0001104659-26-034557
SEC filingMaxCyte, Inc. (MXCT) reported FY 2025 revenue of $33.0 million, down 15% YoY from $38.6 million in FY 2024, driven by a 9% decline in core revenue to $29.6 million (instruments $6.8M, PAs $11.9M, licenses $8.9M) and a 44% drop in SPL program-related revenue to $3.4 million due to fewer milestones. Gross profit fell 15% to $26.8 million, with gross margin slightly contracting to 81% from 82%. Operating loss widened to $51.9 million from $51.2 million, reflecting higher operating expenses of $78.7 million including $3.1M restructuring and $3.6M goodwill impairment. Net loss increased to $44.6 million ($0.42 per share) from $41.1 million ($0.39 per share). Cash used in operations was $34.4 million, with cash and equivalents at $20.1 million and total liquidity $155.7 million (cash + investments). Balance sheet shows total assets $202.5 million, equity $171.5 million. Despite challenges, installed base grew to 857 instruments (up from 760), with 31 active SPLs offering >$2B potential milestones. Restructuring supports cost alignment; management eyes growth via SPL expansion and platform adoption amid cell therapy market.
MaxCyte reported FY 2025 revenue of $33.0M, a 15% YoY decline from $38.6M, with core revenue (instruments, PAs, licenses, services) at $29.6M (-9%) and SPL program-related revenue $3.4M (-44%) due to fewer milestones. Gross profit $26.8M (-15%), margin 81% vs 82%. Operating expenses $78.7M included R&D $20.8M (-6%), sales/marketing $18.9M (-29%), G&A $28.1M (-5%), plus $3.1M restructuring and $3.6M goodwill impairment. Operating loss -$51.9M vs -$51.2M. Net loss -$44.6M or -$0.42/share vs -$41.1M or -$0.39. Cash from ops -$34.4M; investing +$25.9M (investments net +$29.5M offset by $1.8M capex/SeQure acquisition); financing +$0.7M. Ending cash/equivalents $20.1M, investments $135.6M.
Single reportable segment: cell engineering technology. Core revenue $29.6M: instruments $6.8M (-4%), PAs $11.9M (-15%), licenses $8.9M (-13%), assay/other services $2.0M (new). SPL program-related $3.4M from milestones (13 clinical programs under 31 SPLs). US revenue $21.1M (64%), international $11.9M. Installed base 857 instruments (vs 760). Potential SPL milestones >$2B total, $130M from active clinical.
Gross margin 81% (vs 82%) due to lower revenue mix, offset by lower COGS $6.2M (-12%) from inventory reserve adjustments. Op margin -157% (revenue $33.0M, op loss $51.9M). Expenses down post-restructuring (34% workforce cut); stock comp $9.2M (-30%). Restructuring $3.1M, goodwill impairment $3.6M (full SeQure goodwill). Interest income $7.3M.
Ops cash -$34.4M (net loss -$44.6M + non-cash $16.3M). Investing +$25.9M (maturities $155.8M > purchases $126.3M). FCF approx -$36.2M (ops -$34.4M less capex $1.8M). Cash/equiv $20.1M, short-term inv $83.0M, total liquidity ~$155.7M. Assets $202.5M (current $118.4M), liabilities $31.0M (low debt), equity $171.5M. Accumulated deficit -$261.5M.
Management expects continued losses but cost savings from restructuring; focus on SPL growth (31 active, 13 clinical), platform adoption (DTx launch Feb 2026), R&D for applications. Cash sufficient 12+ months; potential >$130M pre-commercial milestones if approvals met. Risks: milestone variability, competition, customer progress.