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Side-by-side financial comparison of Arcellx, Inc. (ACLX) and EXELIXIS, INC. (EXEL). Click either name above to swap in a different company.
EXELIXIS, INC. is the larger business by last-quarter revenue ($598.7M vs $1.7M, roughly 361.9× Arcellx, Inc.). EXELIXIS, INC. runs the higher net margin — 40.8% vs -3513.4%, a 3554.3% gap on every dollar of revenue. On growth, EXELIXIS, INC. posted the faster year-over-year revenue change (5.6% vs -89.2%). EXELIXIS, INC. produced more free cash flow last quarter ($332.4M vs $-58.9M). Over the past eight quarters, EXELIXIS, INC.'s revenue compounded faster (18.7% CAGR vs -79.5%).
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.
Exelixis, Inc. is a genomics-based drug discovery company located in Alameda, California, and the producer of Cometriq, a treatment approved by the U.S. Food and Drug Administration (FDA) for medullary thyroid cancer with clinical activity in several other types of metastatic cancer.
ACLX vs EXEL — Head-to-Head
Income Statement — Q4 2025 vs Q4 2026
| Metric | | |
|---|---|---|
| Revenue | $1.7M | $598.7M |
| Net Profit | $-58.1M | $244.5M |
| Gross Margin | — | 95.6% |
| Operating Margin | -3850.2% | 39.3% |
| Net Margin | -3513.4% | 40.8% |
| Revenue YoY | -89.2% | 5.6% |
| Net Profit YoY | -23.4% | 74.8% |
| EPS (diluted) | $-1.01 | $0.89 |
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.
| Q1 26 | — | $598.7M | ||
| Q4 25 | $1.7M | $597.8M | ||
| Q3 25 | $4.9M | $568.3M | ||
| Q2 25 | $7.6M | $555.4M | ||
| Q1 25 | $8.1M | $566.8M | ||
| Q4 24 | $15.3M | — | ||
| Q3 24 | $26.0M | $539.5M | ||
| Q2 24 | $27.4M | $637.2M |
| Q1 26 | — | $244.5M | ||
| Q4 25 | $-58.1M | $193.6M | ||
| Q3 25 | $-55.8M | $184.8M | ||
| Q2 25 | $-52.8M | $159.6M | ||
| Q1 25 | $-62.3M | $139.9M | ||
| Q4 24 | $-47.1M | — | ||
| Q3 24 | $-25.9M | $118.0M | ||
| Q2 24 | $-27.2M | $226.1M |
| Q1 26 | — | 95.6% | ||
| Q4 25 | — | 96.9% | ||
| Q3 25 | — | 96.6% | ||
| Q2 25 | — | 96.5% | ||
| Q1 25 | — | 96.5% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 96.8% | ||
| Q2 24 | — | 97.2% |
| Q1 26 | — | 39.3% | ||
| Q4 25 | -3850.2% | 39.6% | ||
| Q3 25 | -1248.3% | 37.6% | ||
| Q2 25 | -777.4% | 33.6% | ||
| Q1 25 | -847.6% | 28.8% | ||
| Q4 24 | -348.2% | — | ||
| Q3 24 | -129.1% | 25.2% | ||
| Q2 24 | -127.8% | 43.3% |
| Q1 26 | — | 40.8% | ||
| Q4 25 | -3513.4% | 32.4% | ||
| Q3 25 | -1127.1% | 32.5% | ||
| Q2 25 | -698.6% | 28.7% | ||
| Q1 25 | -766.0% | 24.7% | ||
| Q4 24 | -308.4% | — | ||
| Q3 24 | -99.4% | 21.9% | ||
| Q2 24 | -99.3% | 35.5% |
| Q1 26 | — | $0.89 | ||
| Q4 25 | $-1.01 | $0.69 | ||
| Q3 25 | $-0.99 | $0.65 | ||
| Q2 25 | $-0.94 | $0.55 | ||
| Q1 25 | $-1.13 | $0.47 | ||
| Q4 24 | $-0.87 | — | ||
| Q3 24 | $-0.48 | $0.40 | ||
| Q2 24 | $-0.51 | $0.77 |
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 | $1.1B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $402.4M | $2.2B |
| Total Assets | $604.0M | $2.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.1B | ||
| Q4 25 | $450.3M | $988.5M | ||
| Q3 25 | $461.4M | $791.1M | ||
| Q2 25 | $453.1M | $1.0B | ||
| Q1 25 | $543.3M | $1.1B | ||
| Q4 24 | $587.4M | — | ||
| Q3 24 | $574.3M | $1.2B | ||
| Q2 24 | $516.7M | $1.0B |
| Q1 26 | — | $2.2B | ||
| Q4 25 | $402.4M | $2.2B | ||
| Q3 25 | $440.8M | $2.0B | ||
| Q2 25 | $392.2M | $2.1B | ||
| Q1 25 | $416.9M | $2.2B | ||
| Q4 24 | $454.8M | — | ||
| Q3 24 | $483.0M | $2.3B | ||
| Q2 24 | $487.2M | $2.1B |
| Q1 26 | — | $2.8B | ||
| Q4 25 | $604.0M | $2.8B | ||
| Q3 25 | $655.9M | $2.7B | ||
| Q2 25 | $619.1M | $2.8B | ||
| Q1 25 | $648.1M | $2.9B | ||
| Q4 24 | $711.3M | — | ||
| Q3 24 | $764.9M | $3.0B | ||
| Q2 24 | $734.3M | $2.8B |
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 | $333.5M |
| Free Cash FlowOCF − Capex | $-58.9M | $332.4M |
| FCF MarginFCF / Revenue | -3563.4% | 55.5% |
| Capex IntensityCapex / Revenue | 46.2% | 0.2% |
| Cash ConversionOCF / Net Profit | — | 1.36× |
| TTM Free Cash FlowTrailing 4 quarters | $-212.6M | $875.8M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $333.5M | ||
| Q4 25 | $-58.2M | $290.3M | ||
| Q3 25 | $-49.2M | $49.0M | ||
| Q2 25 | $-39.7M | $211.4M | ||
| Q1 25 | $-63.1M | $240.3M | ||
| Q4 24 | $-46.0M | — | ||
| Q3 24 | $30.7M | $271.3M | ||
| Q2 24 | $-36.2M | $119.5M |
| Q1 26 | — | $332.4M | ||
| Q4 25 | $-58.9M | $288.8M | ||
| Q3 25 | $-49.5M | $46.2M | ||
| Q2 25 | $-40.2M | $208.5M | ||
| Q1 25 | $-63.9M | $236.3M | ||
| Q4 24 | $-47.5M | — | ||
| Q3 24 | $28.4M | $263.1M | ||
| Q2 24 | $-39.5M | $113.0M |
| Q1 26 | — | 55.5% | ||
| Q4 25 | -3563.4% | 48.3% | ||
| Q3 25 | -1000.3% | 8.1% | ||
| Q2 25 | -532.4% | 37.5% | ||
| Q1 25 | -786.4% | 41.7% | ||
| Q4 24 | -311.3% | — | ||
| Q3 24 | 109.2% | 48.8% | ||
| Q2 24 | -144.1% | 17.7% |
| Q1 26 | — | 0.2% | ||
| Q4 25 | 46.2% | 0.2% | ||
| Q3 25 | 6.0% | 0.5% | ||
| Q2 25 | 6.4% | 0.5% | ||
| Q1 25 | 9.6% | 0.7% | ||
| Q4 24 | 9.8% | — | ||
| Q3 24 | 8.8% | 1.5% | ||
| Q2 24 | 11.7% | 1.0% |
| Q1 26 | — | 1.36× | ||
| Q4 25 | — | 1.50× | ||
| Q3 25 | — | 0.27× | ||
| Q2 25 | — | 1.32× | ||
| Q1 25 | — | 1.72× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.30× | ||
| Q2 24 | — | 0.53× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
