Maravai LifeSciences Holdings, Inc. (MRVI) reported total revenue of $185.7 million for the year ended December 31, 2025, a decrease of 28.3% compared to $259.2 million in 2024. The company experienced a net loss of $230.8 million, compared to a net loss of $259.6 million in the previous year. Adjusted EBITDA, a non-GAAP financial measure, was negative $31.2 million, a significant decline from $35.9 million in the prior year. The company operates through two segments: TriLink and Cygnus.
The TriLink segment's revenue decreased by 39.0% to $119.8 million, primarily due to the absence of high-volume CleanCap sales for commercial phase vaccine programs, which contributed $65.9 million in 2024 but did not recur in 2025, as well as lower demand for discovery products. In contrast, the Cygnus segment saw a 5.0% increase in revenue to $66.0 million, driven by strength in host cell protein (HCP) kits and qualification services, along with increased demand for MockV viral clearance kits. Selling, general, and administrative expenses decreased by 10.3% to $145.1 million, mainly due to lower stock-based compensation and corporate expenses, partially offset by higher professional service fees.
Key strategic developments during 2025 included the acquisitions of Molecular Assemblies, Inc. and Officinae Bio, aimed at expanding TriLink's capabilities in next-generation mRNA and CRISPR-based therapies, and leveraging AI and machine learning for therapeutic design. The company also underwent an Executive Leadership Transition, appointing a new Chief Executive Officer and Chief Financial Officer. In August 2025, Maravai implemented a Corporate Realignment Plan, involving a 25% workforce reduction, facilities footprint reduction, and a focus on sustainable long-term growth initiatives. This plan is projected to lower annualized expenses by more than $65.0 million.
Operationally, Maravai faced challenges including goodwill impairments of $12.4 million and $30.4 million related to the TriLink BioTechnologies and Alphazyme reporting units, respectively, and an intangible asset impairment of $25.8 million primarily related to the Alphazyme asset group. As of December 31, 2025, the company had 435 full-time employees globally. The company's intellectual property portfolio includes patents related to CleanCap and MockV technologies, with expiration dates extending to 2036 and 2034, respectively.
Looking ahead, Maravai intends to focus on its core business segments and pursue domestic and international expansion opportunities. The company believes its existing cash reserves and access to credit facilities will be sufficient to meet its cash requirements for the next 12 months and beyond. However, the company acknowledges uncertainties related to customer spending, market acceptance of new products, and potential shifts in government policies. The company's Class A common stock trades on The Nasdaq Global Select Market under the symbol "MRVI."
About MARAVAI LIFESCIENCES HOLDINGS, INC.
Maravai LifeSciences provides critical products and services for biopharmaceutical research, vaccine development, gene and cell therapies, and diagnostics. Its core segments include nucleic acid production—specializing in mRNA, oligonucleotides, and related reagents—and biologics safety testing, focusing on impurity detection and process validation. The company supports customers worldwide through proprietary technologies, high-quality manufacturing, and comprehensive analytical solutions throughout the drug development lifecycle.
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