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Fourth Quarter and Full Year 2023 Financial Highlights
Cash, cash equivalents, and marketable securities:
As of December 31, 2023, Arcellx had cash, cash equivalents, and marketable securities of $729.2 million. Arcellx anticipates that its cash, cash equivalents, and marketable securities will fund its operations into 2027.
Collaboration revenue:
Collaboration revenue was $63.1 million and zero for the quarters ended December 31, 2023 and 2022, respectively. Collaboration revenue was $110.3 million and zero for the twelve months ended December 31, 2023 and 2022, respectively. The revenue results from the recognition of research and development performed under the arrangement described in the recent license and collaboration agreement with Kite Pharma, Inc. (Kite).
R&D expenses:
Research and development expenses were $28.8 million and $25.9 million for the quarters ended December 31, 2023 and 2022, respectively, an increase of $2.9 million. This increase was driven primarily by an increase in personnel and facility costs. Research and development expenses were $133.8 million and $149.6 million for the twelve months ended December 31, 2023 and 2022, respectively, a decrease of $15.8 million. This decrease was primarily driven by the accounting treatment for our Lonza manufacturing services agreement, which resulted in a non-cash expense in both years ended December 31, 2023 and 2022. This decrease was partially offset by an increase in personnel costs, which includes non-cash stock-based compensation expense.
G&A expenses:
General and administrative expenses were $19.4 million and $14.1 million for the quarters ended December 31, 2023 and 2022, respectively, an increase of $5.3 million. General and administrative expenses were $66.4 million and $41.7 million for the twelve months ended December 31, 2023 and 2022, respectively, an increase of $24.7 million. The increases were driven primarily by non-cash stock-based compensation expense.
Net income or loss:
Net income was $20.5 million for the quarters ended December 31, 2023 and net loss was $39.0 million for the quarter ended December 31, 2022. Net loss for the twelve months ended December 31, 2023 and 2022 were $70.7 million and $188.7 million, respectively.
Posted In: ACLX
