MaxCyte, Inc. Q2 FY2025 earnings call

• MaxCyte sustained growth in a challenging end market despite short-term external headwinds.
• Signed 2 new strategic platform licenses with Anocca AB and Adicet Bio, bringing the total number of new SPLs in 2025 to 3.
• Progressed well with the integration of SeQure Dx, a significant long-term opportunity.
• Instrument installed base grew to 814 as of June 30th, 2025, with instrument revenue in Q2 2025 growing 22% year-over-year.
• SeQure Dx is on track to meet annual revenue expectations, with a sales pipeline more than twice that of the start of 2025.
• Delisted from the AIM markets on June 26th and is now solely listed on NASDAQ.

In the second quarter of 2025, total revenue was $8.5 million. Core revenue was $8.2 million. Instrument revenue was $2.1 million, representing a 22% year-over-year growth, with the instrument installed base growing to 814. License revenue was $2.6 million, flat year-over-year. PA revenue was $3.1 million, up 5% year-over-year. SPL program-related revenue was $0.3 million. SeQure Dx revenue was approximately $300,000. For 2025, core business revenue (excluding SPL program-related revenue) is expected to be flat to down 10%, ranging from $29.5 million to $32.5 million, with SeQure Dx expected to contribute at least $2 million in revenue. SPL program-related revenue is expected to be approximately $5 million in 2025.

• Lowered core revenue guidance for 2025 to a range of flat to down 10% ($29.5 million to $32.5 million) from the previous range of 8% to 15% growth.
• SeQure Dx revenue is expected to be weighted towards the second half of 2025, with at least $2 million in full-year revenue expected.
• SPL program-related revenue is expected to be approximately $5 million in 2025.
• Expect to end 2025 with approximately $155 million in cash equivalents and investments on the balance sheet.

• Decrease in spending at a large SPL partner customer due to PA inventory management and manufacturing reorganization.
• Customers rationalizing programs and winding down operations, impacting PA and licenses revenue.
• Capital equipment purchasing hesitancy from customers due to uncertain funding and regulatory environment in cell therapy.

Q: Could you elaborate on the reorg of manufacturing operations for your largest customer?

A: It was a short-term consolidation of manufacturing. There is certainty about the customer's future direction, no impact on future licensing revenue, and constant dialogue with the customer with visibility into the second half and next year.

Q: Regarding OpEx and cash balance, any plans for additional efficiencies?

A: There are always efficiencies to look for across the organization. We absorbed SeQure Dx expenses and are still modestly less in OpEx than last year, and remain on track towards profitability.

Q: Can you provide insight into the SPLs and clinic programs, especially regarding use cases?

A: There is a shift towards allogeneic therapies. 5 of the 18 active clinical programs are set to enter pivotal studies in the next 6 to 18 months, with programs in various areas like blood cancer, solid tumor, etc.

Q: How did PA revenue benefit from tariffs and impact on SPL customers?

A: PA revenue had a benefit from a single order pull forward ahead of tariffs, but it's not material. SPL pipeline is not impacted, and we continue to sign 3-5 SPLs annually with many preclinical customers expected to move to clinic.