Free cash flow remains deeply negative at -$58.9 million for 2025Q4, highlighting a persistent cash burn that is only partially obscured by $18.1 million in quarterly stock-based compensation.
| Cash from Operations | -210.26M | -83.47M | 207.57M | -99.3M | -54.24M | -28.66M | -18.77M | -6.86M |
| Operating CF Margin % | -943.45% | -77.33% | 188.16% | - | - | - | - | - |
| Operating CF Growth % | -151.91% | -140.21% | 309.03% | -83.09% | -89.23% | -52.68% | -173.6% | - |
| Net Income | -228.93M | -107.35M | -70.69M | -188.68M | -64.97M | -32.09M | -17.97M | -8.31M |
| Depreciation & Amortization | -1.76M | 5.19M | 2.04M | 1.32M | 1.04M | 629K | 326K | 93K |
| Stock-Based Compensation | 77.89M | 61.09M | 41.79M | 21.54M | 6.75M | 1.05M | 136K | 66K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 44K | -11.62M | 9.01M | 62.06M | 213K | 0 | 0 | 856K |
| Working Capital Changes | -57.49M | -30.78M | 225.43M | 4.45M | 2.72M | 1.75M | -1.26M | 432K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 2.66M | -70K | -6.47M | 7.42M | 974K | -1.33M | 688K | 0 |
| Cash from Investing | 86.3M | -183.04M | -154.51M | -117.67M | -79.98M | -888K | -3.83M | -479K |
| Capital Expenditures | -2.33M | -13.43M | -21.43M | -2.28M | -5.78M | -888K | -3.83M | -479K |
| CapEx % of Revenue | 10.44% | 12.45% | 19.42% | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 115.4M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | -115.4M | 0 | 0 | 0 | 0 |
| Cash from Financing | 98.53M | -24.09M | 279.16M | 252.63M | 118.45M | 41.66M | 42.65M | 12.48M |
| Debt Issued (Net) | -230K | -39.85M | -29.39M | -9.68M | -387K | 0 | 0 | 0 |
| Equity Issued (Net) | 137.19M | 15.76M | 299.71M | 259.83M | 119.09M | 42.8M | 42.57M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -24K | 0 | 0 | 0 |
| Other Financing | -38.42M | 0 | 8.85M | 2.47M | -256K | -1.15M | 86K | 12.48M |
| Net Change in Cash | -25.43M | -290.6M | 332.22M | 35.65M | -15.76M | 12.11M | 20.05M | 5.14M |
| Free Cash Flow | -212.59M | -96.9M | 186.15M | -101.58M | -60.02M | -29.55M | -22.6M | -7.34M |
| FCF Margin % | -953.89% | -89.78% | 168.73% | - | - | - | - | - |
| FCF Growth % | -119.38% | -152.06% | 283.25% | -69.24% | -103.12% | -30.73% | -207.96% | - |
| FCF per Share | -3.78 | -1.81 | 3.87 | -2.30 | -1.79 | -1.36 | -0.65 | -44.33 |
| FCF Conversion (FCF/Net Income) | 0.92x | 0.78x | -2.94x | 0.53x | 0.83x | 0.89x | 1.04x | 0.83x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 1.64M | 212K | 0 | 0 | 0 | 0 | 0 |
Clinical milestone liquidity dependency
According to recent financial disclosures, Arcellx's operating cash flow frequently tracks closely with net losses, with an OCF/NI ratio of 1.00 in 2025Q4, suggesting that the company's reported earnings are heavily influenced by the timing of non-recurring milestone payments rather than sustainable operational cash generation.
The tight correlation between net income and operating cash flow indicates that the company lacks a recurring revenue base to decouple cash generation from accounting accruals. Investors should interpret this as a sign that cash flow volatility will remain high until the company transitions to a commercial product model.
As reported in quarterly filings, Arcellx's free cash flow trajectory remains deeply negative, with a 2025Q4 FCF of -$58.9 million, reflecting the heavy capital requirements of its clinical-stage pipeline and the absence of a self-sustaining commercial engine to offset ongoing research and development expenditures.
The consistent negative FCF margins, which reached -35.6% in the most recent quarter, highlight the company's reliance on external financing or partnership capital. This trend suggests that the firm's ability to reach its next clinical inflection point is entirely contingent on maintaining its current cash runway.
Based on the company's reported figures, working capital changes have been highly erratic, swinging from a $43.2 million inflow in 2024Q3 to a $23.3 million outflow in 2025Q2, which appears to be a direct consequence of the timing of milestone-related payments and deferred revenue recognition.
This volatility suggests that the company's cash position is susceptible to the timing of partner payments under the Gilead agreement. Analysts should monitor these fluctuations as they provide insight into the underlying cash collection cycle rather than operational efficiency.
As noted in financial statements, stock-based compensation has remained a significant non-cash expense, averaging approximately $18 million per quarter throughout 2025, which effectively masks the true magnitude of the company's underlying cash burn required to retain its specialized scientific workforce.
While SBC is a non-cash item, it represents a real economic cost to shareholders through dilution. The persistent use of equity-based incentives suggests that the company is prioritizing cash preservation for clinical trials at the expense of long-term equity dilution.
Quick answers to the most common questions about buying ACLX stock.
Arcellx, Inc. (ACLX) generated $-210.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Arcellx, Inc. (ACLX) reported negative free cash flow of $212.6M in 2025, indicating capital requirements exceeded cash from operations.
Arcellx, Inc. (ACLX) spent $2.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.