Recent News
On March 2026 Gilead Sciences announced a definitive agreement to acquire Arcellx for $115 per share in cash plus a contingent value right, citing anito-cel’s strategic value. On February 4–7, 2026 Arcellx scheduled presentations of anito-cel data at the 2026 Tandem Meetings. Analysts adjusted coverage in early March, including a March 2 downgrade by Cowen. Trading commentary noted elevated volume and regulatory-process focus in the week of March 10, 2026.
Technical Analysis
ADX / DI+ / DI-: ADX at 55.31 shows very strong trend strength; DI+ at 54.93 increasing and DI- at 9.52 decreasing indicate a bullish directional structure that aligns with acquisition-driven buying.
MACD: MACD stands at 10.04 with the MACD trend decreasing and the signal line at 10.05, implying momentum cooling despite the positive MACD level and cautioning against extended follow-through without renewed momentum.
MRO: MRO at 42.29 with a peak-and-reversal signal indicates price sits above the model target and suggests elevated risk of a corrective move as short-term reversion pressure increases.
RSI: RSI at 65.63 increasing signals persistent upside momentum while remaining below classic overbought extremes, supporting a bullish bias with limited immediate overheating.
Price Structure & Moving Averages: Price closed at $114.51, above the 200-day average of $76.31 and near the 52‑week high of $114.80, reflecting a strong uptrend; the 12‑day EMA (price12dayEMA 111.1, increasing) supports the near-term bullish posture.
Breadth & Volume: Current volume (750,256) remains below the 10-day and 50-day averages, reducing conviction behind intraday moves and increasing the chance that price extends only on catalytic flows rather than broad buying.
Fundamental Analysis
Profitability & Margins: Operating margin at -38.50% and EBIT margin at -35.12% reflect continued negative operating leverage; both sit below the industry peer range low (operating margin low = -25.36%, EBIT margin low = -25.36%), indicating a profitability deficit versus peers.
Revenue & Growth: Total revenue equals $1,654,000; reported revenue growth QoQ equals 93.07% and revenue growth YoY equals 61.01%, showing recent sequential and annual recovery from a low base despite the small absolute revenue base.
Earnings, Cash & Liquidity: EPS actual of -$1.01 beat the estimate of -$1.05 by $0.04 (EPS surprise ~3.81%). Net income equals -$58,112,000 and free cash flow equals -$58,939,000; cash and short-term investments total $450,334,000, producing a cash ratio of 4.32 and a current ratio of 4.44, which provide a multi-quarter runway relative to current operating burn.
Capital Structure & Valuation Multiples: Market capitalization stands at $4,294,339,096 with enterprise value at $3,895,924,096. Price-to-book equals 10.67, above the industry peer mean of 8.03. Price-to-sales equals 2,596.34 and EV/revenue (EVR) sits at 2,355.46, reflecting an extreme premium relative to current revenue levels and indicating valuation hinges on pipeline and deal outcomes.
R&D and Investment Profile: Research and development expense equals $34,095,000, consistent with a late-clinical-stage biopharma investing in commercialization readiness for its lead candidate; invested capital equals $402,351,000.
WMDST Valuation: The current valuation as determined by WMDST: over-valued, driven by a high market capitalization relative to minimal current revenue and heavy reliance on pipeline commercialization or transaction closure to justify price.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-26 |
| NEXT REPORT DATE: | 2026-05-28 |
| CASH FLOW | Begin Period Cash Flow | $ 81.6 M |
| Operating Cash Flow | $ -58.17 M | |
| Capital Expenditures | $ -764.00 K | |
| Change In Working Capital | $ -17.93 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 1.3 M | |
| End Period Cash Flow | $ 82.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.7 M | |
| Forward Revenue | $ 164.6 K | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 1.6 M | |
| Depreciation and Amortization | $ 1.6 M | |
| Research and Development | $ 34.1 M | |
| Total Operating Expenses | $ 65.3 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -56.44 M | |
| EBIT | $ -58.08 M | |
| Operating Income | $ -63.68 M | |
| Interest Income | $ 5.6 M | |
| Interest Expense | $ -12.00 K | |
| Net Interest Income | $ 5.6 M | |
| Income Before Tax | $ -58.07 M | |
| Tax Provision | $ 40.0 K | |
| Tax Rate | 21.0 % | |
| Net Income | $ -58.11 M | |
| Net Income From Continuing Operations | $ -58.11 M | |
| EARNINGS | ||
| EPS Estimate | $ -1.05 | |
| EPS Actual | $ -1.01 | |
| EPS Difference | $ 0.04 | |
| EPS Surprise | 3.81 % | |
| Forward EPS | $ -0.40 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 604.0 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 402.4 M | |
| Total Current Assets | $ 462.2 M | |
| Cash and Short-Term Investments | $ 450.3 M | |
| Cash | $ 80.3 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | $ 5.6 M | |
| LIABILITIES | ||
| Accounts Payable | $ 5.6 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 104.2 M | |
| Net Debt | — | |
| Total Debt | $ 51.9 M | |
| Total Liabilities | $ 201.6 M | |
| EQUITY | ||
| Total Equity | $ 402.4 M | |
| Retained Earnings | $ -725.76 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 6.95 | |
| Shares Outstanding | 57.929 M | |
| Revenue Per-Share | $ 0.03 | |
| VALUATION | Market Capitalization | $ 4.3 B |
| Enterprise Value | $ 3.9 B | |
| Enterprise Multiple | -69.024 | |
| Enterprise Multiple QoQ | -11.983 % | |
| Enterprise Multiple YoY | -8.634 % | |
| Enterprise Multiple IPRWA | high: 162.224 median: 58.093 mean: 33.283 ACLX: -69.024 low: -160.468 |
|
| EV/R | 2355.456 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.501 | |
| Asset To Liability | 2.995 | |
| Debt To Capital | 0.114 | |
| Debt To Assets | 0.086 | |
| Debt To Assets QoQ | 8.865 % | |
| Debt To Assets YoY | 13.061 % | |
| Debt To Assets IPRWA | high: 1.032 mean: 0.266 median: 0.191 ACLX: 0.086 low: 0.0 |
|
| Debt To Equity | 0.129 | |
| Debt To Equity QoQ | 9.812 % | |
| Debt To Equity YoY | 8.519 % | |
| Debt To Equity IPRWA | high: 1.62 mean: 0.413 ACLX: 0.129 median: 0.109 low: -1.035 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 10.673 | |
| Price To Book QoQ | 1.401 % | |
| Price To Book YoY | 26.383 % | |
| Price To Book IPRWA | high: 20.409 ACLX: 10.673 mean: 8.03 median: 6.164 low: -10.511 |
|
| Price To Earnings (P/E) | -73.397 | |
| Price To Earnings QoQ | -9.512 % | |
| Price To Earnings YoY | -10.229 % | |
| Price To Earnings IPRWA | high: 150.686 median: 68.97 mean: 40.451 ACLX: -73.397 low: -188.004 |
|
| PE/G Ratio | -36.335 | |
| Price To Sales (P/S) | 2596.336 | |
| Price To Sales QoQ | 176.956 % | |
| Price To Sales YoY | 931.982 % | |
| Price To Sales IPRWA | ACLX: 2596.336 high: 438.506 mean: 41.522 median: 20.207 low: -51.498 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -187.856 | |
| Forward PE/G | -92.998 | |
| Forward P/S | 26084.157 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -0.062 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.003 | |
| Asset Turnover Ratio QoQ | -66.108 % | |
| Asset Turnover Ratio YoY | -87.282 % | |
| Asset Turnover Ratio IPRWA | high: 0.406 mean: 0.118 median: 0.109 ACLX: 0.003 low: -0.066 |
|
| 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: 937.301 mean: 230.304 median: 192.562 ACLX: 0 low: -852.294 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.005 | |
| CapEx To Revenue | -0.462 | |
| CapEx To Depreciation | -0.466 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 402.4 M | |
| Net Invested Capital | $ 402.4 M | |
| Invested Capital | $ 402.4 M | |
| Net Tangible Assets | $ 402.4 M | |
| Net Working Capital | $ 358.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 4.322 | |
| Current Ratio | 4.435 | |
| Current Ratio QoQ | 11.236 % | |
| Current Ratio YoY | -7.189 % | |
| Current Ratio IPRWA | high: 30.664 mean: 5.444 ACLX: 4.435 median: 2.901 low: 0.35 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.92 | |
| Cost Of Debt | -0.018 % | |
| Interest Coverage Ratio | 4840.333 | |
| Interest Coverage Ratio QoQ | -204.129 % | |
| Interest Coverage Ratio YoY | -174.354 % | |
| Interest Coverage Ratio IPRWA | ACLX: 4840.333 high: 224.172 mean: 3.972 median: 3.319 low: -406.991 |
|
| Operating Cash Flow Ratio | -0.529 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -7.917 % | |
| Revenue Growth | -66.579 % | |
| Revenue Growth QoQ | 93.067 % | |
| Revenue Growth YoY | 61.006 % | |
| Revenue Growth IPRWA | high: 227.999 % mean: 14.795 % median: 2.844 % ACLX: -66.579 % low: -111.016 % |
|
| Earnings Growth | 2.02 % | |
| Earnings Growth QoQ | -62.023 % | |
| Earnings Growth YoY | -97.514 % | |
| Earnings Growth IPRWA | high: 111.538 % ACLX: 2.02 % mean: -25.705 % median: -28.729 % low: -200.0 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | -3511.729 % | |
| EBIT Margin QoQ | 211.567 % | |
| EBIT Margin YoY | 1076.459 % | |
| EBIT Margin IPRWA | high: 1116.376 % median: 25.917 % mean: -26.737 % low: -2536.231 % ACLX: -3511.729 % |
|
| Return On Sales (ROS) | -3850.242 % | |
| Return On Sales QoQ | 208.451 % | |
| Return On Sales YoY | 1189.863 % | |
| Return On Sales IPRWA | high: 1116.376 % median: 27.569 % mean: -28.164 % low: -2536.231 % ACLX: -3850.242 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -58.94 M | |
| Free Cash Flow Yield | -1.372 % | |
| Free Cash Flow Yield QoQ | 28.585 % | |
| Free Cash Flow Yield YoY | 10.914 % | |
| Free Cash Flow Yield IPRWA | high: 14.775 % median: 0.436 % mean: 0.377 % ACLX: -1.372 % low: -27.145 % |
|
| Free Cash Growth | 19.061 % | |
| Free Cash Growth QoQ | -17.438 % | |
| Free Cash Growth YoY | -107.134 % | |
| Free Cash Growth IPRWA | high: 144.964 % ACLX: 19.061 % median: -24.462 % mean: -26.674 % low: -201.25 % |
|
| Free Cash To Net Income | 1.014 | |
| Cash Flow Margin | -3331.258 % | |
| Cash Flow To Earnings | 0.948 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -9.225 % | |
| Return On Assets QoQ | 5.429 % | |
| Return On Assets YoY | 44.615 % | |
| Return On Assets IPRWA | high: 18.9 % median: 1.475 % mean: -1.688 % ACLX: -9.225 % low: -47.9 % |
|
| Return On Capital Employed (ROCE) | -11.622 % | |
| Return On Equity (ROE) | -0.144 | |
| Return On Equity QoQ | 14.129 % | |
| Return On Equity YoY | 39.519 % | |
| Return On Equity IPRWA | high: 0.657 median: 0.064 mean: 0.021 ACLX: -0.144 low: -0.822 |
|
| DuPont ROE | -13.808 % | |
| Return On Invested Capital (ROIC) | -11.405 % | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | -268.963 % | |
| Return On Invested Capital IPRWA | high: 19.946 % median: 3.016 % mean: 1.11 % ACLX: -11.405 % low: -46.132 % |
|