The IPOX® Watch: Arcellx
Company Description
Founded in 2014 as Encarta Therapeutics, Arcellx, Inc is a clinical-stage cancer-focused biotechnology company, headquartered in Gaithersburg, MD. Arcellx develops cell therapies for multiple myeloma, acute myeloid leukemia, myelodysplastic syndrome, and solid tumors. Arcellx has a broad pipeline with the lead product candidate in Phase 2 trial and others in discovery and preclinical phases.
Business Model
Arcellx has not generated any revenue from product sales but is expected to receive collaboration revenue from partnership with Kite, a Gilead company.
IPO History
On 02/04/2022, Arcellx began trading on the Nasdaq Global Select Market led by BofA Securities. The biotechnology company offered 8.25 million shares, at $15.00 per share, low-end of its expected price range ($15-$17). Arcellx was valued at ca. $657 million at offer with the 15% over-allotment option fully exercised. The shares opened at $19.00 and closed the first day at $16.80 (+12.00%).
Arcellx, Inc was included in the IPOX® 100 U.S. Index (ETF: FPX US, FPX LN) on 12/19/2022 and currently weighs ca. 0.12% of the portfolio.
