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 and to
support innovative, cell-based research, today announced financial
results for the first quarter ended March 31, 2023, and updated
2023 revenue guidance.
First Quarter Highlights
- Total revenue of
$8.6 million in the first quarter of 2023, a decrease of 26%
compared to the first quarter of 2022.
- Core business
revenue of $7.8 million in the first quarter of 2023, a decrease of
19% compared to the first quarter of 2022.
- We now expect
total revenue for 2023 to grow between 8% and 12% compared to 2022,
with core revenue growth of 5% to 10% and Strategic Platform
License (“SPL”) program-related revenue expectations remaining the
same at approximately $6 million for the year.
- Two SPL
partnerships signed year-to-date. Walking Fish Therapeutics
partnership signed in May and Catamaran Bio partnership signed in
January. The total number of SPL partners now stands at 20.
- Douglas J.
Swirsky appointed MaxCyte’s Chief Financial Officer, bringing over
two decades of experience in the healthcare sector, including as a
public company executive at Nasdaq-listed organizations.
- Total cash, cash
equivalents and short-term investments were $224.7 million as of
March 31, 2023.
“Given the evolving operating environment, we
are pleased with our first quarter results and the progress we have
made towards delivering on our long-term financial and strategic
initiatives,” said Doug Doerfler, President and CEO of
MaxCyte. “2023 continues to develop into a challenging
year for the industry, as companies prioritize their internal
development assets within an evolving funding environment, and we
are updating our guidance accordingly. We continue to make
important progress in 2023, highlighted by expanding our
partnership portfolio with two new partners announced including
Walking Fish Therapeutics in May and Catamaran Bio in January. Our
partnership pipeline continues to develop, with a number of
potential partners operating across a variety of cell types,
indications, and gene-editing modalities.
“We also look forward to a potentially first
commercially approved product enabled by our platform, Vertex and
CRISPR’s exa-cel program, which recently announced completion of
their rolling Biologics License Applications (BLAs) to the U.S.
Food and Drug Administration (FDA) for sickle cell disease and
transfusion-dependent beta thalassemia with request for Priority
Review. MaxCyte’s technology continues to play a key role enabling
the development of lifesaving therapeutics across various disease
types. We are excited to see our partners’ progress in 2023 and
beyond as the cell therapy industry moves forward.”
The following table provides details regarding the sources of
our revenue for the periods presented.
|
|
Three Months Ended |
|
|
|
|
|
March 31,(Unaudited) |
|
|
|
|
|
2023 |
|
2022 |
|
% |
|
(in thousands, except
percentages) |
|
|
|
|
|
|
|
|
|
Cell therapy |
|
$ |
5,975 |
|
$ |
7,416 |
|
(19 |
%) |
|
Drug discovery |
|
|
1,797 |
|
|
2,167 |
|
(17 |
%) |
|
Program-related |
|
|
804 |
|
|
2,004 |
|
(60 |
%) |
|
Total revenue |
|
$ |
8,576 |
|
$ |
11,587 |
|
(26 |
%) |
|
First Quarter 2023 Financial
Results
Total revenue for the first quarter of 2023 was
$8.6 million, compared to $11.6 million in the first quarter of
2022, representing a decline of 26%.
Core business revenue (sales and leases of
instruments and disposables to cell therapy and drug discovery
customers but excluding program-related revenue) for the first
quarter of 2023 was $7.8 million, compared to $9.6 million in the
first quarter of 2022, representing a decline of 19%.
Cell therapy revenue for the first quarter of
2023 was $6.0 million, compared to $7.4 million in the first
quarter of 2022, representing a decline of 19%. Drug discovery
revenue for the first quarter was $1.8 million, compared to $2.2
million in the first quarter 2022, representing a decline of
17%.
SPL program-related revenue was $0.8 million in
the first quarter of 2023 as compared to $2.0 million SPL
program-related revenue in the first quarter of 2022.
Gross profit for the first quarter of 2023 was
$7.6 million (88% gross margin), compared to $10.5 million (91%
gross margin) in the first quarter of 2022.
Operating expenses for the first quarter of 2023
were $20.8 million, compared to operating expenses of $14.7 million
in the first quarter of 2022.
First quarter 2023 net loss was $10.9 million
compared to net loss of $4.1 million for the same period in 2022.
EBITDA, a non-GAAP measure, was a loss of $12.2 million for the
first quarter of 2023, compared to a loss of $3.7 million for the
first quarter of 2022. Stock-based compensation expense was $3.3
million in the first quarter of 2023 compared to $2.5 million in
the first quarter of 2022.
2023 Revenue Guidance
We now expect total revenue for 2023 to grow
between 8% and 12% compared to 2022, with core revenue growth of 5%
to 10% and Strategic Platform License (“SPL”) program-related
revenue expectations remaining the same at approximately $6 million
for the year.
Webcast and Conference Call
Details
MaxCyte will host a conference call today, May
10, 2023, 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 20 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, as well as 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
Twitter 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.
Management does not consider EBITDA in isolation
or as an alternative to financial measures determined in accordance
with GAAP. The principal limitation of EBITDA is that it excludes
significant expenses that are required by GAAP to be recorded in
the company’s financial statements. In order to compensate for
these limitations, management presents EBITDA together 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. A
reconciliation table of net loss, the most comparable GAAP
financial measure, to EBITDA is 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, including but
not limited to, statements regarding expected total revenue growth,
core business revenue growth and SPL program-related revenue for
the year ending December 31, 2023, expansion of and revenue from
our SPLs and the progression of our customers’ programs into and
through clinical trials. The words "may," “might,” "will," "could,"
"would," "should," "expect," "plan," "anticipate," "intend,"
"believe," “expect,” "estimate," “seek,” "predict," “future,”
"project," "potential," "continue," "target" and similar words or
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. Any forward-looking statements in this press
release are based on management's current expectations and beliefs
and are subject to a number of risks, uncertainties and important
factors that may cause actual events or results to differ
materially from those expressed or implied by any forward-looking
statements contained in this press release, including, without
limitation, risks associated with the timing of our customers’
ongoing and planned clinical trials; the adequacy of our cash
resources and availability of financing on commercially reasonable
terms; 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 demand for our products. These and other
risks and uncertainties are described in greater detail in the
section entitled "Risk Factors" in our Annual Report on Form 10-K
for the year ended December 31, 2022, filed with the Securities and
Exchange Commission on March 15, 2023, as well as in discussions of
potential risks, uncertainties, and other important factors in our
most recent Quarterly report on Form 10-Q and 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 represent our views only as of the date of this press
release and should not be relied upon as representing our views as
of any subsequent date. We explicitly disclaim any obligation to
update any forward-looking statements, whether as a result of new
information, future events or otherwise. No representations or
warranties (expressed or implied) are made about the accuracy of
any such forward-looking statements.
MaxCyte Contacts:
US IR AdviserGilmartin
GroupDavid Deuchler, CFA+1 415-937-5400ir@maxcyte.com
US Media RelationsSeismic
Collaborative, A Spectrum Science CompanyValerie Enes+1
408-497-8568valerie@teamseismic.com
Nominated Adviser and Joint Corporate
BrokerPanmure GordonEmma Earl / Freddy
CrossleyCorporate BrokingRupert Dearden+44 (0)20 7886 2500
UK IR AdviserConsilium Strategic
CommunicationsMary-Jane Elliott / Chris Welsh+44 (0)203
709 5700maxcyte@consilium-comms.com
MaxCyte, Inc. |
Unaudited Condensed Consolidated Balance
Sheets |
|
|
|
March 31, |
|
December 31, |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
37,833,400 |
|
|
$ |
11,064,700 |
|
Short-term investments, at
amortized cost |
|
|
186,819,300 |
|
|
|
216,274,900 |
|
Accounts receivable |
|
|
8,294,800 |
|
|
|
11,654,600 |
|
Accounts receivable - TIA
(Note 7) |
|
|
996,600 |
|
|
|
1,912,400 |
|
Inventory |
|
|
10,264,900 |
|
|
|
8,580,800 |
|
Prepaid expenses and other
current assets |
|
|
2,230,600 |
|
|
|
2,778,800 |
|
Total current
assets |
|
|
246,439,600 |
|
|
|
252,266,200 |
|
|
|
|
|
|
|
|
Property and equipment,
net |
|
|
24,947,900 |
|
|
|
23,724,700 |
|
Right of use asset - operating
leases |
|
|
9,757,600 |
|
|
|
9,853,500 |
|
Other assets |
|
|
399,300 |
|
|
|
809,000 |
|
Total
assets |
|
$ |
281,544,400 |
|
|
$ |
286,653,400 |
|
|
|
|
|
|
|
|
Liabilities and
stockholders’ equity |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
3,502,100 |
|
|
$ |
531,800 |
|
Accrued expenses and
other |
|
|
6,912,900 |
|
|
|
8,025,300 |
|
Operating lease liability,
current |
|
|
475,200 |
|
|
|
156,800 |
|
Deferred revenue, current
portion |
|
|
5,749,200 |
|
|
|
6,712,600 |
|
Total current
liabilities |
|
|
16,639,400 |
|
|
|
15,426,500 |
|
|
|
|
|
|
|
|
Operating lease liability, net
of current portion |
|
|
15,777,200 |
|
|
|
15,938,100 |
|
Other liabilities |
|
|
1,309,000 |
|
|
|
1,321,600 |
|
Total
liabilities |
|
|
33,725,600 |
|
|
|
32,686,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’
equity |
|
|
|
|
|
|
Preferred stock, $0.01 par
value; 5,000,000 shares authorized and no shares issued and
outstanding at March 31, 2023 and December 31, 2022 |
|
|
— |
|
|
|
— |
|
Common stock, $0.01 par value;
400,000,000 shares authorized, 102,904,745 and 102,397,913 shares
issued and outstanding at March 31, 2023 and
December 31, 2022, respectively |
|
|
1,029,100 |
|
|
|
1,024,000 |
|
Additional paid-in
capital |
|
|
395,546,600 |
|
|
|
390,818,500 |
|
Accumulated deficit |
|
|
(148,756,900) |
|
|
|
(137,875,300) |
|
Total stockholders’
equity |
|
|
247,818,800 |
|
|
|
253,967,200 |
|
Total liabilities and
stockholders’ equity |
|
$ |
281,544,400 |
|
|
$ |
286,653,400 |
|
MaxCyte, Inc. |
Unaudited Condensed Consolidated Statements of
Operations |
|
|
|
Three Months Ended March 31, |
|
|
2023 |
|
|
2022 |
|
Revenue |
|
$ |
8,576,300 |
|
|
$ |
11,587,300 |
|
Cost of goods sold |
|
|
999,800 |
|
|
|
1,062,600 |
|
Gross
profit |
|
|
7,576,500 |
|
|
|
10,524,700 |
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
Research and development |
|
|
6,046,500 |
|
|
|
3,765,300 |
|
Sales and marketing |
|
|
6,296,100 |
|
|
|
3,838,700 |
|
General and
administrative |
|
|
7,498,900 |
|
|
|
6,632,500 |
|
Depreciation and
amortization |
|
|
912,200 |
|
|
|
447,300 |
|
Total operating
expenses |
|
|
20,753,700 |
|
|
|
14,683,800 |
|
Operating
loss |
|
|
(13,177,200) |
|
|
|
(4,159,100) |
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
Interest income |
|
|
2,295,600 |
|
|
|
91,800 |
|
Total other income
(expense) |
|
|
2,295,600 |
|
|
|
91,800 |
|
Net loss |
|
$ |
(10,881,600) |
|
|
$ |
(4,067,300) |
|
Basic and diluted net
loss per share |
|
$ |
(0.11) |
|
|
$ |
(0.04) |
|
Weighted average
shares outstanding, basic and diluted |
|
|
102,846,036 |
|
|
|
101,305,943 |
|
MaxCyte, Inc. |
Unaudited Condensed Consolidated Statements of Cash
Flows |
|
|
|
Three Months Ended March 31, |
|
|
2023 |
|
|
2022 |
|
Cash flows from
operating activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(10,881,600) |
|
|
$ |
(4,067,300) |
|
|
|
|
|
|
|
|
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
961,700 |
|
|
|
487,400 |
|
Net book value of consigned equipment sold |
|
|
16,800 |
|
|
|
32,800 |
|
Stock-based compensation |
|
|
3,276,600 |
|
|
|
2,462,400 |
|
Amortization of discounts on short-term investments |
|
|
(1,730,100) |
|
|
|
(33,200) |
|
|
|
|
|
|
|
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
3,359,800 |
|
|
|
(1,750,800) |
|
Accounts receivable - TIA |
|
|
915,800 |
|
|
|
(2,119,200) |
|
Inventory |
|
|
(1,706,000) |
|
|
|
(1,377,000) |
|
Prepaid expense and other current assets |
|
|
548,200 |
|
|
|
1,117,200 |
|
Right of use asset – operating leases |
|
|
95,900 |
|
|
|
(5,212,600) |
|
Other assets |
|
|
409,700 |
|
|
|
(738,200) |
|
Accounts payable, accrued expenses and other |
|
|
1,227,000 |
|
|
|
(150,500) |
|
Operating lease liability |
|
|
157,500 |
|
|
|
7,569,000 |
|
Deferred revenue |
|
|
(963,400) |
|
|
|
84,900 |
|
Other liabilities |
|
|
(12,600) |
|
|
|
900 |
|
Net cash used in operating
activities |
|
|
(4,324,700) |
|
|
|
(3,694,200) |
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
Purchases of short-term
investments |
|
|
(57,814,300) |
|
|
|
— |
|
Maturities of short-term
investments |
|
|
89,000,000 |
|
|
|
200,796,000 |
|
Purchases of property and
equipment |
|
|
(1,558,000) |
|
|
|
(5,999,500) |
|
Proceeds from sale of
equipment |
|
|
9,100 |
|
|
|
— |
|
Net cash provided by investing activities |
|
|
29,636,800 |
|
|
|
194,796,500 |
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
Proceeds from exercise of
stock options |
|
|
1,456,600 |
|
|
|
892,600 |
|
Net cash provided by financing activities |
|
|
1,456,600 |
|
|
|
892,600 |
|
Net increase in cash and cash
equivalents |
|
|
26,768,700 |
|
|
|
191,994,900 |
|
Cash and cash equivalents,
beginning of period |
|
|
11,064,700 |
|
|
|
47,782,400 |
|
Cash and cash equivalents, end
of period |
|
$ |
37,833,400 |
|
|
$ |
239,777,300 |
|
Unaudited Reconciliation of Net Loss (GAAP) to EBITDA
(Non-GAAP) |
|
|
Three Months Ended |
|
March 31, |
|
2023 |
|
2022 |
(in thousands) |
|
|
|
|
|
Net loss (GAAP) |
$ |
(10,882 |
) |
|
$ |
(4,067 |
) |
Depreciation and amortization
expense |
|
962 |
|
|
|
487 |
|
Interest income |
|
(2,296 |
) |
|
|
(92 |
) |
Income taxes |
|
— |
|
|
|
— |
|
EBITDA (Non-GAAP) |
$ |
(12,216 |
) |
|
$ |
(3,672 |
) |
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