Core Insights - MaxCyte has signed a strategic platform license agreement with Adicet Bio to utilize its Flow Electroporation® technology and ExPERT™ platform for developing gamma delta T cell therapies [1][2] - Adicet Bio aims to enhance its manufacturing capabilities for allogeneic gamma delta T cell therapies, which are designed for cancer and autoimmune diseases [3][4] Company Overview - MaxCyte is a leading cell-engineering company focused on advancing cell-based therapeutics through its Flow Electroporation® technology and ExPERT™ platform [5] - The company has over 25 years of experience in cell engineering, providing tools and services that support the development of safe and effective treatments [5] Agreement Details - The agreement grants Adicet Bio non-exclusive rights for research, clinical, and commercial use of MaxCyte's technologies, while MaxCyte will receive licensing fees and program-related revenue [2] - MaxCyte's ExPERT™ platform is noted for its high transfection efficiency, cell viability, and scalability, which are essential for developing next-generation cell therapies [4]

Core Insights - MaxCyte, Inc. has signed a Strategic Platform License Agreement (SPL) with Anocca AB to utilize its Flow Electroporation technology and ExPERT™ platform for the development of TCR-T cell therapies [1][2] - Anocca AB will gain non-exclusive rights for research, clinical, and commercial applications of MaxCyte's technology, while MaxCyte will receive annual licensing fees and program-related revenue [2] - Anocca has recently achieved GMP compliance certification and a manufacturing license for its cell therapy production facility, with its lead program targeting advanced pancreatic cancer currently in clinical development [3] Company Overview - MaxCyte is focused on cell engineering and aims to advance the discovery, development, and commercialization of next-generation cell therapies [4] - The company offers Flow Electroporation technology and SeQure DX™ gene editing risk assessment services, which facilitate precise and scalable cell engineering [4] - MaxCyte has over 25 years of experience in advancing cell engineering and is committed to shaping the future of medicine [4]

Core Viewpoint - MaxCyte, Inc. is set to release its financial results for Q2 2025 on August 6, 2025, after the U.S. market closes, followed by a conference call to discuss these results [1]. Group 1: Financial Results Announcement - The financial results for the second quarter of 2025 will be announced after the U.S. market closes on August 6, 2025 [1]. - A conference call will be hosted by company management at 4:30 p.m. Eastern Time to discuss the financial results [1]. Group 2: Conference Call Details - Investors interested in the conference call must register online, with a recommendation to register at least a day in advance [2]. - A live and archived webcast of the event will be available on the "Events" section of the MaxCyte website [2]. Group 3: Company Overview - MaxCyte is a leading cell-engineering company focused on advancing the discovery, development, and commercialization of next-generation cell therapies [3]. - The company utilizes Flow Electroporation technology and SeQure DX™ gene editing risk assessment services to enable precise and scalable cell engineering [3]. - With over 25 years of experience, MaxCyte aims to shape the future of medicine by empowering researchers globally to develop safe and effective treatments [3].

Company Overview - MaxCyte supports 19 clinical and commercial therapies and has 29 SPL customers[9] - The company reported $386 million in 2024 revenue with an 84% Non-GAAP adjusted gross margin[10] - MaxCyte has $190 million in cash and cash equivalents as of December 31, 2024[10] Cell and Gene Therapy Market - There are approximately 1,950 active clinical trials focused on cell and gene therapy as of December 2024[14] - The cell and gene therapy field raised an aggregate of $152 billion in 2024[14] - There are 44 approved cell and gene therapies[14] Strategic Platform Licenses (SPLs) - MaxCyte has 29 SPL customers, with 18 programs currently in clinical development and 1 commercial program[47] - These 18 active clinical programs represent over $220 million of pre-commercial milestone potential[47] - SPL Program-Related revenue accounted for 57% of Core revenue[68] Financial Performance - Total core revenue for the full year 2024 was $325 million, a 9% increase year-over-year[69] - Total revenue for the full year 2024 was $386 million, a 6% decrease year-over-year[69] - Non-GAAP adjusted gross margin was 84% for the full year 2024[69]

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]