MaxCyte, Inc. (NASDAQ: MXCT; LON:MXCT), a leading, cell-engineering focused company providing enabling platform technologies to advance the discovery, development and commercialization of next-generation cell therapeutics, has 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 of 45% 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 of 20% 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 of 6% over the full year 2023.
· Core business revenue of $32.5 million for the full year 2024, an increase of 9% 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 | (30%) | $ | 7,083 | $ | 8,317 | (15%) | |||||||||||||||||||||
| PAs and consumables | 4,169 | 2,163 | 93% | 14,006 | 10,283 | 36% | |||||||||||||||||||||||||
| Licenses | 2,554 | 2,406 | 6% | 10,297 | 10,326 | (0%) | |||||||||||||||||||||||||
| Other | 258 | 263 | (2%) | 1,126 | 897 | 26% | |||||||||||||||||||||||||
| Total Core Revenue | $ | 8,610 | $ | 7,162 | 20% | $ | 32,512 | $ | 29,823 | 9% | |||||||||||||||||||||
| Program-Related | 83 | 8,504 | (99%) | 6,115 | 11,465 | (47%) | |||||||||||||||||||||||||
| Total Revenue | $ | 8,693 | $ | 15,666 | (45%) | $ | 38,627 | $ | 41,288 | (6%) | |||||||||||||||||||||
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 | 55% | 48% | 42% | |
| 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 $8.7 million, compared to $15.7 million in the fourth quarter of 2023, representing a decrease of 45%. The decrease in total revenue was due to multiple one-time approval milestones in the fourth quarter of 2023.
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 $8.6 million, compared to $7.2 million in the fourth quarter of 2023, representing an increase of 20%.
SPL Program-related revenue was $0.1 million in the fourth quarter of 2024, as compared to $8.5 million in the fourth quarter of 2023.
Gross profit for the fourth quarter of 2024 was $6.4 million (74% gross margin), compared to $14.1 million (90% gross margin) in the fourth quarter of 2023. Non-GAAP adjusted gross margin was 84% when excluding SPL Program-related revenue and reserves for excess and obsolete inventory, compared to non-GAAP adjusted gross margin of 86% in the fourth quarter of 2023.
Operating expenses for the fourth quarter of 2024 were $19.3 million, compared to operating expenses of $22.2 million in the fourth quarter of 2023.
Fourth quarter 2024 net loss was $10.6 million compared to net loss of $5.3 million for the same period in 2023. EBITDA, a non-GAAP measure, was a loss of $11.8 million for the fourth quarter of 2024, compared to a loss of $7.0 million for the fourth quarter of 2023; stock-based compensation expense was $3.1 million in the fourth quarter of 2024 compared to $3.6 million in the fourth quarter of 2023.
Full Year 2024 Financial Results
Total revenue for 2024 was $38.6 million, compared to $41.3 million in 2023, representing a decrease of 6%.
Core business revenue (sales of instruments, PAs and consumables, and licenses, excluding SPL Program-related revenue) for 2024 was $32.5 million, compared to $29.8 million for 2023, representing an increase of 9%.
SPL Program-related revenue was $6.1 million in 2024, as compared to $11.5 million in 2023.
Gross profit for 2024 was $31.5 million (82% gross margin), compared to $36.5 million (89% gross margin) in the prior year. Non-GAAP adjusted gross margin was 84% when excluding SPL Program-related revenue and reserves for excess and obsolete inventory, compared to non-GAAP adjusted gross margin of 86% in 2023.
Operating expenses for 2024 were $82.7 million, compared to operating expenses of $84.8 million in 2023.
Full year 2024 net loss was $41.1 million compared to a loss of $37.9 million in 2023. 2024 EBITDA was a loss of $46.9 million compared to a loss of $44.1 million in 2023; total stock-based compensation for 2024 was $13.1 million, compared to $14.0 million for 2023.
Total cash, cash equivalents and investments were $190.3 million as of December 31, 2024, compared to $211.2 million as of December 31, 2023.
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% to 15% 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 $160 million in total cash, cash equivalents and investments.
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/.
