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Side-by-side financial comparison of Arcellx, Inc. (ACLX) and TON Strategy Co (TONX). Click either name above to swap in a different company.
Arcellx, Inc. is the larger business by last-quarter revenue ($8.1M vs $5.7M, roughly 1.4× TON Strategy Co). Arcellx, Inc. runs the higher net margin — -766.0% vs -3968.6%, a 3202.5% gap on every dollar of revenue. On growth, TON Strategy Co posted the faster year-over-year revenue change (694.2% vs -79.3%). TON Strategy Co produced more free cash flow last quarter ($-8.0M vs $-63.9M). Over the past eight quarters, TON Strategy Co's revenue compounded faster (46.1% CAGR vs -24.6%).
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 TONX — Head-to-Head
Income Statement — Q1 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.1M | $5.7M |
| Net Profit | $-62.3M | $-227.9M |
| Gross Margin | — | 64.3% |
| Operating Margin | -847.6% | -159.2% |
| Net Margin | -766.0% | -3968.6% |
| Revenue YoY | -79.3% | 694.2% |
| Net Profit YoY | -765.1% | -7047.9% |
| EPS (diluted) | $-1.13 | $-3.89 |
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.
| Q4 25 | — | $5.7M | ||
| Q3 25 | — | $3.6M | ||
| Q2 25 | — | $2.1M | ||
| Q1 25 | $8.1M | $1.3M | ||
| Q4 24 | $15.3M | $723.0K | ||
| Q3 24 | $26.0M | — | ||
| Q2 24 | $27.4M | — | ||
| Q1 24 | $39.3M | — |
| Q4 25 | — | $-227.9M | ||
| Q3 25 | — | $84.3M | ||
| Q2 25 | — | $-2.4M | ||
| Q1 25 | $-62.3M | $-2.6M | ||
| Q4 24 | $-47.1M | $-3.2M | ||
| Q3 24 | $-25.9M | — | ||
| Q2 24 | $-27.2M | — | ||
| Q1 24 | $-7.2M | — |
| Q4 25 | — | 64.3% | ||
| Q3 25 | — | 75.4% | ||
| Q2 25 | — | 71.2% | ||
| Q1 25 | — | 73.4% | ||
| Q4 24 | — | 81.5% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | -159.2% | ||
| Q3 25 | — | -601.5% | ||
| Q2 25 | — | -138.2% | ||
| Q1 25 | -847.6% | -203.8% | ||
| Q4 24 | -348.2% | -513.1% | ||
| Q3 24 | -129.1% | — | ||
| Q2 24 | -127.8% | — | ||
| Q1 24 | -40.3% | — |
| Q4 25 | — | -3968.6% | ||
| Q3 25 | — | 2336.8% | ||
| Q2 25 | — | -111.9% | ||
| Q1 25 | -766.0% | -196.5% | ||
| Q4 24 | -308.4% | -440.9% | ||
| Q3 24 | -99.4% | — | ||
| Q2 24 | -99.3% | — | ||
| Q1 24 | -18.3% | — |
| Q4 25 | — | $-3.89 | ||
| Q3 25 | — | $2.23 | ||
| Q2 25 | — | $-1.79 | ||
| Q1 25 | $-1.13 | $-2.51 | ||
| Q4 24 | $-0.87 | $10.41 | ||
| 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 | $543.3M | $39.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $416.9M | $406.5M |
| Total Assets | $648.1M | $411.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $39.5M | ||
| Q3 25 | — | $53.9M | ||
| Q2 25 | — | $10.4M | ||
| Q1 25 | $543.3M | $12.2M | ||
| Q4 24 | $587.4M | $12.5M | ||
| Q3 24 | $574.3M | — | ||
| Q2 24 | $516.7M | — | ||
| Q1 24 | $573.9M | — |
| Q4 25 | — | $406.5M | ||
| Q3 25 | — | $639.1M | ||
| Q2 25 | — | $19.4M | ||
| Q1 25 | $416.9M | $14.6M | ||
| Q4 24 | $454.8M | $16.2M | ||
| Q3 24 | $483.0M | — | ||
| Q2 24 | $487.2M | — | ||
| Q1 24 | $496.6M | — |
| Q4 25 | — | $411.2M | ||
| Q3 25 | — | $661.9M | ||
| Q2 25 | — | $23.7M | ||
| Q1 25 | $648.1M | $18.4M | ||
| Q4 24 | $711.3M | $20.6M | ||
| 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 | $-63.1M | $-8.0M |
| Free Cash FlowOCF − Capex | $-63.9M | $-8.0M |
| FCF MarginFCF / Revenue | -786.4% | -139.3% |
| Capex IntensityCapex / Revenue | 9.6% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-122.5M | $-20.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-8.0M | ||
| Q3 25 | — | $-9.4M | ||
| Q2 25 | — | $-2.3M | ||
| Q1 25 | $-63.1M | $-1.1M | ||
| Q4 24 | $-46.0M | $-1.9M | ||
| Q3 24 | $30.7M | — | ||
| Q2 24 | $-36.2M | — | ||
| Q1 24 | $-31.9M | — |
| Q4 25 | — | $-8.0M | ||
| Q3 25 | — | $-9.4M | ||
| Q2 25 | — | $-2.3M | ||
| Q1 25 | $-63.9M | $-1.1M | ||
| Q4 24 | $-47.5M | $-2.0M | ||
| Q3 24 | $28.4M | — | ||
| Q2 24 | $-39.5M | — | ||
| Q1 24 | $-38.3M | — |
| Q4 25 | — | -139.3% | ||
| Q3 25 | — | -261.4% | ||
| Q2 25 | — | -107.8% | ||
| Q1 25 | -786.4% | -87.0% | ||
| Q4 24 | -311.3% | -279.9% | ||
| Q3 24 | 109.2% | — | ||
| Q2 24 | -144.1% | — | ||
| Q1 24 | -97.7% | — |
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | 9.6% | 5.1% | ||
| Q4 24 | 9.8% | 22.1% | ||
| Q3 24 | 8.8% | — | ||
| Q2 24 | 11.7% | — | ||
| Q1 24 | 16.4% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -0.11× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ACLX
Segment breakdown not available.
TONX
| Market Live | $4.8M | 83% |
| Other | $960.0K | 17% |
