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
innovative bioprocessing applications, today announced its
financial results for the second quarter ended June 30, 2024, and
updates its 2024 guidance.
Second Quarter and Recent
Highlights
- Total revenue of
$10.4 million in the second quarter of 2024, an increase of 15%
over the second quarter of 2023.
- Core business
revenue of $7.6 million in the second quarter of 2024, a decline of
9% over the second quarter of 2023.
- Strategic
Platform License (SPL) Program-related revenue was $2.9 million for
the second quarter of 2024, an increase of 279% over the second
quarter of 2023.
- Five new SPL
clients signed year-to-date. Legend Biotech signed in May, Be
Biopharma signed in March, and Wugen, Imugene, and Lion TCR signed
in January. The total number of SPL partners now stands at 28.
- Total cash, cash
equivalents and investments were $199.8 million as of June 30,
2024.
“We are pleased by our second quarter results
and our business performance in the first half of 2024 and remain
confident we will deliver our full year guidance. We continue to
drive commercial execution in cell therapy and believe that we
remain the premier cell engineering platform in the industry,” said
Maher Masoud, President and CEO at MaxCyte.
“Since the beginning of the year, MaxCyte has
signed five new SPLs, which includes recently signed Legend
Biotech, along with Be Biopharma, in March 2024. Our total number
of SPLs now stands at 28, highlighting the demand for our platform
and our continued expansion into a range of different indications.
As our clients continue to progress through the clinic, we believe
we continue to provide the best electroporation platform with the
best support for their programs. We remain excited by continued
demand for our platform and our role in enabling a growing set of
next-generation cell therapies.”
The following table provides details regarding the sources of
our revenue for the periods presented.
|
Three Months Ended |
|
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
|
June 30, |
|
|
|
2024 |
|
2023 |
|
% |
|
2024 |
|
2023 |
|
% |
(in thousands, except
percentages) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cell therapy |
$ |
6,218 |
|
|
$ |
6,637 |
|
|
|
(6%) |
|
|
$ |
12,633 |
|
|
$ |
12,611 |
|
|
|
0% |
|
Drug discovery |
|
1,357 |
|
|
|
1,652 |
|
|
|
(18%) |
|
|
|
3,129 |
|
|
|
3,450 |
|
|
|
(9%) |
|
Program-related |
|
2,854 |
|
|
|
754 |
|
|
|
279% |
|
|
|
6,008 |
|
|
|
1,558 |
|
|
|
286% |
|
Total revenue |
$ |
10,429 |
|
|
$ |
9,043 |
|
|
|
15% |
|
|
$ |
21,770 |
|
|
$ |
17,619 |
|
|
|
24% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
|
|
June 30, |
|
|
|
2024 |
|
2023 |
|
% |
|
2024 |
|
|
2023 |
|
|
% |
(in thousands, except
percentages) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Instrument |
$ |
1,762 |
|
|
$ |
2,126 |
|
|
|
(17%) |
|
|
$ |
3,690 |
|
|
$ |
4,315 |
|
|
|
(14%) |
|
PAs |
|
2,974 |
|
|
|
3,293 |
|
|
|
(10%) |
|
|
|
6,406 |
|
|
|
5,893 |
|
|
|
9% |
|
Lease |
|
2,610 |
|
|
|
2,667 |
|
|
|
(2%) |
|
|
|
5,214 |
|
|
|
5,476 |
|
|
|
(5%) |
|
Other |
|
229 |
|
|
|
203 |
|
|
|
13% |
|
|
|
452 |
|
|
|
377 |
|
|
|
20% |
|
Total Core Revenue |
$ |
7,575 |
|
|
$ |
8,289 |
|
|
|
(9%) |
|
|
$ |
15,762 |
|
|
$ |
16,061 |
|
|
|
(2%) |
|
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 June 30, |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
Installed base of instruments
(sold or leased) |
|
723 |
|
|
|
654 |
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
Core Revenue Generated by SPL
Clients as % of Core Revenue |
|
51 |
% |
|
|
49 |
% |
Second Quarter 2024 Financial
Results
Total revenue for the second quarter of 2024 was
$10.4 million, compared to $9.0 million in the second quarter of
2023, representing growth of 15%.
Core business revenue (sales and leases of
instrument and disposables to cell therapy and drug discovery
customers, excluding SPL Program-related revenue) for the second
quarter of 2024 was $7.6 million, compared to $8.3 million in the
second quarter of 2023, representing a decline of 9%.
Cell therapy revenue for the second quarter of
2024 was $6.2 million, compared to $6.6 million in the second
quarter of 2023, representing a decline of 6%. Drug discovery
revenue for the second quarter of 2024 was $1.4 million, compared
to $1.7 million in the second quarter of 2023, representing a
decline of 18%.
SPL Program-related revenue was $2.9 million in
the second quarter of 2024, as compared to $0.8 million in the
second quarter of 2023, representing an increase of 279% over the
second quarter of 2023.
Gross profit for the second quarter of 2024 was
$8.9 million (86% gross margin), compared to $7.7 million (85%
gross margin) in the second quarter of 2023.
Operating expenses for the second quarter of
2024 were $20.9 million, compared to operating expenses of $20.7
million in the second quarter of 2023.
Second quarter 2024 net loss was $9.4 million
compared to net loss of $10.5 million for the same period in 2023.
EBITDA, a non-GAAP measure, was a loss of $10.9 million for the
second quarter of 2024, compared to a loss of $12.0 million for the
second quarter of 2023; stock-based compensation expense was $3.6
million in the second quarter of 2024 compared to $3.5 million in
the second quarter of 2023.
First Half 2024 Financial
Results
Total revenue for the first half of 2024 was
$21.8 million, compared to $17.6 million in the first half of 2023,
representing growth of 24%.
Core business revenue (sales and leases of
instrument and disposables to cell therapy and drug discovery
customers but excluding SPL Program-related revenue) for the first
half of 2024 was $15.8 million, compared to $16.1 million in the
first half of 2023, representing a decline of 2%.
Cell therapy revenue for the first half of 2024
was $12.6 million, compared to $12.6 million in the first half of
2023, representing flat growth. Drug discovery revenue for the
first half was $3.1 million, compared to $3.5 million in the first
half of 2023, representing a decline of 9%.
SPL Program-related revenue was $6.0 million in
the first half of 2024, as compared to $1.6 million in
program-related revenue in the first half of 2023.
Gross profit for the first half of 2024 was
$18.9 million (87% gross margin), compared to $15.2 million (87%
gross margin) in the same period of the prior year.
Operating expenses for the first half of 2024
were $43.1 million, compared to operating expenses of $41.5 million
in the first half of 2023.
First half 2024 net loss was $18.9 million
compared to net loss of $21.4 million for the same period in 2023.
EBITDA, a non-GAAP measure, was a loss of $22.1 million for the
first half of 2024, compared to a loss of $24.3 million for the
first half of 2023; stock-based compensation expense was $6.6
million for the first half of 2024 compared to $6.8 million for the
first half of 2023.
2024 Revenue Guidance
MaxCyte affirms 2024 revenue guidance for core
business revenue and increases SPL Program-related revenue
guidance.
MaxCyte continues to expect full year 2024 core
business revenue to be flat to 5% growth compared to 2023. SPL
Program-related revenue is now expected to be approximately $6
million. The outlook for the full year does not include SPL
Program-related revenue from Vertex/CRISPR’s CASGEVYTM.
MaxCyte now expects to end 2024 with at least
$180 million in total cash, cash equivalents and investments, up
from an expected $175 million.
Webcast and Conference Call
Details
MaxCyte will host a conference call today, August 6, 2024, 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 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 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. These
statements about us and our industry involve substantial known and
unknown risks, uncertainties, and assumptions 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 projected
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; and the amount and
adequacy of our cash 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
Seismic Collaborative Valerie Enes +1
408-497-8568 venes@spectrumscience.com
Nominated Adviser and Joint Corporate
Broker Panmure LiberumEmma Earl / Freddy
Crossley Corporate Broking Rupert Dearden +44 (0)20
7886 2500
UK IR Adviser ICR
ConsiliumMary-Jane Elliott Chris Welsh +44
(0)203 709 5700maxcyte@consilium-comms.com
MaxCyte, Inc.Unaudited Consolidated
Balance Sheets(in thousands, except share and per
share amounts) |
|
|
June 30, |
|
December 31, |
|
|
2024 |
|
|
|
2023 |
|
Assets |
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
37,513 |
|
|
$ |
46,506 |
|
Short-term investments, at
amortized cost |
|
119,817 |
|
|
|
121,782 |
|
Accounts receivable, net |
|
4,581 |
|
|
|
5,778 |
|
Inventory |
|
11,159 |
|
|
|
12,229 |
|
Prepaid expenses and other
current assets |
|
2,577 |
|
|
|
3,899 |
|
Total current
assets |
|
175,647 |
|
|
|
190,194 |
|
|
|
|
|
|
|
Investments, non-current, at
amortized cost |
|
42,481 |
|
|
|
42,938 |
|
Property and equipment,
net |
|
21,720 |
|
|
|
23,513 |
|
Right-of-use asset - operating
leases |
|
11,008 |
|
|
|
11,241 |
|
Other assets |
|
640 |
|
|
|
388 |
|
Total
assets |
$ |
251,496 |
|
|
$ |
268,274 |
|
|
|
|
|
|
|
Liabilities and
stockholders’ equity |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts payable |
$ |
953 |
|
|
$ |
743 |
|
Accrued expenses and
other |
|
7,076 |
|
|
|
11,269 |
|
Operating lease liability,
current |
|
878 |
|
|
|
774 |
|
Deferred revenue, current
portion |
|
3,368 |
|
|
|
5,069 |
|
Total current
liabilities |
|
12,275 |
|
|
|
17,855 |
|
|
|
|
|
|
|
Operating lease liability, net
of current portion |
|
17,650 |
|
|
|
17,969 |
|
Other liabilities |
|
310 |
|
|
|
283 |
|
Total
liabilities |
|
30,235 |
|
|
|
36,107 |
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
Stockholders’
equity |
|
|
|
|
|
Preferred stock, $0.01 par
value; 5,000,000 shares authorized and no shares issued and
outstanding at June 30, 2024 and December 31, 2023 |
|
— |
|
|
|
— |
|
Common stock, $0.01 par value;
400,000,000 shares authorized, 104,824,124 and 103,961,670 shares
issued and outstanding at June 30, 2024 and
December 31, 2023, respectively |
|
1,048 |
|
|
|
1,040 |
|
Additional paid-in
capital |
|
414,912 |
|
|
|
406,925 |
|
Accumulated deficit |
|
(194,699 |
) |
|
|
(175,798 |
) |
Total stockholders’
equity |
|
221,261 |
|
|
|
232,167 |
|
Total liabilities and
stockholders’ equity |
$ |
251,496 |
|
|
$ |
268,274 |
|
MaxCyte, Inc.Unaudited Consolidated
Statements of Operations(in thousands, except
share and per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
$ |
10,429 |
|
|
$ |
9,043 |
|
|
$ |
21,770 |
|
|
$ |
17,619 |
|
Cost of goods sold |
|
1,488 |
|
|
|
1,376 |
|
|
|
2,891 |
|
|
|
2,376 |
|
Gross
profit |
|
8,941 |
|
|
|
7,667 |
|
|
|
18,879 |
|
|
|
15,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
5,619 |
|
|
|
5,664 |
|
|
|
12,297 |
|
|
|
11,711 |
|
Sales and marketing |
|
6,617 |
|
|
|
6,436 |
|
|
|
13,981 |
|
|
|
12,732 |
|
General and
administrative |
|
7,639 |
|
|
|
7,663 |
|
|
|
14,742 |
|
|
|
15,161 |
|
Depreciation and
amortization |
|
1,034 |
|
|
|
977 |
|
|
|
2,102 |
|
|
|
1,890 |
|
Total operating
expenses |
|
20,909 |
|
|
|
20,740 |
|
|
|
43,122 |
|
|
|
41,494 |
|
Operating
loss |
|
(11,968 |
) |
|
|
(13,073 |
) |
|
|
(24,243 |
) |
|
|
(26,251 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other
income: |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
2,593 |
|
|
|
2,561 |
|
|
|
5,342 |
|
|
|
4,857 |
|
Total other
income |
|
2,593 |
|
|
|
2,561 |
|
|
|
5,342 |
|
|
|
4,857 |
|
Net loss |
$ |
(9,375 |
) |
|
$ |
(10,512 |
) |
|
$ |
(18,901 |
) |
|
$ |
(21,394 |
) |
Basic and diluted net
loss per share |
$ |
(0.09 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.21 |
) |
Weighted average
shares outstanding,basic and diluted |
|
104,639,239 |
|
|
|
103,063,606 |
|
|
|
104,364,498 |
|
|
|
102,955,422 |
|
MaxCyte, Inc.Unaudited Consolidated
Statements of Cash Flows(in
thousands) |
|
|
|
Six Months ended June 30, |
|
|
2024 |
|
|
|
2023 |
|
Cash flows from
operating activities: |
|
|
|
|
|
Net loss |
$ |
(18,901 |
) |
|
$ |
(21,394 |
) |
|
|
|
|
|
|
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
Depreciation and
amortization |
|
2,192 |
|
|
|
1,988 |
|
Non-cash lease expense |
|
233 |
|
|
|
190 |
|
Net book value of consigned
equipment sold |
|
21 |
|
|
|
66 |
|
Loss on disposal of fixed
assets |
|
361 |
|
|
|
- |
|
Stock-based compensation |
|
6,579 |
|
|
|
6,796 |
|
Credit loss (recovery)
expense |
|
(130 |
) |
|
|
230 |
|
Change in excess/obsolete
inventory reserve |
|
137 |
|
|
|
- |
|
Amortization of discounts on
investments |
|
(3,665 |
) |
|
|
(3,641 |
) |
|
|
|
|
|
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
Accounts receivable |
|
1,327 |
|
|
|
3,990 |
|
Accounts receivable - TIA |
|
- |
|
|
|
1,912 |
|
Inventory |
|
833 |
|
|
|
(2,542 |
) |
Prepaid expense and other
current assets |
|
1,322 |
|
|
|
724 |
|
Other assets |
|
(321 |
) |
|
|
212 |
|
Accounts payable, accrued
expenses and other |
|
(3,497 |
) |
|
|
(1,039 |
) |
Operating lease liability |
|
(215 |
) |
|
|
112 |
|
Deferred revenue |
|
(1,701 |
) |
|
|
(2,020 |
) |
Other liabilities |
|
27 |
|
|
|
(13 |
) |
Net cash used in operating
activities |
|
(15,398 |
) |
|
|
(14,429 |
) |
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
Purchases of investments |
|
(79,353 |
) |
|
|
(104,955 |
) |
Maturities of investments |
|
85,440 |
|
|
|
163,320 |
|
Purchases of property and
equipment |
|
(1,098 |
) |
|
|
(2,065 |
) |
Proceeds from sale of
equipment |
|
— |
|
|
|
9 |
|
Net cash provided by investing
activities |
|
4,989 |
|
|
|
56,309 |
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
Proceeds from exercise of
stock options |
|
1,151 |
|
|
|
1,613 |
|
Proceeds from issuance of
common stock under employee stock purchase plan |
|
265 |
|
|
|
- |
|
Net cash provided by financing
activities |
|
1,416 |
|
|
|
1,613 |
|
Net (decrease) increase in
cash and cash equivalents |
|
(8,993 |
) |
|
|
43,493 |
|
Cash and cash equivalents,
beginning of period |
|
46,506 |
|
|
|
11,064 |
|
Cash and cash equivalents, end
of period |
$ |
37,513 |
|
|
$ |
54,557 |
|
Unaudited Reconciliation of Net Loss to
EBITDA(in thousands) |
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(9,375 |
) |
|
$ |
(10,512 |
) |
|
$ |
(18,901 |
) |
|
$ |
(21,394 |
) |
Depreciation and amortization
expense |
|
1,081 |
|
|
|
1,026 |
|
|
|
2,192 |
|
|
|
1,988 |
|
Interest income |
|
(2,593 |
) |
|
|
(2,561 |
) |
|
|
(5,342 |
) |
|
|
(4,857 |
) |
Income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
EBITDA |
$ |
(10,887 |
) |
|
$ |
(12,047 |
) |
|
$ |
(22,051 |
) |
|
$ |
(24,263 |
) |
%
MaxCyte (NASDAQ:MXCT)
Graphique Historique de l'Action
De Sept 2024 à Oct 2024
MaxCyte (NASDAQ:MXCT)
Graphique Historique de l'Action
De Oct 2023 à Oct 2024