MXCT

Strategic Partnership Milestone

• Announced a new enterprise-level multiplatform technology license partnership with Genentech, granting access to MaxCyte's ExPERT GTx platform, electroporation, and analytical assessment capabilities across all development and manufacturing stages for multiple cell therapy programs
• This new model complements (does not replace) the existing SPL model: SPLs remain the preferred framework for biotech customers developing single programs, while enterprise agreements serve large pharma with multi-program portfolios
• The enterprise structure captures more value earlier in the customer lifecycle, reduces dependence on single-program clinical outcomes, diversifies revenue streams, and validates MaxCyte's full platform capability spanning early discovery to commercial manufacturing

Product and Pipeline Progress

• The newly launched ExPERT DTx platform saw encouraging early adoption across discovery and early optimization workflows for ex vivo and in vivo cell and gene therapy, with full compatibility with existing GTx/STx platforms for seamless scaling to cGMP manufacturing
• SeQure off-target gene editing assay services and licenses are on track for full-year 2026 year-over-year growth, with the regulatory environment evolving favorably
• 30 total license partnerships (29 SPL, 1 new enterprise with Genentech); 5 partner programs are on track to potentially launch commercially as early as 2027, with 14 total programs currently in clinical development
• CASGEVY (Vertex's approved cell therapy) continues strong commercial growth: 75% sequential Q2 revenue growth, 150% year-over-year growth, 3 consecutive quarters of over 100 patient initiations, and more patient infusions in H1 2026 than all of 2025

Financial and Operational Execution

• Achieved sequential Q2 revenue growth over Q1 2026, meeting the company's H1 2026 goal of stabilizing revenue following 2025 headwinds, ahead of internal expectations
• Net loss reduced meaningfully year-over-year due to 2025 restructuring and cost discipline; total operating expenses fell 25% year-over-year to $15.8 million
• Ended Q2 with $141.9 million in cash and investments and no debt; $5.5 million of shares repurchased under the authorized $10 million share repurchase program as of the call
• The inventory drawdown headwind from the company's largest customer is largely complete, with PA demand stabilizing

• Management reaffirms full-year 2026 guidance with no changes to prior ranges
  • Total full-year 2026 revenue is expected to be between $30 million and $32 million, consisting of $25 million to $27 million in core revenue and $5 million in SPL milestones and royalties
  • Low single-digit year-over-year revenue growth is expected for H2 2026, with typical seasonality leading to Q4 revenue being slightly higher than Q3 due to year-end budget dynamics
  • SPL revenue is split into $3 million in milestones (all already received in Q1 2026) and $2 million in royalty revenue
  • End-of-year 2026 cash equivalents and investments are expected to be at least $130.5 million, excluding additional share repurchase spending
• Gross margins are expected to remain in the mid-70% range for H2 2026, driven by product mix with higher proportional instrument revenue that carries lower margins than licenses
• Operating expenses are not expected to grow meaningfully from current Q2 levels even as R&D investment continues, leading to further reduced cash burn as H2 revenue growth resumes

Total Q2 2026 revenue was $7.3 million (100% of total revenue):

• Core revenue: $6.5 million (89.04% of total revenue). Within core revenue:
  • Instrument revenue: $1.8 million (24.66% of total revenue), down from $2.1 million in Q2 2025
  • License revenue: $1.8 million (24.66% of total revenue), down from $2.6 million in Q2 2025
  • Processing assembly (PA) revenue: $2.3 million (31.51% of total revenue), down from $3.1 million in Q2 2025; excluding one-time 2025 tariff-driven purchases, PA revenue was flat year-over-year
  • SeQure revenue: $0.5 million (6.85% of total revenue), with positive year-over-year growth
• SPL program related revenue: $0.8 million (10.96% of total revenue), up from $0.3 million in Q2 2025, consisting almost entirely of royalty revenue from CASGEVY

• Individual partner programs carry inherent clinical and commercial development risk, even with a diversified portfolio of opportunities
• Cell therapy funding and investment has not returned to the peak levels seen in 2020-2021, though the space has stabilized
• SPL royalty revenue from commercial products like CASGEVY can have quarter-to-quarter variability during the early ramp-up phase
• Large enterprise partnership negotiations can take 18 months or longer to complete, leading to uncertain timing of new deal closing

Q: What drove the upside in Q2 instrument revenue, and why is non-core SPL revenue guidance unchanged despite strong CASGEVY performance and already received milestone revenue?

A: The instrument revenue upside came from broad-based demand across research, process development, and clinical stages, with early traction from DTx and continued demand for GTx/STx, which was within management's overall full-year expectations. For SPL guidance, $1.2 million in royalty has already been recognized in H1, leaving the full $2 million annual royalty guidance on track. Management is encouraged by strong CASGEVY growth but maintains existing guidance to account for normal quarterly variability during the product's early commercial ramp.

Q: Is CapEx spending hesitancy still a headwind, and can we expect more enterprise-level large pharma partnerships like the Genentech deal?

A: All prior demand and CapEx headwinds are now behind the company, with demand stabilized across instruments and processing assemblies. The Genentech partnership adds a complementary second business model: SPLs will remain the primary offering for biotech customers developing single programs, while the enterprise multi-program model will be pursued for other large pharma and large biotech. The new model validates MaxCyte's full platform capability and broadens the company's addressable market.

Q: How does the Genentech deal change how you prioritize between SPL and enterprise deals, and what is driving recent improvement in academic customer demand?

A: The Genentech framework does not change current discussions with prospective SPL partners, as the two models target different customer segments: SPLs for biotechs, enterprise agreements for large pharma with multiple programs. Recent academic growth comes from deliberate strategy to engage academic groups conducting GMP-based clinical trials early; these early engagements are expected to translate into future SPL partnerships as academic projects advance to industry sponsorship.

Q: Is the inventory drawdown at the largest customer complete, and when will late-stage SPL program momentum impact demand?

A: The inventory drawdown is largely complete and will not impact H2 2026 results, as expected at the start of the year. Material revenue contribution from the 5 advancing late-stage SPL programs is expected to be weighted to 2027, with potential commercial approvals starting as early as 2027.