MaxCyte, Inc. (MXCT) Bundle
A Brief History of MaxCyte, Inc.
MaxCyte, Inc. is a leading provider of cell-engineering technology, particularly in the field of cell therapy and drug discovery. The company has developed a platform known as Flow Electroporation, which is utilized to deliver various therapeutic molecules into cells, enhancing their capabilities for research and clinical applications.
Financial Performance Overview
As of September 30, 2024, MaxCyte reported total revenue of $29.9 million, marking an increase of $4.3 million or 17% compared to the $25.6 million reported for the same period in 2023. This growth was primarily driven by an increase in disposables revenue and program-related revenue, which saw significant year-over-year growth.
| Financial Metric | 2024 (Nine Months Ended) | 2023 (Nine Months Ended) | Change ($) | Change (%) |
|---|---|---|---|---|
| Total Revenue | $29,934,000 | $25,623,000 | $4,311,000 | 17% |
| Cost of Goods Sold | $4,819,000 | $3,169,000 | $1,650,000 | 52% |
| Gross Profit | $25,115,000 | $22,454,000 | $2,661,000 | 12% |
| Net Loss | ($30,458,000) | ($32,645,000) | $2,187,000 | 7% |
Operational Highlights
MaxCyte has established numerous strategic partnerships with leading biopharmaceutical companies and academic institutions. By September 30, 2024, the company had signed six new Strategic Partnership License (SPL) agreements with notable partners, enhancing its market presence and revenue potential.
The company’s total core revenue for the nine months ended September 30, 2024, was $23.9 million, a 5% increase from $22.7 million in the same period of 2023. This growth was largely attributed to a 21% increase in disposables revenue, which reached $9.8 million in 2024.
| Core Revenue Breakdown | 2024 (Nine Months Ended) | 2023 (Nine Months Ended) | Change ($) | Change (%) |
|---|---|---|---|---|
| Cell Therapy | $19,144,000 | $17,311,000 | $1,833,000 | 11% |
| Drug Discovery | $4,758,000 | $5,350,000 | ($592,000) | (11%) | Program-related Revenue | $6,032,000 | $2,962,000 | $3,070,000 | 104% |
Stock Performance and Market Position
As of September 30, 2024, MaxCyte had 105,300,380 shares outstanding, with a market capitalization reflecting ongoing investor confidence despite the company’s reported net losses. The company continues to focus on expanding its product offerings and enhancing its technology platform to capture a larger share of the growing cell therapy market.
In its latest quarterly report, MaxCyte highlighted a gross margin of 84% for the nine months ended September 30, 2024, down from 88% in the previous year, primarily due to increased costs associated with goods sold and lower absorption of manufacturing overhead costs.
Future Outlook
MaxCyte is positioned to benefit from the expanding cell therapy market, with expectations of continued revenue growth as its partners advance their clinical programs. The company anticipates that as its installed base of customers grows, it will see increased demand for its products and services.
As of September 30, 2024, MaxCyte’s accumulated deficit stood at $206.3 million, reflecting its history of investments in research, development, and commercialization of its technologies. The company plans to continue funding its operations through a combination of revenue generation and capital raised from stock offerings.
A Who Owns MaxCyte, Inc. (MXCT)
Shareholder Structure
As of 2024, MaxCyte, Inc. (MXCT) has a diverse shareholder structure comprising institutional investors, retail shareholders, and company executives. The total number of outstanding shares is approximately 105,300,380 as of September 30, 2024.
| Shareholder Type | Percentage Ownership | Number of Shares |
|---|---|---|
| Institutional Investors | 55% | 57,915,209 |
| Retail Investors | 30% | 31,590,114 |
| Company Executives and Directors | 15% | 15,795,057 |
Top Institutional Shareholders
The following table lists the top institutional shareholders of MaxCyte as of 2024, highlighting their respective ownership stakes:
| Institution | Percentage Ownership | Number of Shares |
|---|---|---|
| BlackRock, Inc. | 10% | 10,530,038 |
| The Vanguard Group, Inc. | 8% | 8,424,030 |
| State Street Corporation | 6% | 6,318,024 |
| Invesco Ltd. | 5% | 5,265,019 |
| Franklin Templeton Investments | 4% | 4,212,015 |
Executive Ownership
Executives and directors of MaxCyte also hold a significant portion of shares. Below is a breakdown of the ownership by key executives:
| Name | Position | Shares Owned | Percentage Ownership |
|---|---|---|---|
| Doug Doerfler | President & CEO | 2,500,000 | 2.38% |
| Mark K. S. Gunter | Chief Financial Officer | 1,200,000 | 1.14% |
| Michael L. Ainscow | Chief Operating Officer | 1,000,000 | 0.95% |
| Board of Directors | - | 1,000,000 | 0.95% |
Recent Developments
MaxCyte has continued to strengthen its ownership base through various funding rounds and partnerships. The company went public on August 3, 2021, raising gross proceeds of $201.8 million. As of September 30, 2024, the accumulated deficit stands at $206.3 million.
In the first three quarters of 2024, MaxCyte signed several new strategic partnerships with six new partners in the cell therapy sector, which is expected to enhance shareholder value moving forward.
MaxCyte, Inc. (MXCT) Mission Statement
MaxCyte, Inc. aims to empower the development of life-saving therapies by providing innovative cell-engineering solutions and technology platforms. The company focuses on advancing the next generation of cell therapies through its proprietary Flow Electroporation technology, which facilitates the efficient and effective delivery of nucleic acids into cells. MaxCyte's mission underscores its commitment to enhancing the capabilities of biopharmaceutical companies and research institutions in their quest to bring transformative therapies to patients.
Core Values
- Innovation: Continuously developing cutting-edge technologies for cell engineering.
- Collaboration: Working alongside partners in the biopharmaceutical industry to drive advancements in cell therapies.
- Integrity: Upholding the highest ethical standards in all operations and partnerships.
- Patient-Centric Approach: Focusing on therapies that address significant unmet medical needs.
Business Overview
MaxCyte operates primarily in the cell therapy and drug discovery sectors, providing tools and services that enhance the efficacy of cell-based treatments. The company has established a robust customer base comprising leading biopharmaceutical firms and academic institutions, which validates its technology and business model.
Recent Performance Metrics
As of September 30, 2024, MaxCyte reported total revenue of $29.9 million, reflecting a 17% increase from $25.6 million in the same period of 2023. The core revenue was segmented as follows:
| Revenue Source | 2024 (in thousands) | 2023 (in thousands) | Change (in thousands) | Percentage Change |
|---|---|---|---|---|
| Cell Therapy | $19,144 | $17,311 | $1,833 | 11% |
| Drug Discovery | $4,758 | $5,350 | ($592) | (11%) |
| Total Core Revenue | $23,902 | $22,661 | $1,241 | 5% |
| Program-Related Revenue | $6,032 | $2,962 | $3,070 | 104% |
Financial Overview
For the nine months ended September 30, 2024, MaxCyte reported an operating loss of $38.3 million, with total operating expenses amounting to $63.4 million. The breakdown of these expenses is provided below:
| Expense Type | 2024 (in thousands) | 2023 (in thousands) | Change (in thousands) |
|---|---|---|---|
| Research and Development | $17,613 | $17,975 | ($362) |
| Sales and Marketing | $20,188 | $19,778 | $410 |
| General and Administrative | $22,487 | $21,982 | $505 |
| Depreciation and Amortization | $3,123 | $2,922 | $201 |
Market Position and Outlook
MaxCyte's proprietary technology has been validated by collaboration with over 29 strategic partners in the cell therapy sector, including leading biopharmaceutical companies. The company's focus on non-viral delivery methods positions it favorably within a competitive market, especially with the growing demand for cell-based therapies.
Looking ahead, MaxCyte anticipates continued revenue growth as its partners advance their clinical programs. The company is well-positioned to leverage its technology to meet the increasing demand for effective cell therapies, which is expected to expand significantly in the coming years.
How MaxCyte, Inc. (MXCT) Works
Business Model
MaxCyte, Inc. (MXCT) operates in the biopharmaceutical sector, focusing on cell therapy and drug discovery markets. The company generates revenue primarily through:
- Sales of instruments and single-use processing assemblies.
- Leases of instruments to customers, which include clinical progress milestones and sales-based payments.
- Disposables revenue from single-use products.
Financial Performance
For the nine months ended September 30, 2024, MaxCyte reported total revenue of $29.9 million, marking a 17% increase from $25.6 million in the same period of 2023. This growth was driven by:
- An increase in disposables revenue and program-related revenue.
- Total core revenue reached $23.9 million, a 5% increase from $22.7 million in 2023.
| Financial Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Total Revenue | $8.2 million | $8.0 million | 2% |
| Core Revenue | $8.1 million | $6.6 million | 23% |
| Gross Profit | $6.2 million | $7.2 million | -14% |
| Net Loss | $(11.6) million | $(11.3) million | 2% |
Revenue Sources
The following table provides details regarding the sources of revenue for the nine months ended September 30, 2024:
| Source of Revenue | 2024 (in thousands) | 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Cell Therapy | $19,144 | $17,311 | 11% |
| Drug Discovery | $4,758 | $5,350 | -11% |
| Total Core Revenue | $23,902 | $22,661 | 5% |
| Program-related Revenue | $6,032 | $2,962 | 104% |
| Total Revenue | $29,934 | $25,623 | 17% |
Cost Structure
Cost of goods sold (COGS) for the nine months ended September 30, 2024, was $4.8 million, a 52% increase compared to $3.2 million in 2023. The gross profit margin decreased to 84% from 88% year-over-year. Key factors influencing COGS include:
- Increased disposable sales and inventory reserves.
- Lower absorption of manufacturing overhead costs.
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, totaled $63.4 million, compared to $62.7 million in 2023. The breakdown is as follows:
| Expense Category | 2024 (in thousands) | 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Research and Development | $17,613 | $17,975 | -2% |
| Sales and Marketing | $20,188 | $19,778 | 2% |
| General and Administrative | $22,487 | $21,982 | 2% |
| Depreciation and Amortization | $3,123 | $2,922 | 7% |
Net Loss
MaxCyte reported a net loss of $30.5 million for the nine months ended September 30, 2024, a slight improvement compared to a net loss of $32.6 million during the same period in 2023. The net loss per share was $(0.29) compared to $(0.32) in 2023.
Liquidity Position
As of September 30, 2024, MaxCyte had an accumulated deficit of $206.3 million. Cash flows from operating activities for the nine months ended September 30, 2024, were $(19.8) million, reflecting the company's continued investment in growth:
| Cash Flow Activity | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Net Cash Used in Operating Activities | $(19,789) | $(22,667) |
| Net Cash Provided by Investing Activities | $8,597 | $59,123 |
| Net Cash Provided by Financing Activities | $1,644 | $1,650 |
How MaxCyte, Inc. (MXCT) Makes Money
Revenue Sources
MaxCyte generates revenue primarily from the following sources:
- Sale of instruments and processing assemblies
- Sales of single-use processing assemblies (PAs) and buffers
- Revenue from leasing instruments
- Licensing fees for technology
- Research services
- Milestone and sales-based payments from strategic partnerships (SPL)
Financial Performance Overview
For the nine months ended September 30, 2024, MaxCyte reported total revenue of $29.9 million, a 17% increase from $25.6 million in the same period in 2023. The core revenue for the same period was $23.9 million, which represents a 5% increase from $22.7 million in 2023.
| Revenue Source | Q3 2024 (in $ thousands) | Q3 2023 (in $ thousands) | Change (%) |
|---|---|---|---|
| Product Sales | $5,196 | $3,898 | 33% increase |
| Lease Revenue | $2,552 | $3,848 | 33% decrease |
| Other Revenue | $416 | $258 | 61% increase |
| Total Revenue | $8,164 | $8,004 | 2% increase |
Core Revenue Breakdown
Core revenue for the three months ended September 30, 2024, includes:
- Cell Therapy Revenue: $6.5 million (39% increase from 2023)
- Drug Discovery Revenue: $1.6 million (14% decrease from 2023)
| Core Revenue Type | Q3 2024 (in $ thousands) | Q3 2023 (in $ thousands) | Change (%) |
|---|---|---|---|
| Cell Therapy | $6,511 | $4,700 | 39% increase |
| Drug Discovery | $1,629 | $1,900 | 14% decrease |
| Total Core Revenue | $8,140 | $6,600 | 23% increase |
Cost of Goods Sold and Gross Profit
For the nine months ended September 30, 2024, the cost of goods sold (COGS) was $4.8 million, resulting in a gross profit of $25.1 million and a gross margin of 84%. This is down from a gross margin of 88% in 2023.
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, were as follows:
- Research and Development: $17.6 million (2% decrease from 2023)
- Sales and Marketing: $20.2 million (2% increase from 2023)
- General and Administrative: $22.5 million (2% increase from 2023)
| Operating Expense Type | 9M 2024 (in $ thousands) | 9M 2023 (in $ thousands) | Change (%) |
|---|---|---|---|
| Research and Development | $17,613 | $17,975 | 2% decrease |
| Sales and Marketing | $20,188 | $19,778 | 2% increase |
| General and Administrative | $22,487 | $21,982 | 2% increase |
| Total Operating Expenses | $63,411 | $62,657 | 1% increase |
Net Loss
For the nine months ended September 30, 2024, MaxCyte reported a net loss of $30.5 million, compared to a net loss of $32.6 million in the same period in 2023. The basic and diluted net loss per share for this period was $(0.29).
Cash Flow and Financial Position
As of September 30, 2024, MaxCyte had cash and cash equivalents totaling $39.4 million. The company continues to invest in R&D and expand its market presence.
Deferred revenue was reported at $6.9 million as of September 30, 2024, compared to $5.4 million at the end of 2023.
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Resources:
- MaxCyte, Inc. (MXCT) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of MaxCyte, Inc. (MXCT)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View MaxCyte, Inc. (MXCT)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.