Arcellx, Inc., together with its subsidiary, engages in the development of various immunotherapies for patients with cancer and other incurable diseases in the United States. The company's lead ddCAR product candidate is anitocabtagene autoleucel, which is in phase 2 clinical trial for the treatment of patients with relapsed or refractory multiple myeloma (rrMM). It also develops ACLX-001, a product candidate in Phase 1 clinical trials targeting BCMA to treat rrMM; and ACLX-002, which is in Phase 1 clinical trials that targets CD123 for treating relapsed or refractory acute myeloid leukemia (AML) and myelodysplastic syndrome (MDS). In addition, the company preclinical product includes ACLX-004 for the treatment of AML and MDS. Further, the company focuses on the development of product candidates for solid tumor programs. It has a strategic alliance with Kite Pharma, Inc. to co-develop and co-commercialize nito-cel and next-generation autologous and non-autologous CAR-T cell therapy products. The company was formerly known as Encarta Therapeutics, Inc. and changed its name to Arcellx, Inc. in January 2016. Arcellx, Inc. was incorporated in 2014 and is headquartered in Redwood City, California. As of April 28, 2026, Arcellx, Inc. operates as a subsidiary of Gilead Sciences, Inc.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $22M | $-222M | $-229M | $-213M | -56.9% | -79.4% | - |
| 2024 | $108M | $-99M | $-107M | $-97M | -23.6% | -2.2% | - |
| 2023 | $110M | $-64M | $-71M | $186M | -14.6% | - | - |
| 2022 | $0M | $-186M | $-189M | $-102M | -92.1% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 0 | 110.32 | 107.94 | 22.29 |
| Operating Expense | 191.26 | 200.20 | 245.51 | 275.37 |
| Operating Income | -191.26 | -89.88 | -137.57 | -253.08 |
| EBITDA | -185.64 | -64.14 | -99.06 | -222.19 |
| EBIT | -186.96 | -66.19 | -104.25 | -228.87 |
| Pretax Income | -188.68 | -70.03 | -105.28 | -228.87 |
| Tax Provision | 0 | 0.66 | 2.07 | 0.07 |
| Net Income | -188.68 | -70.69 | -107.35 | -228.93 |
| Net Income Common Stockholders | -188.68 | -70.69 | -107.35 | -228.93 |
| Total Expenses | 191.26 | 200.20 | 245.51 | 275.37 |
| Interest Expense | 1.72 | 3.84 | 1.03 | 0 |
| Interest Income | 4.30 | 23.70 | 33.32 | 24.22 |
| Research And Development | 149.56 | 133.85 | 157.09 | 157.61 |
| Selling General And Administration | 41.70 | 66.35 | 88.41 | 117.76 |
| Normalized EBITDA | -185.64 | -64.14 | -99.06 | -222.19 |
| Normalized Income | -188.68 | -70.69 | -107.35 | -228.93 |
| Basic EPS | -5.19 | -1.47 | -2 | 0 |
| Diluted EPS | -5.19 | -1.47 | -2 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0.21 | 0.21 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -188.68 | -70.69 | -107.35 | -228.93 |
| Reconciled Depreciation | 1.32 | 2.04 | 5.19 | 6.68 |
| Net Interest Income | 2.58 | 19.85 | 32.29 | 24.22 |
| Net Income From Continuing And Discontinued Operation | -188.68 | -70.69 | -107.35 | -228.93 |
| Total Operating Income As Reported | -191.26 | -89.88 | -137.57 | -253.08 |
| Diluted Average Shares | 36.36 | 48.06 | 53.57 | 0 |
| Basic Average Shares | 36.36 | 48.06 | 53.57 | 0 |
| Diluted NI Availto Com Stockholders | -188.68 | -70.69 | -107.35 | -228.93 |
| Net Income Including Noncontrolling Interests | -188.68 | -70.69 | -107.35 | -228.93 |
| Net Income Continuous Operations | -188.68 | -70.69 | -107.35 | -228.93 |
| Other Income Expense | 0 | 0 | 0 | 0 |
| Other Non Operating Income Expenses | 0 | 0 | 0 | 0 |
| Net Non Operating Interest Income Expense | 2.58 | 19.85 | 32.29 | 24.22 |
| Interest Expense Non Operating | 1.72 | 3.84 | 1.03 | 0 |
| Interest Income Non Operating | 4.30 | 23.70 | 33.32 | 24.22 |
| General And Administrative Expense | 41.70 | 66.35 | 88.41 | 117.76 |
| Other Gand A | 41.70 | 66.35 | 88.41 | 117.76 |
| Operating Revenue | 0 | 110.32 | 107.94 | 22.29 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Arcellx, Inc.this co. | ACLX | $6.7B | - | 16.56 | -56.9% | -25.69 |
| Apogee Therapeutics, Inc. | APGE | $7.3B | - | 6.21 | -28.3% | -17.34 |
| ImmunityBio, Inc. | IBRX | $7.2B | - | -14.06 | 70.3% | -32.25 |
| HealthEquity, Inc. | HQY | $6.9B | 33.12 | 3.29 | 10.2% | 15.69 |
| Kymera Therapeutics, Inc. | KYMR | $6.7B | - | 4.20 |
| -19.7% |
| -17.38 |
| Spyre Therapeutics, Inc. | SYRE | $6.2B | - | 10.05 | 0.0% | - |
| Cogent Biosciences, Inc. | COGT | $6.1B | - | 10.56 | -51.7% | -15.73 |
| Terns Pharmaceuticals, Inc. | TERN | $6.1B | - | 5.91 | -9.6% | -46.26 |
| Hims & Hers Health, Inc. | HIMS | $6.1B | 51.63 | 11.06 | 23.7% | 37.26 |
| Peer Median | - | 42.37 | 6.06 | -4.8% | -17.34 | |