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Side-by-side financial comparison of Arcellx, Inc. (ACLX) and Relay Therapeutics, Inc. (RLAY). Click either name above to swap in a different company.
Arcellx, Inc. is the larger business by last-quarter revenue ($8.1M vs $7.0M, roughly 1.2× Relay Therapeutics, Inc.). Arcellx, Inc. produced more free cash flow last quarter ($-63.9M vs $-235.9M).
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.
Relay Therapeutics is a clinical-stage biotechnology company focused on developing precision oncology therapies. It leverages advanced computational modeling of protein dynamics, paired with cutting-edge experimental biology, to design targeted medicines for previously intractable cancer types, serving global oncology care markets and patient populations.
ACLX vs RLAY — Head-to-Head
Income Statement — Q1 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.1M | $7.0M |
| Net Profit | $-62.3M | — |
| Gross Margin | — | — |
| Operating Margin | -847.6% | — |
| Net Margin | -766.0% | — |
| Revenue YoY | -79.3% | — |
| Net Profit YoY | -765.1% | — |
| EPS (diluted) | $-1.13 | — |
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 | — | $7.0M | ||
| Q3 25 | — | $0 | ||
| Q1 25 | $8.1M | $7.7M | ||
| Q4 24 | $15.3M | $0 | ||
| Q3 24 | $26.0M | $0 | ||
| Q2 24 | $27.4M | $0 | ||
| Q1 24 | $39.3M | $10.0M | ||
| Q4 23 | $63.1M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $-74.1M | ||
| Q1 25 | $-62.3M | $-77.1M | ||
| Q4 24 | $-47.1M | — | ||
| Q3 24 | $-25.9M | $-88.1M | ||
| Q2 24 | $-27.2M | $-92.2M | ||
| Q1 24 | $-7.2M | $-81.4M | ||
| Q4 23 | $19.8M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q1 25 | -847.6% | -1105.2% | ||
| Q4 24 | -348.2% | — | ||
| Q3 24 | -129.1% | — | ||
| Q2 24 | -127.8% | — | ||
| Q1 24 | -40.3% | -903.0% | ||
| Q4 23 | 23.8% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q1 25 | -766.0% | -1003.6% | ||
| Q4 24 | -308.4% | — | ||
| Q3 24 | -99.4% | — | ||
| Q2 24 | -99.3% | — | ||
| Q1 24 | -18.3% | -813.3% | ||
| Q4 23 | 31.4% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $-0.43 | ||
| Q1 25 | $-1.13 | $-0.46 | ||
| Q4 24 | $-0.87 | — | ||
| Q3 24 | $-0.48 | $-0.63 | ||
| Q2 24 | $-0.51 | $-0.69 | ||
| Q1 24 | $-0.14 | $-0.62 | ||
| Q4 23 | $0.42 | — |
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 | $84.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $416.9M | $567.1M |
| Total Assets | $648.1M | $621.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $84.0M | ||
| Q3 25 | — | $91.6M | ||
| Q1 25 | $543.3M | $93.5M | ||
| Q4 24 | $587.4M | $124.3M | ||
| Q3 24 | $574.3M | $152.4M | ||
| Q2 24 | $516.7M | $134.1M | ||
| Q1 24 | $573.9M | $152.9M | ||
| Q4 23 | $702.0M | — |
| Q4 25 | — | $567.1M | ||
| Q3 25 | — | $607.7M | ||
| Q1 25 | $416.9M | $721.1M | ||
| Q4 24 | $454.8M | $777.8M | ||
| Q3 24 | $483.0M | $838.9M | ||
| Q2 24 | $487.2M | $681.7M | ||
| Q1 24 | $496.6M | $745.8M | ||
| Q4 23 | $485.4M | — |
| Q4 25 | — | $621.3M | ||
| Q3 25 | — | $670.0M | ||
| Q1 25 | $648.1M | $799.4M | ||
| Q4 24 | $711.3M | $871.3M | ||
| Q3 24 | $764.9M | $930.1M | ||
| Q2 24 | $734.3M | $772.5M | ||
| Q1 24 | $779.7M | $841.4M | ||
| Q4 23 | $825.1M | — |
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 | $-235.5M |
| Free Cash FlowOCF − Capex | $-63.9M | $-235.9M |
| FCF MarginFCF / Revenue | -786.4% | -3370.0% |
| Capex IntensityCapex / Revenue | 9.6% | 5.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-122.5M | $-622.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-235.5M | ||
| Q3 25 | — | $-62.1M | ||
| Q1 25 | $-63.1M | $-73.2M | ||
| Q4 24 | $-46.0M | $-249.1M | ||
| Q3 24 | $30.7M | $-75.1M | ||
| Q2 24 | $-36.2M | $-65.8M | ||
| Q1 24 | $-31.9M | $-50.3M | ||
| Q4 23 | $58.2M | — |
| Q4 25 | — | $-235.9M | ||
| Q3 25 | — | $-62.1M | ||
| Q1 25 | $-63.9M | $-73.6M | ||
| Q4 24 | $-47.5M | $-251.1M | ||
| Q3 24 | $28.4M | $-75.3M | ||
| Q2 24 | $-39.5M | $-65.8M | ||
| Q1 24 | $-38.3M | $-52.1M | ||
| Q4 23 | $53.0M | — |
| Q4 25 | — | -3370.0% | ||
| Q3 25 | — | — | ||
| Q1 25 | -786.4% | -958.4% | ||
| Q4 24 | -311.3% | — | ||
| Q3 24 | 109.2% | — | ||
| Q2 24 | -144.1% | — | ||
| Q1 24 | -97.7% | -520.7% | ||
| Q4 23 | 83.9% | — |
| Q4 25 | — | 5.9% | ||
| Q3 25 | — | — | ||
| Q1 25 | 9.6% | 5.0% | ||
| Q4 24 | 9.8% | — | ||
| Q3 24 | 8.8% | — | ||
| Q2 24 | 11.7% | — | ||
| Q1 24 | 16.4% | 17.8% | ||
| Q4 23 | 8.4% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | 2.94× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
