 24	27.2x	—
Q2 24	19.9x	—
Q3 24	28.8x	—
Q4 24	39.0x	—
Q1 25	45.9x	—
Q2 25	63.9x	—
Q3 25	123.9x	—
Q4 25	164.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$33M	-$33M
Q2 22	-$23M	-$23M
Q3 22	-$17M	-$17M
Q4 22	-$28M	-$29M
Q1 23	$182M	$181M
Q2 23	-$23M	-$30M
Q3 23	-$10M	-$18M
Q4 23	$58M	$53M
Q1 24	-$32M	-$38M
Q2 24	-$36M	-$39M
Q3 24	$31M	$28M
Q4 24	-$46M	-$48M
Q1 25	-$63M	-$64M
Q2 25	-$40M	-$40M
Q3 25	-$49M	-$50M
Q4 25	-$58M	-$59M

Capital Expenditures

Quarter	CapEx
Q1 22	$467.0K
Q2 22	$149.0K
Q3 22	$385.0K
Q4 22	$1M
Q1 23	$980.0K
Q2 23	$7M
Q3 23	$8M
Q4 23	$5M
Q1 24	$6M
Q2 24	$3M
Q3 24	$2M
Q4 24	$1M
Q1 25	$780.0K
Q2 25	$487.0K
Q3 25	$296.0K
Q4 25	$764.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+131.3%
Q2 22	—	+96.4%
Q3 22	—	+448.7%
Q4 22	—	+93.3%
Q1 23	—	+85.4%
Q2 23	—	+40.2%
Q3 23	—	-36.3%
Q4 23	—	+20.4%
Q1 24	+119.2%	+13.8%
Q2 24	+91.5%	+42.2%
Q3 24	+74.0%	-0.3%
Q4 24	-75.8%	+42.1%
Q1 25	-79.3%	+39.9%
Q2 25	-72.4%	+6.3%
Q3 25	-81.0%	+11.9%
Q4 25	-89.2%	-4.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$4M	—
Q2 22	$6M	—
Q3 22	$5M	—
Q4 22	$0	—
Q1 23	$10M	56.7%
Q2 23	$0	0.0%
Q3 23	$11M	71.0%
Q4 23	$11M	16.8%
Q1 24	$15M	37.8%
Q2 24	$15M	55.3%
Q3 24	$15M	58.9%
Q4 24	$16M	103.3%
Q1 25	$24M	293.0%
Q2 25	$18M	239.3%
Q3 25	$18M	362.2%
Q4 25	$18M	1092.6%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 22	$18M	$8M	—
Q2 22	$22M	$9M	—
Q3 22	$83M	$10M	—
Q4 22	$26M	$14M	—
Q1 23	$33M	—	$15M
Q2 23	$28M	—	$15M
Q3 23	$44M	$16M	—
Q4 23	$29M	$19M	—
Q1 24	$32M	$23M	—
Q2 24	$41M	$21M	—
Q3 24	$39M	$20M	—
Q4 24	$45M	$24M	—
Q1 25	$51M	$26M	—
Q2 25	$38M	$29M	—
Q3 25	$35M	$32M	—
Q4 25	$34M	—	$30M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$127M	$84M	$211M
Q2 22	$165M	$142M	$307M
Q3 22	$57M	$224M	$281M
Q4 22	$64M	$191M	$255M
Q1 23	$275M	$259M	$534M
Q2 23	$304M	$203M	$506M
Q3 23	$126M	$314M	$440M
Q4 23	$395M	$307M	$702M
Q1 24	$155M	$419M	$574M
Q2 24	$100M	$417M	$517M
Q3 24	$162M	$412M	$574M
Q4 24	$106M	$482M	$587M
Q1 25	$81M	$462M	$543M
Q2 25	$62M	$391M	$453M
Q3 25	$79M	$382M	$461M
Q4 25	$80M	$370M	$450M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	21M	-38.1%	-4.7%
Q2 22	37M	+76.3%	+68.1%
Q3 22	44M	+19.7%	+101.2%
Q4 22	44M	+0.7%	+31.5%
Q1 23	47M	+6.0%	+125.3%
Q2 23	48M	+2.9%	+31.4%
Q3 23	48M	+0.7%	+10.5%
Q4 23	52M	+7.9%	+18.5%
Q1 24	53M	+0.9%	+12.8%
Q2 24	54M	+1.4%	+11.2%
Q3 24	54M	+0.6%	+11.1%
Q4 24	54M	-0.2%	+2.7%
Q1 25	55M	+2.9%	+4.7%
Q2 25	56M	+1.7%	+5.1%
Q3 25	57M	+0.7%	+5.1%
Q4 25	56M	-0.5%	+4.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$0	78
Q2 22	$0	78
Q3 22	$0	78
Q4 22	$0	98
Q1 23	$182.8K	98
Q2 23	$145.9K	98
Q3 23	$152.6K	98
Q4 23	$485.8K	130
Q1 24	$302.0K	130
Q2 24	$210.6K	130
Q3 24	$200.2K	130
Q4 24	$93.7K	163
Q1 25	$49.9K	163
Q2 25	$46.3K	163
Q3 25	$30.4K	163
Q4 25	$17	100K

Revenue / Employee