Recent News
On February 23, 2026, Gilead Sciences agreed to acquire Arcellx for roughly $7.8 billion, including a $115-per-share cash component plus a contingent value right, with an expected close in Q2 2026. Insiders executed notable sales in late February: the company president sold shares on February 27, 2026, and the CFO filed a sale on February 25, 2026. Several broker actions followed the deal news, including a March 2, 2026 downgrade to Hold by Cowen, and a surge in trading volume reported in early March as the acquisition moved through regulatory and tender phases.
Technical Analysis
ADX / DI+/DI-: ADX at 61.14 signals a very strong trend strength. DI+ shows a peak-and-reversal, a bearish directional shift, while DI- has been decreasing, which reduces downside directional pressure.
MACD: MACD sits at 7.68 below the signal line at 8.92 with a decreasing MACD trend, indicating waning bullish momentum and a prevailing bearish momentum condition versus the signal line.
MRO: MRO at 38.66 and falling indicates price sits materially above the WMDST target and carries downside potential as momentum mean-reverts toward fair-value levels.
RSI and Moving Averages: RSI at 68.6 and rising places the stock near overbought territory. Price closed at $114.69, above the 200-day average ($77.82) and aligned with short-term averages (20-day $114.47, 12-day EMA rising), which supports continuation of the current price level while cautioning for pullback risk.
Additional context: Price trades near its 52-week high ($114.91) with a tight 20-day standard deviation, and the super trend lower support appears near $110.92—these factors frame a compact range where momentum exhaustion could trigger reversion toward WMDST’s valuation-based anchors.
Fundamental Analysis
Revenue and cash dynamics: YoY revenue growth equals 61.01% and sequential revenue growth QoQ equals 93.07%, showing recent top-line acceleration into the latest reporting period. Total revenue remains modest at $1,654,000, while cash and short-term investments total $450,334,000, providing significant runway versus operating cash flow outflows of -$58,175,000 and free cash flow of -$58,939,000.
Profitability and margins: EBIT equals -$58,084,000 and EBIT margin equals -35.12%; EBIT margin improved QoQ by approximately 2.12 percentage points and improved YoY by about 10.76 percentage points. Compared with the industry peer mean EBIT margin of -0.63% and industry peer median of +0.22%, Arcellx’s margin sits inside the wider peer range (low -43.82% to high +18.69%) and reflects ongoing R&D and development-stage expense structure.
Per-share and valuation metrics: Reported EPS came in at -$1.01 versus estimate -$1.05, a positive EPS surprise of ~3.8%. Price-to-book ratio of 10.67 sits above the industry peer mean of 5.12 and median of 5.78, while the price-to-sales ratio at 2,596.34 far exceeds the industry peer mean of 45.55 and median of 20.21, indicating market pricing that heavily reflects acquisition or binary-event expectations rather than current revenue scale. WMDST values the stock as over-valued.
Balance sheet and leverage: Current ratio equals 4.44 and cash ratio equals 4.32, signaling ample near-term liquidity; total debt remains modest at $51,919,000 against total equity of $402,351,000 (debt-to-equity ~0.13). Interest income and a very high interest coverage ratio reflect a low-interest-burden profile consistent with the company’s cash-rich, development-stage position.
R&D and growth signals: R&D spending totaled $34,095,000, supporting a pipeline anchored by anito-cel and other candidates. Forward revenue sits at $164,634 and forward EPS remains negative, consistent with continued development-stage economics and potential value realization through transaction execution or regulatory milestones.
Valuation summary: WMDST labels the stock over-valued, reflecting a market price that incorporates the announced acquisition terms and contingent considerations while core operational metrics remain loss-making with heavy cash burn relative to current revenue.
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: 102.834 median: 58.093 mean: 23.32 ACLX: -69.024 low: -124.494 |
|
| 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: 0.934 mean: 0.254 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: 0.403 ACLX: 0.129 median: 0.109 low: -0.957 |
|
| 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: 19.432 ACLX: 10.673 median: 5.784 mean: 5.123 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: 90.06 median: 53.472 mean: 15.228 ACLX: -73.397 low: -123.688 |
|
| 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: 696.148 mean: 45.553 median: 20.207 low: -75.758 |
|
| 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: 0.117 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: 5.478 ACLX: 4.435 median: 2.901 low: 0.337 |
|
| 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: 404.333 mean: 38.993 median: 3.319 low: -696.975 |
|
| 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: 308.684 % mean: 13.312 % median: 3.233 % ACLX: -66.579 % low: -200.0 % |
|
| Earnings Growth | 2.02 % | |
| Earnings Growth QoQ | -62.023 % | |
| Earnings Growth YoY | -97.514 % | |
| Earnings Growth IPRWA | high: 203.846 % ACLX: 2.02 % mean: -21.175 % median: -28.395 % low: -250.0 % |
|
| 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: 1869.082 % median: 21.964 % mean: -63.285 % ACLX: -3511.729 % low: -4382.24 % |
|
| 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: -66.104 % ACLX: -3850.242 % low: -4382.24 % |
|
| 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: 21.452 % mean: 0.306 % median: 0.303 % ACLX: -1.372 % low: -34.522 % |
|
| Free Cash Growth | 19.061 % | |
| Free Cash Growth QoQ | -17.438 % | |
| Free Cash Growth YoY | -107.134 % | |
| Free Cash Growth IPRWA | high: 155.964 % ACLX: 19.061 % median: -24.801 % mean: -28.188 % low: -220.947 % |
|
| 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: 27.866 % median: 1.475 % mean: -1.9 % 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: 0.051 mean: 0.015 ACLX: -0.144 low: -0.924 |
|
| 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: 35.992 % median: 3.016 % mean: 0.934 % ACLX: -11.405 % low: -50.412 % |
|