MaxCyte, Inc. reported its financial results for the second quarter of 2025, revealing a total revenue of $8.5 million, a decrease of 18% from $10.4 million in the same period last year. For the first half of 2025, revenue totaled $18.9 million, down 13% from $21.8 million in the first half of 2024. The decline in revenue was primarily attributed to a significant drop in program-related revenue, which fell by 89% in the second quarter compared to the previous year. However, core revenue, which includes instrument sales and processing assemblies, increased by 8% to $8.2 million in the second quarter, driven by higher sales of instruments and processing assemblies.
The company reported a net loss of $12.4 million for the second quarter, compared to a loss of $9.4 million in the same period last year. For the first half of 2025, the net loss was $22.6 million, up from $18.9 million in the first half of 2024. Operating expenses rose slightly to $21.2 million in the second quarter, primarily due to increased research and development costs associated with the acquisition of SeQure Dx, Inc., which was completed in January 2025. This acquisition is expected to enhance MaxCyte's capabilities in serving cell and gene therapy developers.
MaxCyte's balance sheet as of June 30, 2025, showed total assets of $219.8 million, down from $239.5 million at the end of 2024. The company had cash and cash equivalents of $15.2 million, a decrease from $27.9 million at the end of the previous year. The decline in cash reserves was attributed to increased operational losses and investments in growth initiatives. The company’s accumulated deficit reached $239.5 million as of June 30, 2025.
In terms of operational metrics, MaxCyte's customer base continues to grow, with 31 strategic platform license (SPL) partners, including three new agreements signed in 2025. The company is focused on expanding its market presence and enhancing its product offerings, particularly in the cell therapy sector. The integration of SeQure is expected to provide additional tools and services to support early research and clinical development, potentially leading to increased revenue in the future.
Looking ahead, MaxCyte anticipates continued investment in research and development, sales, and marketing to drive growth. The company expects to incur further operating losses in the near term as it scales its operations and expands its product lines. Management remains optimistic about the long-term growth potential of the cell therapy market and the company's ability to capitalize on emerging opportunities.
About MAXCYTE INC
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