This stock no longer trades (delisted May 15, 2026)

Delisted / no longer publicly traded (per market data provider) Everything below is based on the last available data — treat it as historical, not a live read.

Arcellx

ACLX

Biotechnology · Healthcare

Price

$115.07

+0.02 (+0.02%)

Market Cap

$6.73B

Exchange

NASDAQ

Winston Score

Historical score — this stock no longer trades, so the score is frozen at the last available data.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

Share count rising — dilution

+67.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 33.5M (2021) → 56.3M (2025)

Winston Score History

The full picture

Arcellx is a clinical-stage biotechnology company focused on developing cell therapies to treat cancer. Its lead program, anito-cel (also called CART-ddBCMA), is a CAR-T cell therapy designed to treat multiple myeloma, a type of blood cancer. The company targets patients who have already tried other treatments and not responded well.

Arcellx makes no meaningful product revenue yet — it is still running clinical trials and spending heavily on research and development. It is based in the United States and has a partnership with Kite Pharma (a Gilead company) to help develop and commercialize anito-cel, which gives it financial support and commercial infrastructure it could not build alone. The key growth driver is winning regulatory approval for anito-cel; the main risk is that clinical trials could fail or approval could be delayed, which would put significant pressure on the company given its deeply negative operating margins and reliance on outside funding.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-89.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-14.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$158M/ year

→ Flat (+0% vs prior year)

707.2% of revenue

39.3x the sector average (18%)

Steady R&D investment year-over-year

Insider Activity

26.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 years

$520M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$520M cash & investments at current burn rate

Revenue declining

Arcellx's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

0.8%

Thin — 0.8% gross margin

Profit after running costs

Operating Margin

-3850.2%

Losing money on operations — -3850.2%

Return on the money invested

ROCE

-55.7%

Weak — -55.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-79.4%

Shrinking sales (-79.4% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-953.9%

Burning cash (-953.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.13

Conservative — low debt load (0.13)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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