Exhibit 99.1
Arcellx Provides First Quarter 2024 Financial Results
REDWOOD CITY, Calif., May 9, 2024 (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.
