Driving the Next Generation of Cell-Based Therapies MaxCyte Corporate Presentation NASDAQ: MXCT • LSE: MXCT May 2025 ® ® ® ® are registered trademarks of MaxCyte, Inc. in the U.S.A. TM is a trademark of MaxCyte, Inc. Disclaimer The content of this document (the "Presentation") has not been approved by an authorized person within the meaning of the Financial Services and Markets Act 2000 ("FSMA"), as amended. Reliance on this document for the purpose of engaging in any investment activity may expose an indiv ...

Core Viewpoint - MaxCyte and Ori Biotech have formed a strategic collaboration to enhance the efficiency, scalability, and productivity of cell therapy manufacturing by integrating their respective platforms, ExPERT™ and IRO® [1][4]. Group 1: Collaboration Details - The collaboration combines MaxCyte's ExPERT™ platform, known for its efficient transfection capabilities, with Ori's IRO platform, which automates cell therapy manufacturing [2][3]. - The initial evaluation will focus on optimizing the yield and manufacturing timelines of MaxCyte-engineered primary T cells using CD19 CAR expression via CRISPR knock-in [2][3]. Group 2: Technological Integration - MaxCyte's technology provides flexibility and efficiency in transfecting cells at a clinical scale, integrating well with various processes in cell therapy workflows [3]. - Ori's IRO platform enhances cell culture efficiency through automated fluid handling and customizable mixing, contributing to improved scalability [3]. Group 3: Leadership Insights - MaxCyte's CEO expressed excitement about the collaboration, emphasizing the commitment to improving manufacturing processes and accelerating the availability of cell therapies [4]. - Ori's CEO highlighted the partnership as a demonstration of their dedication to providing scalable solutions that address challenges in cell and gene therapy manufacturing [4]. Group 4: Industry Impact - The collaboration aims to enable therapy developers to adopt integrated solutions, thereby accelerating the transition from research to commercialization and increasing patient access to next-generation treatments [4].

Financial Performance - Total revenue for Q1 2025 was $10.4 million, a decrease of $0.9 million, or 8%, compared to $11.3 million in Q1 2024[106] - Core revenue for Q1 2025 was $8.2 million, an increase of $55,000, or 1%, compared to Q1 2024[109] - Instrument revenue decreased by $484,000, or 25%, to $1.4 million in Q1 2025 compared to Q1 2024[108] - Program-related revenue decreased by $1.0 million, or 32%, to $2.1 million in Q1 2025 compared to Q1 2024[110] - The company incurred a net loss of $10.3 million for Q1 2025, compared to a net loss of $9.5 million in Q1 2024[101] - As of March 31, 2025, the company had an accumulated deficit of $227.1 million[101] Expenses - Research and development expenses for Q1 2025 were $5.9 million, a decrease from $6.7 million in Q1 2024[105] - Total operating expenses for Q1 2025 were $21.2 million, a decrease from $22.2 million in Q1 2024[105] - Sales and marketing expenses decreased by $1.7 million, or 23%, for the three months ended March 31, 2025, mainly due to a reduction in headcount and one-time severance charges[124] - General and administrative expenses increased by $1.4 million, or 20%, for the three months ended March 31, 2025, driven by increased legal and professional fees related to the acquisition of SeQure[127] - Research and development expenses decreased by $0.8 million, or 12%, for the three months ended March 31, 2025, primarily due to a decrease in compensation expenses[120] Cash Flow - Net cash used in operating activities for the three months ended March 31, 2025, was $14.4 million, consisting primarily of a net loss of $10.3 million[138] - Net cash used in operating activities for the three months ended March 31, 2024 was $10.6 million, primarily due to a net loss of $9.5 million, offset by net non-cash expenses of $2.4 million[139] - Net cash provided by financing activities during the three months ended March 31, 2025 was $0.4 million from the exercise of stock options[142] Strategic Developments - The company acquired SeQure Dx in January 2025 to enhance its service offerings for cell and gene therapy developers[103] - The company signed a new Strategic Platform License (SPL) agreement with TG Therapeutics in Q1 2025, expanding its SPL partnerships[104] Future Outlook - Total revenue is expected to increase as customer programs advance and market growth occurs, leading to more instrument and license sales[111] - The company expects to incur near-term operating losses while investing in sales, marketing, and research and development to support business expansion[133] Financial Position - The company has no debt obligations as of March 31, 2025 and December 31, 2024[145] - The company expects to retain its emerging growth company status through December 31, 2026[151] Market Conditions - A 10% change in the level of market interest rates would not be expected to have a material effect on the company's financial condition or results of operations[155] - The company does not expect that foreign currency gains or losses will have a material effect on its financial position or results of operations in the foreseeable future[157] - Inflation and changing prices have not had a material effect on the company's business during the last two years[158]

Financial Data and Key Metrics Changes - Total revenue for the first quarter of 2025 was $10.4 million, down 8% from $11.3 million in the first quarter of 2024 [20][21] - Core revenue remained stable at $8.2 million, reflecting a slight increase of 1% year-over-year [21] - Gross margin decreased to 86% from 88% year-over-year, while non-GAAP adjusted gross margin remained stable at 83% [23] Business Line Data and Key Metrics Changes - Instrument revenue was $1.4 million, down from $1.9 million in the first quarter of 2024, impacted by cautious capital spending from customers [21][22] - License revenue was stable at $2.5 million, while processing assembly (PA) revenue increased to $3.9 million from $3.4 million year-over-year [21] - SPL program-related revenue was $2.1 million, down from $3.2 million in the first quarter of 2024 [22] Market Data and Key Metrics Changes - 57% of core revenue was derived from SPL customers, up from 53% in the first quarter of 2024, indicating a healthy balance of early-stage to clinical-stage customers [22] - The company noted a cautious environment for capital equipment purchasing decisions among customers, leading to some hesitance in capital expenditures [10][42] Company Strategy and Development Direction - The company is focused on executing its growth plan for 2025 and beyond, despite macro uncertainties [8][10] - MaxSite is committed to enhancing operational efficiency and making targeted investments to drive long-term returns [23][24] - The integration of SecureDx is progressing smoothly, allowing the company to expand its offerings in the cell and gene therapy space [12][51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term health of the business, despite recent regulatory changes at the FDA [31][34] - The company anticipates continued strong demand in the cell and gene therapy market, with a focus on safety assessments [12][34] - Management reiterated guidance for core revenue growth of 8% to 15% for 2025, including at least $2 million from SecureDx [24][25] Other Important Information - The company is seeking shareholder approval to delist from AIM and maintain a single listing on NASDAQ [19] - MaxSite ended the first quarter with $174.7 million in cash equivalents and investments, with no debt [24] Q&A Session Summary Question: Regulatory changes and their impact - Management indicated that it is too early to assess the impact of recent FDA leadership changes, but they do not foresee any regulatory risks affecting their business [30][34] Question: Cost savings from operational review - The company expects to save approximately $100,000 annually from delisting, and has begun realizing savings from personnel reductions [35][36] Question: Changes in customer funding strategies - Management noted some constraints on capital expenditures but remains confident in their guidance for the year [42][43] Question: SecureDx acquisition integration - The integration is going well, with opportunities to expand into in vivo customers and complementary delivery systems [51][52] Question: SPL revenue performance - SPL revenue of $2.1 million exceeded expectations, with confidence in achieving the full-year guidance of $5 million [55][56] Question: Future product launches - The company has a robust product pipeline and plans to launch meaningful products this year [64][65] Question: Pipeline and portfolio management - Management noted a status quo in program rationalization among customers, with no significant expansion observed [71][73] Question: Revenue cadence for the year - Management is comfortable modeling incremental growth, particularly in the latter half of the year, based on identified opportunities [76][77]

Financial Data and Key Metrics Changes - Total revenue for the first quarter of 2025 was $10.4 million, an 8% decline from $11.3 million in the first quarter of 2024 [20] - Core revenue remained stable at $8.2 million, showing a slight increase of approximately 1% year-over-year [21] - Gross margin decreased to 86% in Q1 2025 from 88% in Q1 2024, while non-GAAP adjusted gross margin remained stable at 83% [23] Business Line Data and Key Metrics Changes - Instrument revenue was $1.4 million, down from $1.9 million in Q1 2024, impacted by cautious capital spending from customers [21][22] - License revenue was stable at $2.5 million compared to $2.6 million in the prior year [21] - Processing assembly (PA) revenue increased to $3.9 million from $3.4 million year-over-year, indicating strong performance [21] Market Data and Key Metrics Changes - 57% of core revenue was derived from SPL customers in Q1 2025, up from 53% in Q1 2024, reflecting a healthy balance of early-stage to clinical-stage customers [22] - SPL program-related revenue was $2.1 million in Q1 2025, down from $3.2 million in Q1 2024, indicating variability in milestone revenue [22] Company Strategy and Development Direction - The company is focused on executing its growth plan for 2025 and beyond, adapting to macro uncertainties while maintaining operational focus [8][12] - MaxSite is committed to enhancing its product offerings and capital allocation initiatives, aiming for profitability with its existing balance sheet [10][18] - The integration of SecureDx is progressing smoothly, with expectations to deliver at least $2 million in revenue for the year [12][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term potential of the cell and gene therapy market, despite current market challenges [12][20] - The company is closely monitoring customer spending and expects cautious capital expenditure decisions to continue [11][44] - Management reiterated guidance for core revenue growth of 8% to 15% for 2025, assuming no significant changes in the operating environment [24][25] Other Important Information - The company announced plans to seek shareholder approval for delisting from AIM and maintaining a single listing on NASDAQ [19] - MaxSite finished Q1 2025 with total cash equivalents and investments of $174.7 million and no debt [24] Q&A Session Summary Question: Regulatory changes and their impact - Management indicated that recent FDA leadership changes have not raised concerns among customers regarding regulatory hurdles, maintaining confidence in the cell and gene therapy market [30][36] Question: Cost savings from operational review - The company expects to save approximately $100,000 annually from delisting and has begun realizing savings from personnel reductions [37][38] Question: Changes in customer funding strategies - Management noted some constraints on capital expenditure but remains confident in achieving annual guidance despite these challenges [42][44] Question: SecureDx acquisition integration - The integration of SecureDx is progressing well, with opportunities to expand into in vivo customer segments [50][52] Question: SPL revenue performance - SPL revenue of $2.1 million exceeded expectations, with management confident in achieving the full-year guidance of $5 million [55][56] Question: Future product launches - The company has a robust product pipeline and plans to launch new products this year, enhancing its total addressable market [63][65] Question: Pipeline and portfolio management - Management observed a status quo in program rationalization among customers, with no significant expansion noted [69][72] Question: Revenue cadence for the year - Management is comfortable modeling incremental growth in revenue, particularly in the latter half of the year, based on identified opportunities [73][75]

Revenue Performance - Core business revenue for Q1 2025 was $8.2 million, a 1% increase compared to Q1 2024[4] - Total revenue for Q1 2025 was $10.4 million, representing an 8% decrease from $11.3 million in Q1 2024[7] - SPL Program-related revenue was $2.1 million in Q1 2025, down 32% from $3.2 million in Q1 2024[8] - Total revenue for Q1 2025 was $10,390, a decrease of 8.4% compared to $11,342 in Q1 2024[26] Profitability - Gross profit for Q1 2025 was $8.9 million, with a gross margin of 86%, compared to 88% in Q1 2024[8] - Operating loss for Q1 2025 was $12,295, slightly higher than the loss of $12,275 in Q1 2024[26] - Net loss for Q1 2025 was $10.3 million, compared to a net loss of $9.5 million in Q1 2024[10] - Net loss for Q1 2025 was $10,261, compared to a net loss of $9,526 in Q1 2024, reflecting an increase of 7.7%[26] Expenses - Operating expenses for Q1 2025 were $21.2 million, a decrease from $22.2 million in Q1 2024[9] - Research and development expenses for Q1 2025 were $5,903, down from $6,678 in Q1 2024, indicating a decrease of 11.5%[26] Cash and Assets - Total cash, cash equivalents, and investments were $174.7 million as of March 31, 2025[4] - Cash and cash equivalents at the end of Q1 2025 were $23,385, down from $27,884 at the end of Q4 2024[28] - Total current assets decreased to $155,748 in Q1 2025 from $171,684 in Q4 2024, a decline of 9.3%[24] - Total liabilities decreased to $30,549 in Q1 2025 from $33,219 in Q4 2024, a reduction of 8.0%[24] Future Outlook - MaxCyte expects core revenue to grow by 8% to 15% in 2025, including revenue from SeQure Dx[15] - The integration of SeQure Dx is progressing smoothly, presenting substantial long-term opportunities[3] Shareholder Information - Weighted average shares outstanding increased to 105,950,480 in Q1 2025 from 104,089,758 in Q1 2024[26] Active SPLs - The total number of active SPLs increased to 29 with the addition of TG Therapeutics in February 2025[4] Cash Flow - The company reported a net cash used in operating activities of $14,411 for Q1 2025, compared to $10,564 in Q1 2024, an increase of 36.0%[28]

Core Insights - MaxCyte, Inc. reported a solid start to 2025 with core revenue growth driven by strong performance in Strategic Platform Licenses (SPL) [3] - The company added one new SPL client, TG Therapeutics, in February 2025, bringing the total number of active SPLs to 29 [6][7] - The integration of SeQure Dx is progressing well, presenting substantial long-term opportunities in safety assessment services [3] Financial Performance - Core business revenue for Q1 2025 was $8.2 million, a 1% increase compared to Q1 2024 [6][7] - SPL Program-related revenue decreased to $2.1 million in Q1 2025 from $3.2 million in Q1 2024, marking a 32% decline [6][8] - Total revenue for Q1 2025 was $10.4 million, down 8% from $11.3 million in Q1 2024 [6][7] Profitability Metrics - Gross profit for Q1 2025 was $8.9 million, resulting in a gross margin of 86%, compared to 88% in Q1 2024 [8] - Operating expenses decreased to $21.2 million in Q1 2025 from $22.2 million in Q1 2024 [9] - The net loss for Q1 2025 was $10.3 million, compared to a net loss of $9.5 million in Q1 2024 [10] Cash Position and Guidance - As of March 31, 2025, total cash, cash equivalents, and investments were $174.7 million [6] - The company reiterated its 2025 revenue guidance, expecting core business revenue to grow by 8% to 15% compared to 2024 [11][15] - SPL Program-related revenue is projected to be approximately $5 million for the year [15]

Company Overview - MaxCyte, Inc. is a leading company focused on cell engineering, providing platform technologies to advance the discovery, development, and commercialization of next-generation cell therapeutics [1][3] - The company has over 25 years of expertise in building best-in-class platforms and innovating solutions for the cell therapy market [3] Financial Results Announcement - MaxCyte will release its financial results for the first quarter of 2025 after the U.S. market closes on May 7, 2025 [1] - A conference call to discuss these financial results will be hosted by company management at 4:30 p.m. Eastern Time on the same day [1] Conference Call Registration - Investors interested in the conference call must register online, with a recommendation to do so at least a day in advance [2] - A live and archived webcast of the event will be available on the MaxCyte website [2]

Core Viewpoint - MaxCyte, Inc. (MXCT) has experienced a significant downtrend with a 27.8% decline over the past four weeks, but it is now in oversold territory, suggesting a potential turnaround due to analysts' positive earnings outlook [1] Group 1: Technical Indicators - The Relative Strength Index (RSI) is a key technical indicator used to determine if a stock is oversold, with readings below 30 indicating oversold conditions [2] - MXCT's current RSI reading is 25.74, indicating that the heavy selling pressure may be exhausting, which could lead to a price rebound [5] Group 2: Fundamental Indicators - There is a strong consensus among sell-side analysts regarding MXCT, with a 16.1% increase in the consensus EPS estimate over the last 30 days, suggesting potential price appreciation [7] - MXCT holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, indicating a favorable outlook for a near-term turnaround [8]

Core Viewpoint - MaxCyte, Inc. (MXCT) is experiencing significant selling pressure, with a 30.2% decline over the past four weeks, but is now positioned for a potential trend reversal as it enters oversold territory, supported by analysts predicting better earnings than previously expected [1] Group 1: Technical Indicators - The Relative Strength Index (RSI) is utilized to determine if a stock is oversold, with a reading below 30 indicating oversold conditions [2] - MXCT's current RSI reading is 23.64, suggesting that the heavy selling may be exhausting itself and a trend reversal could be imminent [5] Group 2: Fundamental Analysis - There is strong consensus among sell-side analysts that MXCT's earnings estimates for the current year have increased by 19.7% over the last 30 days, indicating potential price appreciation [7] - MXCT holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, further supporting the stock's potential for a turnaround [8]