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Side-by-side financial comparison of Arcellx, Inc. (ACLX) and Alpha Cognition Inc. (ACOG). Click either name above to swap in a different company.
Alpha Cognition Inc. is the larger business by last-quarter revenue ($2.8M vs $1.7M, roughly 1.7× Arcellx, Inc.). Alpha Cognition Inc. runs the higher net margin — -245.5% vs -3513.4%, a 3267.9% gap on every dollar of revenue. Alpha Cognition Inc. produced more free cash flow last quarter ($-7.1M vs $-58.9M).
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.
ACLX vs ACOG — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $1.7M | $2.8M |
| Net Profit | $-58.1M | $-6.9M |
| Gross Margin | — | — |
| Operating Margin | -3850.2% | -283.7% |
| Net Margin | -3513.4% | -245.5% |
| Revenue YoY | -89.2% | — |
| Net Profit YoY | -23.4% | — |
| EPS (diluted) | $-1.01 | $-0.10 |
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 | $1.7M | $2.8M | ||
| Q3 25 | $4.9M | $2.8M | ||
| Q2 25 | $7.6M | $1.7M | ||
| Q1 25 | $8.1M | $2.9M | ||
| Q4 24 | $15.3M | — | ||
| Q3 24 | $26.0M | — | ||
| Q2 24 | $27.4M | — | ||
| Q1 24 | $39.3M | — |
| Q4 25 | $-58.1M | $-6.9M | ||
| Q3 25 | $-55.8M | $-1.3M | ||
| Q2 25 | $-52.8M | $-10.5M | ||
| Q1 25 | $-62.3M | $-2.0M | ||
| Q4 24 | $-47.1M | — | ||
| Q3 24 | $-25.9M | — | ||
| Q2 24 | $-27.2M | — | ||
| Q1 24 | $-7.2M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 96.7% | ||
| Q1 25 | — | 99.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -3850.2% | -283.7% | ||
| Q3 25 | -1248.3% | -187.0% | ||
| Q2 25 | -777.4% | -346.1% | ||
| Q1 25 | -847.6% | -125.9% | ||
| Q4 24 | -348.2% | — | ||
| Q3 24 | -129.1% | — | ||
| Q2 24 | -127.8% | — | ||
| Q1 24 | -40.3% | — |
| Q4 25 | -3513.4% | -245.5% | ||
| Q3 25 | -1127.1% | -46.4% | ||
| Q2 25 | -698.6% | -632.7% | ||
| Q1 25 | -766.0% | -68.5% | ||
| Q4 24 | -308.4% | — | ||
| Q3 24 | -99.4% | — | ||
| Q2 24 | -99.3% | — | ||
| Q1 24 | -18.3% | — |
| Q4 25 | $-1.01 | $-0.10 | ||
| Q3 25 | $-0.99 | $-0.30 | ||
| Q2 25 | $-0.94 | $-0.65 | ||
| Q1 25 | $-1.13 | $-0.13 | ||
| 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 | $450.3M | $66.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $402.4M | $62.5M |
| Total Assets | $604.0M | $79.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $450.3M | $66.0M | ||
| Q3 25 | $461.4M | $35.4M | ||
| Q2 25 | $453.1M | $39.4M | ||
| Q1 25 | $543.3M | $45.5M | ||
| Q4 24 | $587.4M | — | ||
| Q3 24 | $574.3M | — | ||
| Q2 24 | $516.7M | — | ||
| Q1 24 | $573.9M | — |
| Q4 25 | $402.4M | $62.5M | ||
| Q3 25 | $440.8M | $33.9M | ||
| Q2 25 | $392.2M | $31.9M | ||
| Q1 25 | $416.9M | $40.8M | ||
| Q4 24 | $454.8M | — | ||
| Q3 24 | $483.0M | — | ||
| Q2 24 | $487.2M | — | ||
| Q1 24 | $496.6M | — |
| Q4 25 | $604.0M | $79.7M | ||
| Q3 25 | $655.9M | $46.3M | ||
| Q2 25 | $619.1M | $45.1M | ||
| Q1 25 | $648.1M | $48.6M | ||
| 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 | $-58.2M | $-6.9M |
| Free Cash FlowOCF − Capex | $-58.9M | $-7.1M |
| FCF MarginFCF / Revenue | -3563.4% | -252.6% |
| Capex IntensityCapex / Revenue | 46.2% | 5.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-212.6M | $-20.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-58.2M | $-6.9M | ||
| Q3 25 | $-49.2M | $-5.3M | ||
| Q2 25 | $-39.7M | $-6.1M | ||
| Q1 25 | $-63.1M | $-2.0M | ||
| Q4 24 | $-46.0M | — | ||
| Q3 24 | $30.7M | — | ||
| Q2 24 | $-36.2M | — | ||
| Q1 24 | $-31.9M | — |
| Q4 25 | $-58.9M | $-7.1M | ||
| Q3 25 | $-49.5M | $-5.4M | ||
| Q2 25 | $-40.2M | $-6.1M | ||
| Q1 25 | $-63.9M | $-2.1M | ||
| Q4 24 | $-47.5M | — | ||
| Q3 24 | $28.4M | — | ||
| Q2 24 | $-39.5M | — | ||
| Q1 24 | $-38.3M | — |
| Q4 25 | -3563.4% | -252.6% | ||
| Q3 25 | -1000.3% | -188.8% | ||
| Q2 25 | -532.4% | -370.9% | ||
| Q1 25 | -786.4% | -72.0% | ||
| Q4 24 | -311.3% | — | ||
| Q3 24 | 109.2% | — | ||
| Q2 24 | -144.1% | — | ||
| Q1 24 | -97.7% | — |
| Q4 25 | 46.2% | 5.3% | ||
| Q3 25 | 6.0% | 2.6% | ||
| Q2 25 | 6.4% | 0.5% | ||
| Q1 25 | 9.6% | 2.2% | ||
| 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.
