MaxCyte Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Full Year 2026 Guidance
Fourth quarter 2025 total revenue of $7.3 million at the top of the range of previous preliminary announcement
Full year 2025 revenue of $33.0 million, at the top of the range of previous preliminary announcement
Total cash, cash equivalents and investments were $155.6 million as of December 31, 2025. Expects to end 2026 with at least $136 million in total cash, cash equivalents and investments
Expects 2026 revenue of $30-32 million; with Core revenue of $25-27 million and Strategic Platform License (SPL) Program-related of $5 million
ROCKVILLE, Md., March 24, 2026 (GLOBE NEWSWIRE) -- MaxCyte, Inc., (NASDAQ: MXCT), a leading, cell-engineering focused company providing enabling platform technologies to advance the discovery, development and commercialization of next-generation cell therapeutics, today announced its fourth quarter and full year ended December 31, 2025 financial results and initiated its 2026 guidance.
“Our 2025 revenues were impacted by headwinds from select SPL customers, including a 15% reduction in purchases and leases from our largest customer, which we expect to stabilize in the second half of 2026 and grow from that new base. Despite these near-term challenges, we made meaningful progress in 2025: reducing annual cash burn by more than $16 million, streamlining our cost structure, and advancing new product launches, all which we believe will strengthen MaxCyte 's position in the growing cell and gene therapy market for the long term,” said Maher Masoud, President and CEO of MaxCyte.
“We also continued to expand our SPL portfolio, by signing 4 new SPLs in 2025. As we look ahead to 2026, we will focus on growing our sales pipeline across our ExPERT electroporation platform and SeQure assay services business units, including driving growth in our new ExPERT DTx discovery platform which launched last month. Our 2026 total revenue guidance calls for $30-32 million, which we believe is appropriate as it includes approximately $4 million in core revenue headwind from select SPL customers, which began to impact revenue in the second half of 2025. I remain more excited than ever in the future growth of our company. I believe we now will be supporting up to four therapies in Phase III by the end of 2026 and have already received a milestone payment for one of these therapies. The expansion of CGT, including ongoing clinical progress, which we are part of, underpins the long-term opportunity for MaxCyte,” he added.
Fourth Quarter and Full Year Highlights
- Total revenue of $7.3 million in the fourth quarter of 2025, a decrease of 16% over the fourth quarter of 2024.
- Core business revenue of $6.8 million in the fourth quarter of 2025, a decrease of 22% over the fourth quarter of 2024.
- Strategic Platform License (SPL) Program-related revenue was $0.5 million for the fourth quarter of 2025, compared to $0.1 million in the fourth quarter of 2024.
- Total revenue of $33.0 million for the full year 2025, a decrease of 15% over the full year 2024.
- Core business revenue of $29.6 million for the full year 2025, a decrease of 9% over the full year 2024.
- SPL Program-related revenue was $3.4 million for the full year 2025, compared to $6.1 million in full year 2024.
- Ended the year with 32 SPL agreements that include 13 programs currently in the clinic (defined as programs with at least a cleared IND or equivalent) and one commercial program.
- Total cash, cash equivalents and investments were $155.6 million as of December 31, 2025.
The following tables provide details regarding the sources of our revenue for the periods presented.
| Three Months Ended | Year Ended | ||||||||||||||||
| December 31, | December 31, | ||||||||||||||||
| 2025 | 2024 | % | 2025 | 2024 | % | ||||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||||||
| (in thousands, except percentages) | |||||||||||||||||
| Instrument | $ | 1,841 | $ | 1,629 | 13 | % | $ | 6,802 | $ | 7,083 | (4 | %) | |||||
| PAs and consumables | 2,312 | 4,169 | (45 | %) | 11,889 | 14,006 | (15 | %) | |||||||||
| Licenses | 1,993 | 2,554 | (22 | %) | 8,946 | 10,297 | (13 | %) | |||||||||
| Assay Services | 335 | - | - | 776 | - | - | |||||||||||
| Other | 274 | 258 | 6 | % | 1,190 | 1,126 | 6 | % | |||||||||
| Total Core Revenue | $ | 6,755 | $ | 8,610 | (22 | %) | $ | 29,603 | $ | 32,512 | (9 | %) | |||||
| Milestones | 4 | 4 | 0 | % | 2,265 | 6,015 | (62 | %) | |||||||||
| Royalties | 541 | 79 | 586 | % | 1,158 | 100 | (44 | %) | |||||||||
| Total Revenue | $ | 7,300 | $ | 8,693 | (16 | %) | $ | 33,026 | $ | 38,627 | (15 | %) |
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, | |||
| 2025 | 2024 | 2023 | |
| Installed base of instruments (sold or licensed) | 857 | 760 | 683 |
| Core Revenue Generated by SPL Clients as a % of Core Revenue | 47% | 55% | 48% |
| Number of SPLs | 32 | 28 | 23 |
| Total number of licensed clinical programs under SPLs currently in the clinic | 13 | 18 | 16 |
| Total number of licensed programs under SPLs currently commercial | 1 | 1 | 1 |
Fourth Quarter 2025 Financial Results
Total revenue for the fourth quarter of 2025 was $7.3 million, compared to $8.7 million in the fourth quarter of 2024, representing a decrease of 16%.
Core business revenue (sales of instruments, PAs and consumables, assay services, and licenses to customers, excluding SPL Program-related revenue) for the fourth quarter of 2025 was $6.8 million, compared to $8.6 million in the fourth quarter of 2024, representing a decrease of 22%.
SPL Program-related revenue was $0.5 million in the fourth quarter of 2025, as compared to $0.1 million in the fourth quarter of 2024.
Gross profit for the fourth quarter of 2025 was $5.7 million (78% gross margin), compared to $6.4 million (74% gross margin) in the fourth quarter of 2024. Non-GAAP adjusted gross margin was 78% when excluding SPL Program-related revenue and reserves for excess and obsolete inventory, compared to non-GAAP adjusted gross margin of 84% in the fourth quarter of 2024.
Operating expenses for the fourth quarter of 2025 were $16.9 million, compared to operating expenses of $19.3 million in the fourth quarter of 2024.
Fourth quarter 2025 net loss was $9.6 million compared to net loss of $10.6 million for the same period in 2024. EBITDA, a non-GAAP measure, was a loss of $10.2 million for the fourth quarter of 2025, compared to a loss of $11.8 million for the fourth quarter of 2024; stock-based compensation expense was $0.7 million in the fourth quarter of 2025 compared to $3.1 million in the fourth quarter of 2024.
Full Year 2025 Financial Results
Total revenue for 2025 was $33.0 million, compared to $38.6 million in 2024, representing a decrease of 15%.
Core business revenue (sales of instruments, PAs and consumables, assay services, and licenses, excluding SPL Program-related revenue) for 2025 was $29.6 million, compared to $32.5 million in 2024, representing a decrease of 9%.
SPL Program-related revenue was $3.4 million in 2025, as compared to $6.1 million in 2024.
Gross profit for 2025 was $26.8 million (81% gross margin), compared to $31.5 million (82% gross margin) in the prior year. Non-GAAP adjusted gross margin was 81% when excluding SPL Program-related revenue and reserves for excess and obsolete inventory, compared to non-GAAP adjusted gross margin of 84% in 2024.
Operating expenses for 2025 were $78.7 million, compared to operating expenses of $82.7 million in 2024.
Full year 2025 net loss was $44.6 million compared to a loss of $41.1 million in 2024. 2025 EBITDA was a loss of $47.6 million compared to a loss of $46.9 million in 2024; total stock-based compensation for 2025 was $9.2 million, compared to $13.1 million for 2024.
Total cash, cash equivalents and investments were $155.6 million as of December 31, 2025, compared to $190.3 million as of December 31, 2024.
Full Year 2026 Guidance
MaxCyte is providing initial revenue guidance for full year 2026
- Full year revenue expected to be $30 million to $32 million consisting of:
- Core revenue of $25 million to $27 million.
- SPL Program-related revenue of approximately $5 million for the year; SPL Program-related revenue guidance includes both revenue of approximately $3 million from milestone payments and approximately $2 million from commercial royalties.
MaxCyte expects to end 2026 with at least $136 million in total cash, cash equivalents and investments.
Webcast and Conference Call Details
MaxCyte will host a conference call today, March 24, 2026, 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/.
About MaxCyte
At MaxCyte®, we are committed to building better cells together. As a leading cell-engineering company, we are driving the discovery, development and commercialization of next-generation cell therapies. Our best-in-class Flow Electroporation® technology and SeQure DX™ gene editing risk assessment services enable precise, efficient and scalable cell engineering. Supported by expert scientific, technical and regulatory guidance, our platform empowers researchers from around the world to engineer diverse cell types and payloads, accelerating the development of safe and effective treatments for human health. For more than 25 years, we 've been advancing cell engineering, shaping the future of medicine. Learn more at maxcyte.com and follow us on X and LinkedIn.
Non-GAAP Financial Measures
This press release contains EBITDA, which is a non-GAAP measure defined as earnings before interest income and expense, taxes, depreciation and amortization. This press release also contains Adjusted EBITDA, which is a non-GAAP measure defined as earnings before interest, taxes, depreciation, amortization, goodwill impairment and one-time restructuring charges. MaxCyte believes that EBITDA and Adjusted EBITDA provide useful information to management and investors relating to its results of operations. The company’s management uses these non-GAAP measures to compare the company’s performance to that of prior periods for trend analyses, and for budgeting and planning purposes. The company believes that the use of EBITDA and Adjusted EBITDA provide an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the company’s financial measures with other companies, many of which present similar non-GAAP financial measures to investors, and that it allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making.
This press release also contains Non-GAAP Gross Margin, which we define as Gross Margin when excluding SPL program related revenue and reserves for excess and obsolete inventory. The Company believes that the use of Non-GAAP Gross Margin provides an additional tool to investors because it provides consistency and comparability with past financial performance, as Non-GAAP Gross Margin excludes non-core revenues and inventory reserves, which can vary significantly between periods and thus affect comparability.
Management does not consider these Non-GAAP financial measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these Non-GAAP financial measures is that they exclude significant revenues and expenses that are required by GAAP to be recorded in the Company’s financial statements. In order to compensate for these limitations, management presents these Non-GAAP financial measures along with GAAP results. Non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. Reconciliation tables of net loss, the most comparable GAAP financial measure, to EBITDA and Adjusted EBITDA, and Gross Margin, the most comparable GAAP financial measure, to Non-GAAP Gross Margin, are included at the end of this release. MaxCyte urges investors to review the reconciliation and not to rely on any single financial measure to evaluate the company’s business.
Forward-Looking Statements
This press release contains "forward-looking statements " within the meaning of the "safe harbor " provisions of the Private Securities Litigation Reform Act of 1995. These statements about us and our industry involve substantial known and unknown risks, uncertainties, and assumptions, including those described in Item 1A under the heading “Risk Factors” and elsewhere in our report on Form 10-K, that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations or financial condition, business strategy and plans, customer expectations and objectives of management for future operations, are forward-looking statements. Forward-looking statements include, but are not limited to, statements about possible or future results of operations or financial position. In some cases, you can identify forward-looking statements because they contain words such as "may, " “might,” "will, " "could, " "would, " "should, " "expect, " "plan, " "anticipate, " "intend, " "believe, " "estimate, " “seek,” "predict, " “future,” "project, " "potential, " "continue, " “contemplate,” "target,” the negative of these words and similar words or expressions. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. The forward-looking statements contained in this press release, include, without limitation, statements concerning the following: our expected future growth and success of our business model; the size and growth potential of the markets for our products, and our ability to serve those markets, increase our market share, and achieve and maintain industry leadership; our ability to expand our customer base and enter into additional SPL partnerships; expectations regarding customer-level activities; our financial performance and capital requirements; the adequacy of our cash resources and availability of financing on commercially reasonable terms; our expectations regarding general market and economic conditions that may impact investor confidence in the biopharmaceutical industry and affect the amount of capital such investors provide to our current and potential partners; and our use of available capital resources.
These and other risks and uncertainties are described in greater detail in Item 1A , entitled "Risk Factors,” in our Annual Report on Form 10-K for the year ended December 31, 2025, to be filed with the Securities and Exchange Commission on or about March 25, 2026, as well as in discussions of potential risks, uncertainties, and other important factors in the other filings that we make with the Securities and Exchange Commission from time to time. These documents are available through the Investor Menu, Financials section, under “SEC Filings” on the Investors page of our website at http://investors.maxcyte.com. Any forward-looking statements in this press release are based on our current beliefs and opinions on the relevant subject based on information available to us as of the date of such press release, and you should not rely on forward-looking statements as predictions of future events. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
MaxCyte Contacts:
US IR Adviser
Gilmartin Group
David Deuchler, CFA
+1 415-937-5400
ir@maxcyte.com
Media Contact
Oak Street Communications
Kristen White
kristen@oakstreetcommunications.com
415.608.6060
| MaxCyte, Inc. Consolidated Balance Sheets (in thousands, except share and per share amounts) | |||||||
| December 31, 2025 (unaudited) | December 31, 2024 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 20,065 | $ | 27,884 | |||
| Short-term investments, at amortized cost | 82,979 | 126,598 | |||||
| Accounts receivable, net | 3,503 | 4,682 | |||||
| Inventory | 7,547 | 8,914 | |||||
| Prepaid expenses and other current assets | 4,275 | 3,606 | |||||
| Total current assets | 118,369 | 171,684 | |||||
| Investments, non-current, at amortized cost | 52,570 | 35,781 | |||||
| Property and equipment, net | 17,531 | 19,707 | |||||
| Right-of-use asset - operating leases | 10,920 | 10,766 | |||||
| Intangible assets, net | 650 | - | |||||
| Other assets | 2,467 | 1,532 | |||||
| Total assets | $ | 202,507 | 239,470 | ||||
| Liabilities and stockholders’ equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 1,401 | $ | 1,358 | |||
| Accrued expenses and other | 7,812 | 8,302 | |||||
| Operating lease liability, current | 1,456 | 864 | |||||
| Deferred revenue, current portion | 3,598 | 5,251 | |||||
| Total current liabilities | 14,267 | 15,775 | |||||
| Operating lease liability, net of current portion | 16,487 | 17,170 | |||||
| Other liabilities | 263 | 274 | |||||
| Total liabilities | 31,017 | 33,219 | |||||
| Commitments and contingencies | |||||||
| Stockholders’ equity | |||||||
| Preferred stock, $0.01 par value; 5,000,000 shares authorized and no shares issued and outstanding at December 31, 2025 and December 31, 2024 | — | — | |||||
| Common stock, $0.01 par value; 400,000,000 shares authorized, 106,789,618 and 105,711,093 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 1,068 | 1,057 | |||||
| Additional paid-in capital | 431,905 | 422,047 | |||||
| Accumulated deficit | (261,483 | ) | (216,853 | ) | |||
| Total stockholders’ equity | 171,490 | 206,251 | |||||
| Total liabilities and stockholders’ equity | $ | 202,507 | $ | 239,470 |
| MaxCyte, Inc. Consolidated Statements of Operations (in thousands, except share and per share amounts) | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2025 (Unaudited) | 2024 (Unaudited) | 2025 (Unaudited) | 2024 | ||||||||||||
| Revenue | $ | 7,300 | $ | 8,693 | $ | 33,026 | $ | 38,627 | |||||||
| Cost of goods sold | 1,610 | 2,281 | 6,222 | 7,100 | |||||||||||
| Gross profit | 5,690 | 6,412 | 26,804 | 31,527 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 3,335 | 4,614 | 20,823 | 22,227 | |||||||||||
| Sales and marketing | 3,504 | 6,473 | 18,924 | 26,661 | |||||||||||
| General and administrative | 5,482 | 7,206 | 28,116 | 29,693 | |||||||||||
| Restructuring expense | — | — | 3,058 | — | |||||||||||
| Goodwill impairment | 3,554 | — | 3,554 | — | |||||||||||
| Depreciation and amortization | 1,041 | 1,020 | 4,226 | 4,143 | |||||||||||
| Total operating expenses | 16,916 | 19,313 | 78,701 | 82,724 | |||||||||||
| Operating loss | (11,226 | ) | (12,901 | ) | (51,897 | ) | (51,197 | ) | |||||||
| Other income: | |||||||||||||||
| Interest income | 1,630 | 2,304 | 7,267 | 10,142 | |||||||||||
| Total other income | 1,630 | 2,304 | 7,267 | 10,142 | |||||||||||
| Net loss | $ | (9,596 | ) | $ | (10,597 | ) | $ | (44,630 | ) | $ | (41,055 | ) | |||
| Basic and diluted net loss per share | $ | (0.09 | ) | $ | (0.10 | ) | $ | (0.42 | ) | $ | (0.39 | ) | |||
| Weighted average shares outstanding, basic and diluted | 106,733,680 | 105,547,751 | 106,427,854 | 104,849,222 |
| MaxCyte, Inc. Consolidated Statements of Cash Flows (in thousands) | |||||||
| Year ended December 31, | |||||||
| 2025 (unaudited) | 2024 | ||||||
| Cash flows from operating activities: | |||||||
| Net loss | $ | (44,630 | ) | $ | (41,055 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation and amortization | 4,340 | 4,315 | |||||
| Goodwill impairment | 3,554 | — | |||||
| Lease right-of-use asset amortization | 802 | 475 | |||||
| Net book value of consigned equipment sold | 83 | 63 | |||||
| Loss on disposal of property and equipment | 287 | 861 | |||||
| Stock-based compensation | 9,213 | 13,083 | |||||
| Credit loss expense (recovery) | 35 | (130 | ) | ||||
| Change in excess/obsolete inventory reserve | 676 | 1,771 | |||||
| Amortization of discounts on investments | (2,646 | ) | (6,242 | ) | |||
| Changes in operating assets and liabilities, net of effects of acquisition: | |||||||
| Accounts receivable | 1,148 | 1,226 | |||||
| Inventory | 575 | 1,362 | |||||
| Prepaid expense and other current assets | (531 | ) | 293 | ||||
| Other assets | (724 | ) | (1,213 | ) | |||
| Accounts payable, accrued expenses and other | (3,721 | ) | (1,883 | ) | |||
| Operating lease liability | (1,157 | ) | (709 | ) | |||
| Deferred revenue | (1,678 | ) | 182 | ||||
| Other liabilities | (36 | ) | (9 | ) | |||
| Net cash used in operating activities | (34,410 | ) | (27,610 | ) | |||
| Cash flows from investing activities: | |||||||
| Purchases of investments | (126,286 | ) | (150,857 | ) | |||
| Maturities of investments | 155,762 | 159,440 | |||||
| Purchases of property and equipment | (1,768 | ) | (1,651 | ) | |||
| Acquisition of business, net of cash acquired of $541 | (1,773 | ) | — | ||||
| Net cash provided by investing activities | 25,935 | 6,932 | |||||
| Cash flows from financing activities: | |||||||
| Proceeds from exercise of stock options | 432 | 1,597 | |||||
| Proceeds from issuance of common stock under employee stock purchase plan | 224 | 459 | |||||
| Net cash provided by financing activities | 656 | 2,056 | |||||
| Net decrease in cash and cash equivalents | (7,819 | ) | (18,622 | ) | |||
| Cash and cash equivalents, beginning of year | 27,884 | 46,506 | |||||
| Cash and cash equivalents, end of year | $ | 20,065 | $ | 27,884 |
| Unaudited Reconciliation of Net Loss to EBITDA (in thousands) (Unaudited) | |||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| (in thousands) | |||||||||||||||
| Net loss | $ | (9,596 | ) | $ | (10,597 | ) | $ | (44,630 | ) | $ | (41,055 | ) | |||
| Depreciation and amortization expense | 1,072 | 1,057 | 4,340 | 4,315 | |||||||||||
| Interest income | (1,630 | ) | (2,304 | ) | (7,267 | ) | (10,142 | ) | |||||||
| Income taxes | — | — | — | — | |||||||||||
| EBITDA | $ | (10,154 | ) | $ | (11,844 | ) | $ | (47,557 | ) | $ | (46,882 | ) | |||
| Restructuring expense | — | — | 3,058 | — | |||||||||||
| Goodwill impairment | 3,554 | — | 3,554 | — | |||||||||||
| Adjusted EBITDA | $ | (6,600 | ) | $ | (11,844 | ) | $ | (40,945 | ) | $ | (46,882 | ) |
| Unaudited Reconciliation of Gross Margin to Non-GAAP Adjusted gross margin (in thousands, except for percentages) (Unaudited) | |||||||||||||||||||||||
| Three months ended December 31, 2025 | Three months ended December 31, 2024 | ||||||||||||||||||||||
| GAAP | Adjustments | Non-GAAP | GAAP | Adjustments | Non-GAAP | ||||||||||||||||||
| Revenue | $ | 7,300 | $ | (545 | ) | $ | 6,755 | $ | 8,693 | $ | (83 | ) | $ | 8,610 | |||||||||
| Cost of Goods Sold | 1,610 | (151 | ) | 1,459 | 2,281 | (916 | ) | 1,365 | |||||||||||||||
| Gross Margin | $ | 5,690 | $ | (394 | ) | $ | 5,296 | $ | 6,412 | $ | 833 | $ | 7,245 | ||||||||||
| Gross Margin % | 78 | % | 78 | % | 74 | % | 84 | % |
| Year ended December 31, 2025 | Year ended December 31, 2024 | ||||||||||||||||||||||
| GAAP | Adjustments | Non-GAAP | GAAP | Adjustments | Non-GAAP | ||||||||||||||||||
| Revenue | $ | 33,026 | $ | (3,423 | ) | $ | 29,603 | $ | 38,627 | $ | (6,115 | ) | $ | 32,512 | |||||||||
| Cost of Goods Sold | 6,222 | (676 | ) | 5,546 | 7,100 | (1,771 | ) | 5,329 | |||||||||||||||
| Gross Margin | $ | 26,804 | $ | (2,747 | ) | $ | 24,057 | $ | 31,527 | $ | (4,344 | ) | $ | 27,183 | |||||||||
| Gross Margin % | 81 | % | 81 | % | 82 | % | 84 | % |
(1) Adjustments include the exclusion of SPL program related revenue from Revenue, and the exclusion of reserves for excess and obsolete inventory from Cost of Goods Sold.
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