Short answer
Arcellx, Inc. (ACLX) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $22M (−79.4% year over year) and net income of −$229M.
- Top risk flagged: Regulatory risk: Hart-Scott-Rodino Antitrust Act clearance required for Gilead merger, with timing and approval uncertainty risking deal abandonment
FY2025 key financial metrics · XBRL
- Revenue
- $22M
- −79.4% YoY
- Net income
- −$229M
- −113.3% YoY
- Operating margin
- -1135.6%
- −1008.2 pp YoY
- EPS (diluted)
- −$4.07
- −103.5% YoY
- ROE
- -56.9%
- −33.3 pp YoY
- Operating cash flow
- −$210M
- −151.9% YoY
Source: XBRL data from the Arcellx, Inc. (ACLX) FY2025 10-K on SEC EDGAR. USD.
Arcellx, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Clinical-stage biotech developing novel D-Domain powered CAR-T immunotherapies for cancer and autoimmune diseases
- New emphasis: ARC-SparX universal CAR-T platform and expanded non-oncology trials including Phase 1 generalized Myasthenia Gravis (gMG) dosing in 2025
- Strategic shift: Pending acquisition by Gilead at $115/share plus $5 CVR contingent payment tied to $6B anito-cel sales milestone by 2029
- Quantitative highlight: 117 patients dosed in pivotal Phase 2 iMMagine-1 trial with 96% overall response rate and PDUFA date set for Dec 23, 2026
- Noteworthy fact: First filing of Biologics License Application (BLA) submitted and accepted for anito-cel in fourth line or later relapsed/refractory multiple myeloma
Risk Factors
- Regulatory risk: Hart-Scott-Rodino Antitrust Act clearance required for Gilead merger, with timing and approval uncertainty risking deal abandonment
- Macroeconomic risk: Global pandemics and U.S. trade policy changes may disrupt operations and third-party providers critical to business
- Operational risk: Dependency on Kite for development and manufacturing of certain product candidates, risking supply interruptions or quality issues
- Market disruption risk: Significant competition from other biotech/pharma companies threatens market share and operating results
- Financial risk: Accumulated deficit of $725.8M with net losses $228.9M in 2025, requiring substantial additional funding to continue operations and development
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