Arcellx Provides First Quarter 2024 Financial Results
May 09 2024 - 4:00PM
Business Wire
Arcellx, Inc. (NASDAQ: ACLX), a biotechnology company
reimagining cell therapy through the development of innovative
immunotherapies for patients with cancer and other incurable
diseases, today reported business highlights and financial results
for the first quarter ended March 31, 2024.
First Quarter 2024 Financial
Highlights
Cash, cash equivalents, and marketable securities:
As of March 31, 2024, Arcellx had cash, cash equivalents, and
marketable securities of $691.0 million. Arcellx anticipates that
its cash, cash equivalents, and marketable securities will fund its
operations into 2027.
Collaboration revenue:
Collaboration revenue were $39.3 million and $17.9 million for
the quarters ended March 31, 2024 and 2023, respectively, an
increase of $21.4 million. This increase was primarily driven by
changes in estimated transaction price used in calculating
collaboration revenue under the license and collaboration agreement
and amendment with Kite Pharma, Inc. (Kite).
R&D expenses:
Research and development expenses were $32.3 million and $32.9
million for the quarters ended March 31, 2024 and 2023,
respectively, a decrease of $0.6 million. This decrease was
primarily driven by a decrease in costs associated with our
anito-cel clinical program, with such costs primarily relating to
expenses associated with our Lonza manufacturing services
agreement. The decrease was partially offset by increased personnel
costs, which includes non-cash stock-based compensation
expense.
G&A expenses:
General and administrative expenses were $22.7 million and $15.4
million for the quarters ended March 31, 2024 and 2023,
respectively, an increase of $7.3 million. This increase was
primarily driven by increased personnel costs, which includes
non-cash stock-based compensation expense.
Net income or loss:
Net loss was $7.2 million and $27.3 million for the quarters
ended March 31, 2024 and 2023, respectively.
About Arcellx, Inc.
Arcellx, Inc. is a clinical-stage biotechnology company
reimagining cell therapy by engineering innovative immunotherapies
for patients with cancer and other incurable diseases. Arcellx
believes that cell therapies are one of the forward pillars of
medicine and Arcellx's mission is to advance humanity by developing
cell therapies that are safer, more effective, and more broadly
accessible. Arcellx's lead product candidate, anito-cel, is being
developed for the treatment of relapsed or refractory multiple
myeloma (rrMM) in a Phase 2 pivotal trial. Anito-cel has been
granted Fast Track, Orphan Drug, and Regenerative Medicine Advanced
Therapy designations by the U.S. Food and Drug Administration.
Arcellx is also developing its dosable and controllable CAR T
therapy, ARC-SparX, through two Phase 1 programs, ACLX-001 for rrMM
and ACLX-002 in relapsed or refractory acute myeloid leukemia and
high-risk myelodysplastic syndrome. For more information on
Arcellx, please visit www.arcellx.com. Follow Arcellx on X
(Twitter) at @arcellx and LinkedIn.
Forward-looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements in this press release that are not purely
historical are forward-looking statements, including, without
limitation, Arcellx's plans for the research, pre-clinical and
clinical development of its product candidates; Arcellx's
expectations regarding the potential impact of its product
candidates and platforms on patients and cell therapy; and the
sufficiency of cash, cash equivalents and marketable securities and
Arcellx's ability to fund operations through certain regulatory
milestones and timelines. The forward-looking statements contained
herein are based upon Arcellx's current expectations and involve
assumptions that may never materialize or may prove to be
incorrect. These forward-looking statements are neither promises
nor guarantees and are subject to a variety of risks and
uncertainties, including risks that may be found in the section
entitled Part II, Item 1A (Risk Factors) in the Quarterly Report on
Form 10-Q for the quarter ended March 31, 2024, filed with the
Securities and Exchange Commission (SEC) on or about the date
hereof, and the other documents that Arcellx may file from time to
time with the SEC. These forward-looking statements are made as of
the date of this press release, and Arcellx assumes no obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
ARCELLX, INC. SELECTED CONSOLIDATED BALANCE SHEET
DATA (in thousands) March 31, December
31,
2024
2023
Cash, cash equivalents, and marketable securities
$
691,021
$
729,185
Total assets
779,695
825,132
Total liabilities
283,122
339,752
Total stockholders' equity
496,573
485,380
ARCELLX, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS (in thousands, except share and per share
amounts) Three Months Ended March 31,
2024
2023
Revenue
$
39,256
$
17,912
Operating expenses: Research and development
32,318
32,932
General and administrative
22,748
15,437
Total operating expenses
55,066
48,369
Loss from operations
(15,810
)
(30,457
)
Other income, net
8,612
3,442
Loss before income taxes
(7,198
)
(27,015
)
Income tax expense
—
329
Net loss
(7,198
)
(27,344
)
Other comprehensive loss: Unrealized gain (loss) on
marketable securities
(1,059
)
307
Comprehensive loss
$
(8,257
)
$
(27,037
)
Net loss per share attributable to common stockholders—basic and
diluted
$
(0.14
)
(0.58
)
Weighted-average common shares outstanding—basic and diluted
52,757,973
46,769,380
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version on businesswire.com: https://www.businesswire.com/news/home/20240507588076/en/
Investors: Myesha Lacy ir@arcellx.com 510-418-2412
Media: Andrea Cohen Sam Brown Inc. andreacohen@sambrown.com
917-209-7163
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