Arcellx, Inc. (ACLX) Financials
Newest figures come from the 10-K for FY2025, filed Feb 26, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ACLX SEC filings page.
Arcellx, Inc. (ACLX) reported $22.3M in revenue for fiscal year 2025, down 79.4% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Arcellx remains a development-stage business, spending far more on research than its latest revenue while losses widen and cash declines.
Cash conversion has become more representative of the reported losses: in FY2024 and FY2025, operating cash flow tracked close to net loss, whereas FY2023 produced positive operating cash flow despite a net loss. That shift means the latest earnings picture is less separated from cash economics than the earlier period suggested.
The latest operating model is dominated by development spending: FY2025 research and development was
The balance sheet is being consumed without relying on heavy reported debt: total assets declined from
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Arcellx, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Arcellx, Inc. held $520.0M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $210.3M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Arcellx, Inc. scores 55/100 among other emerging companies.
Arcellx, Inc. had 58M shares outstanding at the end of fiscal year 2025, against 55M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Arcellx, Inc. scores 57/100 among other emerging companies.
Arcellx, Inc. spent $157.6M on research and development in fiscal year 2025, which was 57.2% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Arcellx, Inc. scores 81/100 among other emerging companies.
Arcellx, Inc. reported revenue of $22.3M in fiscal year 2025, against $107.9M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Arcellx, Inc. scores 4/100 among other emerging companies.
Not available for Arcellx, Inc., and counted as zero in the overall score.
Arcellx, Inc.'s cash, cash equivalents and investments came to $520.0M at the end of fiscal year 2025, against $201.6M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Arcellx, Inc. scores 79/100 among other emerging companies.
Arcellx, Inc. scores 17.71, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($6.7B) relative to total liabilities ($201.6M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Arcellx, Inc. passes 1 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
Arcellx, Inc. reported a net loss of $228.9M while operations used $210.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Arcellx, Inc. generated $1.7M in revenue in Q4 2025. This represents a decrease of 89.2% from the same quarter a year earlier. Against the prior quarter it is down 66.6%.
Arcellx, Inc.'s EBITDA was -$62.0M in Q4 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 20.8% from the same quarter a year earlier. Against the prior quarter it is down 3.5%.
Arcellx, Inc. reported -$58.1M in net income in Q4 2025. This represents a decrease of 23.4% from the same quarter a year earlier. Against the prior quarter it is down 4.2%.
Arcellx, Inc. earned -$1.01 per diluted share (EPS) in Q4 2025. This represents a decrease of 16.1% from the same quarter a year earlier. Against the prior quarter it is down 2.0%.
Cash & Balance Sheet
Arcellx, Inc. recorded an outflow of $58.9M in free cash flow in Q4 2025, representing a cash shortfall after capex. This represents a decrease of 24.0% from the same quarter a year earlier. Against the prior quarter it is down 19.1%.
Arcellx, Inc. held $80.3M in cash as of Q4 2025; long-term debt is not reported for that period.
Not reported for Q4 2025.
Margins & Returns
Arcellx, Inc.'s ROE was -14.4% in Q4 2025, measuring profit generated per dollar of shareholder equity. This is down 4.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.8 percentage points.
Not reported for Q4 2025.
Not shown for Q4 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q4 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Arcellx, Inc. invested $34.1M in research and development in Q4 2025. This represents a decrease of 23.6% from the same quarter a year earlier. Against the prior quarter it is down 2.8%.
Arcellx, Inc. invested $764K in capex in Q4 2025, funding long-term assets and infrastructure. This represents a decrease of 49.0% from the same quarter a year earlier. Against the prior quarter it is up 158.1%.
Not reported for Q4 2025.
ACLX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.7M-89.2% | $4.9M-81.0% | $7.6M-72.4% | $8.1M-79.3% | $15.3M-75.8% | $26.0M+74.0% | $27.4M+91.5% | $39.3M+119.2% |
| R&D Expenses | $34.1M-23.6% | $35.1M-10.4% | $37.6M-8.1% | $50.8M+57.2% | $44.6M+55.1% | $39.2M-10.6% | $41.0M+44.6% | $32.3M-1.9% |
| SG&A Expenses | $31.2M+31.4% | $31.6M+54.5% | $28.7M+33.7% | $26.2M+15.3% | $23.8M+22.7% | $20.5M+27.9% | $21.4M+37.9% | $22.7M+47.4% |
| Operating Income | -$63.7M-19.8% | -$61.8M-83.8% | -$58.7M-67.8% | -$68.9M-335.8% | -$53.2M-454.4% | -$33.6M+25.1% | -$35.0M-18.4% | -$15.8M+48.1% |
| EBITDA | -$62.0M-20.8% | -$59.9M-85.7% | -$57.1M-69.2% | -$67.3M-349.3% | -$51.4M-426.7% | -$32.3M+27.3% | -$33.8M-15.9% | -$15.0M+50.1% |
| Income Tax | $40K-97.3% | $0-100.0% | $29K-91.5% | $0 | $1.5M+142.0% | $223K+3816.7% | $341K+220.9% | $0-100.0% |
| Net Income | -$58.1M-23.4% | -$55.8M-115.6% | -$52.8M-94.0% | -$62.3M-765.1% | -$47.1M-337.3% | -$25.9M+34.2% | -$27.2M-14.0% | -$7.2M+73.7% |
| EPS (Basic) | -$1.01-16.1% | -$0.99-106.3% | -$0.94-84.3% | -$1.13-707.1% | -$0.87-307.1% | -$0.48+40.7% | -$0.51-2.0% | -$0.14+75.9% |
| EPS (Diluted) | -$1.01-16.1% | -$0.99-106.3% | -$0.94-84.3% | -$1.13-707.1% | -$0.87-307.1% | -$0.48+40.7% | -$0.51-2.0% | -$0.14+75.9% |
| Diluted Shares (Avg) | N/A | 57M+5.1% | 56M+5.1% | 55M+4.7% | N/A | 54M+11.3% | 54M+11.2% | 53M+12.8% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
ACLX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $604.0M-15.1% | $655.9M-14.2% | $619.1M-15.7% | $648.1M-16.9% | $711.3M-13.8% | $764.9M+24.5% | $734.3M+17.8% | $779.7M+25.2% |
| Current Assets | $462.2M-22.9% | $472.1M-19.6% | $463.9M-12.5% | $554.2M-5.9% | $599.3M-16.3% | $587.3M+19.5% | $530.2M-5.0% | $588.7M+3.0% |
| Cash & Equivalents | $80.3M-24.1% | $79.0M-51.2% | $62.3M-37.7% | $80.9M-47.7% | $105.7M-73.2% | $161.8M+28.3% | $100.0M-67.1% | $154.6M-43.8% |
| Short-Term Investments | $370.1M-23.2% | $382.4M-7.3% | $390.8M-6.2% | $462.4M+10.3% | $481.7M+56.7% | $412.4M+31.5% | $416.7M+105.4% | $419.3M+62.1% |
| Long-Term Investments | $69.7M+82.1% | $114.6M+11.9% | $84.5M-35.1% | $21.9M-81.3% | $38.3M+40.9% | $102.4M+138.4% | $130.1M | $117.1M |
| Total Liabilities | $201.6M-21.4% | $215.1M-23.7% | $226.9M-8.2% | $231.2M-18.3% | $256.5M-24.5% | $281.9M-19.0% | $247.1M-25.1% | $283.1M-11.3% |
| Current Liabilities | $104.2M-16.9% | $118.4M-13.6% | $121.8M+38.0% | $112.5M+4.2% | $125.4M+6.1% | $137.0M-20.9% | $88.3M-43.4% | $107.9M-35.0% |
| Non-Current Liabilities | $97.4M-25.7% | $96.7M-33.2% | $105.0M-33.9% | $118.7M-32.2% | $131.1M-40.8% | $144.9M-17.2% | $158.9M-8.6% | $175.2M+14.4% |
| Total Equity | $402.4M-11.5% | $440.8M-8.7% | $392.2M-19.5% | $416.9M-16.0% | $454.8M-6.3% | $483.0M+81.5% | $487.2M+65.9% | $496.6M+63.5% |
| Retained Earnings | -$725.8M-46.1% | -$667.6M-48.5% | -$611.9M-44.3% | -$559.1M-40.9% | -$496.8M-27.6% | -$449.7M-9.9% | -$423.9M-14.6% | -$396.7M-14.6% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
ACLX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$58.2M-26.4% | -$49.2M-260.2% | -$39.7M-9.6% | -$63.1M-97.9% | -$46.0M-179.0% | $30.7M+404.1% | -$36.2M-60.3% | -$31.9M-117.5% |
| Depreciation & Amortization | $1.6M-8.3% | $1.8M+38.2% | $1.6M+30.6% | $1.6M+90.8% | $1.8M+147.8% | $1.3M+198.4% | $1.2M+182.2% | $826K+91.2% |
| Stock-Based Compensation | N/A | N/A | N/A | $23.8M+60.4% | N/A | N/A | N/A | $14.8M+46.2% |
| Capital Expenditures | $764K-49.0% | $296K-87.1% | $487K-84.8% | $780K-87.9% | $1.5M-71.7% | $2.3M-71.1% | $3.2M-55.5% | $6.4M+556.3% |
| Free Cash Flow | -$58.9M-24.0% | -$49.5M-274.1% | -$40.2M-1.9% | -$63.9M-66.7% | -$47.5M-189.8% | $28.4M+257.7% | -$39.5M-32.2% | -$38.3M-121.2% |
| Investing Cash Flow | $57.8M+1502.9% | -$20.0M-156.0% | $10.7M+236.4% | $37.8M+118.3% | -$4.1M-119.6% | $35.8M+122.3% | -$7.9M-115.4% | -$206.8M-209.7% |
| Financing Cash Flow | $1.6M+127.2% | $86.1M+1948.4% | $10.3M+198.4% | $543K+118.2% | -$6.0M-103.2% | -$4.7M+6.6% | -$10.4M-9088.8% | -$3.0M-103.1% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
ACLX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -3850.2% | -1248.3% | -777.4% | -847.6% | -348.2% | -129.1% | -127.8% | -40.3% |
| Net Margin | -3513.4% | -1127.1% | -698.6% | -766.0% | -308.4% | -99.4% | -99.3% | -18.3% |
| Return on Equity | -14.4%-4.1pp | -12.7%-7.3pp | -13.5%-7.9pp | -14.9%-13.5pp | -10.4%-14.4pp | -5.4%+9.4pp | -5.6%+2.5pp | -1.5%+7.5pp |
| Return on Assets | -9.6%-3.0pp | -8.5%-5.1pp | -8.5%-4.8pp | -9.6%-8.7pp | -6.6%-9.0pp | -3.4%+3.0pp | -3.7%+0.1pp | -0.9%+3.5pp |
| Current Ratio | 4.44-0.3x | 3.99-0.3x | 3.81-2.2x | 4.93-0.5x | 4.78-1.3x | 4.29+1.4x | 6.01+2.4x | 5.46+2.0x |
| Debt-to-Equity | 0.50-0.1x | 0.49-0.1x | 0.58+0.1x | 0.550.0x | 0.56-0.1x | 0.58-0.7x | 0.51-0.6x | 0.57-0.5x |
| Asset Turnover | 0.000.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.02-0.1x | 0.030.0x | 0.040.0x | 0.050.0x |
| FCF Margin | -3563.4% | -1000.3% | -532.4% | -786.4% | -311.3% | 109.2% | -144.1% | -97.7% |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Arcellx, Inc. ACLX | FY2025 | $22.3M | -$228.9M | N/A | $6.7B | 46/100 |
| Arrowhead Research Corporation ARWR | FY2025 | $829.4M | -$1.6M | -0.2% | $8.6B | 78/100 |
| Krystal Biotech, Inc. KRYS | FY2025 | $389.1M | $204.8M | 52.6% | $9.8B | 59/100 |
| Acadia Pharmaceuticals Inc. ACAD | FY2025 | $1.1B | $391.0M | 36.5% | $3.3B | 68/100 |
| Metsera, Inc. MTSR | FY2024 | N/A | -$209.1M | N/A | $7.4B | — |
| Ascentage Pharma Group International AAPG | FY2025 | $71.4M | -$177.7M | N/A | $1.4B | 24/100 |
Where Arcellx, Inc. Ranks
Frequently Asked Questions
What is Arcellx, Inc.'s annual revenue?
Arcellx, Inc. (ACLX) reported $22.3M in total revenue for fiscal year 2025. This represents a -79.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Arcellx, Inc.'s revenue growing?
Arcellx, Inc. (ACLX) revenue declined by 79.4% year-over-year, from $107.9M to $22.3M in fiscal year 2025.
Is Arcellx, Inc. profitable?
No, Arcellx, Inc. (ACLX) reported a net income of -$228.9M in fiscal year 2025.
What is Arcellx, Inc.'s EBITDA?
Arcellx, Inc. (ACLX) had EBITDA of -$246.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Arcellx, Inc.'s return on equity (ROE)?
Arcellx, Inc. (ACLX) has a return on equity of -56.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Arcellx, Inc.'s free cash flow?
Arcellx, Inc. (ACLX) recorded an outflow of $212.6M in free cash flow during fiscal year 2025. This represents a -119.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Arcellx, Inc.'s operating cash flow?
Arcellx, Inc. (ACLX) recorded an outflow of $210.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Arcellx, Inc.'s total assets?
Arcellx, Inc. (ACLX) had $604.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Arcellx, Inc.'s capital expenditures?
Arcellx, Inc. (ACLX) invested $2.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Arcellx, Inc. spend on research and development?
Arcellx, Inc. (ACLX) invested $157.6M in research and development during fiscal year 2025.
What is Arcellx, Inc.'s current ratio?
Arcellx, Inc. (ACLX) had a current ratio of 4.44 as of fiscal year 2025, which is generally considered healthy.
What is Arcellx, Inc.'s debt-to-equity ratio?
Arcellx, Inc. (ACLX) had a debt-to-equity ratio of 0.50 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Arcellx, Inc.'s return on assets (ROA)?
Arcellx, Inc. (ACLX) had a return on assets of -37.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Arcellx, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Arcellx, Inc. (ACLX) held $520.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $210.3M over that year. Dividing the one by the other, the reported balance equals about 30 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Arcellx, Inc.'s Altman Z-Score?
Arcellx, Inc. (ACLX) has an Altman Z-Score of 17.71, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Arcellx, Inc.'s Piotroski F-Score?
Arcellx, Inc. (ACLX) has a Piotroski F-Score of 1 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Arcellx, Inc.'s earnings high quality?
Arcellx, Inc. (ACLX) reported a net loss of $228.9M while operations used $210.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Arcellx, Inc.?
Arcellx, Inc. (ACLX) scores 46 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.