Recent News
On February 23, 2026 Gilead Sciences announced an agreement to acquire Arcellx for $115 per share in cash plus a $5 contingent value right, valuing the deal at about $7.8 billion and triggering an immediate large intraday gap higher. Earlier in February an SEC filing showed First Turn Management sold its entire stake in Arcellx, and several major brokerages issued downgrades following the bid announcement and re-rating activity.
Technical Analysis
ADX at 34.5 indicates a strong directional move in place; the trend strength amplifies the market’s reaction to the acquisition and supports continued directional momentum through the near term.
DI+ shows a dip & reversal (DI+ = 43.01), a bullish signal consistent with the acquisition-driven buying pressure; DI- registered a peak & reversal (DI- = 11.58), which also reads as bullish under the directional rules.
MACD stands at 9.45 with a MACD signal of 4.47 and a MACD_trend of dip & reversal; MACD sits above its signal line, marking a bullish momentum confirmation that aligns with the takeover re-rating.
MRO at 36.09, with an increasing trend, reads as price sitting above the model target and therefore signals pressure for mean reversion; that condition raises the probability of consolidation or retracement once deal-related flows subside.
RSI at 57.64 with a dip & reversal reflects renewed buying but not an extended overbought reading; momentum appears constructive while still allowing room for short-term pullbacks.
Price trades near $113.79, above the 20-, 50-, and 200-day averages (20-day = $84.42; 50-day = $71.63; 200-day = $73.38), and above the 12- and 26-day EMAs, indicating price sits materially above multi-horizon trend lines—consistent with an M&A re-rating.
Bollinger bands place the 1x upper band at $109.90 and the 2x upper at $135.39; current price sits above the 1x band but below the 2x band, which implies short-term upside remains but with elevated intraday volatility and room for mean reversion toward the bands.
Fundamental Analysis
Total revenue for the period registers at $4,949,000 while net loss equals $55,781,000 and EPS equals -$1.01; the company reported an EPS surprise ratio of 3.81% versus an EPS estimate of -$1.05, reflecting a modest beat on a loss-per-share basis.
Operating margin reads -12.48% and EBIT margin -11.27%, both below the industry peer mean and median (industry peer mean EBIT margin ≈ -0.79%, median ≈ 0.42%), indicating operating losses remain deeper than typical biotech peers while improving on a year-over-year basis (EBIT margin YoY +10.49%).
Cash and short-term investments total $461,383,000 and cash alone $79,005,000, producing a current ratio of 3.99 and a cash ratio of 3.90; liquidity metrics place cash coverage well above the industry peer mean for current ratio (industry peer mean ≈ 4.05), supporting ongoing clinical development through near-term milestones.
R&D expense equals $35,088,000, reflecting continued pipeline investment across anito-cel (Phase 2), ACLX‑001 (Phase 1), and ACLX‑002 (CD123); research intensity compresses margins today while funding future commercial potential tied to the lead program.
Valuation multiples show wide dispersion: P/B at 10.53 sits above the industry peer mean of 6.87; P/S at 937.45 far exceeds the industry peer mean of about 60.49; forward EPS remains negative. WMDST values the stock as under-valued on its modeled handle of future potential, but multiples reflect a biotech still in clinical development with an unusually large enterprise value relative to current revenue.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2026-02-26 |
| NEXT REPORT DATE: | 2026-05-28 |
| CASH FLOW | Begin Period Cash Flow | $ 64.8 M |
| Operating Cash Flow | $ -49.21 M | |
| Capital Expenditures | $ -296.00 K | |
| Change In Working Capital | $ -11.80 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 16.9 M | |
| End Period Cash Flow | $ 81.6 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 4.9 M | |
| Forward Revenue | $ 685.4 K | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 1.8 M | |
| Depreciation and Amortization | $ 1.8 M | |
| Research and Development | $ 35.1 M | |
| Total Operating Expenses | $ 66.7 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -53.94 M | |
| EBIT | $ -55.78 M | |
| Operating Income | $ -61.78 M | |
| Interest Income | $ 6.0 M | |
| Interest Expense | — | |
| Net Interest Income | $ 6.0 M | |
| Income Before Tax | $ -55.78 M | |
| Tax Provision | — | |
| Tax Rate | — | |
| Net Income | $ -55.78 M | |
| Net Income From Continuing Operations | $ -55.78 M | |
| EARNINGS | ||
| EPS Estimate | $ -1.05 | |
| EPS Actual | $ -1.01 | |
| EPS Difference | $ 0.04 | |
| EPS Surprise | 3.81 % | |
| Forward EPS | $ -0.53 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 655.9 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 440.8 M | |
| Total Current Assets | $ 472.1 M | |
| Cash and Short-Term Investments | $ 461.4 M | |
| Cash | $ 79.0 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | $ 2.9 M | |
| LIABILITIES | ||
| Accounts Payable | $ 4.2 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 118.4 M | |
| Net Debt | — | |
| Total Debt | $ 51.8 M | |
| Total Liabilities | $ 215.1 M | |
| EQUITY | ||
| Total Equity | $ 440.8 M | |
| Retained Earnings | $ -667.65 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 7.63 | |
| Shares Outstanding | 57.776 M | |
| Revenue Per-Share | $ 0.09 | |
| VALUATION | Market Capitalization | $ 4.6 B |
| Enterprise Value | $ 4.2 B | |
| Enterprise Multiple | -78.421 | |
| Enterprise Multiple QoQ | 17.557 % | |
| Enterprise Multiple YoY | -49.039 % | |
| Enterprise Multiple IPRWA | high: 52.77 median: 28.451 mean: 9.154 ACLX: -78.421 low: -81.962 |
|
| EV/R | 854.692 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.488 | |
| Asset To Liability | 3.049 | |
| Debt To Capital | 0.105 | |
| Debt To Assets | 0.079 | |
| Debt To Assets QoQ | -6.909 % | |
| Debt To Assets YoY | 233.305 % | |
| Debt To Assets IPRWA | high: 1.045 mean: 0.24 median: 0.183 ACLX: 0.079 low: 0.0 |
|
| Debt To Equity | 0.118 | |
| Debt To Equity QoQ | -12.234 % | |
| Debt To Equity YoY | 213.276 % | |
| Debt To Equity IPRWA | high: 1.461 mean: 0.342 ACLX: 0.118 median: 0.106 low: -0.897 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 10.526 | |
| Price To Book QoQ | 8.328 % | |
| Price To Book YoY | 18.801 % | |
| Price To Book IPRWA | high: 16.86 ACLX: 10.526 mean: 6.874 median: 6.057 low: -8.555 |
|
| Price To Earnings (P/E) | -81.112 | |
| Price To Earnings QoQ | 13.306 % | |
| Price To Earnings YoY | -50.877 % | |
| Price To Earnings IPRWA | high: 56.753 median: 30.96 mean: 4.927 ACLX: -81.112 low: -93.179 |
|
| PE/G Ratio | -15.249 | |
| Price To Sales (P/S) | 937.454 | |
| Price To Sales QoQ | 85.817 % | |
| Price To Sales YoY | 470.204 % | |
| Price To Sales IPRWA | ACLX: 937.454 high: 891.534 mean: 60.492 median: 18.442 low: 0.466 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -128.605 | |
| Forward PE/G | -24.178 | |
| Forward P/S | 6436.152 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -0.167 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.008 | |
| Asset Turnover Ratio QoQ | -34.899 % | |
| Asset Turnover Ratio YoY | -77.65 % | |
| Asset Turnover Ratio IPRWA | high: 0.438 mean: 0.12 median: 0.107 ACLX: 0.008 low: -0.004 |
|
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 520.898 median: 189.366 mean: 166.152 ACLX: 0 low: -314.885 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.014 | |
| CapEx To Revenue | -0.06 | |
| CapEx To Depreciation | -0.161 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 440.8 M | |
| Net Invested Capital | $ 440.8 M | |
| Invested Capital | $ 440.8 M | |
| Net Tangible Assets | $ 440.8 M | |
| Net Working Capital | $ 353.7 M | |
| LIQUIDITY | ||
| Cash Ratio | 3.897 | |
| Current Ratio | 3.987 | |
| Current Ratio QoQ | 4.737 % | |
| Current Ratio YoY | -6.973 % | |
| Current Ratio IPRWA | high: 25.502 mean: 4.046 ACLX: 3.987 median: 2.865 low: 0.02 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.96 | |
| Cost Of Debt | 0.018 % | |
| Interest Coverage Ratio | -4648.417 | |
| Interest Coverage Ratio QoQ | 5.762 % | |
| Interest Coverage Ratio YoY | 1975.674 % | |
| Interest Coverage Ratio IPRWA | high: 815.709 mean: 37.675 median: 6.583 low: -1337.523 ACLX: -4648.417 |
|
| Operating Cash Flow Ratio | -0.438 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 5.949 % | |
| Revenue Growth | -34.485 % | |
| Revenue Growth QoQ | 387.558 % | |
| Revenue Growth YoY | 597.512 % | |
| Revenue Growth IPRWA | high: 301.849 % mean: 8.266 % median: 4.118 % ACLX: -34.485 % low: -259.856 % |
|
| Earnings Growth | 5.319 % | |
| Earnings Growth QoQ | -131.634 % | |
| Earnings Growth YoY | -190.428 % | |
| Earnings Growth IPRWA | high: 162.5 % ACLX: 5.319 % median: -6.312 % mean: -8.629 % low: -198.545 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | -1127.117 % | |
| EBIT Margin QoQ | 61.432 % | |
| EBIT Margin YoY | 1049.193 % | |
| EBIT Margin IPRWA | high: 3270.865 % median: 42.305 % mean: -78.956 % ACLX: -1127.117 % low: -7772.481 % |
|
| Return On Sales (ROS) | -1248.252 % | |
| Return On Sales QoQ | 60.564 % | |
| Return On Sales YoY | 1172.701 % | |
| Return On Sales IPRWA | high: 573.037 % median: 26.431 % mean: -84.187 % ACLX: -1248.252 % low: -7977.249 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -49.50 M | |
| Free Cash Flow Yield | -1.067 % | |
| Free Cash Flow Yield QoQ | 1.137 % | |
| Free Cash Flow Yield YoY | -260.693 % | |
| Free Cash Flow Yield IPRWA | high: 30.655 % median: 1.086 % mean: 0.606 % ACLX: -1.067 % low: -57.887 % |
|
| Free Cash Growth | 23.087 % | |
| Free Cash Growth QoQ | -162.253 % | |
| Free Cash Growth YoY | -113.419 % | |
| Free Cash Growth IPRWA | high: 204.738 % ACLX: 23.087 % median: 22.832 % mean: 22.465 % low: -206.871 % |
|
| Free Cash To Net Income | 0.887 | |
| Cash Flow Margin | -1046.939 % | |
| Cash Flow To Earnings | 0.929 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | -8.75 % | |
| Return On Assets QoQ | 5.055 % | |
| Return On Assets YoY | 153.55 % | |
| Return On Assets IPRWA | high: 30.5 % median: 2.42 % mean: -1.347 % ACLX: -8.75 % low: -66.968 % |
|
| Return On Capital Employed (ROCE) | -10.377 % | |
| Return On Equity (ROE) | -0.127 | |
| Return On Equity QoQ | -5.939 % | |
| Return On Equity YoY | 136.321 % | |
| Return On Equity IPRWA | high: 0.948 median: 0.047 mean: 0.013 ACLX: -0.127 low: -1.385 |
|
| DuPont ROE | -13.387 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |