Arcellx(ACLX) - 2025 Q1 - Quarterly Report

Financial Performance - Collaboration revenue decreased to $8.1 million for the three months ended March 31, 2025, down from$39.3 million in the same period of 2024, a decline of $31.1 million[100]. - Net losses for the three months ended March 31, 2025, were$62.3 million, compared to $7.2 million for the same period in 2024, an increase of$55.1 million[78]. - Total operating expenses rose to $77.0 million for the three months ended March 31, 2025, up from$55.1 million in 2024, an increase of $21.9 million[98]. - General and administrative expenses were$26.2 million for the three months ended March 31, 2025, compared to $22.7 million in the same period of 2024, an increase of$3.5 million[102]. - Net cash used in operating activities was $63.1 million for the three months ended March 31, 2025, compared to$31.9 million in the same period of 2024[110]. - The net decrease in cash, cash equivalents, and restricted cash was $24.8 million for the three months ended March 31, 2025, compared to a decrease of$241.7 million in the same period of 2024[109]. Research and Development - Research and development expenses increased to $50.8 million for the three months ended March 31, 2025, compared to$32.3 million in 2024, an increase of $18.5 million[98]. - Internal research and development costs rose by$12.3 million, primarily due to higher personnel-related costs of $9.8 million, including$7.3 million in non-cash share-based compensation[101]. - The company has initiated a Phase 1 trial for generalized myasthenia gravis (gMG) in 2024, expanding its clinical programs beyond oncology[77]. - The lead program, anito-cel, is currently being evaluated in pivotal Phase 2 and Phase 3 trials for relapsed or refractory multiple myeloma[74]. Future Outlook - The company expects to continue incurring significant operating losses and increasing expenses in the foreseeable future[79]. - The company anticipates substantial additional funding will be required to support ongoing development and operations[79]. - The company has not generated any product revenue to date and does not expect to do so until regulatory approval and commercialization of product candidates[106]. - The company expects to continue incurring significant losses for the foreseeable future as it develops and seeks regulatory approvals for its product candidates[106]. - The company anticipates that its current cash and cash equivalents will be adequate to fund operations into 2028 based on expected operating cash requirements[108]. - The current cash and cash equivalents are believed to be adequate to fund operations into 2028[80]. Cash and Securities - The company had cash and cash equivalents and marketable securities of $565.2 million as of March 31, 2025[105]. - Net cash provided by investing activities was$37.8 million for the three months ended March 31, 2025, primarily from maturities of marketable securities[112].