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Side-by-side financial comparison of Arcellx, Inc. (ACLX) and ImmunityBio, Inc. (IBRX). Click either name above to swap in a different company.
ImmunityBio, Inc. is the larger business by last-quarter revenue ($38.3M vs $8.1M, roughly 4.7× Arcellx, Inc.). ImmunityBio, Inc. runs the higher net margin — -161.8% vs -766.0%, a 604.2% gap on every dollar of revenue. On growth, ImmunityBio, Inc. posted the faster year-over-year revenue change (407.0% vs -79.3%). Arcellx, Inc. produced more free cash flow last quarter ($-63.9M vs $-71.3M).
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.
ImmunityBio, Inc. is a clinical-stage biotechnology company focused on developing next-generation immunotherapies and vaccine candidates targeting multiple cancer types and infectious diseases. It operates mainly in the U.S. market, with core R&D segments including cell therapy, antibody therapeutics, and targeted vaccine platforms designed to enhance patient treatment outcomes.
ACLX vs IBRX — Head-to-Head
Income Statement — Q1 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.1M | $38.3M |
| Net Profit | $-62.3M | $-61.9M |
| Gross Margin | — | 99.0% |
| Operating Margin | -847.6% | -169.0% |
| Net Margin | -766.0% | -161.8% |
| Revenue YoY | -79.3% | 407.0% |
| Net Profit YoY | -765.1% | -4.7% |
| EPS (diluted) | $-1.13 | $-0.06 |
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 | — | $38.3M | ||
| Q3 25 | — | $32.1M | ||
| Q2 25 | — | $26.4M | ||
| Q1 25 | $8.1M | $16.5M | ||
| Q4 24 | $15.3M | $7.6M | ||
| Q3 24 | $26.0M | $6.1M | ||
| Q2 24 | $27.4M | — | ||
| Q1 24 | $39.3M | — |
| Q4 25 | — | $-61.9M | ||
| Q3 25 | — | $-67.3M | ||
| Q2 25 | — | $-92.6M | ||
| Q1 25 | $-62.3M | $-129.6M | ||
| Q4 24 | $-47.1M | $-59.2M | ||
| Q3 24 | $-25.9M | $-85.7M | ||
| Q2 24 | $-27.2M | — | ||
| Q1 24 | $-7.2M | — |
| Q4 25 | — | 99.0% | ||
| Q3 25 | — | 99.4% | ||
| Q2 25 | — | 99.5% | ||
| Q1 25 | — | 99.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | -169.0% | ||
| Q3 25 | — | -173.5% | ||
| Q2 25 | — | -269.8% | ||
| Q1 25 | -847.6% | -390.1% | ||
| Q4 24 | -348.2% | -919.0% | ||
| Q3 24 | -129.1% | -1314.3% | ||
| Q2 24 | -127.8% | — | ||
| Q1 24 | -40.3% | — |
| Q4 25 | — | -161.8% | ||
| Q3 25 | — | -209.8% | ||
| Q2 25 | — | -350.3% | ||
| Q1 25 | -766.0% | -784.9% | ||
| Q4 24 | -308.4% | -783.4% | ||
| Q3 24 | -99.4% | -1404.0% | ||
| Q2 24 | -99.3% | — | ||
| Q1 24 | -18.3% | — |
| Q4 25 | — | $-0.06 | ||
| Q3 25 | — | $-0.07 | ||
| Q2 25 | — | $-0.10 | ||
| Q1 25 | $-1.13 | $-0.15 | ||
| Q4 24 | $-0.87 | $-0.08 | ||
| Q3 24 | $-0.48 | $-0.14 | ||
| 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 | $543.3M | $242.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $416.9M | $-500.5M |
| Total Assets | $648.1M | $501.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $242.8M | ||
| Q3 25 | — | $257.8M | ||
| Q2 25 | — | $153.7M | ||
| Q1 25 | $543.3M | $61.6M | ||
| Q4 24 | $587.4M | $149.8M | ||
| Q3 24 | $574.3M | $130.4M | ||
| Q2 24 | $516.7M | — | ||
| Q1 24 | $573.9M | — |
| Q4 25 | — | $-500.5M | ||
| Q3 25 | — | $-524.3M | ||
| Q2 25 | — | $-570.7M | ||
| Q1 25 | $416.9M | $-591.4M | ||
| Q4 24 | $454.8M | $-489.1M | ||
| Q3 24 | $483.0M | $-745.1M | ||
| Q2 24 | $487.2M | — | ||
| Q1 24 | $496.6M | — |
| Q4 25 | — | $501.9M | ||
| Q3 25 | — | $519.0M | ||
| Q2 25 | — | $402.1M | ||
| Q1 25 | $648.1M | $303.8M | ||
| Q4 24 | $711.3M | $382.9M | ||
| Q3 24 | $764.9M | $364.6M | ||
| 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 | $-63.1M | $-70.4M |
| Free Cash FlowOCF − Capex | $-63.9M | $-71.3M |
| FCF MarginFCF / Revenue | -786.4% | -186.2% |
| Capex IntensityCapex / Revenue | 9.6% | 2.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-122.5M | $-308.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-70.4M | ||
| Q3 25 | — | $-68.9M | ||
| Q2 25 | — | $-79.7M | ||
| Q1 25 | $-63.1M | $-85.9M | ||
| Q4 24 | $-46.0M | $-85.1M | ||
| Q3 24 | $30.7M | $-98.8M | ||
| Q2 24 | $-36.2M | — | ||
| Q1 24 | $-31.9M | — |
| Q4 25 | — | $-71.3M | ||
| Q3 25 | — | $-69.6M | ||
| Q2 25 | — | $-80.8M | ||
| Q1 25 | $-63.9M | $-87.0M | ||
| Q4 24 | $-47.5M | $-87.3M | ||
| Q3 24 | $28.4M | $-101.6M | ||
| Q2 24 | $-39.5M | — | ||
| Q1 24 | $-38.3M | — |
| Q4 25 | — | -186.2% | ||
| Q3 25 | — | -217.2% | ||
| Q2 25 | — | -305.9% | ||
| Q1 25 | -786.4% | -526.9% | ||
| Q4 24 | -311.3% | -1155.4% | ||
| Q3 24 | 109.2% | -1663.2% | ||
| Q2 24 | -144.1% | — | ||
| Q1 24 | -97.7% | — |
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | 2.3% | ||
| Q2 25 | — | 4.1% | ||
| Q1 25 | 9.6% | 6.8% | ||
| Q4 24 | 9.8% | 28.0% | ||
| Q3 24 | 8.8% | 45.7% | ||
| Q2 24 | 11.7% | — | ||
| Q1 24 | 16.4% | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
