ROCKVILLE, Md., Oct. 08, 2025 (GLOBE NEWSWIRE) -- MaxCyte, Inc., (NASDAQ: 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 that it will release financial results for the third quarter 2025 after the U.S. market close on Wednesday, November 5th, 2025. Company management will host a conference call to discuss financial results at 4:30 p.m. Eastern Time. E ...

MaxCyte’s Flow Electroporation® Technology will support efficient gene delivery to advance Moonlight Bio’s engineered T cell therapiesROCKVILLE, Md., Oct. 06, 2025 (GLOBE NEWSWIRE) -- MaxCyte, Inc. (Nasdaq: MXCT), a leading cell-engineering company providing enabling platform technologies to advance the discovery, development, and commercialization of next-generation cell-based therapeutics, today announced the signing of a Strategic Platform License (SPL) agreement with Moonlight Bio, a preclinical-stage b ...

ROCKVILLE, Md., Sept. 22, 2025 (GLOBE NEWSWIRE) -- MaxCyte, Inc., (Nasdaq: 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 a restructuring of its operations to better align resources with its strategic priorities. This plan includes a reduction of approximately 34% of the Company’s global workforce, inclusive of employees engaged through employer-of-re ...

Core Insights - MaxCyte reported an 18% year-over-year decline in total revenue for Q2 2025, with GAAP revenue at $8.5 million, missing analyst expectations by approximately $1.1 million [1][2] - The company revised its full-year 2025 guidance, now forecasting core revenue to be flat to down 10%, a significant change from previous expectations of 8% to 15% growth [9][10] Financial Performance - GAAP net losses widened to $12.4 million, compared to the prior-year period, with EPS (GAAP) at $(0.12), a 33.3% increase in losses year-over-year [2][7] - Core revenue increased by 7.9% year-over-year to $8.2 million, despite the overall revenue decline [2][5] - Gross margin decreased from 86% in Q2 2024 to 82% in Q2 2025, reflecting lower SPL revenue [2][7] Business Operations - The installed base of ExPERT instruments grew by 12.6% to 814 units compared to Q2 2024, indicating continued adoption in the cell and gene therapy market [5] - SPL Program-related revenue fell dramatically from $2.9 million in Q2 2024 to $0.3 million in Q2 2025, with only 42% of core revenue coming from SPL clients, down from 51% [5][6] Strategic Focus - Recent strategic priorities include expanding the installed base of ExPERT instruments, signing new SPL agreements, and enhancing gene-editing safety through the SeQure Dx acquisition [4][8] - The company aims to stabilize recurring revenue and support clients in developing therapies through clinical and regulatory pathways [4] Future Outlook - Management expects SPL Program-related revenue to reach approximately $5 million for 2025, requiring significant acceleration in milestone achievements and royalties in the second half of the year [9][10] - Cash reserves stood at $165.2 million, with expectations of at least $155 million in total cash, cash equivalents, and investments by the end of 2025 [10]

Company Performance - MaxCyte, Inc. reported a quarterly loss of $0.12 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.10, and compared to a loss of $0.09 per share a year ago, indicating a decline in performance [1] - The company posted revenues of $8.51 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 14.93%, and down from $10.43 million in the same quarter last year [2] - Over the last four quarters, MaxCyte has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] Stock Performance - MaxCyte shares have lost approximately 50.5% since the beginning of the year, contrasting with the S&P 500's gain of 7.1% [3] - The current Zacks Rank for MaxCyte is 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the coming quarter is -$0.09 on revenues of $10.4 million, and for the current fiscal year, it is -$0.38 on revenues of $41.2 million [7] - The estimate revisions trend for MaxCyte was mixed ahead of the earnings release, which could change following the recent report [6] Industry Context - MaxCyte operates within the Medical - Biomedical and Genetics industry, which is currently ranked in the bottom 42% of over 250 Zacks industries, suggesting potential challenges ahead [8]

Financial Data and Key Metrics Changes - Total revenue for the second quarter of 2025 was $8,500,000, an 18% decline from $10,400,000 in 2024 [28] - Core revenue increased to $8,200,000, representing an 8% year-over-year growth compared to $7,600,000 in the prior year [28] - Gross margin was 82% in 2025, down from 86% in the previous year [30] Business Line Data and Key Metrics Changes - Instrument revenue grew 22% year-over-year to $2,100,000, up from $1,800,000 in 2024 [28][12] - License revenue remained flat at $2,600,000 compared to the same quarter in 2024 [28] - Processing Assembly (PA) revenue increased to $3,100,000, up from $3,000,000 in 2024 [28] Market Data and Key Metrics Changes - 42% of core revenue was derived from SPL customers in 2025, down from 51% in the prior year [30] - SPL program-related revenue was $300,000 in 2025, significantly lower than $2,900,000 in 2024 [30] Company Strategy and Development Direction - The company is focusing on disciplined investments while aiming for profitability with existing capital [6] - MaxSight is integrating SecurDx, which is seen as a substantial long-term opportunity [6] - The company plans to return to growth in 2026, driven by new platform launches and increasing clinical programs [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged short-term external headwinds impacting growth expectations for the second half of 2025 [7] - The company is lowering its core revenue guidance for 2025 to flat to down 10% compared to 2024 [8] - Despite current challenges, management remains confident in the long-term value proposition of MaxSight within the cell and gene therapy industry [25] Other Important Information - The company officially delisted from the AIM markets on June 26, 2025, and is now solely listed on NASDAQ [26] - MaxSight expects to end 2025 with approximately $155,000,000 in cash equivalents and investments [34] Q&A Session Summary Question: Impact of manufacturing operations reorganization by the largest customer - Management confirmed that the reorganization is a short-term consolidation and will not impact future licensing revenue [36][37] Question: Opportunities for additional efficiencies within the organization - Management is focused on achieving profitability and is continuously looking for efficiencies across the organization [42][43] Question: Quarterly cadence expectations from Q3 to Q4 - Slight weight towards Q4 is expected, but not materially significant [46][47] Question: Performance expectations for instrumentation sales - Instrument sales are expected to continue performing well, with a focus on lower-priced systems [49][50] Question: SPL partnerships and program prioritization - There is a shift towards allogeneic therapies among partners, which is favorable for the company's systems [56][57] Question: PA revenue benefits and future expectations - PA revenue benefited from a single order, but this is not expected to have a material impact on future guidance [62][63] Question: Impact of macro headwinds on SPL pipeline - No significant impact on the SPL pipeline is observed, with continued confidence in signing new SPLs [65][66]

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) MaxCyte, Inc.'s unaudited condensed consolidated financial statements reveal decreased assets and equity, increased net loss, and higher operating cash outflows [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) This section presents MaxCyte, Inc.'s unaudited condensed consolidated financial statements and detailed notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheets show a decrease in total assets and stockholders' equity, with new goodwill and intangible assets from an acquisition **Condensed Consolidated Balance Sheet Highlights (in thousands):** | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Cash and cash equivalents | $15,225 | $27,884 | | Short-term investments, at amortized cost | $111,337 | $126,598 | | Total current assets | $143,219 | $171,684 | | Goodwill | $3,748 | — | | Intangible assets, net | $638 | — | | Total assets | $219,750 | $239,470 | | Total current liabilities | $11,555 | $15,775 | | Total liabilities | $29,027 | $33,219 | | Total stockholders' equity | $190,723 | $206,251 | | Accumulated deficit | $(239,471) | $(216,853) | - Goodwill and intangible assets, net, increased significantly from zero at December 31, 2024, to **$3,748k** and **$638k** respectively, at June 30, 2025, primarily due to the acquisition of SeQure Dx Inc[10](index=10&type=chunk) [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The statements of operations indicate decreased revenue and increased net loss for both the three and six months ended June 30, 2025 **Condensed Consolidated Statements of Operations Highlights (in thousands, except per share amounts):** | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue | $8,507 | $10,429 | $18,897 | $21,770 | | Gross profit | $6,988 | $8,941 | $15,881 | $18,879 | | Operating loss | $(14,227) | $(11,968) | $(26,522) | $(24,243) | | Net loss | $(12,357) | $(9,375) | $(22,618) | $(18,901) | | Basic and diluted net loss per share | $(0.12) | $(0.09) | $(0.21) | $(0.18) | - Revenue decreased by **18.4%** for the three months and **13.2%** for the six months ended June 30, 2025, compared to the same periods in 2024[11](index=11&type=chunk) - Net loss increased by **31.8%** for the three months and **19.7%** for the six months ended June 30, 2025, compared to the same periods in 2024[11](index=11&type=chunk) [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Stockholders' equity decreased, primarily due to an increased accumulated deficit resulting from ongoing net losses **Changes in Stockholders' Equity Highlights (in thousands):** | Metric | June 30, 2025 | June 30, 2024 | | :-------------------------- | :------------ | :------------ | | Total Stockholders' Equity | $190,723 | $221,261 | | Accumulated Deficit | $(239,471) | $(194,699) | | Stock-based compensation expense (6 months) | $6,553 | $6,579 | | Net loss (6 months) | $(22,618) | $(18,901) | - The accumulated deficit increased significantly from **$(175,798)k** at January 1, 2024, to **$(239,471)k** at June 30, 2025, primarily due to ongoing net losses[13](index=13&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash flow statements show increased net cash used in operating activities and a net decrease in cash and cash equivalents **Condensed Consolidated Statements of Cash Flows Highlights (Six Months Ended June 30, in thousands):** | Activity | 2025 | 2024 | | :-------------------------------- | :--------- | :--------- | | Net cash used in operating activities | $(24,263) | $(15,398) | | Net cash provided by investing activities | $11,067 | $4,989 | | Net cash provided by financing activities | $537 | $1,416 | | **Net decrease in cash and cash equivalents** | **$(12,659)** | **$(8,993)** | | Cash and cash equivalents, end of period | $15,225 | $37,513 | - Net cash used in operating activities increased by **$8,865k** in the first six months of 2025 compared to 2024, primarily driven by the higher net loss[15](index=15&type=chunk) - Net cash provided by investing activities more than doubled in the first six months of 2025, reaching **$11,067k**, largely due to maturities of investments offsetting purchases[15](index=15&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations of the company's accounting policies, revenue recognition, equity, and recent business combination [Note 1. Organization and Description of Business](index=8&type=section&id=Note%201.%20Organization%20and%20Description%20of%20Business) MaxCyte, Inc. is a global life sciences company focused on cell engineering technology, offering instruments, consumables, and services - MaxCyte, Inc. is a global life sciences company focused on advancing next-generation cell therapies using its proprietary cell engineering technology platform[17](index=17&type=chunk) - The company licenses and sells instruments, processing assemblies (PAs), and consumables, and provides gene-editing assessment services[17](index=17&type=chunk) - Completed its U.S. IPO on July 29, 2021, generating **$184,268k** in aggregate net proceeds[18](index=18&type=chunk) [Note 2. Summary of Significant Accounting Policies](index=8&type=section&id=Note%202.%20Summary%20of%20Significant%20Accounting%20Policies) This note outlines the company's U.S. GAAP-compliant accounting policies, including those for the SeQure Dx Inc. acquisition and revenue recognition - The unaudited condensed consolidated interim financial statements are prepared in accordance with U.S. GAAP, including material accounting entries for the preliminary purchase accounting of SeQure Dx Inc. in the interim period ended June 30, 2025[19](index=19&type=chunk) - The company's significant accounting policies have not materially changed from its 2024 Form 10-K[20](index=20&type=chunk) - The consolidated financial statements include MaxCyte, Inc. and its wholly-owned subsidiaries, SeQure and CCTI, Inc[21](index=21&type=chunk) **Significant Customer Concentration (Revenue):** | Period | Customer 1 | Customer 2 | | :-------------------------------- | :--------- | :--------- | | Three months ended June 30, 2025 | 25% | 15% | | Six months ended June 30, 2025 | 27% | N/A | - Allowance for expected credit losses was **$10k** at June 30, 2025, compared to no allowance at December 31, 2024[25](index=25&type=chunk) - Intangible assets with definite lives are amortized over **7 to 15 years**, while goodwill and indefinite-lived intangible assets are subject to annual impairment testing[26](index=26&type=chunk)[27](index=27&type=chunk) - Anti-dilutive shares excluded from diluted loss per share totaled **19.5 million** for the three and six months ended June 30, 2025[33](index=33&type=chunk) - The company is evaluating ASU 2023-09 (Income Taxes) and ASU 2024-03 (Expense Disaggregation Disclosures) for potential impacts on future financial statements[34](index=34&type=chunk)[35](index=35&type=chunk) [Note 3. Revenue](index=14&type=section&id=Note%203.%20Revenue) Revenue is primarily derived from product sales, licenses, and assay services, with specific recognition policies for milestone payments and royalties - Revenue is primarily generated from the sale of instruments, processing assemblies (PAs), and consumables, Assay Services, extended warranties, and license agreements, including customer-specific milestone payments and royalty fees[36](index=36&type=chunk) - Revenue from Strategic Platform Licenses (SPLs) milestones is recognized only when the customer achieves the milestone or sales royalties are earned[37](index=37&type=chunk) **Disaggregation of Revenue by Type (in thousands):** | Revenue Type | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Product sales | $5,269 | $4,736 | $10,585 | $10,096 | | Licenses | $2,928 | $5,464 | $7,605 | $11,222 | | Assay and other service revenue | $310 | $229 | $707 | $452 | | **Total Revenue** | **$8,507** | **$10,429** | **$18,897** | **$21,770** | - Deferred revenue was **$2,888k** at June 30, 2025, a decrease from **$5,525k** at December 31, 2024[39](index=39&type=chunk) - The company recognized **$4,416k** of revenue from deferred revenue during the six months ended June 30, 2025[41](index=41&type=chunk) [Note 4. Stockholders' Equity](index=16&type=section&id=Note%204.%20Stockholders'%20Equity) This note details changes in stockholders' equity, including share issuances, equity incentive plans, and stock-based compensation expenses - During the six months ended June 30, 2025, the company issued **309,535 shares** from stock option exercises, **503,332 shares** from RSU vesting, and **68,179 shares** under the ESPP[43](index=43&type=chunk) - Stockholders approved an increase of **2,950,000 shares** for the 2022 Equity Incentive Plan on June 18, 2025[50](index=50&type=chunk) - As of June 30, 2025, **5,443,100 shares** were available for issuance under the 2022 Plan[50](index=50&type=chunk) - Total unrecognized compensation expense was **$19,494k** at June 30, 2025, to be recognized over an estimated weighted-average period of **2.6 years**[51](index=51&type=chunk) **Weighted-Average Fair Value of Equity Awards (Per Share/Unit):** | Award Type | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | | :--------- | :---------------------------- | :---------------------------- | :---------------------------- | :---------------------------- | | Stock Options | $1.17 | $2.45 | $1.72 | $2.28 | | RSUs | $2.16 | $4.69 | $3.05 | $4.43 | | PSUs | N/A | N/A | $3.29 | $4.31 | - PSU grants for 2024 and 2025 are determined to be probable to vest at **75%** of the target number[54](index=54&type=chunk) **Stock-based Compensation Expense by Category (in thousands):** | Category | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | | :------------------------ | :---------------------------- | :---------------------------- | :---------------------------- | :---------------------------- | | General and administrative | $2,276 | $1,841 | $4,092 | $3,521 | | Sales and marketing | $640 | $824 | $1,230 | $1,450 | | Research and development | $598 | $899 | $1,231 | $1,608 | | **Total** | **$3,514** | **$3,564** | **$6,553** | **$6,579** | [Note 5. Condensed Consolidated Balance Sheet Components](index=20&type=section&id=Note%205.%20Condensed%20Consolidated%20Balance%20Sheet%20Components) This section provides a detailed breakdown of inventory, property and equipment, and intangible assets, including amortization details **Inventory Components (in thousands):** | Component | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Raw materials inventory | $4,119 | $4,717 | | Finished goods inventory | $3,477 | $3,927 | | Work in progress | $337 | $270 | | **Total inventory** | **$7,933** | **$8,914** | - Inventory allowance decreased from **$1,718k** at December 31, 2024, to **$1,218k** at June 30, 2025[58](index=58&type=chunk) **Property and Equipment, Net (in thousands):** | Component | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Leasehold improvements | $14,787 | $14,727 | | Furniture and equipment | $13,677 | $11,946 | | Internal-use software | $4,635 | $4,349 | | Instruments | $1,982 | $2,005 | | Construction in process | $838 | $272 | | Accumulated depreciation and amortization | $(16,515) | $(13,592) | | **Property and equipment, net** | **$19,404** | **$19,707** | **Intangible Assets with Finite Lives (June 30, 2025, in thousands):** | Asset Type | Weighted Average Life | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | | :-------------------- | :-------------------- | :-------------------- | :----------------------- | :------------------ | | Developed technology | 15 years | $432 | $(12) | $420 | | Trade names | 10 years | $168 | $(6) | $162 | | Customer relationships | 7 years | $59 | $(3) | $56 | | **Total intangible assets** | | **$659** | **$(21)** | **$638** | - Amortization expense of intangible assets was **$21k** for the six months ended June 30, 2025, resulting from the SeQure acquisition[63](index=63&type=chunk) [Note 6. Fair Value](index=21&type=section&id=Note%206.%20Fair%20Value) The company's financial instruments are primarily measured at amortized cost, with no recurring fair value measurements and a contingent consideration liability - The company had no financial assets or liabilities measured at fair value on a recurring basis as of June 30, 2025, and December 31, 2024[65](index=65&type=chunk) - No impairment was recognized on investments measured at fair value on a non-recurring basis during the three and six months ended June 30, 2025 and 2024[66](index=66&type=chunk) **Financial Instruments Measured at Fair Value (Non-Recurring, June 30, 2025, in thousands):** | Description | Classification | Amortized Cost | Aggregate Fair Value | | :---------------------------------------- | :-------------------- | :------------- | :------------------- | | Money market funds and cash equivalents | Cash equivalents | $13,751 | $13,751 | | Commercial paper | Short-term investments | $33,763 | $33,754 | | U.S. Treasury securities and government agency bonds | Short-term investments | $61,640 | $61,713 | | Corporate debt | Short-term investments | $15,934 | $15,937 | | Corporate debt | Long-term investments | $11,540 | $11,563 | | U.S. Treasury securities and government agency bonds | Long-term investments | $27,060 | $27,129 | | **Total** | | **$163,688** | **$163,847** | - The fair value of contingent consideration from the SeQure acquisition was estimated at **$25k** as of June 30, 2025, classified within Level 3 of the Fair Value hierarchy[68](index=68&type=chunk) [Note 7. Commitments and Contingencies](index=22&type=section&id=Note%207.%20Commitments%20and%20Contingencies) This note outlines the company's lease obligations and other potential liabilities, including the Headquarters and SeQure leases - The company's Headquarters Lease expires on **August 31, 2035**, and the SeQure Lease expires on **December 31, 2027**[70](index=70&type=chunk)[72](index=72&type=chunk) **Total Lease Cost (in thousands):** | Period | 2025 | 2024 | | :---------------------- | :--- | :--- | | Three months ended June 30 | $847 | $749 | | Six months ended June 30 | $1,645 | $1,498 | - The weighted-average remaining lease term for operating leases was **9.8 years** as of June 30, 2025[73](index=73&type=chunk) - The present value of lease liabilities was **$18,507k** as of June 30, 2025[73](index=73&type=chunk) [Note 8. Business Combination](index=26&type=section&id=Note%208.%20Business%20Combination) MaxCyte acquired SeQure Dx, Inc. in January 2025 to expand its gene-editing assessment services, impacting goodwill and intangible assets - On January 29, 2025, MaxCyte acquired **100%** of SeQure Dx, Inc., a provider of gene-editing assessment services, to strengthen its cell and gene therapy offerings[74](index=74&type=chunk) - The preliminary purchase price was **$2,339k**, comprising **$2,314k** cash and **$25k** in contingent consideration, with a maximum potential contingent consideration of **$2,500k**[74](index=74&type=chunk) **Preliminary Purchase Price Allocation (in thousands):** | Asset/Liability | Amount | | :---------------------------------------- | :----- | | Cash and cash equivalents | $541 | | Prepaid expenses and other current assets | $142 | | Property and equipment, net | $747 | | Right-of-use asset - operating leases | $956 | | Goodwill | $3,748 | | Intangible assets, net | $659 | | Other assets | $125 | | Accounts payable, accrued expenses and deferred revenue | $(3,513) | | Operating lease liability, current | $(385) | | Operating lease liability, net of current portion | $(681) | | **Total allocated purchase price** | **$2,339** | - Transaction expenses related to the acquisition totaled **$915k**, included in general and administrative expenses for the six months ended June 30, 2025[79](index=79&type=chunk) - SeQure contributed **$468k** in revenue and a net loss of **$2,975k** to MaxCyte's consolidated financial statements for the six months ended June 30, 2025[80](index=80&type=chunk) **Pro Forma Consolidated Financial Results (if SeQure acquired Jan 1, 2024, in thousands):** | Metric | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | | :-------------------------- | :---------------------------- | :---------------------------- | :---------------------------- | :---------------------------- | | Revenue | $8,507 | $10,858 | $19,082 | $22,688 | | Operating loss | $(14,227) | $(13,664) | $(28,409) | $(27,782) | | Net loss | $(12,357) | $(11,071) | $(24,505) | $(22,440) | | Basic and diluted loss per share | $(0.12) | $(0.11) | $(0.23) | $(0.22) | [Note 9. Segment Reporting](index=28&type=section&id=Note%209.%20Segment%20Reporting) The company operates as a single cell engineering technology segment, with revenue disaggregated into core and non-core categories by type and geography - The company operates as a single reportable segment: cell engineering technology[82](index=82&type=chunk) - Core revenue includes instrument sales, PAs and consumables, research and clinical licenses, and functional licenses, while non-core revenue consists of Strategic Platform License (SPL) program-related revenue[82](index=82&type=chunk) **Revenue by Type (in thousands):** | Revenue Type | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | | :--------------- | :---------------------------- | :---------------------------- | :---------------------------- | :---------------------------- | | Core revenue | $8,198 | $7,575 | $16,441 | $15,762 | | Non-core revenue | $309 | $2,854 | $2,456 | $6,008 | | **Total revenue** | **$8,507** | **$10,429** | **$18,897** | **$21,770** | **Revenue by Geographic Location (in thousands):** | Region | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | | :------------------------ | :---------------------------- | :---------------------------- | :---------------------------- | :---------------------------- | | Inside the United States | $5,313 | $7,287 | $13,347 | $15,304 | | Outside the United States | $3,194 | $3,142 | $5,550 | $6,466 | | **Total revenue** | **$8,507** | **$10,429** | **$18,897** | **$21,770** | [Note 10. Related Party Transactions](index=29&type=section&id=Note%2010.%20Related%20Party%20Transactions) This note discloses sales and accounts receivable from a related party customer with a shared Board member - Sales to a related party customer (with a shared Board member) were **$18k** for the three months and **$20k** for the six months ended June 30, 2025[86](index=86&type=chunk) - Accounts receivable from this related party customer totaled **$18k** as of June 30, 2025[86](index=86&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, highlighting decreased total revenue, increased operating and net losses, and future funding considerations [Special Note Regarding Forward-Looking Statements](index=30&type=section&id=Special%20Note%20Regarding%20Forward-Looking%20Statements) This section cautions investors that the report contains forward-looking statements subject to substantial risks and uncertainties, which the company is not obligated to update - The report contains forward-looking statements concerning future growth, business strategy, financial condition, and market potential, which are subject to substantial risks, uncertainties, and assumptions[89](index=89&type=chunk)[91](index=91&type=chunk) - Investors are cautioned not to unduly rely on these statements, and the company undertakes no obligation to update them[92](index=92&type=chunk)[93](index=93&type=chunk) [Overview](index=34&type=section&id=Overview) MaxCyte is a commercial cell engineering company leveraging its proprietary Flow Electroporation® technology, facing continued net losses due to growth investments - MaxCyte is a commercial cell engineering company utilizing its proprietary Flow Electroporation® technology (ExPERT platform) to advance cell therapeutics[98](index=98&type=chunk)[99](index=99&type=chunk) - The ExPERT platform is validated by a broad customer base, including **31 Strategic Platform License (SPL) partners**, and is supported by over **200 granted U.S. and foreign patents**[99](index=99&type=chunk)[100](index=100&type=chunk) - The company incurred a net loss of **$22.6 million** for the six months ended June 30, 2025, and had an accumulated deficit of **$240.0 million**, expecting continued losses due to growth investments[101](index=101&type=chunk) [Recent Developments](index=36&type=section&id=Recent%20Developments) Recent developments include the acquisition of SeQure Dx, Inc. and the signing of three new Strategic Platform License agreements in 2025 - In January 2025, MaxCyte acquired SeQure Dx, Inc. to expand its cell and gene therapy assessment services[103](index=103&type=chunk) - The company signed three new Strategic Platform License (SPL) agreements in 2025 with TG Therapeutics, Anocca AB, and Adicet Bio[104](index=104&type=chunk) [Results of Operations](index=36&type=section&id=Results%20of%20Operations) This section analyzes the company's financial performance, comparing revenue, gross profit, and operating expenses for the three and six months ended June 30, 2025 and 2024 [Comparison of the Three Months Ended June 30, 2025 and 2024](index=36&type=section&id=Comparison%20of%20the%20Three%20Months%20Ended%20June%2030%2C%202025%20and%202024) This comparison highlights an 18% decrease in total revenue, driven by a significant decline in SPL program-related revenue, despite core revenue growth **Revenue Breakdown (Three Months Ended June 30, in thousands):** | Revenue Type | 2025 | 2024 | Change Amount (in thousands) | Change % | | :-------------------- | :--- | :--- | :------------ | :------- | | Core revenue | $8,198 | $7,575 | $623 | 8% | | SPL Program-related | $309 | $2,854 | $(2,545) | (89%) | | **Total revenue** | **$8,507** | **$10,429** | **$(1,922)** | **(18%)** | - Gross margin decreased to **82%** in Q2 2025 from **86%** in Q2 2024, primarily due to a decrease in program-related revenue[117](index=117&type=chunk) **Operating Expenses (Three Months Ended June 30, in thousands):** | Expense Type | 2025 | 2024 | Change Amount (in thousands) | Change % | | :-------------------------- | :--- | :--- | :------------ | :------- | | Research and development | $6,269 | $5,619 | $650 | 12% | | Sales and marketing | $5,786 | $6,617 | $(831) | (13%) | | General and administrative | $8,080 | $7,639 | $441 | 6% | | Depreciation and amortization | $1,080 | $1,034 | $46 | 4% | | **Total operating expenses** | **$21,215** | **$20,909** | **$306** | **1%** | - Interest income decreased by **28%** due to lower interest rates and average cash and investment balances[135](index=135&type=chunk) [Comparison of the Six Months Ended June 30, 2025 and 2024](index=44&type=section&id=Comparison%20of%20the%20Six%20Months%20Ended%20June%2030%2C%202025%20and%202024) This comparison shows a 13% decrease in total revenue, primarily due to reduced SPL program-related revenue, alongside changes in operating expenses **Revenue Breakdown (Six Months Ended June 30, in thousands):** | Revenue Type | 2025 | 2024 | Change Amount (in thousands) | Change % | | :-------------------- | :--- | :--- | :------------ | :------- | | Core revenue | $16,441 | $15,762 | $679 | 4% | | SPL Program-related | $2,456 | $6,008 | $(3,552) | (59%) | | **Total revenue** | **$18,897** | **$21,770** | **$(2,873)** | **(13%)** | - Gross margin decreased to **84%** for the six months ended June 30, 2025, from **87%** in the prior year, primarily due to the decrease in program-related revenue[140](index=140&type=chunk) **Operating Expenses (Six Months Ended June 30, in thousands):** | Expense Type | 2025 | 2024 | Change Amount (in thousands) | Change % | | :-------------------------- | :--- | :--- | :------------ | :------- | | Research and development | $12,172 | $12,297 | $(125) | (1%) | | Sales and marketing | $11,484 | $13,981 | $(2,497) | (18%) | | General and administrative | $16,606 | $14,742 | $1,864 | 13% | | Depreciation and amortization | $2,141 | $2,102 | $39 | 2% | | **Total operating expenses** | **$42,403** | **$43,122** | **$(719)** | **(2%)** | - Interest income decreased by **27%** due to lower interest rates and average cash and investment balances[147](index=147&type=chunk) [Liquidity and Capital Resources](index=49&type=section&id=Liquidity%20and%20Capital%20Resources) The company has significant operating losses and negative cash flows, but management expects existing resources to fund operations for at least 12 months - The company has incurred significant operating losses and negative cash flows, with an accumulated deficit of **$239.5 million** as of June 30, 2025[148](index=148&type=chunk) - Management believes existing cash, cash equivalents, short-term investments, and internally generated cash flows will fund operating expenses and capital expenditure requirements for at least the next **12 months**[149](index=149&type=chunk) - Future funding requirements are dependent on factors such as market acceptance, R&D costs, and the availability of capital to customers[150](index=150&type=chunk)[151](index=151&type=chunk) [Cash Flows](index=51&type=section&id=Cash%20Flows) Cash flow analysis reveals increased net cash used in operating activities and a net decrease in cash and cash equivalents for the six months ended June 30, 2025 **Cash Flow Summary (Six Months Ended June 30, in thousands):** | Activity | 2025 | 2024 | | :-------------------------------- | :--------- | :--------- | | Net cash used in operating activities | $(24,263) | $(15,398) | | Net cash provided by investing activities | $11,067 | $4,989 | | Net cash provided by financing activities | $537 | $1,416 | | **Net decrease in cash and cash equivalents** | **$(12,659)** | **$(8,993)** | - Net cash used in operating activities for the six months ended June 30, 2025, was **$24.3 million**, primarily due to the net loss of **$22.6 million** and **$9.5 million** in net cash outflows from changes in operating assets and liabilities[153](index=153&type=chunk) - Net cash provided by investing activities increased to **$11.1 million** in 2025, mainly from maturities of investments (**$77.6 million**) offsetting purchases (**$63.5 million**) and the SeQure acquisition (**$1.8 million**)[155](index=155&type=chunk) [Contractual Obligations and Commitments](index=53&type=section&id=Contractual%20Obligations%20and%20Commitments) This section details the company's primary contractual obligations, including operating lease payments and contingent consideration from the SeQure acquisition - Primary contractual obligations include operating lease payments for the Headquarters Lease (**$25.0 million** through August 2035) and the SeQure Lease (**$1.1 million** through December 2027)[159](index=159&type=chunk) - A contingent consideration obligation of up to **$2.5 million** related to the SeQure acquisition has an estimated fair value of **$25k** as of June 30, 2025[160](index=160&type=chunk) - The company had no debt obligations as of June 30, 2025, and December 31, 2024[161](index=161&type=chunk) [Critical Accounting Estimates](index=53&type=section&id=Critical%20Accounting%20Estimates) This note discusses significant accounting estimates, particularly for business combinations, and the company's status as an Emerging Growth Company - Business combination accounting requires significant estimates for the fair value of acquired assets and liabilities, impacting goodwill allocation, with **$432k** recorded in developed technology from the SeQure acquisition[164](index=164&type=chunk) - As an Emerging Growth Company (EGC), MaxCyte has elected to delay the adoption of new accounting standards and intends to rely on exemptions from auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act[165](index=165&type=chunk)[166](index=166&type=chunk) - The company expects to retain its EGC status through **December 31, 2026**, and also qualifies as a 'smaller reporting company'[167](index=167&type=chunk)[168](index=168&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=55&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) MaxCyte faces interest rate and foreign currency risks, though a 10% interest rate change is not material, and no hedging is currently employed - A **10%** change in market interest rates is not expected to have a material effect on the company's business, financial condition, or results of operations[170](index=170&type=chunk) - The company is exposed to foreign currency risk from transactions denominated in Euros and British Pounds but has not entered into any hedging arrangements[172](index=172&type=chunk) - Inflation and changing prices have not had a material effect on the business during the last two years[173](index=173&type=chunk) [Item 4. Controls and Procedures](index=57&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control over financial reporting - The company's disclosure controls and procedures were effective as of June 30, 2025, at the reasonable assurance level[175](index=175&type=chunk) - There were no material changes in internal control over financial reporting during the three months ended June 30, 2025[176](index=176&type=chunk) [PART II. OTHER INFORMATION](index=58&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, defaults, mine safety, other information, and exhibits [Item 1. Legal Proceedings](index=58&type=section&id=Item%201.%20Legal%20Proceedings.) MaxCyte is not currently involved in any material legal proceedings and is unaware of any significant pending or threatened legal actions - The company is not currently a party to any material legal proceedings[179](index=179&type=chunk) [Item 1A. Risk Factors](index=58&type=section&id=Item%201A.%20Risk%20Factors.) This section refers to the risk factors detailed in the 2024 Form 10-K, confirming no material changes in the current period - There have been no material changes to the risk factors set forth in the 2024 Form 10-K[180](index=180&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=58&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) MaxCyte reported no unregistered sales of equity securities, and the use of IPO proceeds remains consistent with prior disclosures - No unregistered sales of equity securities were reported[181](index=181&type=chunk) - There has been no material change in the planned use of proceeds from the IPO[182](index=182&type=chunk) [Item 3. Defaults Upon Senior Securities](index=58&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities.) The company reported no defaults upon senior securities - No defaults upon senior securities were reported[183](index=183&type=chunk) [Item 4. Mine Safety Disclosures](index=58&type=section&id=Item%204.%20Mine%20Safety%20Disclosures.) This item is not applicable to MaxCyte's operations - This item is not applicable[184](index=184&type=chunk) [Item 5. Other Information](index=58&type=section&id=Item%205.%20Other%20Information.) No other information is required to be disclosed under this item - Not applicable[185](index=185&type=chunk) [Item 6. Exhibits](index=59&type=section&id=Item%206.%20Exhibits.) This section lists all exhibits filed with the Quarterly Report on Form 10-Q, including executive certifications and XBRL data files - Exhibits include certifications (31.1, 31.2, 32.1, 32.2), XBRL interactive data files, and the Amended and Restated 2022 Plan (10.1)[186](index=186&type=chunk) [SIGNATURES](index=60&type=section&id=SIGNATURES) The report was duly signed on August 6, 2025, by the President and CEO and the CFO of MaxCyte, Inc [Signatures](index=60&type=section&id=Signatures) The report was signed by Maher Masoud, President and CEO, and Douglas Swirsky, CFO, on August 6, 2025 - The report was signed by Maher Masoud, President and Chief Executive Officer, and Douglas Swirsky, Chief Financial Officer, on August 6, 2025[190](index=190&type=chunk)

MaxCyte's SPL Portfolio Overview - MaxCyte has a portfolio supported by 14 SPL clients with 18 active clinical programs and 1 commercial program[3] - The company has 31 SPL agreements[4] - There are 18 programs currently in clinical development[4] - These 18 active clinical programs represent approximately $210 million of precommercial milestone potential[6] Clinical Trial Landscape - The SPL portfolio includes 22 active clinical trials[10] - MaxCyte supports clinical trials across multiple therapeutic areas, including genetic diseases, blood cancer, solid tumors, and autoimmune diseases[11, 15] - There are 4 clinical/commercial programs for genetic diseases, 8 for blood cancer, 5 for solid tumors, and 5 for autoimmune diseases[15] Future Growth and Revenue - MaxCyte anticipates significant development milestones and high-value participation in future commercial success of partners' programs, driving revenue growth[22] - A successful SPL program could generate approximately $12 million in development/regulatory milestones and around $79 million in aggregate royalty payments, with a $025 million annual license fee[22] - The company supports a diverse portfolio of product candidates with significant development milestone and commercial royalty potential across different "waves" of product development[17]

Executive Summary [Second Quarter and Recent Highlights](index=1&type=section&id=Second%20Quarter%20and%20Recent%20Highlights) MaxCyte reported solid growth in the first half of 2025 but updated its full-year guidance downwards due to customer inventory management and pipeline reprioritization. Despite short-term headwinds, the company remains focused on execution, customer support, and strategic investments, including two new Strategic Platform Licenses (SPLs) with Adicet Bio and Anocca AB, bringing the total to 31 [CEO Commentary and Strategic Focus](index=1&type=section&id=CEO%20Commentary%20and%20Strategic%20Focus) - **MaxCyte lowered its 2025 guidance** due to **customer inventory management** and reprioritization/consolidation of customer pipelines, despite **solid growth** in **H1 2025**[3](index=3&type=chunk) - The company **remains focused on executing**, **supporting customers**, investing in product enhancements and **SeQure Dx**, and is **confident in achieving profitability** with **existing capital** through **operational efficiencies** and **maturing customer clinical programs**[3](index=3&type=chunk) - **MaxCyte added two new SPL clients**, **Adicet Bio** and **Anocca AB**, in July, bringing the **total number of SPL agreements to 31**[3](index=3&type=chunk)[4](index=4&type=chunk) [Key Financial and Operational Metrics](index=1&type=section&id=Key%20Financial%20and%20Operational%20Metrics) | Metric | Q2 2025 | Q2 2024 | % Change | | :-------------------------------- | :------ | :------ | :------- | | Core business revenue | $8.2M | $7.6M | 8% | | Strategic Platform License (SPL) Program-related revenue | $0.3M | $2.9M | (89)% | | Total revenue | $8.5M | $10.4M | (18)% | | Metric | June 30, 2025 | June 30, 2024 | | :-------------------------------- | :------------ | :------------ | | Installed base of instruments | 814 | 723 | | Core Revenue Generated by SPL Clients as a % of Core Revenue | 42% | 51% | - **Total cash, cash equivalents, and investments were $165.2 million** as of June 30, 2025, with a **decrease since the beginning of the year** including approximately **$7.0 million** for the **acquisition of SeQure Dx**[4](index=4&type=chunk) Second Quarter 2025 Financial Results [Revenue Performance](index=2&type=section&id=Revenue%20Performance) MaxCyte's total revenue for Q2 2025 decreased by 18% year-over-year to $8.5 million, primarily driven by an 89% decline in SPL Program-related revenue. Core business revenue, however, increased by 8% to $8.2 million, with growth in Instruments (22%) and PAs and consumables (5%) | Revenue Source | Q2 2025 (in thousands) | Q2 2024 (in thousands) | % Change | | :--------------- | :--------------------- | :--------------------- | :------- | | Instruments | $2,141 | $1,762 | 22% | | PAs and consumables | $3,128 | $2,974 | 5% | | Licenses | $2,619 | $2,610 | 0% | | Assay services | $51 | — | — | | Other | $259 | $229 | 13% | | **Total Core Revenue** | **$8,198** | **$7,575** | **8%** | | Program-Related | $309 | $2,854 | (89)% | | **Total Revenue** | **$8,507** | **$10,429** | **(18)%**| [Gross Profit and Operating Expenses](index=2&type=section&id=Gross%20Profit%20and%20Operating%20Expenses) Gross profit for Q2 2025 was $7.0 million, down from $8.9 million in Q2 2024, resulting in a GAAP gross margin of 82% (down from 86%). Non-GAAP adjusted gross margin, excluding SPL Program-related revenue and inventory reserves, was 83%. Operating expenses remained relatively stable at $21.2 million compared to $20.9 million in the prior year | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | % Change | | :---------------- | :--------------------- | :--------------------- | :------- | | Gross profit | $6,988 | $8,941 | (22)% | | Gross margin | 82% | 86% | (4) pp | | Non-GAAP adjusted gross margin | 83% | 82% | 1 pp | | Operating expenses | $21,215 | $20,909 | 1% | [Net Loss and EBITDA](index=2&type=section&id=Net%20Loss%20and%20EBITDA) MaxCyte reported an increased net loss of $12.4 million in Q2 2025, compared to a $9.4 million net loss in Q2 2024. The non-GAAP EBITDA loss also widened to $13.1 million from $10.9 million in the same period | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | | :------- | :--------------------- | :--------------------- | | Net loss | $(12,357) | $(9,375) | | EBITDA | $(13,127) | $(10,887) | 2025 Financial Guidance [2025 Guidance Update](index=3&type=section&id=2025%20Guidance%20Update) MaxCyte has updated its 2025 financial guidance, now expecting core business revenue to be flat to a 10% decline compared to 2024, including revenue from SeQure Dx. SPL Program-related revenue is projected to be approximately $5 million for the year. The company anticipates ending 2025 with at least $155 million in total cash, cash equivalents, and investments - **MaxCyte updated its 2025 revenue guidance** for **core business revenue** and **SPL Program-related revenue**[11](index=11&type=chunk) - **Core revenue** is expected to be **flat to a 10% decline** compared to 2024, inclusive of **revenue from SeQure Dx**[17](index=17&type=chunk) - **SPL Program-related revenue** is expected to be approximately **$5 million** for the year, including pre-commercial milestone payments and commercial royalties/sales-based payments[17](index=17&type=chunk) - **MaxCyte expects to end 2025 with at least $155 million in total cash, cash equivalents, and investments**[11](index=11&type=chunk) Company Overview [About MaxCyte](index=3&type=section&id=About%20MaxCyte) MaxCyte is a leading cell-engineering company focused on advancing next-generation cell therapies. It provides Flow Electroporation® technology and SeQure DX™ gene editing risk assessment services, enabling precise, efficient, and scalable cell engineering for researchers globally. With over 25 years of experience, MaxCyte aims to accelerate the development of safe and effective treatments - **MaxCyte is a leading cell-engineering company** driving the discovery, development, and commercialization of **next-generation cell therapies**[13](index=13&type=chunk) - The company's core technologies include **Flow Electroporation®** and **SeQure DX™ gene editing risk assessment services**, which enable **precise, efficient, and scalable cell engineering**[13](index=13&type=chunk) [Non-GAAP Financial Measures Explanation](index=3&type=section&id=Non-GAAP%20Financial%20Measures%20Explanation) MaxCyte uses non-GAAP financial measures, specifically EBITDA and Non-GAAP Gross Margin, to provide additional insights into its operational performance. EBITDA helps management and investors compare performance across periods and with other companies, while Non-GAAP Gross Margin offers consistency by excluding non-core revenues and variable inventory reserves. These measures are presented alongside GAAP results and are not intended as substitutes - **MaxCyte uses EBITDA** (Earnings Before Interest, Taxes, Depreciation, and Amortization) as a **non-GAAP measure** to provide useful information for management and investors, aiding in **trend analyses**, **budgeting**, and **comparisons**[14](index=14&type=chunk) - **Non-GAAP Gross Margin** is defined as **Gross Margin excluding SPL program-related revenue and reserves for excess and obsolete inventory**, providing **consistency and comparability** by removing **non-core and variable items**[15](index=15&type=chunk) - These **non-GAAP measures are supplementary to GAAP results** and should not be considered in isolation or as alternatives to GAAP financial statements[16](index=16&type=chunk)[18](index=18&type=chunk) Unaudited Consolidated Financial Statements [Balance Sheets](index=7&type=section&id=Balance%20Sheets) As of June 30, 2025, MaxCyte's total assets decreased to $219.8 million from $239.5 million at December 31, 2024. This was primarily driven by a reduction in cash and cash equivalents and short-term investments. Total liabilities also decreased, while total stockholders' equity saw a decline | Asset/Liability/Equity | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--------------------- | :--------------------------- | :------------------------------- | | Cash and cash equivalents | $15,225 | $27,884 | | Short-term investments | $111,337 | $126,598 | | Total current assets | $143,219 | $171,684 | | Total assets | $219,750 | $239,470 | | Total current liabilities | $11,555 | $15,775 | | Total liabilities | $29,027 | $33,219 | | Total stockholders' equity | $190,723 | $206,251 | [Statements of Operations](index=8&type=section&id=Statements%20of%20Operations) For the three months ended June 30, 2025, MaxCyte reported a total revenue of $8.5 million, an 18% decrease year-over-year, leading to a gross profit of $7.0 million. Operating expenses were $21.2 million, resulting in an operating loss of $14.2 million and a net loss of $12.4 million. For the six months, total revenue was $18.9 million, with a net loss of $22.6 million | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :-------------------------- | :---------------------------------------------- | :---------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Revenue | $8,507 | $10,429 | $18,897 | $21,770 | | Cost of goods sold | $1,519 | $1,488 | $3,016 | $2,891 | | Gross profit | $6,988 | $8,941 | $15,881 | $18,879 | | Total operating expenses | $21,215 | $20,909 | $42,403 | $43,122 | | Operating loss | $(14,227) | $(11,968) | $(26,522) | $(24,243) | | Net loss | $(12,357) | $(9,375) | $(22,618) | $(18,901) | | Basic and diluted net loss per share | $(0.12) | $(0.09) | $(0.21) | $(0.18) | [Statements of Cash Flows](index=9&type=section&id=Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, MaxCyte reported net cash used in operating activities of $24.3 million, an increase from $15.4 million in the prior year. Investing activities provided $11.1 million, primarily from maturities of investments offsetting purchases. Financing activities provided $0.5 million. Overall, there was a net decrease in cash and cash equivalents of $12.7 million, ending the period with $15.2 million | Cash Flow Activity | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :----------------- | :-------------------------------------------- | :-------------------------------------------- | | Net cash used in operating activities | $(24,263) | $(15,398) | | Net cash provided by investing activities | $11,067 | $4,989 | | Net cash provided by financing activities | $537 | $1,416 | | Net decrease in cash and cash equivalents | $(12,659) | $(8,993) | | Cash and cash equivalents, end of period | $15,225 | $37,513 | Non-GAAP Reconciliations [Net Loss to EBITDA Reconciliation](index=10&type=section&id=Net%20Loss%20to%20EBITDA%20Reconciliation) The reconciliation of net loss to EBITDA shows an EBITDA loss of $13.1 million for the three months ended June 30, 2025, compared to a $10.9 million loss in the prior year. For the six-month period, the EBITDA loss was $24.3 million, up from $22.1 million | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :------- | :---------------------------------------------- | :---------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Net loss | $(12,357) | $(9,375) | $(22,618) | $(18,901) | | EBITDA | $(13,127) | $(10,887) | $(24,326) | $(22,051) | [Gross Margin to Non-GAAP Adjusted Gross Margin Reconciliation](index=11&type=section&id=Gross%20Margin%20to%20Non-GAAP%20Adjusted%20Gross%20Margin%20Reconciliation) For the three months ended June 30, 2025, GAAP gross margin was 82%, while the non-GAAP adjusted gross margin, after excluding SPL program-related revenue and inventory reserves, was 83%. This represents an increase from the 82% non-GAAP adjusted gross margin in the prior year period | Metric | Q2 2025 GAAP | Q2 2025 Non-GAAP | Q2 2024 GAAP | Q2 2024 Non-GAAP | | :------- | :----------- | :--------------- | :----------- | :--------------- | | Revenue | $8,507 | $8,198 | $10,429 | $7,575 | | Cost of Goods Sold | $1,519 | $1,419 | $1,488 | $1,351 | | Gross Margin | $6,988 | $6,779 | $8,941 | $6,224 | | Gross Margin % | 82% | 83% | 86% | 82% | | Metric | H1 2025 GAAP | H1 2025 Non-GAAP | H1 2024 GAAP | H1 2024 Non-GAAP | | :------- | :----------- | :--------------- | :----------- | :--------------- | | Revenue | $18,897 | $16,441 | $21,770 | $15,762 | | Cost of Goods Sold | $3,016 | $2,851 | $2,891 | $2,754 | | Gross Margin | $15,881 | $13,590 | $18,879 | $13,008 | | Gross Margin % | 84% | 83% | 87% | 83% | Additional Information [Webcast and Conference Call Details](index=3&type=section&id=Webcast%20and%20Conference%20Call%20Details) MaxCyte hosted a conference call on August 6, 2025, at 4:30 p.m. Eastern Time to discuss its financial results. A live and archived webcast of the event is available on the investor relations section of the company's website - **MaxCyte hosted a conference call** on August 6, 2025, at 4:30 p.m. Eastern Time[12](index=12&type=chunk) - A live and archived webcast is available on the 'Events' section of the MaxCyte website at https://investors.maxcyte.com/[12](index=12&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This section contains forward-looking statements subject to substantial known and unknown risks, uncertainties, and assumptions, as outlined in the Private Securities Litigation Reform Act of 1995 and the company's Form 10-K. Investors are cautioned not to unduly rely on these statements, which include expectations regarding future growth, market share, customer base expansion, financial performance, intellectual property, and general economic conditions. MaxCyte undertakes no obligation to update these statements except as required by law - The press release contains **forward-looking statements** subject to **risks, uncertainties, and assumptions**, as defined by the **Private Securities Litigation Reform Act of 1995**[18](index=18&type=chunk) - These statements cover **future results**, **business strategy**, **market potential**, **customer expansion**, **financial performance**, **intellectual property**, and **economic conditions**[18](index=18&type=chunk) - **Investors are cautioned not to unduly rely** on these statements, and **MaxCyte undertakes no obligation to update them** except as required by law[18](index=18&type=chunk)[20](index=20&type=chunk) [MaxCyte Contacts](index=6&type=section&id=MaxCyte%20Contacts) Contact information for MaxCyte's Investor Relations, handled by Gilmartin Group, and Media Contact, handled by Oak Street Communications, is provided for inquiries - **Investor Relations contact**: David Deuchler, CFA at Gilmartin Group (ir@maxcyte.com, +1 415-937-5400)[21](index=21&type=chunk) - **Media Contact**: Kristen White at Oak Street Communications (kristen@oakstreetcommunications.com, 415.608.6060)[21](index=21&type=chunk)

Core Insights - MaxCyte, Inc. reported a total revenue of $8.5 million for Q2 2025, a decrease of 18% compared to $10.4 million in Q2 2024, primarily due to changes in the operating environment and customer inventory management [7][5][3] - Core business revenue increased by 8% to $8.2 million in Q2 2025 from $7.6 million in Q2 2024, driven by sales of instruments and consumables [5][7] - The company has lowered its 2025 guidance, expecting core revenue to be flat to a 10% decline compared to 2024, and SPL Program-related revenue to be approximately $5 million for the year [11][14] Financial Performance - Gross profit for Q2 2025 was $7.0 million, representing an 82% gross margin, down from $8.9 million and 86% gross margin in Q2 2024 [8][7] - Operating expenses increased to $21.2 million in Q2 2025 from $20.9 million in Q2 2024, contributing to a net loss of $12.4 million compared to a net loss of $9.4 million in the same period last year [10][9] - The installed base of instruments grew to 814 units in Q2 2025, up from 723 units in Q2 2024 [6] Strategic Developments - MaxCyte added two new Strategic Platform License (SPL) clients, Adicet Bio and Anocca AB, bringing the total number of SPL agreements to 31 [5][3] - The company remains focused on enhancing operational efficiencies and investing in product improvements, including SeQure Dx, to support its position in the cell and gene therapy industry [3][5] Cash Position - As of June 30, 2025, total cash, cash equivalents, and investments were $165.2 million, reflecting a decrease due to acquisition-related costs [5][11] - The company expects to end 2025 with at least $155 million in total cash, cash equivalents, and investments [11]