Recent News
On February 23, 2026, Gilead Sciences announced a definitive agreement to acquire Arcellx for $115 per share in cash plus one $5 contingent value right tied to anito‑cel sales; the transaction initiated a tender offer and subsequent extensions through late April 2026. Subsequent filings and notices reported major shareholders agreeing to tender and various insider share sales following the acquisition announcement.
Technical Analysis
ADX registers 69.4, indicating a very strong directional move; that strength reflects acquisition-driven price momentum rather than fundamental re-rating, increasing the risk of an abrupt reversal if the bid dynamic changes.
DI+ sits at 47.42 and is decreasing, a bearish directional signal that shows upward pressure losing strength relative to prior sessions and narrows the upside runway tied to the takeover premium.
DI‑ reads 7.88 and also is decreasing, a bullish sign by itself but, paired with a falling DI+, it suggests both directional measures contracting and a higher likelihood of trend exhaustion despite the high ADX.
MACD at 2.04 trades below its signal line of 2.85 and the MACD trend is decreasing, indicating waning bullish momentum even while absolute MACD remains positive; that divergence favors consolidation under the current acquisition premium.
MRO stands at 18.55 and is decreasing; the positive reading implies price currently sits above model targets and carries mean‑reversion pressure into coming weeks, which reinforces valuation headwinds.
RSI at 74.65 and rising places the stock in overbought territory, elevating short‑term pullback risk while price sits near the 52‑week high of $115.13.
Price action shows the share price at $115.03, above the 12‑day EMA ($114.93) and the 20‑day average ($114.94) and well above the 200‑day average ($83.26); 50‑day average stands at $108.95. Volume (2,223,529) exceeds the 10‑day average (841,143), confirming strong participation around the acquisition level but also increasing the chance of volatile intraday swings.
Fundamental Analysis
WMDST values the stock as over‑valued; market capitalization approximates $4.29B while enterprise value sits near $3.90B, reflecting a takeover premium embedded in prices and analyst targets (price target mean $214.45, high $304.38, low $64.48).
Profitability metrics show operating strain: EBIT of -$58,084,000 and an EBIT margin of -35.12%. That margin improves QoQ by +2.12% and YoY by +10.76%, yet remains well below the industry peer mean of -0.75% and the industry peer median of 0.21%, reinforcing the structural loss profile relative to peers.
Net loss totaled -$58,112,000 for the period; operating cash flow equaled -$58,175,000 and free cash flow registered -$58,939,000, underscoring ongoing cash burn driven by R&D spending of $34,095,000. Cash and short‑term investments of $450,334,000 and a cash ratio of 4.32 provide a strong liquidity buffer against near‑term obligations.
Balance‑sheet leverage remains low: total debt $51,919,000, debt‑to‑assets ~8.6%, and debt‑to‑equity ~0.129. Working capital and current ratio (4.44) indicate ample short‑term coverage.
Market multiples present extremes: P/B at 10.67 sits above the industry peer mean of 5.16, and P/S at 2,596.34 far exceeds the industry peer mean of 48.82. Forward EPS remains negative (forward EPS ≈ -$0.433) and forward P/E sits deeply negative, reflecting the clinical‑stage profile and reliance on milestone value rather than current earnings.
EPS came in at -$1.01 versus an estimate of -$1.05, producing an EPS surprise of +3.81%, which offers a modest positive signal but does not alter the larger operating loss and cash‑burn narrative.
Revenue totaled $1,654,000; revenue growth year‑over‑year registers +61.01% and quarter‑over‑quarter growth shows +93.07%, yet absolute sales remain small relative to enterprise value, which contributes to the over‑valued designation.
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 | $ 178.5 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 | $ -0.43 | |
| 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: 67.346 median: 46.684 mean: 12.714 ACLX: -69.024 low: -114.076 |
|
| 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: 0.122 ACLX: 0.086 median: 0.003 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: 1.524 mean: 0.136 ACLX: 0.129 median: 0.005 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: 6.164 mean: 5.163 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: 71.892 mean: -21.065 median: -32.121 ACLX: -73.397 low: -107.019 |
|
| 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: 773.807 mean: 48.823 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: 27.397 ACLX: 4.435 mean: 3.908 median: 2.827 low: 0.027 |
|
| 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: 671.002 mean: 40.31 median: 3.11 low: -1571.333 |
|
| 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: 443.939 % mean: 13.334 % median: 3.233 % ACLX: -66.579 % low: -242.388 % |
|
| Earnings Growth | 2.02 % | |
| Earnings Growth QoQ | -62.023 % | |
| Earnings Growth YoY | -97.514 % | |
| Earnings Growth IPRWA | high: 204.0 % ACLX: 2.02 % median: -14.286 % mean: -16.994 % low: -237.5 % |
|
| 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: 3501.566 % median: 21.25 % mean: -74.967 % ACLX: -3511.729 % low: -7602.597 % |
|
| 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: 27.297 % mean: -83.995 % ACLX: -3850.242 % low: -7602.597 % |
|
| 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 % median: 0.303 % mean: 0.182 % ACLX: -1.372 % low: -51.848 % |
|
| Free Cash Growth | 19.061 % | |
| Free Cash Growth QoQ | -17.438 % | |
| Free Cash Growth YoY | -107.134 % | |
| Free Cash Growth IPRWA | high: 177.21 % ACLX: 19.061 % median: -24.526 % mean: -33.037 % 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: 33.814 % median: 1.099 % mean: -2.681 % ACLX: -9.225 % low: -65.985 % |
|
| 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: 0.809 median: 0.036 mean: 0.001 ACLX: -0.144 low: -1.16 |
|
| 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: 50.944 % median: 3.016 % mean: -0.08 % ACLX: -11.405 % low: -58.737 % |
|