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 financial results for the third quarter ended
September 30, 2024, and updated its 2024 guidance.
Third Quarter and Recent
Highlights
- Total revenue of
$8.2 million in the third quarter of 2024, an increase of 2% over
the third quarter of 2023.
- Core business
revenue of $8.1 million in the third quarter of 2024, an increase
of 23% over the third quarter of 2023.
- No material
Strategic Platform License (SPL) Program-related revenue was
recorded in the third quarter of 2024, consistent with the
Company’s expectations which reflected $6.0 million in SPL
program-related revenue received during the first two quarters of
2024.
- Six new SPL
clients signed year-to-date. Kamau Therapeutics signed in
September, 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 29.
- Total cash, cash
equivalents and investments were $196.6 million as of September 30,
2024.
“I am pleased with MaxCyte’s financial
performance in the third quarter, and confident in our outlook for
the remainder of 2024. We believe our strong core revenue growth
and increasing demand for our platform was driven by exceptional
commercial execution, and the value proposition that MaxCyte holds
within the cell therapy industry. Coming out of a difficult 2023,
this year we have consistently delivered with three strong quarters
of core revenue, along with disciplined operational execution
allowing us to maintain our healthy cash balance sheet,” said Maher
Masoud, President and CEO at MaxCyte.
“So far in 2024, we have signed 6 new SPLs,
which represents a record number of new SPL clients in a single
year for MaxCyte. Our most recently signed SPL, Kamau Therapeutics,
brings our total number of SPLs to 29. We are very excited by our
customers’ progress on their programs and remain focused on
providing them with the best support possible in their development
efforts. As we expand our technology to more customers and
programs, the ExPERT Platform supports a growing number of
technologies requiring multiple edits and steps, as well as
therapies in a range of new indications.”
In addition to growing revenue, MaxCyte
continues to prioritize its investments towards those that it
believes will provide the best return on investment and long-term
growth. The Company is also continuously evaluating and executing
on opportunities to reduce its cost structure and improve
operational focus and efficiency. As part of these efforts, the
Company is considering the costs and benefits of maintaining dual
listings on AIM and Nasdaq. A potential cancellation of the
admission of its common stock from trading on AIM would allow the
Company to concentrate its efforts exclusively on the NASDAQ
exchange, where the vast majority of its trading volume now occurs.
Concentrating trading on a single exchange is expected to improve
liquidity and reduce the administrative costs associated with
maintaining dual listings. The Board is contemplating requesting
shareholder approval to implement this strategy at the 2025 Annual
Meeting of Shareholders, although no decision has been taken by the
Board at this time in respect of any such cancellation from
admission to trading on AIM. The Company anticipates that the 2025
Annual Meeting will be held between May and July 2025, subject to
the filing of a proxy statement with the Securities and Exchange
Commission.
The following table provides details regarding the sources of
the Company’s revenue for the periods presented.
|
Three Months Ended |
|
|
|
September 30,(Unaudited) |
|
|
|
2024 |
|
2023 |
|
% |
(in thousands, except percentages) |
|
|
|
|
|
|
|
Cell therapy |
$ |
6,511 |
|
$ |
4,700 |
|
39% |
Drug discovery |
|
1,629 |
|
|
1,900 |
|
(14%) |
Program-related |
|
24 |
|
|
1,404 |
|
(98%) |
Total revenue |
$ |
8,164 |
|
$ |
8,004 |
|
2% |
|
Three Months Ended |
|
|
|
September 30(Unaudited) |
|
|
|
2024 |
|
2023 |
|
% |
(in thousands, except percentages) |
|
|
|
|
|
|
|
Instrument |
$ |
1,764 |
|
$ |
1,672 |
|
6% |
PAs |
|
3,432 |
|
|
2,226 |
|
54% |
Lease |
|
2,528 |
|
|
2,444 |
|
3% |
Other |
|
416 |
|
|
258 |
|
61% |
Total Core Revenue |
$ |
8,140 |
|
$ |
6,600 |
|
23% |
In addition to revenue, management regularly reviews key
business metrics to evaluate the business, measure performance,
identify trends affecting the business, formulate financial
projections and make strategic decisions. As of the dates
presented, some key metrics were as follows:
|
|
Three Months Ended September 30, |
|
|
2024 |
|
2023 |
Installed base of instruments
(sold or leased) |
|
739 |
|
664 |
Core Revenue Generated by SPL
Clients as a % of Core Revenue |
|
53% |
|
45% |
Third Quarter 2024 Financial
Results
Total revenue for the third quarter of 2024 was
$8.2 million, compared to $8.0 million in the third quarter of
2023, representing growth of 2%.
Core business revenue (sales and leases of
instrument and disposables to cell therapy and drug discovery
customers, excluding SPL Program-related revenue) for the third
quarter of 2024 was $8.1 million, compared to $6.6 million in the
third quarter of 2023, representing an increase of 23%.
Cell therapy revenue for the third quarter of
2024 was $6.5 million, compared to $4.7 million in the third
quarter of 2023, representing an increase of 39%. Drug discovery
revenue for the third quarter of 2024 was $1.6 million, compared to
$1.9 million in the third quarter of 2023, representing a decline
of 14%.
SPL Program-related revenue was immaterial in
the third quarter of 2024, as compared to $1.4 million in the third
quarter of 2023, representing a decrease of 98% over the third
quarter of 2023.
Gross profit for the third quarter of 2024 was
$6.2 million, compared to $7.2 million in the third quarter of
2023.
Gross margin for the third quarter of 2024 was
76%, compared to gross margin of 90% in the third quarter of 2023.
Non-GAAP adjusted gross margin was 85% when excluding SPL program
related revenue and reserves for excess and obsolete inventory,
compared to non-GAAP adjusted gross margin of 88% in the third
quarter of 2023.
Operating expenses for the third quarter of 2024
were $20.3 million, compared to operating expenses of $21.2 million
in the third quarter of 2023.
Third quarter 2024 net loss was $11.6 million
compared to net loss of $11.3 million for the same period in 2023.
EBITDA, a non-GAAP measure, was a loss of $13.0 million for the
third quarter of 2024, compared to a loss of $12.9 million for the
third quarter of 2023; stock-based compensation expense was $3.4
million in the third quarter of 2024 compared to $3.6 million in
the third quarter of 2023.
2024 Revenue Guidance
MaxCyte increases 2024 revenue guidance for core
business revenue and affirms SPL Program-related revenue
guidance.
MaxCyte now expects full year 2024 core business
revenue of at least 5% growth compared to 2023. SPL Program-related
revenue is expected to be approximately $6 million. The outlook for
the full year does not include SPL Program-related revenue from
Vertex/CRISPR’s CASGEVY™.
MaxCyte now expects to end 2024 with
approximately $185 million in total cash, cash equivalents and
investments.
Webcast and Conference Call
Details
MaxCyte will host a conference call today, November 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 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 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; the amount and
adequacy of our cash resources; and our plans with respect to
potential cancellation of the admission of our common stock from
trading on the AIM exchange.
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 AdviserGilmartin
GroupDavid Deuchler, CFA+1 415-937-5400ir@maxcyte.com
US Media RelationsSpectrum
ScienceJordan Vines+1
540-629-3137jvines@spectrumscience.com
Nominated Adviser and Joint Corporate
BrokerPanmure LiberumEmma Earl / Freddy CrossleyCorporate
BrokingRupert Dearden+44 (0)20 7886 2500
UK IR AdviserICR
HealthcareMary-Jane ElliottChris Welsh+44 (0)203 709
5700maxcyte@icrhealthcare.com
MaxCyte, Inc. |
Unaudited Consolidated Balance Sheets |
(in thousands, except share and per share
amounts) |
|
|
As of |
|
|
September 30, 2024 |
|
December 31, 2023 |
Assets |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
36,958 |
|
|
$ |
46,506 |
|
Short-term investments, at
amortized cost |
|
|
116,874 |
|
|
|
121,782 |
|
Accounts receivable, net |
|
|
4,560 |
|
|
|
5,778 |
|
Inventory |
|
|
10,393 |
|
|
|
12,229 |
|
Prepaid expenses and other
current assets |
|
|
4,124 |
|
|
|
3,899 |
|
Total current
assets |
|
|
172,909 |
|
|
|
190,194 |
|
|
|
|
|
|
|
|
Investments, non-current, at
amortized cost |
|
|
42,797 |
|
|
|
42,938 |
|
Property and equipment,
net |
|
|
20,967 |
|
|
|
23,513 |
|
Right-of-use asset - operating
leases |
|
|
10,888 |
|
|
|
11,241 |
|
Other assets |
|
|
1,051 |
|
|
|
388 |
|
Total
assets |
|
$ |
248,612 |
|
|
$ |
268,274 |
|
|
|
|
|
|
|
|
Liabilities and
stockholders’ equity |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
1,865 |
|
|
$ |
743 |
|
Accrued expenses and
other |
|
|
8,196 |
|
|
|
11,269 |
|
Operating lease liability,
current |
|
|
907 |
|
|
|
774 |
|
Deferred revenue, current
portion |
|
|
6,653 |
|
|
|
5,069 |
|
Total current
liabilities |
|
|
17,621 |
|
|
|
17,855 |
|
|
|
|
|
|
|
|
Operating lease liability, net
of current portion |
|
|
17,412 |
|
|
|
17,969 |
|
Other liabilities |
|
|
277 |
|
|
|
283 |
|
Total
liabilities |
|
|
35,310 |
|
|
|
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 September 30, 2024 and December 31, 2023 |
|
|
— |
|
|
|
— |
|
Common stock, $0.01 par value;
400,000,000 shares authorized, 105,300,380 and 103,961,670
shares issued and outstanding at September 30, 2024
and December 31, 2023, respectively |
|
|
1,053 |
|
|
|
1,040 |
|
Additional paid-in
capital |
|
|
418,505 |
|
|
|
406,925 |
|
Accumulated deficit |
|
|
(206,256 |
) |
|
|
(175,798 |
) |
Total stockholders’
equity |
|
|
213,302 |
|
|
|
232,167 |
|
Total liabilities and
stockholders’ equity |
|
$ |
248,612 |
|
|
$ |
268,274 |
|
MaxCyte, Inc. |
Unaudited Consolidated Statements of
Operations |
(in thousands, except share and per share
amounts) |
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
|
$ |
8,164 |
|
|
$ |
8,004 |
|
|
$ |
29,934 |
|
|
$ |
25,623 |
|
Cost of goods sold |
|
|
1,928 |
|
|
|
793 |
|
|
|
4,819 |
|
|
|
3,169 |
|
Gross
profit |
|
|
6,236 |
|
|
|
7,211 |
|
|
|
25,115 |
|
|
|
22,454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
5,316 |
|
|
|
6,264 |
|
|
|
17,613 |
|
|
|
17,975 |
|
Sales and marketing |
|
|
6,207 |
|
|
|
7,046 |
|
|
|
20,188 |
|
|
|
19,778 |
|
General and
administrative |
|
|
7,745 |
|
|
|
6,820 |
|
|
|
22,487 |
|
|
|
21,982 |
|
Depreciation and
amortization |
|
|
1,021 |
|
|
|
1,033 |
|
|
|
3,123 |
|
|
|
2,922 |
|
Total operating
expenses |
|
|
20,289 |
|
|
|
21,163 |
|
|
|
63,411 |
|
|
|
62,657 |
|
Operating
loss |
|
|
(14,053 |
) |
|
|
(13,952 |
) |
|
|
(38,296 |
) |
|
|
(40,203 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
income: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
2,496 |
|
|
|
2,701 |
|
|
|
7,838 |
|
|
|
7,558 |
|
Total other
income |
|
|
2,496 |
|
|
|
2,701 |
|
|
|
7,838 |
|
|
|
7,558 |
|
Net loss |
|
$ |
(11,557 |
) |
|
$ |
(11,251 |
) |
|
$ |
(30,458 |
) |
|
$ |
(32,645 |
) |
Basic and diluted net
loss per share |
|
$ |
(0.11 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.32 |
) |
Weighted average
shares outstanding, basic and
diluted |
|
|
105,109,603 |
|
|
|
103,449,715 |
|
|
|
104,614,679 |
|
|
|
103,121,997 |
|
MaxCyte, Inc. |
Unaudited Consolidated Statements of Cash
Flows |
(in thousands) |
|
|
Nine months ended September 30, |
|
|
2024 |
|
2023 |
Cash flows from
operating activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(30,458 |
) |
|
$ |
(32,645 |
) |
|
|
|
|
|
|
|
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
|
Depreciation and
amortization |
|
|
3,258 |
|
|
|
3,069 |
|
Non-cash lease expense |
|
|
353 |
|
|
|
286 |
|
Net book value of consigned
equipment sold |
|
|
35 |
|
|
|
80 |
|
Loss on disposal of fixed
assets |
|
|
462 |
|
|
|
2 |
|
Stock-based compensation |
|
|
9,949 |
|
|
|
10,405 |
|
Credit loss (recovery)
expense |
|
|
(130 |
) |
|
|
221 |
|
Change in excess/obsolete
inventory reserve |
|
|
834 |
|
|
|
— |
|
Amortization of discounts on
investments |
|
|
(5,052 |
) |
|
|
(5,123 |
) |
|
|
|
|
|
|
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
1,348 |
|
|
|
3,571 |
|
Accounts receivable - TIA |
|
|
— |
|
|
|
1,912 |
|
Inventory |
|
|
835 |
|
|
|
(4,088 |
) |
Prepaid expense and other
current assets |
|
|
(225 |
) |
|
|
(924 |
) |
Other assets |
|
|
(732 |
) |
|
|
190 |
|
Accounts payable, accrued
expenses and other |
|
|
(1,420 |
) |
|
|
1,520 |
|
Operating lease liability |
|
|
(424 |
) |
|
|
(13 |
) |
Deferred revenue |
|
|
1,584 |
|
|
|
(1,127 |
) |
Other liabilities |
|
|
(6 |
) |
|
|
(3 |
) |
Net cash used in operating
activities |
|
|
(19,789 |
) |
|
|
(22,667 |
) |
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
Purchases of investments |
|
|
(118,339 |
) |
|
|
(185,621 |
) |
Maturities of investments |
|
|
128,440 |
|
|
|
247,520 |
|
Purchases of property and
equipment |
|
|
(1,504 |
) |
|
|
(2,785 |
) |
Proceeds from sale of
equipment |
|
|
— |
|
|
|
9 |
|
Net cash provided by investing
activities |
|
|
8,597 |
|
|
|
59,123 |
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
Proceeds from exercise of
stock options |
|
|
1,379 |
|
|
|
1,650 |
|
Proceeds from issuance of
common stock under employee stock purchase plan |
|
|
265 |
|
|
|
— |
|
Net cash provided by financing
activities |
|
|
1,644 |
|
|
|
1,650 |
|
Net (decrease) increase in
cash and cash equivalents |
|
|
(9,548 |
) |
|
|
38,106 |
|
Cash and cash equivalents,
beginning of period |
|
|
46,506 |
|
|
|
11,064 |
|
Cash and cash equivalents, end
of period |
|
$ |
36,958 |
|
|
$ |
49,170 |
|
Unaudited Reconciliation of Net Loss to
EBITDA |
(in thousands) |
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Net loss |
$ |
(11,557 |
) |
|
$ |
(11,251 |
) |
|
$ |
(30,458 |
) |
|
$ |
(32,645 |
) |
Depreciation and amortization
expense |
|
1,066 |
|
|
|
1,081 |
|
|
|
3,258 |
|
|
|
3,069 |
|
Interest income |
|
(2,496 |
) |
|
|
(2,701 |
) |
|
|
(7,838 |
) |
|
|
(7,558 |
) |
Income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
EBITDA |
$ |
(12,987 |
) |
|
$ |
(12,871 |
) |
|
$ |
(35,038 |
) |
|
$ |
(37,134 |
) |
Unaudited Reconciliation of Gross Margin to Non-GAAP
Adjusted Gross Margin |
(in thousands, except for percentages) |
|
|
Three months ended September 30, 2024 |
|
Three months ended September 30, 2023 |
|
GAAP |
|
Adjustments |
|
Non-GAAP |
|
GAAP |
|
Adjustments |
|
Non-GAAP |
Revenue |
$ |
8,164 |
|
|
$ |
(24 |
) |
|
$ |
8,140 |
|
|
$ |
8,004 |
|
|
$ |
(1,404 |
) |
|
$ |
6,600 |
|
Cost of Goods Sold |
|
1,928 |
|
|
|
(697 |
) |
|
|
1,231 |
|
|
|
793 |
|
|
|
— |
|
|
|
793 |
|
Gross Margin |
$ |
6,236 |
|
|
$ |
673 |
|
|
$ |
6,909 |
|
|
$ |
7,211 |
|
|
$ |
(1,404 |
) |
|
$ |
5,807 |
|
Gross Margin % |
|
76 |
% |
|
|
|
|
|
85 |
% |
|
|
90 |
% |
|
|
|
|
|
88 |
% |
Maxcyte (LSE:MXCT)
과거 데이터 주식 차트
부터 10월(10) 2024 으로 11월(11) 2024
Maxcyte (LSE:MXCT)
과거 데이터 주식 차트
부터 11월(11) 2023 으로 11월(11) 2024