Estados financieros detallados de Arcellx, Inc. (ACLX): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto -64.8%, margen operativo -11.4%, margen neto -10.3%.
Cuenta de Resultados (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | 0 | 0 | 0 | $110.3M | $107.9M | $22.3M |
| Coste de Ventas | 0 | $326000 | 0 | 0 | $2.2M | 0 | $5.2M | $6.7M |
| Beneficio Bruto | 0 | -$326000 | 0 | 0 | -$2.2M | $110.3M | $102.7M | $15.6M |
| I+D | $6.1M | $15.8M | $25.1M | $46.9M | $149.6M | $133.8M | $157.1M | $157.6M |
| Generales y Administrativos | $2.2M | $2.2M | $7.0M | $18.1M | $41.7M | $66.3M | $88.4M | $117.8M |
| Gastos Operativos | $8.3M | $18.0M | $32.1M | $65.0M | $189.0M | $200.2M | $240.3M | $268.7M |
| Beneficio Operativo | -$8.3M | -$18.0M | -$32.1M | -$65.0M | -$191.3M | -$89.9M | -$137.6M | -$253.1M |
| EBITDA | -$8.2M | -$17.6M | -$31.5M | -$63.9M | -$184.7M | -$64.1M | -$99.1M | -$198.0M |
| Gastos por Intereses | 0 | 0 | 0 | $10000 | $1.7M | $3.8M | $1.0M | $24.2M |
| Beneficio Antes de Impuestos | -$8.3M | -$18.0M | -$32.1M | -$65.0M | -$188.7M | -$70.0M | -$105.3M | -$228.9M |
| Impuestos | 0 | 0 | 0 | 0 | 0 | $663000 | $2.1M | $69000 |
| Beneficio Neto | -$8.3M | -$18.0M | -$32.1M | -$65.0M | -$188.7M | -$70.7M | -$107.3M | -$228.9M |
| BPA | $-50.17 | $-0.52 | $-1.47 | $-1.94 | $-4.28 | $-1.47 | $-2.00 | $-4.07 |
| BPA Diluido | $-50.17 | $-0.52 | $-1.47 | $-1.94 | $-4.28 | $-1.47 | $-2.00 | $-4.07 |
| Acciones en Circulación (Diluidas) | $165581 | $34.8M | $21.8M | $33.5M | $44.1M | $48.1M | $53.6M | $56.3M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|
| Ingresos | $8.1M | $7.6M | $4.9M | $1.7M |
| Beneficio Bruto | $8.1M | $7.6M | -$30.1M | $12999 |
| Beneficio Operativo | -$68.9M | -$58.7M | -$61.8M | -$63.7M |
| EBITDA | -$60.7M | -$51.1M | -$53.9M | -$32.2M |
| Beneficio Neto | -$62.3M | -$52.8M | -$55.8M | -$58.1M |
| BPA | $-1.13 | $-0.94 | $-0.99 | $-1.01 |
| BPA Diluido | $-1.13 | $-0.94 | $-0.99 | $-1.00 |
Balance (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $14.5M | $34.6M | $46.6M | $30.8M | $64.2M | $394.6M | $105.7M | $80.3M |
| Inversiones a Corto | 0 | 0 | 0 | $73.8M | $190.7M | $307.4M | $481.7M | $370.1M |
| Cuentas por Cobrar | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $3.6M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $14.6M | $38.1M | $49.4M | $112.8M | $266.9M | $716.4M | $599.3M | $462.2M |
| Inmovilizado Material | $817000 | $4.3M | $4.9M | $10.3M | $39.9M | $69.8M | $70.2M | $66.5M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $15.8M | $43.6M | $57.7M | $128.8M | $313.8M | $825.1M | $711.3M | $604.0M |
| Cuentas por Pagar | $1.1M | $1.7M | $504000 | $1.3M | $9.1M | $2.6M | $2.1M | $5.6M |
| Deuda a Corto | 0 | 0 | 0 | $100000 | 0 | 0 | 0 | $7.6M |
| Pasivos Corrientes | $1.8M | $3.0M | $5.3M | $14.8M | $56.7M | $118.2M | $125.4M | $104.2M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $44.3M |
| Pasivos Totales | $1.8M | $76.3M | $7.2M | $250.3M | $108.9M | $339.8M | $256.5M | $201.6M |
| Reservas | -$15.1M | -$33.0M | -$65.1M | -$130.1M | -$318.8M | -$389.5M | -$496.8M | -$725.8M |
| Patrimonio Neto | $14.0M | -$32.7M | $50.5M | -$121.5M | $205.0M | $485.4M | $454.8M | $402.4M |
| Deuda Total | 0 | 0 | 0 | $100000 | $88.1M | $97.6M | $54.1M | $96.3M |
| Deuda Neta | -$14.5M | -$34.6M | -$46.6M | -$104.5M | -$166.7M | -$604.4M | -$533.3M | -$354.1M |
| Capital Circulante | $12.8M | $35.0M | $44.1M | $98.0M | $210.2M | $598.1M | $473.9M | $358.0M |
Balance (Trimestral)
| Año | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|
| Caja y Equivalentes | $80.9M | $62.3M | $79.0M | $80.3M |
| Activos Totales | $648.1M | $619.1M | $655.9M | $604.0M |
| Pasivos Totales | $231.2M | $226.9M | $215.1M | $201.6M |
| Patrimonio Neto | $416.9M | $392.2M | $440.8M | $402.4M |
| Deuda Total | $53.2M | $52.5M | $51.8M | $96.3M |
Flujo de Caja (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$8.3M | -$18.0M | -$32.1M | -$65.0M | -$188.7M | -$70.7M | -$107.3M | -$228.9M |
| Amortizaciones | $93000 | $326000 | $629000 | $1.0M | $1.3M | $2.0M | $5.2M | -$1.8M |
| Compensación en Acciones | $66000 | $136000 | $1.1M | $6.8M | $21.5M | $41.8M | $61.1M | $77.9M |
| Cambio en Capital Circulante | $432000 | -$1.3M | $1.8M | $2.7M | $4.5M | $225.4M | -$30.8M | -$57.5M |
| Flujo de Caja Operativo | -$6.9M | -$18.8M | -$28.7M | -$54.2M | -$99.3M | $207.6M | -$83.5M | -$210.3M |
| Inversiones (CapEx) | -$479000 | -$3.8M | -$888000 | -$5.8M | -$2.3M | -$21.4M | -$13.4M | -$2.3M |
| Adquisiciones | 0 | 0 | 0 | 0 | $115.4M | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | -$24000 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$7.3M | -$22.6M | -$29.6M | -$60.0M | -$101.6M | $186.1M | -$96.9M | -$212.6M |
Flujo de Caja (Trimestral)
| Año | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|
| Flujo de Caja Operativo | -$63.1M | -$39.7M | -$49.2M | -$58.2M |
| Inversiones (CapEx) | -$780000 | -$487000 | -$296000 | -$764000 |
| Flujo de Caja Libre | -$63.9M | -$40.2M | -$49.5M | -$58.9M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $23.8M | $18.1M | $17.9M | $18.1M |
Crecimiento y Márgenes (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | | | | | -2.2% | -79.4% |
| Crecimiento Beneficio Neto (anual) | | -116.3% | -78.6% | -102.4% | -190.4% | +62.5% | -51.9% | -113.3% |
| Crecimiento BPA (anual) | | +99.0% | -182.7% | -32.0% | -120.6% | +65.7% | -36.1% | -103.5% |
| Cambio en Acciones (anual) | | +20905.4% | -37.4% | +54.0% | +31.5% | +9.0% | +11.5% | +5.1% |
| Crecimiento FCF (anual) | | -208.0% | -30.7% | -103.1% | -69.2% | +283.2% | -152.1% | -119.4% |
| Margen Bruto | | | | | | 100.0% | 95.2% | 70.0% |
| Margen Operativo | | | | | | -81.5% | -127.5% | -1135.6% |
| Margen EBITDA | | | | | | -58.1% | -91.8% | -888.3% |
| Margen Neto | | | | | | -64.1% | -99.5% | -1027.3% |
| Margen FCF | | | | | | 168.7% | -89.8% | -953.9% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.9% | -2.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-44.33 | $-0.65 | $-1.36 | $-1.79 | $-2.30 | $3.87 | $-1.81 | $-3.78 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $165581 | $34.8M | $21.8M | $33.5M | $44.1M | $48.1M | $53.6M | $56.3M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Margen bruto | -64.81% |
| Margen operativo | -1135.61% |
| Margen neto | -1027.25% |
Salud financiera
| Deuda / Patrimonio | 0.24 |
| Ratio corriente | 4.44 |
Ratios Clave (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -0.33 | -32.31 | -11.43 | -8.66 | -7.24 | -37.76 | -38.34 | -16.02 |
| P/VC | 0.20 | -17.85 | 7.24 | -4.64 | 6.67 | 5.50 | 9.03 | 9.12 |
| P/V | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 24.18 | 38.06 | 164.73 |
| Margen Bruto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 95.2% | 70.0% |
| Margen Operativo | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -81.5% | -127.5% | -1135.6% |
| Margen Neto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -64.1% | -99.5% | -1027.3% |