MaxCyte Reports Q1 2025 Revenue Decline to $10.4 Million, Net Loss Increases

MaxCyte, Inc. reported its financial results for the first quarter of 2025, revealing a total revenue of $10.4 million, a decrease of 8% from $11.3 million in the same period last year. The decline was primarily attributed to a reduction in program-related revenue and instrument sales, despite a slight increase in processing assembly (PA) revenue. The company incurred a net loss of $10.3 million, compared to a net loss of $9.5 million in the prior year, resulting in a basic and diluted loss per share of $0.10, up from $0.09.

In terms of operational metrics, MaxCyte's gross profit for the quarter was $8.9 million, reflecting a gross margin of 86%, down from 88% in the previous year. The cost of goods sold increased by 7% to $1.5 million, driven by higher disposable sales and assay services. The company’s total operating expenses decreased to $21.2 million from $22.2 million, with notable reductions in research and development and sales and marketing expenses, which fell by 12% and 23%, respectively. However, general and administrative expenses rose by 20% due to increased legal and professional fees associated with the recent acquisition of SeQure.

MaxCyte's acquisition of SeQure, completed on January 29, 2025, is a significant strategic development aimed at enhancing its capabilities in gene-editing assessment services for cell and gene therapies. The acquisition is expected to expand MaxCyte's service offerings and strengthen its position in the market. The preliminary purchase price for SeQure was approximately $2.3 million, with additional contingent consideration based on future revenue targets. The financial results of SeQure have been included in MaxCyte's consolidated statements since the acquisition date.

As of March 31, 2025, MaxCyte's total assets stood at $230 million, a decrease from $239.5 million at the end of 2024. The company reported cash and cash equivalents of $23.4 million, down from $27.9 million, while total liabilities decreased to $30.5 million from $33.2 million. The company’s accumulated deficit increased to $227.1 million, reflecting ongoing investments in growth and development. MaxCyte continues to focus on expanding its customer base and enhancing its product offerings, with expectations of revenue growth as its partners advance their clinical programs.

Looking ahead, MaxCyte anticipates continued investment in research and development, sales, and marketing efforts to drive future growth. The company expects to incur operating losses in the near term as it scales its operations and expands its market presence. Management remains optimistic about the potential for increased revenue from its existing and new partnerships, particularly as the cell therapy market continues to evolve.