Arcellx, Inc. reported a significant decline in financial performance for the second quarter of 2025, with collaboration revenue falling to $7.6 million, down from $27.4 million in the same period last year. For the first half of 2025, total collaboration revenue was $15.7 million, compared to $66.6 million in the first half of 2024. The decrease in revenue is attributed to the completion of dosing and manufacturing of the company's lead product candidate, anito-cel, in the iMMagine-1 trial, which concluded in late 2024. The company recorded a net loss of $52.8 million for the quarter, compared to a loss of $27.2 million in the prior year, and a total net loss of $115.0 million for the first half of 2025, up from $34.4 million in the same period of 2024.
Operating expenses for Arcellx increased to $66.3 million in the second quarter of 2025, compared to $62.4 million in the same quarter of 2024. Research and development expenses decreased slightly to $37.6 million, down from $41.0 million, primarily due to reduced external costs associated with the anito-cel program. However, general and administrative expenses rose to $28.7 million, reflecting increased costs related to commercial readiness and personnel. The company's accumulated deficit reached $611.9 million as of June 30, 2025.
In terms of strategic developments, Arcellx has continued its collaboration with Kite Pharma, a Gilead company, under the Kite Collaboration Agreement. The partnership has expanded to include additional product candidates and indications, with Kite having made significant equity investments in Arcellx. As of June 30, 2025, the company had $537.6 million in cash, cash equivalents, and marketable securities, which management believes will be sufficient to fund operations into 2028.
Operationally, Arcellx is advancing its clinical programs, including the pivotal Phase 3 iMMagine-3 trial for anito-cel in patients with relapsed or refractory multiple myeloma. The company is also developing two additional ARC-SparX programs, ACLX-001 and ACLX-002, which are currently in Phase 1 trials. The company anticipates continued increases in operating expenses as it expands its clinical trials and prepares for potential commercialization of its product candidates.
Looking ahead, Arcellx expects to incur significant additional losses as it continues to develop its product candidates and seek regulatory approvals. The company is focused on advancing its clinical programs and expanding its pipeline, while also preparing for the operational demands of a public company. The future financial performance will depend on the successful development and commercialization of its product candidates, as well as the ability to secure additional funding to support ongoing operations.
About Arcellx, Inc.
Arcellx, Inc. is a clinical-stage biotechnology company developing innovative cell therapies using its proprietary D-Domain platform to create safer, more effective, and broadly accessible CAR-T treatments. Its core products include ddCARs—single infusion CAR-T therapies—and ARC-SparX, a controllable universal CAR-T system. Targeting hematologic cancers, solid tumors, and autoimmune diseases, Arcellx leverages engineered synthetic binding domains to improve efficacy, safety, manufacturability, and treatment adaptability.
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