Revenue performance remains highly erratic, with a 2025Q4 top-line of $1.7 million reflecting a 89.2% year-over-year decline as the firm struggles to move beyond milestone-dependent income.
| Sales/Revenue | 22.29M | 107.94M | 110.32M | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | -79.35% | -2.16% | - | - | - | - | - | - |
| Cost of Goods Sold | 6.68M | 5.19M | 0 | 2.22M | 0 | 0 | 326K | 0 |
| COGS % of Revenue | 29.97% | 4.81% | - | - | - | - | - | - |
| Gross Profit | 15.61M | 102.75M | 110.32M | -2.22M | 0 | 0 | -326K | 0 |
| Gross Margin % | 70.03% | 95.19% | 100% | - | - | - | - | - |
| Gross Profit Growth % | -84.81% | -6.86% | 5060.39% | - | - | 100% | - | - |
| Operating Expenses | 268.69M | 240.32M | 200.2M | 189.03M | 65.02M | 32.1M | 17.97M | 8.31M |
| OpEx % of Revenue | 1205.65% | 222.65% | 181.47% | - | - | - | - | - |
| Selling, General & Admin | 117.76M | 88.41M | 66.35M | 41.7M | 18.14M | 7.04M | 2.21M | 2.2M |
| SG&A % of Revenue | 528.39% | 81.91% | 60.14% | - | - | - | - | - |
| Research & Development | 157.61M | 157.09M | 133.85M | 149.56M | 46.88M | 25.06M | 15.77M | 6.11M |
| R&D % of Revenue | 707.22% | 145.54% | 121.33% | - | - | - | - | - |
| Other Operating Expenses | -6.68M | -5.19M | 0 | -2.22M | 0 | -1 | 0 | 0 |
| Operating Income | -253.08M | -137.57M | -89.88M | -191.26M | -65.02M | -32.1M | -17.97M | -8.31M |
| Operating Margin % | -1135.61% | -127.46% | -81.47% | - | - | - | - | - |
| Operating Income Growth % | -83.97% | -53.06% | 53.01% | -194.16% | -102.57% | -78.57% | -116.32% | - |
| EBITDA | -246.41M | -132.38M | -87.84M | -189.03M | -63.98M | -31.47M | -17.65M | -8.22M |
| EBITDA Margin % | -1105.65% | -122.65% | -79.62% | - | - | - | - | - |
| EBITDA Growth % | -86.13% | -50.71% | 53.53% | -195.47% | -103.31% | -78.3% | -114.8% | - |
| D&A (Non-Cash Add-back) | 6.68M | 5.19M | 2.04M | 2.22M | 1.04M | 629K | 326K | 93K |
| EBIT | -204.65M | -104.25M | -66.19M | -186.96M | -64.96M | -32.1M | -17.97M | -8.31M |
| Net Interest Income | -24.22M | 32.29M | 19.85M | 2.58M | 290K | 1K | 0 | 0 |
| Interest Income | 0 | 33.32M | 23.7M | 4.3M | 300K | 1K | 0 | 0 |
| Interest Expense | 24.22M | 1.03M | 3.84M | 1.72M | 10K | 0 | 0 | 0 |
| Other Income/Expense | 24.22M | 32.29M | 19.85M | 2.58M | 49K | 999 | 2K | 999 |
| Pretax Income | -228.87M | -105.28M | -70.03M | -188.68M | -64.97M | -32.09M | -17.97M | -8.31M |
| Pretax Margin % | -1026.95% | -97.54% | -63.48% | - | - | - | - | - |
| Income Tax | 69K | 2.07M | 663K | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.03% | -1.97% | -0.95% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -228.93M | -107.35M | -70.69M | -188.68M | -64.97M | -32.09M | -17.97M | -8.31M |
| Net Margin % | -1027.25% | -99.46% | -64.08% | - | - | - | - | - |
| Net Income Growth % | -113.26% | -51.86% | 62.53% | -190.41% | -102.43% | -78.58% | -116.32% | - |
| Net Income (Continuing) | -228.93M | -107.35M | -70.69M | -188.68M | -64.97M | -32.09M | -17.97M | -8.31M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.07 | -2.00 | -1.47 | -4.28 | -1.94 | -1.47 | -0.52 | -50.17 |
| EPS Growth % | -103.5% | -36.05% | 65.65% | -120.62% | -31.97% | -182.69% | 98.96% | - |
| EPS (Basic) | -4.07 | -2.00 | -1.47 | -4.28 | -1.94 | -1.47 | -0.52 | -50.17 |
| Diluted Shares Outstanding | 56.31M | 53.57M | 48.06M | 44.11M | 33.54M | 21.78M | 34.78M | 165.58K |
| Basic Shares Outstanding | 56.31M | 53.57M | 48.06M | 44.11M | 33.54M | 21.78M | 34.78M | 165.58K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Clinical milestone dependency
As reported in financial statements, Arcellx's revenue has experienced a sharp contraction, with a -89.2% year-over-year decline in 2025Q4, underscoring the company's reliance on non-recurring collaboration milestones rather than a sustainable, commercialized product stream that would provide predictable top-line growth for investors to model.
The revenue volatility is a direct consequence of the Gilead partnership structure, where income is recognized based on specific clinical or regulatory triggers. This creates a lumpy profile that makes quarter-over-quarter comparisons largely irrelevant for assessing the underlying health of the business.
According to recent SEC filings, Arcellx's R&D expenditure remains the primary driver of its cost structure, consistently exceeding $34 million per quarter, which highlights the significant capital intensity required to advance its D-Domain platform through late-stage clinical trials without the offset of commercial revenue.
The company's expense discipline is currently secondary to the necessity of funding pivotal trials to maintain its competitive position. Investors should monitor whether the current R&D burn rate can be sustained without further dilutive financing or additional milestone payments from partners.
Based on the company's reported figures, stock-based compensation remains a substantial non-cash expense, averaging over $18 million per quarter in 2025, which significantly obscures the true cash burn and complicates the assessment of the firm's underlying operational efficiency and long-term profitability potential.
The persistent gap between GAAP net losses and cash-based operating metrics suggests that the company is heavily reliant on equity-based incentives to retain its specialized scientific workforce. This practice effectively shifts the cost of talent acquisition onto shareholders, warranting caution regarding future dilution.
As noted in historical income statements, the company's reliance on autologous CAR-T manufacturing presents a structural risk, as the high cost of goods and complex logistics may lead to margin compression if competitive off-the-shelf therapies gain market share and force pricing pressure on BCMA-targeted treatments.
Short-sellers may focus on the potential for the D-Domain platform to be bypassed by faster, cheaper, or more efficacious therapeutic modalities. The current lack of commercial-scale manufacturing experience leaves the company vulnerable to unforeseen cost overruns as it approaches potential market entry.
Quick answers to the most common questions about buying ACLX stock.
For fiscal year 2025, Arcellx, Inc. (ACLX) reported total revenue of $22.3M.
Arcellx, Inc. (ACLX) reported a net loss of $228.9M for the fiscal year ending 2025.
Arcellx, Inc. (ACLX) reported an operating income of $-253.1M, resulting in an operating profit margin of -1135.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Arcellx, Inc. (ACLX) generated $15.6M in gross profit for the year, representing a gross profit margin of 70.0%. This demonstrates the company's core pricing power and production efficiency.