Start here if you're new
what it is
Arcellx builds cancer cell therapies, led by anito-cel for multiple myeloma.
how it gets paid
FY2025 collaboration revenue ~$22.3M vs. ~$107.9M in FY2024—down because prior-year Kite collaboration work (e.g. trial/manufacturing milestones) was larger.
why growth slowed
FY2025 net loss ~$228.9M; basic loss per share ~$(4.07) vs. ~$(2.00) in FY2024—more spend and far less collaboration revenue.
what just happened
Gilead IR: BLA accepted for anito-cel with PDUFA Dec 23, 2026; deal expected to close Q2 2026 pending approvals.
At a glance
B+ balance sheet — decent shape, but not bulletproof
~$(4.07) FY2025 basic loss per share (actual)
~$22.3M FY2025 collaboration revenue
n/a operating margin
1.1 beta
xvary composite: 57/100 — below average
What they do
Arcellx builds cancer cell therapies, led by anito-cel for multiple myeloma.
Anito-cel is in Phase 2 and Phase 3. That is two shots at the same prize. You are not backing a lone lab. You are backing 163 employees, a Kite partnership, and a drug with a $115 bid on it.
How they make money
~$22.3M
FY2025 collaboration revenue · down sharply vs. FY2024 (~$107.9M)
total revenue
~$22.3M
vs. ~$107.9M
FY2025 figures: Arcellx Form 10-K (filed Feb 26, 2026, FY ended Dec 31, 2025). Deal terms: Gilead IR Feb 23, 2026.
The products that matter
lead CAR-T therapy
anito-cel (CART-ddBCMA)
BLA accepted · feb 2026
This is the asset Gilead is really buying. BLA stands for Biologics License Application — the FDA filing that asks for permission to sell the drug. Acceptance in February 2026 means the file is under review, not approved. That distinction is the whole stock.
pipeline centerpiece
platform technology
D-Domain platform
supports the deal story
The platform sits underneath anito-cel and future candidates, but this page does not have enough disclosed operating proof to treat it like a broad platform valuation story. You are still mostly underwriting the lead program and the signed transaction.
technology base
Key numbers
~$22.3M
FY2025 collaboration rev
Down from ~$107.9M in FY2024—milestone-driven, not product “sales” yet.
$(4.07)
FY2025 basic LPS
Net loss ~$228.9M FY2025—operating leverage is negative until the deal closes and/or commercialization begins.
$44M
long-term debt
Debt means borrowed money. $44M is small next to a $7B market cap, so leverage is not the story here.
1.1
beta
Beta means market wiggle. 1.1 says the stock moves a bit more than the market.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 10 / 100
- long-term debt $44M (1% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ACLX right now.
source: institutional data · return history unavailable
What just happened
FY2025 / M&A
FY2025 collaboration revenue ~$22.3M vs. ~$107.9M in FY2024; net loss ~$228.9M; basic LPS ~$(4.07).
The revenue “collapse” is accounting for milestone-heavy collaboration income rolling off—paired with a signed $115 + $5 CVR cash merger from Gilead (announced Feb 23, 2026).
~$22.3M
FY2025 collab. rev
$(4.07)
FY2025 basic LPS
$115
Gilead cash bid
the number that mattered
The merger consideration and PDUFA Dec 23, 2026 calendar now dominate the equity—quarterly collaboration dollars are secondary.
source: Arcellx FY2025 Form 10-K (SEC, filed Feb 26, 2026); M&A: Gilead IR Feb 23, 2026
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What could go wrong
ACLX has a very specific problem set: a signed deal, one lead asset, and a standalone business that does not give you much cushion if either one slips.
med
deal break risk
At $68.50, the stock still sits well below the $115 cash offer. That spread exists for a reason. If the acquisition breaks, investors stop valuing signed consideration and go back to valuing a standalone clinical-stage biotech.
The reset would be judged against a company with $22.3M in trailing revenue and a $228.9M net loss.
med
anito-cel review setback
BLA acceptance is progress, not approval. A major FDA delay, a complete response, or unexpected review friction would hit the core asset behind the $7.8B transaction and pressure the separate CVR value too.
One lead asset carries most of the thesis. When one drug is the story, one regulatory stumble becomes the stock.
med
the CVR is real but not cash today
The announced deal includes a $5 CVR tied to milestones, but this page does not include those milestone details. You should treat that piece as contingent value, not as money already in your pocket.
Even if the cash deal closes, part of the headline value still depends on conditions outside the current share price.
med
thin standalone support
Quarterly revenue was $1.7M in Q4 2025 and trailing revenue was $22.3M. If the story shifts away from deal certainty and toward standalone fundamentals, there is not much operating support under the price.
Cash runway into 2028 helps with time. It does not create commercial proof where there is none.
The market is comparing $68.50 today with $115 cash plus a $5 CVR, while the underlying standalone business produced just $22.3M in trailing revenue and a $228.9M net loss.
source: institutional data · regulatory filings · risk analysis
Pay attention to
deal clock
closing timeline
Every update on approvals or closing conditions matters more than short-term revenue. This is the calendar that sets the stock.
regulatory
anito-cel FDA review
The BLA was accepted in February 2026. Watch for any delay, information request, or change to the expected 2026 launch path.
spread
price versus the $115 offer
The stock price tells you how much confidence the market has in the deal. A narrowing gap signals rising close confidence. A widening one usually means the opposite.
cash
runway into 2028
$576M of runway buys time, but you still want to see disciplined burn while the company waits on approval and the merger process.
Analyst rankings
risk profile
average
risk rank 3 — typical risk profile — neither especially safe nor risky.
chart momentum
average
momentum rank 3 — the stock is moving with the broader market, no unusual signal.
source: institutional data
Institutional activity
institutional ownership data for ACLX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$68
current price
n/a
target midpoint · n/a from current
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