MaxCyte Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Full Year 2025 Guidance
MaxCyte (NASDAQ: MXCT) reported Q4 and full year 2024 financial results, showing mixed performance. Q4 total revenue decreased 45% to $8.7M compared to Q4 2023, primarily due to one-time approval milestones in the previous year. However, core business revenue grew 20% to $8.6M in Q4 2024.
For the full year 2024, total revenue decreased 6% to $38.6M, while core business revenue increased 9% to $32.5M. The company maintained strong liquidity with $190.3M in cash and investments. MaxCyte expanded its Strategic Platform License (SPL) portfolio to 28 active agreements, including 18 clinical programs and 1 commercial program.
Looking ahead, MaxCyte provided 2025 guidance projecting core revenue growth of 8-15% and expecting approximately $5M in SPL Program-related revenue. The company anticipates ending 2025 with $160M in total cash and investments.
MaxCyte (NASDAQ: MXCT) ha riportato i risultati finanziari del Q4 e dell'intero anno 2024, mostrando una performance mista. Le entrate totali del Q4 sono diminuite del 45% a $8.7M rispetto al Q4 2023, principalmente a causa di traguardi di approvazione una tantum nell'anno precedente. Tuttavia, le entrate del core business sono cresciute del 20% a $8.6M nel Q4 2024.
Per l'anno intero 2024, le entrate totali sono diminuite del 6% a $38.6M, mentre le entrate del core business sono aumentate del 9% a $32.5M. L'azienda ha mantenuto una solida liquidità con $190.3M in contante e investimenti. MaxCyte ha ampliato il suo portafoglio di Licenze della Piattaforma Strategica (SPL) a 28 accordi attivi, inclusi 18 programmi clinici e 1 programma commerciale.
Guardando al futuro, MaxCyte ha fornito previsioni per il 2025 prevedendo una crescita delle entrate core del 8-15% e aspettandosi circa $5M in entrate correlate ai programmi SPL. L'azienda prevede di chiudere il 2025 con $160M in totale di contante e investimenti.
MaxCyte (NASDAQ: MXCT) informó los resultados financieros del Q4 y del año completo 2024, mostrando un desempeño mixto. Los ingresos totales del Q4 disminuyeron un 45% a $8.7M en comparación con el Q4 de 2023, principalmente debido a hitos de aprobación únicos en el año anterior. Sin embargo, los ingresos del negocio principal crecieron un 20% a $8.6M en el Q4 2024.
Para el año completo 2024, los ingresos totales disminuyeron un 6% a $38.6M, mientras que los ingresos del negocio principal aumentaron un 9% a $32.5M. La empresa mantuvo una sólida liquidez con $190.3M en efectivo e inversiones. MaxCyte amplió su cartera de Licencias de Plataforma Estratégica (SPL) a 28 acuerdos activos, incluidos 18 programas clínicos y 1 programa comercial.
Mirando hacia adelante, MaxCyte proporcionó guía para 2025 proyectando un crecimiento de ingresos del negocio principal del 8-15% y esperando aproximadamente $5M en ingresos relacionados con el programa SPL. La empresa anticipa terminar 2025 con $160M en total de efectivo e inversiones.
맥사이틀 (NASDAQ: MXCT)는 2024년 4분기 및 전체 연도 재무 결과를 발표했으며, 혼합된 성과를 보였습니다. 4분기 총 수익은 2023년 4분기 대비 45% 감소한 870만 달러로, 주로 전년도에 발생한 일회성 승인 이정표 때문입니다. 그러나 핵심 사업 수익은 2024년 4분기에 20% 증가한 860만 달러를 기록했습니다.
2024년 전체로는 총 수익이 6% 감소한 3860만 달러였고, 핵심 사업 수익은 9% 증가한 3250만 달러에 달했습니다. 회사는 1억 9030만 달러의 현금 및 투자로 강력한 유동성을 유지했습니다. 맥사이틀은 28개의 활성 계약으로 전략 플랫폼 라이센스(SPL) 포트폴리오를 확장했으며, 여기에는 18개의 임상 프로그램과 1개의 상업 프로그램이 포함됩니다.
앞으로 맥사이틀은 2025년 가이던스를 제공하며 핵심 수익이 8-15% 성장할 것으로 예상하고, SPL 프로그램 관련 수익이 약 500만 달러에 이를 것으로 예상합니다. 회사는 2025년 말에 총 1억 6000만 달러의 현금 및 투자를 보유할 것으로 예상하고 있습니다.
MaxCyte (NASDAQ: MXCT) a annoncé les résultats financiers du 4ème trimestre et de l'année complète 2024, montrant une performance mixte. Le chiffre d'affaires total du 4ème trimestre a diminué de 45% à 8,7 millions de dollars par rapport au 4ème trimestre 2023, principalement en raison de jalons d'approbation uniques l'année précédente. Cependant, le chiffre d'affaires du cœur de métier a augmenté de 20% à 8,6 millions de dollars au 4ème trimestre 2024.
Pour l'année complète 2024, le chiffre d'affaires total a diminué de 6% à 38,6 millions de dollars, tandis que le chiffre d'affaires du cœur de métier a augmenté de 9% à 32,5 millions de dollars. L'entreprise a maintenu une forte liquidité avec 190,3 millions de dollars en liquidités et investissements. MaxCyte a élargi son portefeuille de Licences de Plateforme Stratégique (SPL) à 28 accords actifs, dont 18 programmes cliniques et 1 programme commercial.
En regardant vers l'avenir, MaxCyte a fourni une prévision pour 2025 prévoyant une croissance des revenus du cœur de métier de 8-15% et s'attendant à environ 5 millions de dollars de revenus liés au programme SPL. L'entreprise prévoit de terminer 2025 avec 160 millions de dollars en liquidités et investissements.
MaxCyte (NASDAQ: MXCT) hat die finanziellen Ergebnisse für das 4. Quartal und das gesamte Jahr 2024 veröffentlicht, die eine gemischte Leistung zeigen. Die Gesamteinnahmen im 4. Quartal sanken um 45% auf 8,7 Millionen USD im Vergleich zum 4. Quartal 2023, hauptsächlich aufgrund einmaliger Genehmigungsmeilensteine im Vorjahr. Allerdings stiegen die Einnahmen des Kerngeschäfts im 4. Quartal 2024 um 20% auf 8,6 Millionen USD.
Für das gesamte Jahr 2024 sanken die Gesamteinnahmen um 6% auf 38,6 Millionen USD, während die Einnahmen des Kerngeschäfts um 9% auf 32,5 Millionen USD anstiegen. Das Unternehmen hielt eine starke Liquidität mit 190,3 Millionen USD in Bargeld und Investitionen. MaxCyte erweiterte sein Portfolio an Strategischen Plattformlizenzen (SPL) auf 28 aktive Vereinbarungen, darunter 18 klinische Programme und 1 kommerzielles Programm.
Für die Zukunft gab MaxCyte eine Prognose für 2025 ab, die ein Wachstum der Kerneinnahmen von 8-15% voraussagt und etwa 5 Millionen USD an Einnahmen aus SPL-Programmen erwartet. Das Unternehmen rechnet damit, 2025 mit insgesamt 160 Millionen USD an Bargeld und Investitionen abzuschließen.
- Core business revenue grew 20% in Q4 2024
- Full year core business revenue increased 9% to $32.5M
- Strong cash position of $190.3M
- Record six new SPL agreements signed in 2024
- 28 active SPL agreements with 18 clinical programs
- Q4 total revenue declined 45% to $8.7M
- Full year total revenue decreased 6% to $38.6M
- SPL Program revenue dropped from $11.5M to $6.1M in 2024
- Net loss increased to $41.1M from $37.9M in 2023
- Expected cash reduction to $160M by end of 2025
Insights
MaxCyte's Q4 2024 results reveal a nuanced financial picture. While total revenue declined
The company's SPL program revenue dropped significantly to just
Despite recording an increased net loss of
Management's 2025 guidance of
The company's shift toward more disciplined capital management while maintaining 28 active SPL agreements (18 clinical-stage, 1 commercial) represents a balanced approach to growth and fiscal responsibility in the current biotech funding environment.
ROCKVILLE, Md., March 11, 2025 (GLOBE NEWSWIRE) -- MaxCyte, Inc., (NASDAQ: MXCT; LSE: 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 its fourth quarter and full year ended December 31, 2024 financial results and initiated its 2025 guidance.
Fourth Quarter and Full Year Highlights
- Total revenue of
$8.7 million in the fourth quarter of 2024, a decrease of45% over the fourth quarter of 2023. The decrease in total revenue was due to multiple one-time approval milestones in the fourth quarter of 2023. - Core business revenue of
$8.6 million in the fourth quarter of 2024, an increase of20% over the fourth quarter of 2023. - Strategic Platform License (SPL) Program-related revenue was
$0.1 million for the fourth quarter of 2024, compared to$8.5 million in the fourth quarter of 2023. - Total revenue of
$38.6 million for the full year 2024, a decrease of6% over the full year 2023. - Core business revenue of
$32.5 million for the full year 2024, an increase of9% over the full year 2023. - SPL Program-related revenue was
$6.1 million for the full year 2024, compared to$11.5 million in full year 2023. - Ended the year with 28 active SPL agreements that include 18 active programs currently in the clinic (defined as programs with at least a cleared IND or equivalent) and 1 active commercial program.
- Total cash, cash equivalents and investments were
$190.3 million as of December 31, 2024.
“We are pleased to report strong financial results in 2024, including a return to core revenue growth and disciplined cash management, driven by the execution of our team,” said Maher Masoud, President and CEO of MaxCyte. “We signed a record six SPLs in 2024 and continue to see momentum in the SPL pipeline with the addition of TG Therapeutics early in 2025. We also implemented a more disciplined capital and operational approach at MaxCyte, which has already enabled new strategic initiatives, and a more efficient and streamlined business, underpinning our commitment to long-term value creation for our shareholders. In 2025, we will continue to drive strong commercial execution, support the progression of SPL programs through the clinic, and make disciplined investments to position MaxCyte as a premier cell engineering solutions provider, including the integration and growth of SeQure Dx.”
The following tables provide details regarding the sources of our revenue for the periods presented.
| Three Months Ended | Year Ended | ||||||||||||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||||||||||||
| 2024 | 2023 | % | 2024 | 2023 | % | ||||||||||||||||||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||
| (in thousands, except percentages) | |||||||||||||||||||||||||||||||
| Instrument | $ | 1,629 | $ | 2,330 | ( | $ | 7,083 | $ | 8,317 | ( | |||||||||||||||||||||
| PAs and consumables | 4,169 | 2,163 | 14,006 | 10,283 | |||||||||||||||||||||||||||
| Licenses | 2,554 | 2,406 | 10,297 | 10,326 | ( | ||||||||||||||||||||||||||
| Other | 258 | 263 | ( | 1,126 | 897 | ||||||||||||||||||||||||||
| Total Core Revenue | $ | 8,610 | $ | 7,162 | $ | 32,512 | $ | 29,823 | |||||||||||||||||||||||
| Program-Related | 83 | 8,504 | ( | 6,115 | 11,465 | ( | |||||||||||||||||||||||||
| Total Revenue | $ | 8,693 | $ | 15,666 | ( | $ | 38,627 | $ | 41,288 | ( | |||||||||||||||||||||
In addition to revenue, management regularly reviews key business metrics to evaluate our business, measure performance, identify trends affecting our business, formulate financial projections and make strategic decisions. As of the dates presented, these key metrics were as follows:
| As of December 31, 2024 | ||||||
| 2024 | 2023 | 2022 | ||||
| Installed base of instruments (sold or licensed) | 760 | 683 | 616 | |||
| Core Revenue Generated by SPL Clients as a % of Core Revenue | ||||||
| Number of active SPLs | 28 | 23 | 18 | |||
| Total number of active licensed clinical programs under SPLs currently in the clinic * | 18 | 16 | 16 | |||
| Total number of active licensed programs under SPLs currently commercial * | 1 | 1 | - | |||
*Number of licensed clinical programs and commercial programs under SPLs are by number of product candidates and not by indication.
Fourth Quarter 2024 Financial Results
Total revenue for the fourth quarter of 2024 was
Core business revenue (sales of instruments, PAs and consumables, and licenses to customers, excluding SPL Program-related revenue) for the fourth quarter of 2024 was
SPL Program-related revenue was
Gross profit for the fourth quarter of 2024 was
Operating expenses for the fourth quarter of 2024 were
Fourth quarter 2024 net loss was
Full Year 2024 Financial Results
Total revenue for 2024 was
Core business revenue (sales of instruments, PAs and consumables, and licenses, excluding SPL Program-related revenue) for 2024 was
SPL Program-related revenue was
Gross profit for 2024 was
Operating expenses for 2024 were
Full year 2024 net loss was
Total cash, cash equivalents and investments were
2025 Guidance
MaxCyte is providing initial 2025 revenue guidance for core business revenue and SPL Program-related revenue:
- Core revenue is expected to grow
8% to15% compared to 2024, inclusive of revenue from SeQure Dx. - SPL Program-related revenue is expected to be approximately
$5 million for the year. SPL-program related revenue guidance includes both expected revenue from pre-commercial milestone payments and commercial royalties/sales-based payments.
MaxCyte expects to end 2025 with
Webcast and Conference Call Details
MaxCyte will host a conference call today, March 11, 2025, at 4:30 p.m. Eastern Time. Investors interested in listening to the conference call are required to register online. A live and archived webcast of the event will be available on the “Events” section of the MaxCyte website at https://investors.maxcyte.com/.
About MaxCyte
At MaxCyte, we pursue cell engineering excellence to maximize the potential of cells to improve patients’ lives. We have spent more than 25 years honing our expertise by building best-in-class platforms, perfecting the art of the transfection workflow, and venturing beyond today’s processes to innovate tomorrow’s solutions. Our ExPERT™ platform, which is based on our Flow Electroporation® technology, has been designed to support the rapidly expanding cell therapy market and can be utilized across the continuum of the high-growth cell therapy sector, from discovery and development through commercialization of next-generation, cell-based medicines. The ExPERT family of products includes: four instruments, the ATx™, STx™, GTx™ and VLx ™; a portfolio of proprietary related processing assemblies or disposables; and software protocols, all supported by a robust worldwide intellectual property portfolio. By providing our partners with the right technology platform, as well as scientific, technical and regulatory support, we aim to guide them on their journey to transform human health. Learn more at maxcyte.com and follow us on X and LinkedIn.
Non-GAAP Financial Measures
This press release contains EBITDA, which is a non-GAAP measure defined as earnings before interest income and expense, taxes, depreciation and amortization. MaxCyte believes that EBITDA provides useful information to management and investors relating to its results of operations. The company’s management uses this non-GAAP measure to compare the company’s performance to that of prior periods for trend analyses, and for budgeting and planning purposes. The company believes that the use of EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the company’s financial measures with other companies, many of which present similar non-GAAP financial measures to investors, and that it allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making.
This press release also contains Non-GAAP Gross Margin, which we define as Gross Margin when excluding SPL program related revenue and reserves for excess and obsolete inventory. The Company believes that the use of Non-GAAP Gross Margin provides an additional tool to investors because it provides consistency and comparability with past financial performance, as Non-GAAP Gross Margin excludes non-core revenues and inventory reserves, which can vary significantly between periods and thus affect comparability.
Management does not consider these Non-GAAP financial measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these Non-GAAP financial measures is that they exclude significant revenues and expenses that are required by GAAP to be recorded in the Company’s financial statements. In order to compensate for these limitations, management presents these Non-GAAP financial measures along with GAAP results. Non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. Reconciliation tables of net loss, the most comparable GAAP financial measure, to EBITDA, and Gross Margin, the most comparable GAAP financial measure, to Non-GAAP Gross Margin, are included at the end of this release. MaxCyte urges investors to review the reconciliation and not to rely on any single financial measure to evaluate the company’s business
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements about us and our industry involve substantial known and unknown risks, uncertainties, and assumptions, including those described in Item 1A under the heading “Risk Factors” and elsewhere in our report on Form 10-K, that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. Forward-looking statements include, but are not limited to, statements about the Company’s preliminary results of operations, including fourth quarter and full year total revenue, core revenue, and SPL program revenue and statements about possible or future results of operations or financial position. In some cases, you can identify forward-looking statements because they contain words such as "may," “might,” "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," “expect,” "estimate," “seek,” "predict," “future,” "project," "potential," "continue," “contemplate,” "target,” the negative of these words and similar words or expressions. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. The forward-looking statements contained in this press release, include, without limitation, statements concerning the following: our expected future growth and success of our business model; the size and growth potential of the markets for our products, and our ability to serve those markets, increase our market share, and achieve and maintain industry leadership; our ability to expand our customer base and enter into additional SPL partnerships; our expectation that our partners will have access to capital markets to develop and commercialize their cell therapy programs; our financial performance and capital requirements; the adequacy of our cash resources and availability of financing on commercially reasonable terms; our expectations regarding our ability to obtain and maintain intellectual property protection for our products, as well as our ability to operate our business without infringing the intellectual property rights of others; our expectations regarding general market and economic conditions that may impact investor confidence in the biopharmaceutical industry and affect the amount of capital such investors provide to our current and potential partners; and our use of available capital resources.
These and other risks and uncertainties are described in greater detail in Item 1A , entitled "Risk Factors,” in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on or about March 12, 2024, as well as in discussions of potential risks, uncertainties, and other important factors in the other filings that we make with the Securities and Exchange Commission from time to time. These documents are available through the Investor Menu, Financials section, under “SEC Filings” on the Investors page of our website at http://investors.maxcyte.com. Any forward-looking statements in this press release are based on our current beliefs and opinions on the relevant subject based on information available to us as of the date of such press release, and you should not rely on forward-looking statements as predictions of future events. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
MaxCyte Contacts:
US IR Adviser
Gilmartin Group
David Deuchler, CFA
+1 415-937-5400
ir@maxcyte.com
US Media Relations
Spectrum Science
Jordan Vines
jvines@spectrumscience.com
+1 540-629-3137
Nominated Adviser and Joint Corporate Broker
Panmure Liberum
Emma Earl / Freddy Crossley
Corporate Broking
Rupert Dearden
+44 (0)20 7886 2500
UK IR Adviser
ICR Healthcare
Mary-Jane Elliott
Chris Welsh
+44 (0)203 709 5700
maxcyte@icrhealthcare.com
| MaxCyte, Inc. Consolidated Balance Sheets (in thousands, except share and per share amounts) | ||||||
| December 31, 2024 (unaudited) | December 31, 2023 | |||||
| Assets | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 27,884 | $ | 46,506 | ||
| Short-term investments, at amortized cost | 126,598 | 121,782 | ||||
| Accounts receivable, net | 4,682 | 5,778 | ||||
| Inventory | 8,914 | 12,229 | ||||
| Prepaid expenses and other current assets | 3,606 | 3,899 | ||||
| Total current assets | 171,684 | 190,194 | ||||
| Investments, non-current, at amortized cost | 35,781 | 42,938 | ||||
| Property and equipment, net | 19,707 | 23,513 | ||||
| Right-of-use asset - operating leases | 10,766 | 11,241 | ||||
| Other assets | 1,532 | 388 | ||||
| Total assets | $ | 239,470 | 268,274 | |||
| Liabilities and stockholders’ equity | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 1,358 | $ | 743 | ||
| Accrued expenses and other | 8,302 | 11,269 | ||||
| Operating lease liability, current | 864 | 774 | ||||
| Deferred revenue, current portion | 5,251 | 5,069 | ||||
| Total current liabilities | 15,775 | 17,855 | ||||
| Operating lease liability, net of current portion | 17,170 | 17,969 | ||||
| Other liabilities | 274 | 283 | ||||
| Total liabilities | 33,219 | 36,107 | ||||
| Commitments and contingencies | ||||||
| Stockholders’ equity | ||||||
| Preferred stock, | — | — | ||||
| Common stock, | 1,057 | 1,040 | ||||
| Additional paid-in capital | 422,047 | 406,925 | ||||
| Accumulated deficit | (216,853) | (175,798) | ||||
| Total stockholders’ equity | 206,251 | 232,167 | ||||
| Total liabilities and stockholders’ equity | $ | 239,470 | $ | 268,274 | ||
| MaxCyte, Inc. Consolidated Statements of Operations (in thousands, except share and per share amounts) | ||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||
| 2024 (Unaudited) | 2023 (Unaudited) | 2024 (Unaudited) | 2023 | |||||||||
| Revenue | $ | 8,693 | $ | 15,666 | $ | 38,627 | $ | 41,288 | ||||
| Cost of goods sold | 2,281 | 1,573 | 7,100 | 4,742 | ||||||||
| Gross profit | 6,412 | 14,093 | 31,527 | 36,546 | ||||||||
| Operating expenses: | ||||||||||||
| Research and development | 4,614 | 5,842 | 22,227 | 23,817 | ||||||||
| Sales and marketing | 6,473 | 7,196 | 26,661 | 26,975 | ||||||||
| General and administrative | 7,206 | 8,087 | 29,693 | 30,068 | ||||||||
| Depreciation and amortization | 1,020 | 1,063 | 4,143 | 3,985 | ||||||||
| Total operating expenses | 19,313 | 22,188 | 82,724 | 84,845 | ||||||||
| Operating loss | (12,901) | (8,095) | (51,197) | (48,299) | ||||||||
| Other income: | ||||||||||||
| Interest income | 2,304 | 2,818 | 10,142 | 10,376 | ||||||||
| Total other income | 2,304 | 2,818 | 10,142 | 10,376 | ||||||||
| Net loss | $ | (10,597) | $ | (5,277) | $ | (41,055) | $ | (37,923) | ||||
| Basic and diluted net loss per share | $ | (0.10) | $ | (0.05) | $ | (0.39) | $ | (0.37) | ||||
| Weighted average shares outstanding, basic and diluted | 105,547,751 | 103,703,240 | 104,849,222 | 103,268,502 | ||||||||
| MaxCyte, Inc. Consolidated Statements of Cash Flows (in thousands) | ||||||
| Year ended December 31, | ||||||
| 2024 (unaudited) | 2023 | |||||
| Cash flows from operating activities: | ||||||
| Net loss | $ | (41,055) | $ | (37,923) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||
| Depreciation and amortization | 4,315 | 4,171 | ||||
| Lease right-of-use asset amortization | 475 | 395 | ||||
| Net book value of consigned equipment sold | 63 | 94 | ||||
| Loss on disposal of property and equipment | 861 | 30 | ||||
| Stock-based compensation | 13,083 | 13,979 | ||||
| Credit loss (recovery) expense | (130) | 171 | ||||
| Change in excess/obsolete inventory reserve | 1,771 | 697 | ||||
| Amortization of discounts on investments | (6,242) | (7,120) | ||||
| Changes in operating assets and liabilities: | ||||||
| Accounts receivable | 1,226 | 5,226 | ||||
| Accounts receivable – TIA * | - | 1,912 | ||||
| Inventory | 1,362 | (4,534) | ||||
| Prepaid expense and other current assets | 293 | (641) | ||||
| Other assets | (1,213) | 421 | ||||
| Accounts payable, accrued expenses and other | (1,883) | 3,252 | ||||
| Operating lease liability | (709) | (133) | ||||
| Deferred revenue | 182 | (1,644) | ||||
| Other liabilities | (9) | (39) | ||||
| Net cash used in operating activities | (27,610) | (21,686) | ||||
| Cash flows from investing activities: | ||||||
| Purchases of investments | (150,857) | (255,095) | ||||
| Maturities of investments | 159,440 | 313,770 | ||||
| Purchases of property and equipment | (1,651) | (3,700) | ||||
| Proceeds from sale of equipment | - | 9 | ||||
| Net cash provided by investing activities | 6,932 | 54,984 | ||||
| Cash flows from financing activities: | ||||||
| Proceeds from exercise of stock options | 1,597 | 1,874 | ||||
| Proceeds from issuance of common stock under employee stock purchase plan | 459 | 269 | ||||
| Net cash provided by financing activities | 2,056 | 2,143 | ||||
| Net (decrease) increase in cash and cash equivalents | (18,622) | 35,441 | ||||
| Cash and cash equivalents, beginning of period | 46,506 | 11,065 | ||||
| Cash and cash equivalents, end of period | $ | 27,884 | $ | 46,506 | ||
*Tenant improvement allowance (“TIA”)
| Unaudited Reconciliation of Net Loss to EBITDA (in thousands) (Unaudited) | ||||||||||||
| Three Months Ended | Year Ended | |||||||||||
| December 31, | December 31, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| (in thousands) | ||||||||||||
| Net loss | $ | (10,597) | $ | (5,277) | $ | (41,055) | $ | (37,923) | ||||
| Depreciation and amortization expense | 1,057 | 1,102 | 4,315 | 4,171 | ||||||||
| Interest income | (2,304) | (2,818) | (10,142) | (10,376) | ||||||||
| Income taxes | — | — | — | — | ||||||||
| EBITDA | $ | (11,844) | $ | (6,993) | $ | (46,882) | $ | (44,128) | ||||
| Unaudited Reconciliation of Gross Margin to Non-GAAP Adjusted gross margin (in thousands, except for percentages) (Unaudited) | |||||||||||||||||
| Three months ended December 31, 2024 | Three months ended December 31, 2023 | ||||||||||||||||
| GAAP | Adjustments | Non-GAAP | GAAP | Adjustments | Non-GAAP | ||||||||||||
| Revenue | $ | 8,693 | $ | (83) | $ | 8,610 | $ | 15,666 | $ | (8,504) | $ | 7,162 | |||||
| Cost of Goods Sold | 2,281 | (916) | 1,365 | 1,573 | (581) | 992 | |||||||||||
| Gross Margin | 6,412 | 833 | 7,245 | 14,093 | (7,923) | 6,170 | |||||||||||
| Gross Margin % | |||||||||||||||||
| Year ended December 31, 2024 | Year ended December 31, 2023 | ||||||||||||||||
| GAAP | Adjustments | Non-GAAP | GAAP | Adjustments | Non-GAAP | ||||||||||||
| Revenue | $ | 38,627 | $ | (6,115) | $ | 32,512 | $ | 41,288 | $ | (11,465) | $ | 29,823 | |||||
| Cost of Goods Sold | 7,100 | (1,771) | 5,329 | 4,742 | (581) | 4,161 | |||||||||||
| Gross Margin | 31,527 | (4,344) | 27,183 | 36,546 | (10,884) | 25,662 | |||||||||||
| Gross Margin % | |||||||||||||||||
(1) Adjustments include the exclusion of SPL program related revenue from Revenue, and the exclusion of reserves for excess and obsolete inventory from Cost of Goods Sold.
FAQ
What caused MaxCyte (MXCT) revenue to decline in Q4 2024?
How many Strategic Platform License (SPL) agreements does MXCT have as of 2024?
What is MaxCyte's revenue guidance for 2025?
How much cash does MXCT have and what's the projected cash position for 2025?
