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Side-by-side financial comparison of Aardvark Therapeutics, Inc. (AARD) and Arcellx, Inc. (ACLX). Click either name above to swap in a different company.
Aardvark Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing novel targeted therapies for inflammatory, metabolic, and orphan diseases. It advances G-protein coupled receptor-targeting pipeline candidates, serving patient populations primarily in North America and global markets via R&D partnerships.
Arcellx, Inc. is a clinical-stage biotechnology company that develops innovative chimeric antigen receptor T (CAR-T) cell therapies for treating hard-to-treat cancers including hematologic malignancies and solid tumors. Its core pipeline targets unmet oncology medical needs, serving global patient populations and partnering with life sciences stakeholders.
AARD vs ACLX — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $0 | $1.7M |
| Net Profit | $-17.6M | $-58.1M |
| Gross Margin | — | — |
| Operating Margin | — | -3850.2% |
| Net Margin | — | -3513.4% |
| Revenue YoY | — | -89.2% |
| Net Profit YoY | — | -23.4% |
| EPS (diluted) | $-0.81 | $-1.01 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $0 | $1.7M | ||
| Q3 25 | $0 | $4.9M | ||
| Q2 25 | $0 | $7.6M | ||
| Q1 25 | $0 | $8.1M | ||
| Q4 24 | — | $15.3M | ||
| Q3 24 | — | $26.0M | ||
| Q2 24 | — | $27.4M | ||
| Q1 24 | — | $39.3M |
| Q4 25 | $-17.6M | $-58.1M | ||
| Q3 25 | $-16.3M | $-55.8M | ||
| Q2 25 | $-14.4M | $-52.8M | ||
| Q1 25 | $-9.3M | $-62.3M | ||
| Q4 24 | — | $-47.1M | ||
| Q3 24 | — | $-25.9M | ||
| Q2 24 | — | $-27.2M | ||
| Q1 24 | — | $-7.2M |
| Q4 25 | — | -3850.2% | ||
| Q3 25 | — | -1248.3% | ||
| Q2 25 | — | -777.4% | ||
| Q1 25 | — | -847.6% | ||
| Q4 24 | — | -348.2% | ||
| Q3 24 | — | -129.1% | ||
| Q2 24 | — | -127.8% | ||
| Q1 24 | — | -40.3% |
| Q4 25 | — | -3513.4% | ||
| Q3 25 | — | -1127.1% | ||
| Q2 25 | — | -698.6% | ||
| Q1 25 | — | -766.0% | ||
| Q4 24 | — | -308.4% | ||
| Q3 24 | — | -99.4% | ||
| Q2 24 | — | -99.3% | ||
| Q1 24 | — | -18.3% |
| Q4 25 | $-0.81 | $-1.01 | ||
| Q3 25 | $-0.75 | $-0.99 | ||
| Q2 25 | $-0.66 | $-0.94 | ||
| Q1 25 | $-0.71 | $-1.13 | ||
| Q4 24 | — | $-0.87 | ||
| Q3 24 | — | $-0.48 | ||
| Q2 24 | — | $-0.51 | ||
| Q1 24 | — | $-0.14 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $110.0M | $450.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $106.6M | $402.4M |
| Total Assets | $117.2M | $604.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $110.0M | $450.3M | ||
| Q3 25 | $126.3M | $461.4M | ||
| Q2 25 | $141.8M | $453.1M | ||
| Q1 25 | $151.3M | $543.3M | ||
| Q4 24 | — | $587.4M | ||
| Q3 24 | — | $574.3M | ||
| Q2 24 | — | $516.7M | ||
| Q1 24 | — | $573.9M |
| Q4 25 | $106.6M | $402.4M | ||
| Q3 25 | $122.4M | $440.8M | ||
| Q2 25 | $136.9M | $392.2M | ||
| Q1 25 | $150.7M | $416.9M | ||
| Q4 24 | — | $454.8M | ||
| Q3 24 | — | $483.0M | ||
| Q2 24 | — | $487.2M | ||
| Q1 24 | — | $496.6M |
| Q4 25 | $117.2M | $604.0M | ||
| Q3 25 | $133.2M | $655.9M | ||
| Q2 25 | $147.5M | $619.1M | ||
| Q1 25 | $157.0M | $648.1M | ||
| Q4 24 | — | $711.3M | ||
| Q3 24 | — | $764.9M | ||
| Q2 24 | — | $734.3M | ||
| Q1 24 | — | $779.7M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-16.8M | $-58.2M |
| Free Cash FlowOCF − Capex | — | $-58.9M |
| FCF MarginFCF / Revenue | — | -3563.4% |
| Capex IntensityCapex / Revenue | — | 46.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-212.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-16.8M | $-58.2M | ||
| Q3 25 | $-16.1M | $-49.2M | ||
| Q2 25 | $-9.8M | $-39.7M | ||
| Q1 25 | $-11.4M | $-63.1M | ||
| Q4 24 | — | $-46.0M | ||
| Q3 24 | — | $30.7M | ||
| Q2 24 | — | $-36.2M | ||
| Q1 24 | — | $-31.9M |
| Q4 25 | — | $-58.9M | ||
| Q3 25 | $-16.1M | $-49.5M | ||
| Q2 25 | $-9.9M | $-40.2M | ||
| Q1 25 | — | $-63.9M | ||
| Q4 24 | — | $-47.5M | ||
| Q3 24 | — | $28.4M | ||
| Q2 24 | — | $-39.5M | ||
| Q1 24 | — | $-38.3M |
| Q4 25 | — | -3563.4% | ||
| Q3 25 | — | -1000.3% | ||
| Q2 25 | — | -532.4% | ||
| Q1 25 | — | -786.4% | ||
| Q4 24 | — | -311.3% | ||
| Q3 24 | — | 109.2% | ||
| Q2 24 | — | -144.1% | ||
| Q1 24 | — | -97.7% |
| Q4 25 | — | 46.2% | ||
| Q3 25 | — | 6.0% | ||
| Q2 25 | — | 6.4% | ||
| Q1 25 | — | 9.6% | ||
| Q4 24 | — | 9.8% | ||
| Q3 24 | — | 8.8% | ||
| Q2 24 | — | 11.7% | ||
| Q1 24 | — | 16.4% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
