MaxCyte, Inc., (NASDAQ: MXCT; LSE: MXCT), a leading commercial
cell-engineering company focused on providing enabling platform
technologies to advance innovative cell-based research as well as
next-generation cell therapeutic discovery, development and
commercialization, today announced financial results for the second
quarter and six months ended June 30, 2023.
Second Quarter and Recent
Highlights
- Total revenue of
$9.0 million in the second quarter of 2023, a decrease of 6%
compared to the second quarter of 2022.
- Core business
revenue of $8.3 million in the second quarter of 2023, a decrease
of 14% compared to the second quarter of 2022.
- We now expect
core revenue for 2023 to be comparable to 2022 and Strategic
Platform License (“SPL”) program-related revenue expectations
remain unchanged at approximately $6 million for the year.
- Five SPL
partnerships signed year-to-date. Lyell Immunopharma and ViTToria
Biotherapeutics announced in July, and Prime Medicine announced in
August. The total number of SPL partnerships now stands at 23.
- Total cash, cash
equivalents and short-term investments were $216.1 million as of
June 30, 2023.
“2023 has been a challenging year across the
life sciences industry. An evolving funding environment continues
to result in the prioritization of internal pipeline assets by
companies, impacting the timing of research and early clinical
development projects. Despite this, we remain positive on our
ability to successfully deliver on our long-term financial and
strategic goals and are encouraged by our continued momentum in
signing new clinical partnerships. We believe these partnerships
reflect the value of MaxCyte’s premier cell engineering technology
and support, underlining the key role we play in enabling a growing
set of next-generation cell therapies,” said Doug Doerfler,
President and Chief Executive Officer at MaxCyte.
“So far this year MaxCyte has signed five
strategic partnerships, bringing the total number to 23. Our most
recently signed partnerships highlight our expansion into
autologous modalities across a range of indications including
genetic diseases, lymphoma, and solid tumors. Moving forward, we
will continue to make the necessary investments into key aspects of
our technology and support offering, including our applications
lab, and process development capabilities, which we believe enable
us to provide invaluable support to our partners as they advance
through the clinic and towards commercialization.”
The following table provides details regarding the sources of
our revenue for the periods presented.
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
|
June 30, |
|
|
|
2023 |
|
2022 |
|
% |
|
2023 |
|
2022 |
|
% |
(in thousands, except
percentages) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cell therapy |
$ |
6,637 |
|
$ |
7,688 |
|
(14 |
%) |
|
$ |
12,611 |
|
$ |
15,104 |
|
(17 |
%) |
Drug discovery |
|
1,652 |
|
|
1,916 |
|
(14 |
%) |
|
|
3,450 |
|
|
4,083 |
|
(16 |
%) |
Program-related |
|
754 |
|
|
4 |
|
NM |
|
|
1,558 |
|
|
2,008 |
|
(22 |
%) |
Total revenue |
$ |
9,043 |
|
$ |
9,608 |
|
(6 |
%) |
|
$ |
17,619 |
|
$ |
21,195 |
|
(17 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter 2023 Financial
Results
Total revenue for the second quarter of 2023 was
$9.0 million, compared to $9.6 million in the second quarter of
2022, representing a decline of 6%.
Core business revenue (sales and leases of
instrument and disposables to cell therapy and drug discovery
customers, excluding program-related revenue) for the second
quarter of 2023 was $8.3 million, compared to $9.6 million in the
second quarter of 2022, representing a decline of 14%.
Cell therapy revenue for the second quarter of
2023 was $6.6 million, compared to $7.7 million in the second
quarter of 2022, representing a decline of 14%. Drug discovery
revenue for the second quarter of 2023 was $1.7 million, compared
to $1.9 million in the second quarter of 2022, representing a
decline of 14%.
SPL Program-related revenue was $0.8 million in
the second quarter of 2023, as compared to no material SPL
Program-related revenue in the second quarter of 2022.
Gross profit for the second quarter of 2023 was
$7.7 million (85% gross margin), compared to $8.5 million (88%
gross margin) in the same period of the prior year.
Operating expenses for the second quarter of
2023 were $20.7 million, compared to operating expenses of $17.2
million in the second quarter of 2022.
Second quarter 2023 net loss was $10.5 million
compared to net loss of $8.3 million for the same period in 2022.
EBITDA, a non-GAAP measure, was a loss of $12.0 million for the
second quarter of 2023, compared to a loss of $8.2 million for the
second quarter of the prior year. Stock-based compensation expense
was $3.5 million for the second quarter versus $3.0 million for the
same period in the prior year.
First Half 2023 Financial
Results
Total revenue for the first half of 2023 was
$17.6 million, compared to $21.2 million in the first half of 2022,
representing a decline of 17%.
Core business revenue (sales and leases of
instrument and disposables to cell therapy and drug discovery
customers but excluding program-related revenue) for the first half
was $16.1 million, compared to $19.2 million in the first half of
2022, representing a decline of 16%.
Cell therapy revenue for the first half of 2023
was $12.6 million, compared to $15.1 million in the first half of
2022, representing a decline of 17%. Drug discovery revenue for the
first half was $3.5 million, compared to $4.1 million in the second
quarter of 2022, representing a decline of 16%.
SPL Program-related revenue was $1.6 million in
the first half of 2023, as compared to $2.0 million in
program-related revenue in the first half of 2022.
Gross profit for the first half of 2023 was
$15.2 million (87% gross margin), compared to $19.0 million (90%
gross margin) in the same period of the prior year.
Operating expenses for the first half of 2023
were $41.5 million, compared to operating expenses of $31.9 million
in the first half of 2022.
First half 2023 net loss was $21.4 million
compared to net loss of $12.3 million for the same period in 2022.
EBITDA was a loss of $24.3 million for the first half of 2023,
compared to a loss of $11.9 million for the same period of the
prior year. Stock-based compensation expense was $6.8 million for
the first half of 2023 versus $5.4 million for the same period in
the prior year.
2023 Revenue Guidance
We now expect core revenue for 2023 to be
comparable to 2022 and Strategic Platform License (“SPL”)
program-related revenue expectations remain unchanged at
approximately $6 million for the year.
Webcast and Conference Call
Details
MaxCyte will host a conference call today, August 9, 2023, 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 pursue cell engineering
excellence to maximize the potential of cells to improve patients’
lives. We have spent more than 20 years honing our expertise by
building best-in-class platforms, perfecting the art of the
transfection workflow, and venturing beyond today’s processes to
innovate tomorrow’s solutions. Our ExPERT™ platform, which is based
on our Flow Electroporation® technology, has been designed to
support the rapidly expanding cell therapy market and can be
utilized across the continuum of the high-growth cell therapy
sector, from discovery and development through commercialization of
next-generation, cell-based medicines. The ExPERT family of
products includes: four instruments, the ATx™, STx™, GTx™ and VLx™;
a portfolio of proprietary related processing assemblies or
disposables; and software protocols, all supported by a robust
worldwide intellectual property portfolio. By providing our
partners with the right technology, as well as technical and
regulatory support, we aim to guide them on their journey to
transform human health. Learn more at maxcyte.com and follow us on
Twitter and LinkedIn.
Non-GAAP Financial Measures
This press release contains EBITDA, which is a
non-GAAP measure defined as earnings, before interest, tax,
depreciation and amortization. MaxCyte believes that EBITDA
provides useful information to management and investors relating to
its results of operations. The company’s management uses this
non-GAAP measure 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 provides 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.
Management does not consider EBITDA in isolation
or as an alternative to financial measures determined in accordance
with GAAP. The principal limitation of EBITDA is that it excludes
significant expenses that are required by GAAP to be recorded in
the company’s financial statements. In order to compensate for
these limitations, management presents EBITDA together 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. A
reconciliation table of net loss, the most comparable GAAP
financial measure, to EBITDA is 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, including but
not limited to, statements regarding expected total revenue growth,
core business revenue growth and SPL program-related revenue for
the year ending December 31, 2023, expansion of and revenue from
our SPLs and the progression of our customers’ programs into and
through clinical trials. The words "may," “might,” "will," "could,"
"would," "should," "expect," "plan," "anticipate," "intend,"
"believe," “expect,” "estimate," “seek,” "predict," “future,”
"project," "potential," "continue," "target" and similar words or
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. Any forward-looking statements in this press
release are based on management's current expectations and beliefs
and are subject to a number of risks, uncertainties and important
factors that may cause actual events or results to differ
materially from those expressed or implied by any forward-looking
statements contained in this press release, including, without
limitation, risks associated with the timing and outcome of our
customers’ ongoing and planned clinical trials; the adequacy of our
cash resources and availability of financing on commercially
reasonable terms; 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 market acceptance and demand for our
technology and products. These and other risks and uncertainties
are described in greater detail in the section entitled "Risk
Factors" in our Annual Report on Form 10-K for the year ended
December 31, 2022, filed with the Securities and Exchange
Commission on March 15, 2023, as well as in discussions of
potential risks, uncertainties, and other important factors in our
most recent Quarterly report on Form 10-Q and 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 represent our views only as of the date of this press
release and should not be relied upon as representing our views as
of any subsequent date. We explicitly disclaim any obligation to
update any forward-looking statements, whether as a result of new
information, future events or otherwise. No representations or
warranties (expressed or implied) are made about the accuracy of
any such forward-looking statements.
MaxCyte Contacts:
US IR Adviser Gilmartin
Group David Deuchler, CFA |
+1
415-937-5400 ir@maxcyte.com |
|
|
US Media
RelationsSeismicValerie Enes |
+1 408-497-8568 |
|
|
Nominated Adviser and
Joint Corporate Broker Panmure Gordon Emma Earl
/ Freddy Crossley Corporate Broking Rupert
Dearden |
+44 (0)20 7886
2500 |
|
|
UK IR
AdviserConsilium Strategic
CommunicationsMary-Jane ElliottChris Welsh |
+44 (0)203 709
5700maxcyte@consilium-comms.com |
|
|
MaxCyte, Inc. |
Unaudited Consolidated Balance Sheets |
|
|
June 30, |
|
December 31, |
|
2023 |
|
2022 |
|
|
(Unaudited) |
|
|
|
Assets |
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
54,556,900 |
|
|
$ |
11,064,700 |
|
Short-term investments, at
amortized cost |
|
161,552,100 |
|
|
|
216,274,900 |
|
Accounts receivable |
|
7,607,800 |
|
|
|
11,654,600 |
|
Accounts receivable –
TIA* |
|
— |
|
|
|
1,912,400 |
|
Inventory |
|
11,020,300 |
|
|
|
8,580,800 |
|
Prepaid expenses and other
current assets |
|
1,881,900 |
|
|
|
2,778,800 |
|
Total current
assets |
|
236,619,000 |
|
|
|
252,266,200 |
|
|
|
|
|
|
|
Property and equipment,
net |
|
24,324,600 |
|
|
|
23,724,700 |
|
Right of use asset - operating
leases |
|
9,663,200 |
|
|
|
9,853,500 |
|
Other assets |
|
597,300 |
|
|
|
809,000 |
|
Total
assets |
$ |
271,204,100 |
|
|
$ |
286,653,400 |
|
|
|
|
|
|
|
Liabilities and
stockholders’ equity |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts payable |
$ |
1,602,800 |
|
|
$ |
531,800 |
|
Accrued expenses and
other |
|
6,410,800 |
|
|
|
8,025,300 |
|
Operating lease liability,
current |
|
498,600 |
|
|
|
156,800 |
|
Deferred revenue, current
portion |
|
4,692,600 |
|
|
|
6,712,600 |
|
Total current
liabilities |
|
13,204,800 |
|
|
|
15,426,500 |
|
|
|
|
|
|
|
Operating lease liability, net
of current portion |
|
15,708,100 |
|
|
|
15,938,100 |
|
Other liabilities |
|
1,308,400 |
|
|
|
1,321,600 |
|
Total
liabilities |
|
30,221,300 |
|
|
|
32,686,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’
equity |
|
|
|
|
|
Preferred stock, $0.01 par
value; 5,000,000 shares authorized and no shares issued and
outstanding at June 30, 2023 and December 31, 2022 |
|
— |
|
|
|
— |
|
Common stock, $0.01 par value;
400,000,000 shares authorized, 103,134,585 and 102,397,913 shares
issued and outstanding at June 30, 2023 and
December 31, 2022, respectively |
|
1,031,400 |
|
|
|
1,024,000 |
|
Additional paid-in
capital |
|
399,220,100 |
|
|
|
390,818,500 |
|
Accumulated deficit |
|
(159,268,700 |
) |
|
|
(137,875,300 |
) |
Total stockholders’
equity |
|
240,982,800 |
|
|
|
253,967,200 |
|
Total liabilities and
stockholders’ equity |
$ |
271,204,100 |
|
|
$ |
286,653,400 |
|
* Tenant improvement allowance (“TIA”)
|
MaxCyte, Inc. |
Unaudited Consolidated Statements of
Operations |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenue |
$ |
9,042,600 |
|
|
$ |
9,607,800 |
|
|
$ |
17,618,900 |
|
|
$ |
21,195,100 |
|
Cost of goods sold |
|
1,375,700 |
|
|
|
1,120,400 |
|
|
|
2,375,500 |
|
|
|
2,183,000 |
|
Gross
profit |
|
7,666,900 |
|
|
|
8,487,400 |
|
|
|
15,243,400 |
|
|
|
19,012,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
5,664,300 |
|
|
|
4,696,000 |
|
|
|
11,710,800 |
|
|
|
8,461,200 |
|
Sales and marketing |
|
6,436,100 |
|
|
|
4,930,600 |
|
|
|
12,732,200 |
|
|
|
8,769,300 |
|
General and
administrative |
|
7,662,500 |
|
|
|
7,102,600 |
|
|
|
15,161,400 |
|
|
|
13,735,100 |
|
Depreciation and
amortization |
|
977,400 |
|
|
|
497,100 |
|
|
|
1,889,600 |
|
|
|
944,500 |
|
Total operating
expenses |
|
20,740,300 |
|
|
|
17,226,300 |
|
|
|
41,494,000 |
|
|
|
31,910,100 |
|
Operating
loss |
|
(13,073,400 |
) |
|
|
(8,738,900 |
) |
|
|
(26,250,600 |
) |
|
|
(12,898,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other
income: |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
2,561,600 |
|
|
|
478,700 |
|
|
|
4,857,200 |
|
|
|
570,500 |
|
Total other
income |
|
2,561,600 |
|
|
|
478,700 |
|
|
|
4,857,200 |
|
|
|
570,500 |
|
Net loss |
$ |
(10,511,800 |
) |
|
$ |
(8,260,200 |
) |
|
$ |
(21,393,400 |
) |
|
$ |
(12,327,500 |
) |
Basic and diluted net
loss per share |
$ |
(0.10 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.12 |
) |
Weighted average
shares outstanding, basic and diluted |
|
103,063,606 |
|
|
|
101,427,430 |
|
|
|
102,955,422 |
|
|
|
101,547,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MaxCyte, Inc. |
Unaudited Consolidated Statements of Cash
Flows |
|
|
Six Months Ended June 30, |
|
2023 |
|
2022 |
Cash flows
from operating activities: |
|
|
|
|
|
Net loss |
$ |
(21,393,400 |
) |
|
$ |
(12,327,500 |
) |
|
|
|
|
|
|
Adjustments to
reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
Depreciation and amortization |
|
1,987,900 |
|
|
|
1,035,000 |
|
Net book value of consigned equipment sold |
|
65,800 |
|
|
|
51,400 |
|
Stock-based compensation |
|
6,795,700 |
|
|
|
5,435,200 |
|
Bad debt expense |
|
230,200 |
|
|
|
— |
|
Amortization of discounts on short-term investments |
|
(3,641,600 |
) |
|
|
(206,100 |
) |
|
|
|
|
|
|
Changes in
operating assets and liabilities: |
|
|
|
|
|
Accounts receivable |
|
3,816,600 |
|
|
|
(555,900 |
) |
Accounts receivable - TIA |
|
1,912,400 |
|
|
|
(475,600 |
) |
Inventory |
|
(2,541,700 |
) |
|
|
(2,639,500 |
) |
Prepaid expense and other current assets |
|
896,900 |
|
|
|
1,995,800 |
|
Right of use asset – operating leases |
|
190,300 |
|
|
|
(4,741,000 |
) |
Other assets |
|
211,700 |
|
|
|
(603,800 |
) |
Accounts payable, accrued expenses and other |
|
(1,039,000 |
) |
|
|
939,900 |
|
Operating lease liability |
|
111,800 |
|
|
|
8,809,900 |
|
Deferred revenue |
|
(2,020,000 |
) |
|
|
563,800 |
|
Other liabilities |
|
(13,200 |
) |
|
|
(57,200 |
) |
Net cash used in
operating activities |
|
(14,429,600 |
) |
|
|
(2,775,600 |
) |
|
|
|
|
|
|
Cash flows
from investing activities: |
|
|
|
|
|
Purchases of
short-term investments |
|
(104,955,600 |
) |
|
|
(131,547,700 |
) |
Maturities of
short-term investments |
|
163,320,000 |
|
|
|
207,296,000 |
|
Purchases of
property and equipment |
|
(2,065,000 |
) |
|
|
(12,804,800 |
) |
Proceeds from sale
of equipment |
|
9,100 |
|
|
|
— |
|
Net cash provided by investing activities |
|
56,308,500 |
|
|
|
62,943,500 |
|
|
|
|
|
|
|
Cash flows
from financing activities: |
|
|
|
|
|
Proceeds from
exercise of stock options |
|
1,613,300 |
|
|
|
1,218,100 |
|
Net cash provided by financing activities |
|
1,613,300 |
|
|
|
1,218,100 |
|
Net increase in
cash and cash equivalents |
|
43,492,200 |
|
|
|
61,386,000 |
|
Cash and cash
equivalents, beginning of period |
|
11,064,700 |
|
|
|
47,782,400 |
|
Cash and cash
equivalents, end of period |
$ |
54,556,900 |
|
|
$ |
109,168,400 |
|
|
|
|
|
|
|
|
|
Unaudited Reconciliation of Net Loss to
EBITDA |
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(10,512 |
) |
|
$ |
(8,260 |
) |
|
$ |
(21,393 |
) |
|
$ |
(12,328 |
) |
Depreciation and amortization
expense |
|
1,026 |
|
|
|
548 |
|
|
|
1,988 |
|
|
|
1,035 |
|
Interest income |
|
(2,562 |
) |
|
|
(479 |
) |
|
|
(4,857 |
) |
|
|
(571 |
) |
Income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
EBITDA |
$ |
(12,047 |
) |
|
$ |
(8,191 |
) |
|
$ |
(24,263 |
) |
|
$ |
(11,864 |
) |
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