REG - MaxCyte, Inc. MaxCyte, Inc. - MXCR - Q4 & FY 2024 Financial Results
12/03/2025 07:00
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RNS Number : 2752A MaxCyte, Inc. 12 March 2025
MaxCyte Reports Fourth Quarter and Full Year 2024 Financial Results and
Provides Full Year 2025 Guidance
ROCKVILLE, MD, March 12, 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 fourth quarter and full
year ended December 31, 2024 financial results and initiated its 2025
guidance.
Fourth Quarter and Full Year Highlights
· Total revenue of $8.7 million in the fourth quarter of 2024, a
decrease of 45% over the fourth quarter of 2023. The decrease in total revenue
was due to multiple one-time approval milestones in the fourth quarter of
2023.
· Core business revenue of $8.6 million in the fourth quarter of 2024,
an increase of 20% over the fourth quarter of 2023.
· Strategic Platform License (SPL) Program-related revenue was $0.1
million for the fourth quarter of 2024, compared to $8.5 million in the fourth
quarter of 2023.
· Total revenue of $38.6 million for the full year 2024, a decrease of
6% over the full year 2023.
· Core business revenue of $32.5 million for the full year 2024, an
increase of 9% over the full year 2023.
· SPL Program-related revenue was $6.1 million for the full year 2024,
compared to $11.5 million in full year 2023.
· Ended the year with 28 active SPL agreements that include 18 active
programs currently in the clinic (defined as programs with at least a cleared
IND or equivalent) and 1 active commercial program.
· Total cash, cash equivalents and investments were $190.3 million as
of December 31, 2024.
"We are pleased to report strong financial results in 2024, including a return
to core revenue growth and disciplined cash management, driven by the
execution of our team," said Maher Masoud, President and CEO of MaxCyte. "We
signed a record six SPLs in 2024 and continue to see momentum in the SPL
pipeline with the addition of TG Therapeutics early in 2025. We also
implemented a more disciplined capital and operational approach at MaxCyte,
which has already enabled new strategic initiatives, and a more efficient and
streamlined business, underpinning our commitment to long-term value creation
for our shareholders. In 2025, we will continue to drive strong commercial
execution, support the progression of SPL programs through the clinic, and
make disciplined investments to position MaxCyte as a premier cell engineering
solutions provider, including the integration and growth of SeQure Dx."
The following tables provide details regarding the sources of our revenue for
the periods presented.
Three Months Ended Year Ended
December 31, December 31,
2024 2023 % 2024 2023 %
(Unaudited) (Unaudited)
(in thousands, except percentages)
Instrument $ 1,629 $ 2,330 (30%) $ 7,083 $ 8,317 (15%)
PAs and consumables 4,169 2,163 93% 14,006 10,283 36%
Licenses 2,554 2,406 6% 10,297 10,326 (0%)
Other 258 263 (2%) 1,126 897 26%
Total Core Revenue $ 8,610 $ 7,162 20% $ 32,512 $ 29,823 9%
Program-Related 83 8,504 (99%) 6,115 11,465 (47%)
Total Revenue $ 8,693 $ 15,666 (45%) $ 38,627 $ 41,288 (6%)
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:
As of December 31, 2024
2024 2023 2022
Installed base of instruments (sold or licensed) 760 683 616
Core Revenue Generated by SPL Clients as a % of Core Revenue 55% 48% 42%
Number of active SPLs 28 23 18
Total number of active licensed clinical programs under SPLs currently in the 18 16 16
clinic *
Total number of active licensed programs under SPLs currently commercial * 1 1 -
*Number of licensed clinical programs and commercial programs under SPLs are
by number of product candidates and not by indication.
Fourth Quarter 2024 Financial Results
Total revenue for the fourth quarter of 2024 was $8.7 million, compared to
$15.7 million in the fourth quarter of 2023, representing a decrease of 45%.
The decrease in total revenue was due to multiple one-time approval milestones
in the fourth quarter of 2023.
Core business revenue (sales of instruments, PAs and consumables, and licenses
to customers, excluding SPL Program-related revenue) for the fourth quarter of
2024 was $8.6 million, compared to $7.2 million in the fourth quarter of 2023,
representing an increase of 20%.
SPL Program-related revenue was $0.1 million in the fourth quarter of 2024, as
compared to $8.5 million in the fourth quarter of 2023.
Gross profit for the fourth quarter of 2024 was $6.4 million (74% gross
margin), compared to $14.1 million (90% gross margin) in the fourth quarter of
2023. Non-GAAP adjusted gross margin was 84% when excluding SPL
Program-related revenue and reserves for excess and obsolete inventory,
compared to non-GAAP adjusted gross margin of 86% in the fourth quarter of
2023.
Operating expenses for the fourth quarter of 2024 were $19.3 million, compared
to operating expenses of $22.2 million in the fourth quarter of 2023.
Fourth quarter 2024 net loss was $10.6 million compared to net loss of $5.3
million for the same period in 2023. EBITDA, a non-GAAP measure, was a loss of
$11.8 million for the fourth quarter of 2024, compared to a loss of $7.0
million for the fourth quarter of 2023; stock-based compensation expense was
$3.1 million in the fourth quarter of 2024 compared to $3.6 million in the
fourth quarter of 2023.
Full Year 2024 Financial Results
Total revenue for 2024 was $38.6 million, compared to $41.3 million in 2023,
representing a decrease of 6%.
Core business revenue (sales of instruments, PAs and consumables, and
licenses, excluding SPL Program-related revenue) for 2024 was $32.5 million,
compared to $29.8 million for 2023, representing an increase of 9%.
SPL Program-related revenue was $6.1 million in 2024, as compared to $11.5
million in 2023.
Gross profit for 2024 was $31.5 million (82% gross margin), compared to $36.5
million (89% gross margin) in the prior year. Non-GAAP adjusted gross margin
was 84% when excluding SPL Program-related revenue and reserves for excess and
obsolete inventory, compared to non-GAAP adjusted gross margin of 86% in 2023.
Operating expenses for 2024 were $82.7 million, compared to operating expenses
of $84.8 million in 2023.
Full year 2024 net loss was $41.1 million compared to a loss of $37.9 million
in 2023. 2024 EBITDA was a loss of $46.9 million compared to a loss of $44.1
million in 2023; total stock-based compensation for 2024 was $13.1 million,
compared to $14.0 million for 2023.
Total cash, cash equivalents and investments were $190.3 million as of
December 31, 2024, compared to $211.2 million as of December 31, 2023.
2025 Guidance
MaxCyte is providing initial 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 $160 million in total cash, cash equivalents
and investments.
Webcast and Conference Call Details
MaxCyte will host a conference call today, March 11, 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 pursue cell engineering excellence to maximize the potential of
cells to improve patients' lives. We have spent more than 25 years honing our
expertise by building best-in-class platforms, perfecting the art of the
transfection workflow, and venturing beyond today's processes to innovate
tomorrow's solutions. Our ExPERT™ platform, which is based on our Flow
Electroporation® technology, has been designed to support the rapidly
expanding cell therapy market and can be utilized across the continuum of the
high-growth cell therapy sector, from discovery and development through
commercialization of next-generation, cell-based medicines. The ExPERT family
of products includes: four instruments, the ATx™, STx™, GTx™ and VLx
™; a portfolio of proprietary related processing assemblies or disposables;
and software protocols, all supported by a robust worldwide intellectual
property portfolio. By providing our partners with the right technology
platform, as well as scientific, technical and regulatory support, we aim to
guide them on their journey to transform human health. 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, 2023, filed with the Securities and Exchange
Commission on or about March 12, 2024, 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)
US Media Relations
Spectrum Science
Jordan Vines
jvines@spectrumscience.com (mailto:jvines@spectrumscience.com)
+1 540-629-3137
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.
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
December 31, 2024 December 31, 2023
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 27,884 $ 46,506
Short-term investments, at amortized cost 126,598 121,782
Accounts receivable, net 4,682 5,778
Inventory 8,914 12,229
Prepaid expenses and other current assets 3,606 3,899
Total current assets 171,684 190,194
Investments, non-current, at amortized cost 35,781 42,938
Property and equipment, net 19,707 23,513
Right-of-use asset - operating leases 10,766 11,241
Other assets 1,532 388
Total assets $ 239,470 268,274
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 1,358 $ 743
Accrued expenses and other 8,302 11,269
Operating lease liability, current 864 774
Deferred revenue, current portion 5,251 5,069
Total current liabilities 15,775 17,855
Operating lease liability, net of current portion 17,170 17,969
Other liabilities 274 283
Total liabilities 33,219 36,107
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.01 par value; 5,000,000 shares authorized and no shares - -
issued and outstanding at December 31, 2024 and December 31, 2023
Common stock, $0.01 par value; 400,000,000 shares authorized, 105,711,093 and 1,057 1,040
103,961,670 shares issued and outstanding at December 31, 2024 and December
31, 2023, respectively
Additional paid-in capital 422,047 406,925
Accumulated deficit (216,853) (175,798)
Total stockholders' equity 206,251 232,167
Total liabilities and stockholders' equity $ 239,470 $ 268,274
MaxCyte, Inc.
Consolidated Statements of Operations
(in thousands, except share and per share amounts)
Three Months Ended December 31, Year Ended December 31,
2024 2023 2024 2023
(Unaudited) (Unaudited) (Unaudited)
Revenue $ 8,693 $ 15,666 $ 38,627 $ 41,288
Cost of goods sold 2,281 1,573 7,100 4,742
Gross profit 6,412 14,093 31,527 36,546
Operating expenses:
Research and development 4,614 5,842 22,227 23,817
Sales and marketing 6,473 7,196 26,661 26,975
General and administrative 7,206 8,087 29,693 30,068
Depreciation and amortization 1,020 1,063 4,143 3,985
Total operating expenses 19,313 22,188 82,724 84,845
Operating loss (12,901) (8,095) (51,197) (48,299)
Other income:
Interest income 2,304 2,818 10,142 10,376
Total other income 2,304 2,818 10,142 10,376
Net loss $ (10,597) $ (5,277) $ (41,055) $ (37,923)
Basic and diluted net loss per share $ (0.10) $ (0.05) $ (0.39) $ (0.37)
Weighted average shares outstanding, 105,547,751 103,703,240 104,849,222 103,268,502
basic and diluted
MaxCyte, Inc.
Consolidated Statements of Cash Flows
(in thousands)
Year ended December 31,
2024 2023
(unaudited)
(unaudited)
Cash flows from operating activities:
Net loss $ (41,055) $ (37,923)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization 4,315 4,171
Lease right-of-use asset amortization 475 395
Net book value of consigned equipment sold 63 94
Loss on disposal of property and equipment 861 30
Stock-based compensation 13,083 13,979
Credit loss (recovery) expense (130) 171
Change in excess/obsolete inventory reserve 1,771 697
Amortization of discounts on investments (6,242) (7,120)
Changes in operating assets and liabilities:
Accounts receivable 1,226 5,226
Accounts receivable - TIA* - 1,912
Inventory 1,362 (4,534)
Prepaid expense and other current assets 293 (641)
Other assets (1,213) 421
Accounts payable, accrued expenses and other (1,883) 3,252
Operating lease liability (709) (133)
Deferred revenue 182 (1,644)
Other liabilities (9) (39)
Net cash used in operating activities (27,610) (21,686)
Cash flows from investing activities:
Purchases of investments (150,857) (255,095)
Maturities of investments 159,440 313,770
Purchases of property and equipment (1,651) (3,700)
Proceeds from sale of equipment - 9
Net cash provided by investing activities 6,932 54,984
Cash flows from financing activities:
Proceeds from exercise of stock options 1,597 1,874
Proceeds from issuance of common stock under employee stock purchase plan 459 269
Net cash provided by financing activities 2,056 2,143
Net (decrease) increase in cash and cash equivalents (18,622) 35,441
Cash and cash equivalents, beginning of period 46,506 11,065
Cash and cash equivalents, end of period $ 27,884 $ 46,506
*Tenant improvement allowance ("TIA")
Unaudited Reconciliation of Net Loss to EBITDA
(in thousands)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
2024 2023 2024 2023
(in thousands)
Net loss $ (10,597) $ (5,277) $ (41,055) $ (37,923)
Depreciation and amortization expense 1,057 1,102 4,315 4,171
Interest income (2,304) (2,818) (10,142) (10,376)
Income taxes - - - -
EBITDA $ (11,844) $ (6,993) $ (46,882) $ (44,128)
Unaudited Reconciliation of Gross Margin to Non-GAAP Adjusted gross margin
(in thousands, except for percentages)
(Unaudited)
Three months ended December 31, 2024 Three months ended December 31, 2023
GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP
Revenue $ 8,693 $ (83) $ 8,610 $ 15,666 $ (8,504) $ 7,162
Cost of Goods Sold 2,281 (916) 1,365 1,573 (581) 992
Gross Margin 6,412 833 7,245 14,093 (7,923) 6,170
Gross Margin % 74% 84% 90% 86%
Year ended December 31, 2024 Year ended December 31, 2023
GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP
Revenue $ 38,627 $ (6,115) $ 32,512 $ 41,288 $ (11,465) $ 29,823
Cost of Goods Sold 7,100 (1,771) 5,329 4,742 (581) 4,161
Gross Margin 31,527 (4,344) 27,183 36,546 (10,884) 25,662
Gross Margin % 82% 84% 89% 86%
(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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