Arcellx Inc (ACLX) AI Stock Analysis

• Market Cap: $6.58B
• Dividend Yield: N/A
• Average Volume (3M): 2.48M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.01
• Revenue Growth: -76.96%
• EPS Growth: -425.41%
• Country: US
• Employees: 163
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): N/A
• Shares Outstanding: 57,822,872
• 10 Day Avg. Volume: 5,749,591
• 30 Day Avg. Volume: 2,476,982
• PEG Ratio: -0.15
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -17.27
• Enterprise Value/Market Cap: 1.00
• Enterprise Value/Revenue: 182.48
• Enterprise Value/Gross Profit: 8.09K
• Enterprise Value/Ebitda: -31.26
• 1Y Price Target: $112.67
• Price Target Upside: -0.96% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 18
• EPS Forecast (FY): -3.64
• Revenue Forecast (FY): $102.61M

• Rating: 64 Neutral
• Price Target: $122.00 ▲(7.24% Upside)
• Action: Upgraded Date: 02/27/26
• Date: Action: Upgraded 02/27/26

Score is balanced between weak fundamentals (no 2025 revenue, widening losses, and worsening cash burn) and strong external/market support from the announced takeout plus very strong price momentum. Negative earnings (negative P/E) remains a valuation headwind, but the corporate event materially offsets financial risk in the near term.

Positive Factors

Strategic acquisition by Gilead

A definitive acquisition by a large, experienced oncology acquirer materially reduces Arcellx's standalone funding and commercialization risk, consolidates economic upside for anito-cel, and accelerates scale and market access via Gilead’s commercial and manufacturing capabilities.

FDA acceptance of anito-cel BLA

Regulatory acceptance with a defined PDUFA date represents a durable de-risking milestone: it formalizes the approval pathway, focuses development and regulatory resources, and materially increases the probability of eventual market authorization and revenue capture under the acquirer.

Strong Phase 2 clinical efficacy

Exceptional efficacy and durable responses from Phase 2 indicate potential category-leading differentiation in multiple myeloma, supporting long-term market share, pricing power, and adoption. Clinical strength underpins strategic value beyond short-term noise.

Negative Factors

Pre-commercial losses and revenue collapse

A return to zero product revenue and sharply larger operating losses signal persistent commercial immaturity and elevated operating leverage. Without commercialization or stable partner flows, sustained losses undermine long-term operational resilience and require external funding or M&A outcomes.

Worsening cash flow / high burn

Deep negative operating and free cash flow over recent years indicates the company cannot self-fund development. Prolonged cash burn reduces strategic optionality, forces dilutive financing or asset sales, and heightens execution risk absent a closing transaction or committed partner support.

Balance sheet deterioration

A reported $0 equity figure and shrinking assets reduce financial flexibility and investor confidence, possibly reflecting heavy losses or accounting impacts. Weakening balance-sheet metrics constrain R&D funding, counterparty trust, and increase reliance on external capital or strategic transactions.

Arcellx Inc Business Overview & Revenue Model

Company Description

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 1 clinical trial for the treatment of patients with relapsed or refractory (r/r) multiple myeloma (MM). It is also developing ACLX-001, an immunotherapeutic combination composed of ARC-T cells and bi-valent SparX proteins targeting BCMA to treat r/r MM; ACLX-002 and ACLX-003 for treating r/r acute myeloid leukemia (AML) and myelodysplastic syndrome (MDS); and other AML/MDS product candidates, as well as solid tumor programs. 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 Gaithersburg, Maryland.

How the Company Makes Money

Arcellx generates revenue primarily through the development and commercialization of its therapeutic products. The company may earn revenue from product sales once its therapies receive regulatory approval and are launched in the market. Additionally, Arcellx can benefit from strategic partnerships and collaborations with larger pharmaceutical companies, which may include upfront payments, milestone payments, and royalties on sales. These partnerships not only provide funding for ongoing research and development but also facilitate access to broader distribution networks and resources. Furthermore, grants and funding from governmental or non-profit organizations focused on cancer research may also contribute to the company's financial resources.

Arcellx Inc Financial Statement Overview

Summary

Pre-commercial profile with escalating losses and deteriorating revenue visibility: revenue fell to $0 in 2025 while operating loss widened (EBIT about -$253M vs. -$138M in 2024). Cash flow also worsened with large operating and free-cash-flow burn in 2024–2025, increasing funding risk. Balance sheet leverage looked modest in 2024 (debt-to-equity ~0.12), but shrinking assets and reported $0 equity in 2025 reduce confidence.

Income Statement

Results show a pre-commercial biotech profile with heavy losses and volatile revenue. Revenue was meaningful in 2023–2024 (~$110M) with very high gross profit, but fell to $0 in 2025, driving a sharp deterioration in scale and visibility. Operating losses widened in 2025 (EBIT about -$253M vs. -$138M in 2024) and net losses remain large, indicating rising spend without an offsetting revenue base.

Balance Sheet

Leverage looks modest in the most recent year with 2024 debt-to-equity around 0.12 and a reduced debt load versus 2023, which is a positive for financial flexibility. However, profitability is deeply negative (negative returns on equity in 2022–2024), and equity is reported at $0 in 2025 (which may reflect a data/reporting issue but still reduces confidence). Total assets also declined materially from 2024 to 2025, suggesting cash burn and/or balance sheet contraction.

Cash Flow

Cash generation is inconsistent and currently pressured. After strong positive operating cash flow in 2023 (~$208M) and positive free cash flow (~$186M), the company reverted to sizable cash burn in 2024 (operating cash flow about -$83M) and worsened further in 2025 (about -$210M), with free cash flow also deeply negative. While free cash flow roughly tracks net loss (close to 1x in multiple years), the direction of cash burn in the last two years raises funding risk if sustained.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	35.90M	0.00	107.94M	110.32M	0.00	0.00
Gross Profit	810.00K	0.00	102.75M	110.32M	-2.22M	0.00
EBITDA	-209.52M	-253.08M	-99.06M	-64.14M	-184.74M	-63.92M
Net Income	-217.90M	-228.93M	-107.35M	-70.69M	-188.68M	-64.97M
Balance Sheet
Total Assets	655.92M	442.40M	711.33M	825.13M	313.82M	128.78M
Cash, Cash Equivalents and Short-Term Investments	461.38M	0.00	587.58M	702.02M	254.84M	104.62M
Total Debt	51.79M	0.00	54.08M	97.63M	88.13M	0.00
Total Liabilities	215.14M	0.00	256.54M	339.75M	108.86M	250.30M
Stockholders Equity	440.78M	0.00	454.79M	485.38M	204.95M	-121.52M
Cash Flow
Free Cash Flow	-201.18M	-212.59M	-96.90M	186.15M	-101.58M	-60.02M
Operating Cash Flow	-198.11M	-210.26M	-83.47M	207.57M	-99.30M	-54.24M
Investing Cash Flow	24.38M	86.30M	-183.04M	-154.51M	-117.67M	-79.98M
Financing Cash Flow	90.88M	98.53M	-24.09M	279.16M	252.63M	118.45M

Arcellx Inc Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 113.76
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ACLX, the sentiment is Positive. The current price of 113.76 is above the 20-day moving average (MA) of 77.40, above the 50-day MA of 70.72, and above the 200-day MA of 73.11, indicating a bullish trend. The MACD of 9.99 indicates Negative momentum. The RSI at 83.76 is Negative, neither overbought nor oversold. The STOCH value of 99.09 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ACLX.

Arcellx Inc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ACLX	64 Neutral	$6.58B	-29.03	-47.18%	―	-76.96%	-425.41%
BEAM	63 Neutral	$3.28B	-29.15	-8.11%	―	-84.07%	-157.71%
PTGX	62 Neutral	$5.46B	137.51	-20.18%	―	-35.39%	-72.97%
IMVT	62 Neutral	$5.57B	-10.15	-69.35%	―	―	-27.70%
APLS	58 Neutral	$2.80B	173.44	7.48%	―	42.11%	―
MLTX	55 Neutral	$1.30B	―	-60.51%	―	―	-157.74%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Arcellx Inc Corporate Events

Arcellx Advances Anito-cel as FDA Accepts BLA Filing

On February 22, 2026, Arcellx entered into a definitive merger agreement under which Gilead Sciences will acquire the company via a tender offer and follow-on merger for $115 in cash per share plus a $5 contingent value right, implying equity value of about $7.8 billion. The deal, approved by both boards and backed by support agreements from holders of roughly 10.3% of Arcellx shares, offers a 68% premium to Arcellx’s 30‑day VWAP and is expected to close in the second quarter of 2026, subject to customary antitrust and tender conditions.

The transaction gives Gilead full ownership of anito-cel and Arcellx’s D-Domain CAR platform, eliminating existing profit-share, milestone and royalty obligations and consolidating economic upside from a potential foundational multiple myeloma therapy. On February 23, 2026, Gilead and Arcellx also disclosed that the U.S. Food and Drug Administration had accepted the Biologic License Application for anito-cel as a fourth-line treatment for relapsed or refractory multiple myeloma, with a Prescription Drug User Fee Act action date set for December 23, 2026, underscoring the strategic importance of the asset for both companies and their investors.

The most recent analyst rating on (ACLX) stock is a Hold with a $120.00 price target. To see the full list of analyst forecasts on Arcellx Inc stock, see the ACLX Stock Forecast page.

Arcellx Reports Promising Phase 2 Study Results

On December 6, 2025, Arcellx, Inc. announced positive results from its Phase 2 iMMagine-1 study of anitocabtagene autoleucel (anito-cel) for relapsed or refractory multiple myeloma, showing a 96% overall response rate and 74% complete response rate. The data, presented at the 67th American Society of Hematology Annual Meeting, indicate deep and durable responses with a manageable safety profile, positioning anito-cel as a potential category leader in multiple myeloma treatment, with plans for a 2026 commercial launch.

The most recent analyst rating on (ACLX) stock is a Buy with a $105.00 price target. To see the full list of analyst forecasts on Arcellx Inc stock, see the ACLX Stock Forecast page.