MaxCyte, Inc. reported a total revenue of $33.0 million for the fiscal year ending December 31, 2025, a decrease of 15% from $38.6 million in 2024. The decline was primarily attributed to reduced sales in processing assemblies (PAs) and consumables, which fell by 15% to $11.9 million, and a 13% drop in license revenue to $8.9 million. The company also experienced a significant decrease in strategic platform license (SPL) program-related revenue, which fell by 44% to $3.4 million due to fewer clinical and regulatory milestones being achieved during the year. Despite these challenges, MaxCyte's gross profit margin remained relatively stable at 81%, down slightly from 82% in the previous year.
The company incurred a net loss of $44.6 million in 2025, compared to a loss of $41.1 million in 2024, bringing its accumulated deficit to $261.5 million. Operating expenses totaled $78.7 million, a decrease from $82.7 million in 2024, largely due to reductions in sales and marketing expenses following a workforce reduction plan that cut approximately 34% of the company's global workforce. Additionally, MaxCyte recorded a goodwill impairment charge of $3.6 million related to its acquisition of SeQure, which was completed in January 2025.
MaxCyte's customer base includes 32 SPL customers, with one customer accounting for 26% of total revenue in 2025. The company has placed over 857 electroporation instruments globally, which it views as a key indicator of future revenue potential. The installed base is expected to drive sales of PAs and consumables as customers progress through clinical development. The company anticipates that its SPL agreements, which have the potential to generate over $2 billion in milestone payments, will continue to grow as more customers advance their programs.
Looking ahead, MaxCyte plans to focus on expanding its commercial operations and product offerings, particularly in the cell therapy market, which is experiencing significant growth. The company expects to incur further operating losses as it invests in research and development, sales and marketing, and scaling its manufacturing capabilities. Despite the challenges, MaxCyte believes its existing cash reserves, which totaled $103 million as of December 31, 2025, will be sufficient to fund operations for at least the next 12 months. However, the company acknowledges the potential need for additional funding in the future to support its growth initiatives.
About MAXCYTE INC
MaxCyte, Inc. is a leading cell engineering company specializing in advanced platform technologies for cell and gene therapies. Its proprietary Flow Electroporation technology enables efficient delivery of molecules into cells, supporting biopharmaceutical companies and academic institutions. With a growing market opportunity in cell therapy, MaxCyte's ExPERT platform includes various instruments and disposables. Recent innovations include the acquisition of SeQure Dx, enhancing its service offerings in gene editing assessments.
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