REG - MaxCyte, Inc. MaxCyte, Inc. - MXCR - First Quarter 2025 Financial Results
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RNS Number : 7812H MaxCyte, Inc. 08 May 2025
MaxCyte Reports First Quarter 2025 Financial Results and Reiterates Full Year
2025 Guidance
ROCKVILLE, MD, May 8, 2025 - MaxCyte, Inc., (NASDAQ: MXCT; LSE: MXCT), a
leading, cell-engineering focused company providing enabling platform
technologies to advance the discovery, development and commercialization of
next-generation cell therapeutics, today announced its first quarter ended
March 31, 2025 financial results and reiterated its 2025 guidance.
First Quarter and Recent Highlights
· Core business revenue of $8.2 million in the first quarter of 2025,
an increase of 1% over the first quarter of 2024.
· Strategic Platform License (SPL) Program-related revenue was $2.1
million for the first quarter of 2025, compared to $3.2 million in the first
quarter of 2024.
· Total revenue of $10.4 million in the first quarter of 2025, a
decrease of 8% over the first quarter of 2024.
· MaxCyte added one new SPL client, TG Therapeutics, in February. The
total number of active SPLs stands at 29.
· Total cash, cash equivalents and investments were $174.7 million as
of March 31, 2025.
"MaxCyte has had a good start to 2025, with core revenue growth in the first
quarter driven by continued strength in PAs," said Maher Masoud, President and
CEO of MaxCyte. "We've added one new SPL thus far in 2025, TG Therapeutics in
February, and continue to see a robust pipeline of SPL opportunities ahead of
us. As we progress through the year, we remain operationally focused, making
disciplined investments in high growth opportunities and process enhancements
in the Company to drive long-term value. Despite the increasingly dynamic
macroeconomic environment since the beginning of the year, we are confident
that our disciplined operational focus, highly differentiated offerings, and
healthy financial foundation will continue to position MaxCyte for growth in
2025 and beyond. Lastly, the integration of SeQure Dx is going smoothly,
and we are very excited about the substantial opportunity from SeQure Dx's
safety assessment services platforms over the long-term."
The following tables provide details regarding the sources of the Company's
revenue for the periods presented.
Three Months Ended
March 31
(Unaudited)
2025 2024 %
(in thousands, except percentages)
Instrument $ 1,444 $ 1,928 (25%)
PAs and consumables 3,871 3,432 13%
Licenses 2,531 2,604 (3%)
Assay service 142 - -
Other 255 224 14%
Total Core Revenue $ 8,243 $ 8,188 1%
Program-Related 2,147 3,154 (32%)
Total Revenue $ 10,390 $ 11,342 (8%)
In addition to revenue, management regularly reviews key business metrics to
evaluate our business, measure performance, identify trends affecting our
business, formulate financial projections and make strategic decisions. As of
the dates presented, these key metrics were as follows:
Three Months Ended March 31,
2025 2024
Installed base of instruments (sold or leased) 787 708
Core Revenue Generated by SPL Clients as a % of Core Revenue 57% 53%
First Quarter 2025 Financial Results
Total revenue for the first quarter of 2025 was $10.4 million, compared to
$11.3 million in the first quarter of 2024, representing a decrease of 8%.
Core business revenue (sales of instruments, PAs and consumables, and licenses
to customers, excluding SPL Program-related revenue) for the first quarter of
2025 was $8.2 million, compared to $8.2 million in the first quarter of 2024,
representing an increase of 1%.
SPL Program-related revenue was $2.1 million in the first quarter of 2025, as
compared to $3.2 million in the first quarter of 2024.
Gross profit for the first quarter of 2025 was $8.9 million (86% gross
margin), compared to $9.9 million (88% gross margin) in the first quarter of
2024. Non-GAAP adjusted gross margin was 83% when excluding SPL
Program-related revenue and reserves for excess and obsolete inventory,
compared to non-GAAP adjusted gross margin of 83% in the first quarter of
2024.
Operating expenses for the first quarter of 2025 were $21.2 million, compared
to operating expenses of $22.2 million in the first quarter of 2024.
First quarter 2025 net loss was $10.3 million compared to net loss of $9.5
million for the same period in 2024. EBITDA, a non-GAAP measure, was a loss of
$11.2 million for the first quarter of 2025, compared to a loss of $11.2
million for the first quarter of 2024; stock-based compensation expense was
$3.0 million in the first quarter of 2025 compared to $3.0 million in the
first quarter of 2024.
2025 Guidance
MaxCyte reiterates 2025 revenue guidance for core business revenue and SPL
Program-related revenue:
· Core revenue is expected to grow 8% to 15% compared to 2024,
inclusive of revenue from SeQure Dx.
· SPL Program-related revenue is expected to be approximately $5
million for the year. SPL-program related revenue guidance includes both
expected revenue from pre-commercial milestone payments and commercial
royalties/sales-based payments.
MaxCyte expects to end 2025 with approximately $160 million in total cash,
cash equivalents and investments.
Webcast and Conference Call Details
MaxCyte will host a conference call today, May 7, 2025, at 4:30 p.m. Eastern
Time. Investors interested in listening to the conference call are required to
register online
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. A live and archived webcast of the event will be available on the "Events"
section of the MaxCyte website at https://investors.maxcyte.com/
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.
About MaxCyte
At MaxCyte®, we are committed to building better cells together. As a leading
cell-engineering company, we are driving the discovery, development and
commercialization of next-generation cell therapies. Our best-in-class Flow
Electroporation® technology and SeQure DX™ gene editing risk assessment
services enable precise, efficient and scalable cell engineering. Supported by
expert scientific, technical and regulatory guidance, our platform empowers
researchers from around the world to engineer diverse cell types and payloads,
accelerating the development of safe and effective treatments for human
health. For more than 25 years, we've been advancing cell engineering, shaping
the future of medicine. Learn more at maxcyte.com
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Non-GAAP Financial Measures
This press release contains EBITDA, which is a non-GAAP measure defined as
earnings before interest income and expense, taxes, depreciation and
amortization. MaxCyte believes that EBITDA provides useful information to
management and investors relating to its results of operations. The company's
management uses this non-GAAP measure to compare the company's performance to
that of prior periods for trend analyses, and for budgeting and planning
purposes. The company believes that the use of EBITDA provides an additional
tool for investors to use in evaluating ongoing operating results and trends
and in comparing the company's financial measures with other companies, many
of which present similar non-GAAP financial measures to investors, and that it
allows for greater transparency with respect to key metrics used by management
in its financial and operational decision-making.
This press release also contains Non-GAAP Gross Margin, which we define as
Gross Margin when excluding SPL program related revenue and reserves for
excess and obsolete inventory. The Company believes that the use of Non-GAAP
Gross Margin provides an additional tool to investors because it provides
consistency and comparability with past financial performance, as Non-GAAP
Gross Margin excludes non-core revenues and inventory reserves, which can vary
significantly between periods and thus affect comparability.
Management does not consider these Non-GAAP financial measures in isolation or
as an alternative to financial measures determined in accordance with GAAP.
The principal limitation of these Non-GAAP financial measures is that they
exclude significant revenues and expenses that are required by GAAP to be
recorded in the Company's financial statements. In order to compensate for
these limitations, management presents these Non-GAAP financial measures along
with GAAP results. Non-GAAP measures should be considered in addition to
results prepared in accordance with GAAP, but should not be considered a
substitute for, or superior to, GAAP results. Reconciliation tables of net
loss, the most comparable GAAP financial measure, to EBITDA, and Gross Margin,
the most comparable GAAP financial measure, to Non-GAAP Gross Margin, are
included at the end of this release. MaxCyte urges investors to review the
reconciliation and not to rely on any single financial measure to evaluate the
company's business
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of
the "safe harbor" provisions of the Private Securities Litigation Reform Act
of 1995. These statements about us and our industry involve substantial
known and unknown risks, uncertainties, and assumptions, including those
described in Item 1A under the heading "Risk Factors" and elsewhere in our
report on Form 10-K, that may cause our actual results, performance or
achievements to be materially different from any future results, performance
or achievements expressed or implied by the forward-looking statements. All
statements other than statements of historical facts contained in this press
release, including statements regarding our future results of operations or
financial condition, business strategy and plans and objectives of management
for future operations, are forward-looking statements. Forward-looking
statements include, but are not limited to, statements about the Company's
preliminary results of operations, including fourth quarter and full year
total revenue, core revenue, and SPL program revenue and statements about
possible or future results of operations or financial position. In some cases,
you can identify forward-looking statements because they contain words such as
"may," "might," "will," "could," "would," "should," "expect," "plan,"
"anticipate," "intend," "believe," "expect," "estimate," "seek," "predict,"
"future," "project," "potential," "continue," "contemplate," "target," the
negative of these words and similar words or expressions. These statements
are inherently uncertain, and investors are cautioned not to unduly rely on
these statements. The forward-looking statements contained in this press
release, include, without limitation, statements concerning the following:
our expected future growth and success of our business model; the size and
growth potential of the markets for our products, and our ability to serve
those markets, increase our market share, and achieve and maintain industry
leadership; our ability to expand our customer base and enter into additional
SPL partnerships; our expectation that our partners will have access to
capital markets to develop and commercialize their cell therapy programs; our
financial performance and capital requirements; the adequacy of our cash
resources and availability of financing on commercially reasonable terms; our
expectations regarding our ability to obtain and maintain intellectual
property protection for our products, as well as our ability to operate our
business without infringing the intellectual property rights of others; our
expectations regarding general market and economic conditions that may impact
investor confidence in the biopharmaceutical industry and affect the amount of
capital such investors provide to our current and potential partners; and our
use of available capital resources.
These and other risks and uncertainties are described in greater detail in
Item 1A , entitled "Risk Factors," in our Annual Report on Form 10-K for the
year ended December 31, 2024, filed with the Securities and Exchange
Commission on March 11, 2025, as well as in discussions of potential risks,
uncertainties, and other important factors in the other filings that we make
with the Securities and Exchange Commission from time to time. These documents
are available through the Investor Menu, Financials section, under "SEC
Filings" on the Investors page of our website at http://investors.maxcyte.com
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. Any forward-looking statements in this press release are based on our
current beliefs and opinions on the relevant subject based on information
available to us as of the date of such press release, and you should not rely
on forward-looking statements as predictions of future events. We undertake no
obligation to update any forward-looking statements made in this press release
to reflect events or circumstances after the date of this press release or to
reflect new information or the occurrence of unanticipated events, except as
required by law.
MaxCyte Contacts:
US IR Adviser
Gilmartin Group
David Deuchler, CFA
+1 415-937-5400
ir@maxcyte.com (mailto:ir@maxcyte.com)
Oak Street Communications
Kristen White
kristen@oakstreetcommunications.com
(mailto:kristen@oakstreetcommunications.com)
415.608.6060
Nominated Adviser and Joint Corporate Broker
Panmure Liberum
Emma Earl / Freddy Crossley
Corporate Broking
Rupert Dearden
+44 (0)20 7886 2500
UK IR Adviser
ICR Healthcare
Mary-Jane Elliott
Chris Welsh
+44 (0)203 709 5700
maxcyte@icrhealthcare.com (mailto:maxcyte@icrhealthcare.com)
MaxCyte, Inc.
Unaudited Consolidated Balance Sheets
(in thousands, except share and per share amounts)
March 31, 2025 December 31, 2024
Assets
Current assets:
Cash and cash equivalents $ 23,385 $ 27,884
Short-term investments, at amortized cost 114,885 126,598
Accounts receivable, net 5,525 4,682
Inventory 8,274 8,914
Prepaid expenses and other current assets 3,679 3,606
Total current assets 155,748 171,684
Investments, non-current, at amortized cost 36,423 35,781
Property and equipment, net 19,921 19,707
Right-of-use asset - operating leases 11,541 10,766
Goodwill 3,919 -
Intangible assets, net 498 -
Other assets 1,911 1,532
Total assets $ 229,961 239,470
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 2,279 $ 1,358
Accrued expenses and other 5,033 8,302
Operating lease liability, current 1,276 864
Deferred revenue, current portion 4,145 5,251
Total current liabilities 12,733 15,775
Operating lease liability, net of current portion 17,546 17,170
Other liabilities 270 274
Total liabilities 30,549 33,219
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.01 par value; 5,000,000 shares authorized and no shares - -
issued and outstanding at March 31, 2025 and December 31, 2024
Common stock, $0.01 par value; 400,000,000 shares authorized, 106,313,718 and 1,063 1,057
105,711,093 shares issued and outstanding at March 31, 2025 and December 31,
2024, respectively
Additional paid-in capital 425,463 422,047
Accumulated deficit (227,114) (216,853)
Total stockholders' equity 199,412 206,251
Total liabilities and stockholders' equity $ 229,961 $ 239,470
MaxCyte, Inc.
Unaudited Consolidated Statements of Operations
(in thousands, except share and per share amounts)
Three Months Ended March 31,
2025 2024
Revenue $ 10,390 $ 11,342
Cost of goods sold 1,497 1,403
Gross profit 8,893 9,939
Operating expenses:
Research and development 5,903 6,678
Sales and marketing 5,698 7,365
General and administrative 8,526 7,103
Depreciation and amortization 1,061 1,068
Total operating expenses 21,188 22,214
Operating loss (12,295) (12,275)
Other income:
Interest income 2,034 2,749
Total other income 2,034 2,749
Net loss $ (10,261) $ (9,526)
Basic and diluted net loss per share $ (0.10) $ (0.09)
Weighted average shares outstanding, 105,950,480 104,089,758
basic and diluted
MaxCyte, Inc.
Unaudited Consolidated Statements of Cash Flows
(in thousands)
Three Months ended March 31,
2025 2024
Cash flows from operating activities:
Net loss $ (10,261) $ (9,526)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization 1,096 1,111
Lease right-of-use asset amortization 181 116
Net book value of consigned equipment sold - 11
Loss on disposal of property and equipment 47 -
Stock-based compensation 3,039 3,015
Credit loss (recovery) expense - 130
Change in excess/obsolete inventory reserve 65 -
Amortization of discounts on investments (884) (1,983)
Changes in operating assets and liabilities:
Accounts receivable (839) (343)
Inventory 531 169
Prepaid expense and other current assets 65 689
Other assets (254) 33
Accounts payable, accrued expenses and other (5,589) (3,286)
Operating lease liability (278) (103)
Deferred revenue (1,326) (593)
Other liabilities (4) (4)
Net cash used in operating activities (14,411) (10,564)
Cash flows from investing activities:
Purchases of investments (34,645) (48,042)
Maturities of investments 46,600 34,450
Purchases of property and equipment (653) (804)
Acquisition of business, net of cash acquired of $541 (1,773) -
Net cash provided by (used in) investing activities 9,529 (14,396)
Cash flows from financing activities:
Proceeds from exercise of stock options 383 703
Net cash provided by financing activities 383 703
Net decrease in cash and cash equivalents (4,499) (24,257)
Cash and cash equivalents, beginning of period 27,884 46,506
Cash and cash equivalents, end of period $ 23,385 $ 22,249
Unaudited Reconciliation of Net Loss to EBITDA
(in thousands)
(Unaudited)
Three Months Ended
March 31,
2025 2024
(in thousands)
Net loss $ (10,261) $ (9,526)
Depreciation and amortization expense 1,096 1,111
Interest income (2,034) (2,749)
Income taxes - -
EBITDA $ (11,199) $ (11,164)
Unaudited Reconciliation of Gross Margin to Non-GAAP Adjusted gross margin
(in thousands, except for percentages)
(Unaudited)
Three months ended March 31, 2025 Three months ended March 31, 2024
GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP
Revenue $ 10,389 $ (2,147) $ 8,243 $ 11,342 $ (3,154) $ 8,188
Cost of Goods Sold 1,497 (65) 1,432 1,403 - 1,403
Gross Margin 8,893 (2,082) 6,811 9,939 (3,154) 6,785
Gross Margin % 86% 83% 88% 83%
(1) Adjustments include the exclusion of SPL program related revenue from
Revenue, and the exclusion of reserves for excess and obsolete inventory from
Cost of Goods Sold.
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