Releases Details
Half-year Report
MaxCyte Reports Second Quarter and Half-Year 2021 Financial Results
Provides Preliminary 2021 Revenue Projections
· Total revenue of
· Excluding SPL Program-related revenue, revenue from cell therapy customers was
· Signed two new SPL agreements with Celularity, Inc. (Q2) and Sana Biotechnology, Inc. (Q3) for the use of
· Expanded Board of Directors with the appointment of Ms.
· Completed
"We are pleased to report strong second quarter and half year results driven by growth in instrument revenue and disposable sales to the cell therapy market as our cell therapy partners continue to progress into and through the clinic. We also saw a resurgence of growth in drug discovery customers as new disposables introduced in 2020 have started to gain traction, driving both instrument and disposable sales growth," said
"Our customer base is expanding and we continue to increase the number of strategic partnerships. We now have 14 SPL agreements covering over 75 potential clinical programs, which is a testament to
Second Quarter Financial Results
Total revenue for the second quarter of 2021 was
The Company recognized
Gross profit for the second quarter of 2021 was
Operating expenses for the second quarter of 2021 were
Second quarter 2021 net loss was
Total cash, cash equivalents and short-term investments was
Preliminary 2021 Revenue
Following our recent IPO on the Nasdaq, the company is establishing an initial projection of total revenue of approximately
First Half 2021 Financial Results
Total revenue for the first half of 2021 was
The Company recognized
Gross profit for the first half of 2021 was
Operating expenses for the first half of 2021 were
First half 2021 net loss was
Webcast and Conference Call Details
MaxCyte will host a conference call today,
About MaxCyte
Maxcyte is 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. Over the past twenty years, we have developed and commercialized our proprietary Flow Electroporation platform, which facilitates complex engineering of a wide variety of cells. 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: three instruments, the ATx, STx and GTx; a portfolio of proprietary related processing assemblies or disposables; and software protocols, all supported by a robust worldwide intellectual property portfolio.
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 our revenue guidance for the year ending
MaxCyte Contacts:
US IR Adviser David Deuchler, CFA |
+1 415-937-5400
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Nominated Adviser and Joint Corporate Broker Panmure Gordon Emma Earl / Freddy Crossley Corporate Broking Rupert Dearden |
+44 (0)20 7886 2500 |
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UK IR Adviser Mary-Jane Elliott Chris Welsh
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+44 (0)203 709 5700
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2021 |
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2020 |
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(Unaudited) |
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(Note 2) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
37,423,200 |
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$ |
18,755,200 |
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Short-term investments, at amortized cost |
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35,968,700 |
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16,007,500 |
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Accounts receivable, net |
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5,719,200 |
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5,171,900 |
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Inventory, net |
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4,169,500 |
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4,315,800 |
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Other current assets |
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1,345,700 |
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1,003,000 |
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Total current assets |
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84,626,300 |
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45,253,400 |
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Property and equipment, net |
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5,472,200 |
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4,546,200 |
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Right of use asset - operating leases |
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1,173,900 |
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1,728,300 |
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Right of use asset - finance leases |
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170,700 |
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218,300 |
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Other assets |
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1,704,100 |
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33,900 |
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Total assets |
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$ |
93,147,200 |
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$ |
51,780,100 |
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Liabilities and stockholders' equity |
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Current liabilities: |
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Accounts payable |
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$ |
644,700 |
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$ |
890,200 |
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Accrued expenses and other |
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4,518,300 |
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5,308,500 |
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Operating lease liability, current |
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616,500 |
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572,600 |
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Deferred revenue, current portion |
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6,754,800 |
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4,843,000 |
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Total current liabilities |
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12,534,300 |
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11,614,300 |
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Note payable, net of discount, and deferred fees |
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- |
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4,917,000 |
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Operating lease liability, net of current portion |
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606,700 |
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1,234,600 |
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Other liabilities |
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1,185,000 |
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788,800 |
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Total liabilities |
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14,326,000 |
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18,554,700 |
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Commitments and contingencies (Note 7) |
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Stockholders' equity |
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Common stock, |
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847,200 |
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773,800 |
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Additional paid-in capital |
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184,723,700 |
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127,673,900 |
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Accumulated deficit |
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(106,749,700) |
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(95,222,300) |
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Total stockholders' equity |
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78,821,200 |
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33,225,400 |
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Total liabilities and stockholders' equity |
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$ |
93,147,200 |
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$ |
51,780,100 |
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Unaudited Condensed Consolidated Statements of Operations |
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Three Months Ended |
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Six Months Ended |
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2021 |
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2020 |
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2021 |
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2020 |
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Revenue |
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$ |
7,108,100 |
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$ |
5,150,400 |
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$ |
13,602,900 |
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$ |
10,892,400 |
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Costs of goods sold |
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784,500 |
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466,300 |
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1,477,600 |
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1,125,300 |
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Gross profit |
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6,323,600 |
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4,684,100 |
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12,125,300 |
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9,767,100 |
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Operating expenses: |
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Research and development |
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3,205,500 |
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4,090,400 |
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9,283,200 |
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8,335,100 |
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Sales and marketing |
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2,912,900 |
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1,843,900 |
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5,702,000 |
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3,894,000 |
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General and administrative |
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4,622,400 |
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1,594,400 |
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7,930,400 |
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3,370,900 |
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Total operating expenses |
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10,740,800 |
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7,528,700 |
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22,915,600 |
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15,600,000 |
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Operating loss |
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(4,417,200) |
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(2,844,600) |
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(10,790,300) |
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(5,832,900) |
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Other income (expense): |
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Interest and other expense |
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(13,200) |
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(164,700) |
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(755,500) |
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(281,800) |
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Interest income |
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8,600 |
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5,200 |
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18,400 |
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48,700 |
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Total other income (expense) |
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(4,600) |
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(159,500) |
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(737,100) |
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(233,100) |
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Provision for income taxes |
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- |
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- |
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- |
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- |
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Net loss |
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$ |
(4,421,800) |
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$ |
(3,004,100) |
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$ |
(11,527,400) |
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$ |
(6,066,000) |
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Basic and diluted net loss per share |
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$ |
(0.05) |
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$ |
(0.05) |
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$ |
(0.14) |
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$ |
(0.10) |
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Weighted average shares outstanding, basic and diluted |
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84,706,516 |
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65,834,978 |
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82,865,526 |
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61,619,280 |
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Unaudited Condensed Consolidated Statements of Cash Flows |
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Six Months Ended |
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2021 |
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2020 |
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Cash flows from operating activities: |
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Net loss |
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$ |
(11,527,400) |
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$ |
(6,066,000) |
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Adjustments to reconcile net loss to net cash used in operating activities: |
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Depreciation and amortization on property and equipment, net |
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641,400 |
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478,200 |
Net book value of consigned equipment sold |
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13,900 |
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12,000 |
Loss on disposal of fixed assets |
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19,800 |
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51,300 |
Fair value adjustment of liability classified warrant |
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358,200 |
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- |
Stock-based compensation |
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3,225,000 |
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1,106,600 |
Bad debt (recovery) expense |
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- |
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(117,200) |
Amortization of discounts on short-term investments |
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1,900 |
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(1,100) |
Noncash interest expense |
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5,400 |
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10,800 |
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Changes in operating assets and liabilities: |
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Accounts receivable |
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(547,300) |
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(385,600) |
Inventory |
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(182,300) |
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(608,900) |
Other current assets |
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(342,700) |
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9,700 |
Right of use asset - operating leases |
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554,400 |
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258,200 |
Right of use asset - finance lease |
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47,600 |
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35,700 |
Other assets |
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(1,670,200) |
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(100,000) |
Accounts payable, accrued expenses and other |
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(992,400) |
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(2,339,200) |
Operating lease liability |
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(584,000) |
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(248,800) |
Deferred revenue |
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1,911,800 |
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1,879,000 |
Other liabilities |
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38,000 |
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(14,300) |
Net cash used in operating activities |
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$ |
(9,028,900) |
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$ |
(6,039,600) |
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Cash flows from investing activities: |
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Purchases of short-term investments |
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(35,963,100) |
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(1,001,100) |
Maturities of short-term investments |
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16,000,000 |
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2,500,000 |
Purchases of property and equipment |
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(1,271,100) |
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(1,049,900) |
Proceeds from sale of equipment |
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4,600 |
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- |
Net cash (used in) provided by investing activities |
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(21,229,600) |
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449,000 |
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Cash flows from financing activities: |
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Net proceeds from issuance of common stock |
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51,808,900 |
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28,567,200 |
Borrowings under notes payable |
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- |
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1,440,000 |
Principal payments on notes payable |
|
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(4,922,400) |
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(1,440,000) |
Proceeds from exercise of stock options |
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2,089,300 |
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- |
Principal payments on finance leases |
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(49,300) |
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(15,700) |
Net cash provided by financing activities |
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48,926,500 |
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28,551,500 |
Net increase (decrease) in cash and cash equivalents |
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18,668,000 |
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|
22,960,900 |
Cash and cash equivalents, beginning of period |
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18,755,200 |
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|
15,210,800 |
Cash and cash equivalents, end of period |
|
$ |
37,423,200 |
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$ |
38,171,700 |
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Unaudited Revenue by Market (in thousands) |
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Three Months Ended |
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Six Months Ended |
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2021 |
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2020 |
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2021 |
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2020 |
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Cell Therapy |
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$ 4,766 |
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$ 2,999 |
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$ 9,494 |
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$ 6,188 |
Drug Discovery |
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1,838 |
|
1,150 |
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3,601 |
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2,950 |
Program-related |
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|
504 |
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1,002 |
|
508 |
|
1,754 |
Total Revenue |
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$ 7,108 |
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$ 5,150 |
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$ 13,603 |
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$ 10,892 |
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