MaxCyte(US:MXCT)2025-05-08 21:04Financial 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]