0001558370-21-012432 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Sep. 08, 2021
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Entity File Number	333-257810
Entity Registrant Name	MaxCyte, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2210438
Entity Address, Address Line One	22 Firstfield Road
Entity Address, Address Line Two	Suite 110
Entity Address, City or Town	Gaithersburg
Entity Address State Or Province	MD
Entity Address, Postal Zip Code	20878
City Area Code	301
Local Phone Number	944-1700
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	MXCT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		100,410,560
Entity Central Index Key	0001287098
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 37,423,200	$ 18,755,200
Short-term investments, at amortized cost	35,968,700	16,007,500
Accounts receivable, net	5,719,200	5,171,900
Inventory, net	4,169,500	4,315,800
Other current assets	1,345,700	1,003,000
Total current assets	84,626,300	45,253,400
Property and equipment, net	5,472,200	4,546,200
Right of use asset - operating leases	1,173,900	1,728,300
Right of use asset - finance leases	170,700	218,300
Other assets	1,704,100	33,900
Total assets	93,147,200	51,780,100
Current liabilities:
Accounts payable	644,700	890,200
Accrued expenses and other	4,518,300	5,308,500
Operating lease liability, current	616,500	572,600
Deferred revenue, current portion	6,754,800	4,843,000
Total current liabilities	12,534,300	11,614,300
Note payable, net of discount, deferred fees		4,917,000
Operating lease liability, net of current portion	606,700	1,234,600
Other liabilities	1,185,000	788,800
Total liabilities	14,326,000	18,554,700
Commitments and contingencies (Note 7)
Stockholders' equity
Common stock, $0.01 par value; 200,000,000 shares authorized, 84,719,345 and 77,382,473 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	847,200	773,800
Additional paid in capital	184,723,700	127,673,900
Accumulated deficit	(106,749,700)	(95,222,300)
Total stockholders' equity	78,821,200	33,225,400
Total liabilities and stockholders' equity	$ 93,147,200	$ 51,780,100

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Unaudited Condensed Consolidated Balance Sheets
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, issued (in shares)	84,719,345	77,382,473
Common stock, outstanding (in shares)	84,719,345	77,382,473

Unaudited Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Unaudited Condensed Consolidated Statements of Operations
Revenue	$ 7,108,100	$ 5,150,400	$ 13,602,900	$ 10,892,400
Costs of goods sold	784,500	466,300	1,477,600	1,125,300
Gross profit	6,323,600	4,684,100	12,125,300	9,767,100
Operating expenses:
Research and development	3,205,500	4,090,400	9,283,200	8,335,100
Sales and marketing	2,912,900	1,843,900	5,702,000	3,894,000
General and administrative	4,622,400	1,594,400	7,930,400	3,370,900
Total operating expenses	10,740,800	7,528,700	22,915,600	15,600,000
Operating loss	(4,417,200)	(2,844,600)	(10,790,300)	(5,832,900)
Other income (expense):
Interest and other expense	(13,200)	(164,700)	(755,500)	(281,800)
Interest income	8,600	5,200	18,400	48,700
Total other income (expense)	(4,600)	(159,500)	(737,100)	(233,100)
Net loss	$ (4,421,800)	$ (3,004,100)	$ (11,527,400)	$ (6,066,000)
Basic net loss per share	$ (0.05)	$ (0.05)	$ (0.14)	$ (0.10)
Diluted net loss per share	$ (0.05)	$ (0.05)	$ (0.14)	$ (0.10)
Weighted average shares outstanding, basic	84,706,516	65,834,978	82,865,526	61,619,280
Weighted average shares outstanding, diluted	84,706,516	65,834,978	82,865,526	61,619,280

Unaudited Condensed Consolidated Statements of Changes in Stockholder's Equity - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balances, at Beginning of period at Dec. 31, 2019	$ 574,000	$ 96,433,700	$ (83,405,900)	$ 13,601,800
Balances, at Beginning of period, Shares at Dec. 31, 2019	57,403,583
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		547,600		547,600
Net loss			(3,061,900)	(3,061,900)
Balances, at end of period at Mar. 31, 2020	$ 574,000	96,981,300	(86,467,800)	11,087,500
Balances, at end of period, Shares at Mar. 31, 2020	57,403,583
Balances, at Beginning of period at Dec. 31, 2019	$ 574,000	96,433,700	(83,405,900)	13,601,800
Balances, at Beginning of period, Shares at Dec. 31, 2019	57,403,583
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss				(6,066,000)
Balances, at end of period at Jun. 30, 2020	$ 765,900	125,915,600	(89,471,900)	37,209,600
Balances, at end of period, Shares at Jun. 30, 2020	76,585,006
Balances, at Beginning of period at Mar. 31, 2020	$ 574,000	96,981,300	(86,467,800)	11,087,500
Balances, at Beginning of period, Shares at Mar. 31, 2020	57,403,583
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	$ 191,900	28,375,300		28,567,200
Issuance of common stock, shares	19,181,423
Stock-based compensation expense		559,000		559,000
Net loss			(3,004,100)	(3,004,100)
Balances, at end of period at Jun. 30, 2020	$ 765,900	125,915,600	(89,471,900)	37,209,600
Balances, at end of period, Shares at Jun. 30, 2020	76,585,006
Balances, at Beginning of period at Dec. 31, 2020	$ 773,800	127,673,900	(95,222,300)	33,225,400
Balances, at Beginning of period, Shares at Dec. 31, 2020	77,382,473
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	$ 57,400	51,751,500		$ 51,808,900
Issuance of common stock, shares	5,740,000			5,740,000
Stock-based compensation expense		1,319,800		$ 1,319,800
Exercise of stock options	$ 15,700	2,021,400		2,037,100
Exercise of stock options, shares	1,567,086
Net loss			(7,105,600)	(7,105,600)
Balances, at end of period at Mar. 31, 2021	$ 846,900	182,766,600	(102,327,900)	81,285,600
Balances, at end of period, Shares at Mar. 31, 2021	84,689,559
Balances, at Beginning of period at Dec. 31, 2020	$ 773,800	127,673,900	(95,222,300)	33,225,400
Balances, at Beginning of period, Shares at Dec. 31, 2020	77,382,473
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss				(11,527,400)
Balances, at end of period at Jun. 30, 2021	$ 847,200	184,723,700	(106,749,700)	78,821,200
Balances, at end of period, Shares at Jun. 30, 2021	84,719,345
Balances, at Beginning of period at Mar. 31, 2021	$ 846,900	182,766,600	(102,327,900)	81,285,600
Balances, at Beginning of period, Shares at Mar. 31, 2021	84,689,559
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		1,905,200		1,905,200
Exercise of stock options	$ 300	51,900		52,200
Exercise of stock options, shares	29,786
Net loss			(4,421,800)	(4,421,800)
Balances, at end of period at Jun. 30, 2021	$ 847,200	$ 184,723,700	$ (106,749,700)	$ 78,821,200
Balances, at end of period, Shares at Jun. 30, 2021	84,719,345

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Condensed Consolidated Statements of Cash Flow £ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)
Cash flows from operating activities:
Net loss	$ (11,527,400)	$ (6,066,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization on property and equipment, net	641,400	478,200
Net book value of consigned equipment sold	13,900	12,000
Loss on disposal of fixed assets	19,800	51,300
Fair value adjustment of liability classified warrant	358,200
Stock-based compensation	3,225,000	1,106,600
Bad debt (recovery) expense		(117,200)
Amortization of discounts on short-term investments	1,900	(1,100)
Noncash interest expense	5,400	10,800
Changes in operating assets and liabilities:
Accounts receivable	(547,300)	(385,600)
Inventory	(182,300)	(608,900)
Other current assets	(342,700)	9,700
Right of use asset-operating leases	554,400	258,200
Right of use asset-finance lease	47,600	35,700
Other assets	(1,670,200)	(100,000)
Accounts payable, accrued expenses and other	(992,400)	(2,339,200)
Operating lease liability	(584,000)	(248,800)
Deferred revenue	1,911,800	1,879,000
Other liabilities	38,000	(14,300)
Net cash used in operating activities	(9,028,900)	(6,039,600)
Cash flows from investing activities:
Purchases of short-term investments	(35,963,100)	(1,001,100)
Maturities of short-term investments	16,000,000	2,500,000
Purchases of property and equipment	(1,271,100)	(1,049,900)
Proceeds from sale of equipment	4,600
Net cash provided by (used in) investing activities	(21,229,600)	449,000
Cash flows from financing activities:
Net proceeds from issuance of common stock	51,808,900	28,567,200
Borrowings under notes payable		1,440,000
Principal payments on notes payable	(4,922,400)	(1,440,000)
Proceeds from exercise of stock options	2,089,300
Principal payments on finance leases	(49,300)	(15,700)
Net cash provided by financing activities	48,926,500	28,551,500
Net increase (decrease) in cash and cash equivalents	18,668,000	22,960,900
Cash and cash equivalents, beginning of period	18,755,200	15,210,800
Cash and cash equivalents, end of period	37,423,200	38,171,700
Supplemental cash flow information:
Cash paid for interest	419,200	210,700
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment purchases included in accounts payable	6,000	$ 159,000
Lease liability reduction due to operating lease modification	$ 304,600

Organization and Description of Business

6 Months Ended

Jun. 30, 2021

Organization and Description of Business

Organization and Description of Business

1. Organization and Description of Business

MaxCyte, Inc. (the “Company”) is a global life sciences company focused on advancing the discovery, development and commercialization of next-generation cell therapies. The Company leverages its proprietary cell engineering technology platform to enable the programs of its biotechnology and pharmaceutical company customers who are engaged in cell therapy, including gene editing and immuno-oncology, as well as in drug discovery and development and biomanufacturing. The Company licenses and sells its instruments and technology and sells its consumables to developers of cell therapies and to pharmaceutical and biotechnology companies for use in drug discovery and development and biomanufacturing. In early 2020, the Company established a wholly owned subsidiary, CARMA Cell Therapies, Inc., as part of its development of CARMA, the Company’s proprietary, mRNA-based, clinical-stage, immuno-oncology cell therapy platform. In the first quarter of 2021, the Company concluded all pre-clinical and clinical activities related to the CARMA platform. During the six months ended June 30, 2021, the Company incurred CARMA-related operating expenses of $4.3 million, which consisted of $2.5 million of ongoing CARMA expenses primarily for preclinical research and clinical activities as well as $1.8 million of severance, legal and other costs associated with the cessation of CARMA activities.

The COVID-19 pandemic has disrupted economic markets and the economic impact, duration and spread of related effects is uncertain at this time and difficult to predict. As a result, it is not possible to ascertain the overall future impact of COVID-19 on the Company’s business and, depending upon the extent and severity of such effects, including, but not limited to potential slowdowns in customer operations, extension of sales cycles, shrinkage in customer capital budgets or delays in customers’ clinical trials, the pandemic could have a material adverse effect on the Company’s business, results of operations, financial condition and cash flows. In 2020, the Company made adjustments to its operating, sales and marketing practices to mitigate the effects of COVID-19 restrictions which reduced planned spending, particularly on travel and marketing expenditures. In addition, COVID-19 restrictions may have delayed or slowed the research activities of some existing and prospective customers. It is not possible to quantify the impact of COVID-19 on the Company’s revenues and expenses in the first half of 2021or its expected impact on future periods.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X of the United States Securities and Exchange Commission (the “SEC”). In the Company’s opinion, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly the financial position, results of operations, and cash flow as of and for the periods presented. The condensed consolidated balance sheet at December 31, 2020 has been derived from audited consolidated financial statements as of that date. The unaudited condensed consolidated results of operations are not necessarily indicative of the results that may occur for the full fiscal year or any other future year or period. Certain information and footnotes disclosure normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to instructions, rules, and regulations prescribed by the SEC. The Company believes that the disclosures provided herein are adequate to make the information presented not misleading when these unaudited interim condensed consolidated financial statements are read in conjunction with the audited consolidated financial statements and notes included in the Company’s final prospectus filed with the SEC pursuant to Rule 424(b)(4) on July 30, 2021 (the “Final Prospectus”).

Significant Accounting Policies

The Company’s significant accounting policies are disclosed in the footnotes to its audited consolidated financial statements for the year ended December 31, 2020 included in the Final Prospectus and have not materially changed during the six months ended June 30, 2021, except as noted below.

Concentration of Significant Customers

Significant customers are those that accounted for 10% or more of the Company’s total revenue for the period or accounts receivable as the end of a reporting period. During the three and six months ended June 30, 2021, one customer represented 17% and 18% of revenue, respectively. During the three months ended June 30, 2020, one customer represented 23% of revenue, and during the six months ended June 30, 2020, two customers represented 15% and 12% of revenue, respectively. As of June 30, 2021, one customer accounted for 22% of accounts receivable. No customer accounted for over 10% of accounts receivable at December 31, 2020.

Certain components included in the Company’s products are obtained from a single source or a limited group of suppliers. During the three and six months ended June 30, 2021, the Company purchased approximately 56% and 48% of its inventory from three and two suppliers, respectively. During the three and six months ended June 30, 2020, the Company purchased approximately 60% and 57% of its inventory from three suppliers and one supplier, respectively. As of June 30, 2021 and December 31, 2020, amounts payable to these suppliers totaled 11% and 31% of total accounts payable, respectively.

Foreign Currency

The Company’s functional currency is the US dollar; transactions denominated in foreign currencies are subject to currency risk. The Company recognized $3,600 in foreign currency transaction gains and $7,600 in foreign currency transaction losses for the three months ended June 30, 2021 and 2020, respectively. The Company recognized $23,400 and $16,700 in foreign currency transaction gains for the six months ended June 30, 2021 and 2020, respectively.

Cash, Cash Equivalents and Short-term Investments

The following table summarizes the Company’s cash equivalents and short-term investments at June 30, 2021:


				Gross		Gross
		Amortized		unrecognized		unrecognized		Aggregate
Description	Classification	cost		holding gains		holding losses		fair value
Money market funds	Cash equivalents	$	5,270,300	$	—	$	—	$	5,270,300
Corporate Debt	Cash equivalents		1,001,500		—		(100)		1,001,400
Commercial Paper	Cash equivalent		27,996,800		1,400		—		27,998,200
Corporate Debt	Short-term investments		35,968,700		21,600		—		35,990,300
Total Investments		$	70,237,300	$	23,000	$	(100)	$	70,260,200

The following table summarizes the Company’s cash equivalents and short-term investments at December 31, 2020:


				Gross		Gross
		Amortized		unrecognized		unrecognized		Aggregate
Description	Classification	cost		holding gains		holding losses		fair value
Money market funds	Cash equivalents	$	8,702,200	$	—	$	—	$	8,702,200
Commercial Paper	Cash equivalents		6,523,500		—		—		6,523,500
Commercial Paper	Short‑term investments		13,996,800		1,800		—		13,998,600
Corporate Debt	Short‑term investments		2,010,700		—		(100)		2,010,600
Total Investments		$	31,233,200	$	1,800	$	(100)	$	31,234,900

At times the Company’s cash balances may exceed federally insured limits and cash may also be deposited in foreign bank accounts that are not covered by federal deposit insurance. The Company does not believe that this results in any significant credit risk.

Inventory

Inventory is carried at the lower of cost or net realizable value. Inventory consisted of the following at:


	June 30,		December 31,
	2021		2020
Raw materials inventory	$	1,859,600	$	1,771,300
Finished goods inventory		2,309,900		2,544,500
Total inventory	$	4,169,500	$	4,315,800

The Company determined no allowance for obsolescence was necessary at June 30, 2021 or December 31, 2020.

Accounts Receivable

Accounts receivables are reduced by an allowance for doubtful accounts, if needed. The Company determined no allowance was necessary at June 30, 2021 or December 31, 2020.

Property and Equipment

Property and equipment are stated at cost. Depreciation is computed using the straight-line method. Leasehold improvements are amortized over the shorter of the estimated lease term or useful life.

Property and equipment consisted of the following:


	June 30,		December 31,
	2021		2020
Furniture and equipment	$	3,696,400	$	3,492,900
Instruments		1,755,600		1,424,600
Leasehold improvements		641,400		641,400
Internal-use software under development		980,200		—
Internal-use software		1,999,300		1,963,000
Accumulated depreciation and amortization		(3,600,700)		(2,975,700)
Property and equipment, net	$	5,472,200	$	4,546,200

For the six months ended June 30, 2021, the Company transferred $328,600 of instruments previously classified as inventory to property and equipment leased to customers. For the six months ended June 30, 2020, the Company transferred $154,000 of instruments previously classified as inventory to property and equipment leased to customers.

For the three and six months ended June 30, 2021, the Company incurred depreciation and amortization expense of $325,000 and $641,400, respectively. For the three and six months ended June 30, 2020, the Company incurred depreciation and amortization expense of $256,500 and $478,200, respectively.

In the three and six months ended June 30, 2020, the Company capitalized $5,700 and $8,200, respectively, of interest expense related to capitalized software development projects. No interest expense was capitalized in the three and six months ended June 30, 2021.

Deferred Offering Costs

The Company capitalizes certain legal, accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs (non-current) until such financings are consummated or determined not to be probable of consummation. After consummation of the equity financing, these costs are recorded in stockholders’ equity as a reduction of proceeds received as a result of the offering. If the equity financing is no longer considered probable of being consummated, all deferred offering costs will be charged to operating expenses in the consolidated statement of operations at such time.

As of June 30, 2021 and December 31, 2020, $1,384,500 and $0, respectively, of deferred offering costs were reported as other assets in the condensed consolidated balance sheets.

Leases

In transactions where the Company is the lessee, at the inception of a contract, the Company determines if the arrangement is, or contains, a lease. See Note 7 for additional details over leases where the Company is the lessee.

All transactions in which the Company is the lessor are short-term (one year or less) and have been classified as operating leases. All leases require upfront payments covering the full period of the lease and thus, there are no future payments expected to be received from existing leases. See Note 3 for details over revenue recognition related to lease agreements.

Loss Per Share

Basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period.

For periods of net income, and when the effects are not anti-dilutive, diluted earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of shares outstanding plus the impact of all potential dilutive common shares, consisting primarily of common stock options and stock purchase warrants using the treasury stock method.

For periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all dilutive potential common shares is anti-dilutive. The number of anti-dilutive shares excluded from the computation of diluted loss per share, consisting of shares underlying stock options and stock purchase warrants, was 12.2 million and 12.4 million for the three and six months ended June 30, 2021 and 2020, respectively.

Recent Accounting Pronouncements

Recently Adopted

On January 1, 2021, the Company adopted new guidance addressing income taxes, which is intended to simplify various aspects related to the accounting for income taxes. The guidance removes certain exceptions to the general principles in Accounting Standards Codification (“ASC”) 740, Income Taxes, and also clarifies and amends existing guidance to improve consistent application. The adoption did not have a material effect on the Company’s condensed consolidated interim financial statements.

New Accounting Pronouncements Not Yet Adopted

In June 2016, the Financial Accounting Standards Board (“FASB”) issued guidance with respect to measuring credit losses on financial instruments, including trade receivables. The guidance eliminates the probable initial recognition threshold that was previously required prior to recognizing a credit loss on financial instruments. The credit loss estimate can now reflect an entity’s current estimate of all future expected credit losses. Under the previous guidance, an entity only considered past events and current conditions. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. The adoption of certain amendments of this guidance must be applied on a modified retrospective basis and the adoption of the remaining amendments must be applied on a prospective basis. The Company is currently evaluating the impact, if any, that this new accounting pronouncement will have on its consolidated financial statements.

The Company has evaluated all other issued and unadopted Accounting Standards Updates and believes the adoption of these standards will not have a material impact on its results of operations, financial position, or cash flows.

Revenue

6 Months Ended

Jun. 30, 2021

Revenue

Revenue

3. Revenue

Revenue is principally from the sale of instruments and processing assemblies, and extended warranties and the lease of instruments, which leases also include customer-specific milestone payments. In some arrangements, products and services have been sold together representing distinct performance obligations. In these arrangements the Company allocates the sale price to the various performance obligations in the arrangement on a relative selling price basis. Under this basis, the Company determines the estimated selling price of each performance obligation in a manner that is consistent with that used to determine the price to sell the deliverable on a standalone basis.

Revenue is recognized at the time control is transferred to the customer and the performance obligation is satisfied. Revenue from the sale of instruments and processing assemblies is generally recognized at the time of shipment to the customer, provided that no significant vendor obligations remain and collectability is reasonably assured. Revenue from equipment leases is recognized ratably over the contractual term of the lease agreement and when specific milestones are achieved by a customer. Licensing fee revenue is recognized ratably over the license period. Revenue from fees for research services is recognized when services have been provided.

Disaggregation of Revenue

The following table depicts the disaggregation of revenue by type of contract:


	Three months ended June 30, 2021						Six months ended June 30, 2021
	Revenue from		Revenue				Revenue from		Revenue
	Contracts		from				Contracts		from
	with		Lease		Total		with		Lease		Total
	Customers		Elements		Revenue		Customers		Elements		Revenue
Product Sales	$	4,041,600	$	—	$	4,041,600	$	8,117,400	$	—	$	8,117,400
Lease Elements		—		2,889,700		2,889,700		—		5,145,600		5,145,600
Other		176,800		—		176,800		339,900		—		339,900
Total	$	4,218,400	$	2,889,700	$	7,108,100	$	8,457,300	$	5,145,600	$	13,602,900


	Three months ended June 30, 2020						Six months ended June 30, 2020
	Revenue from		Revenue				Revenue from		Revenue
	Contracts		from				Contracts		from
	with		Lease		Total		with		Lease		Total
	Customers		Elements		Revenue		Customers		Elements		Revenue
Product Sales	$	2,244,300	$	—	$	2,244,300	$	5,439,500	$	—	$	5,439,500
Lease Elements		—		2,824,100		2,824,100		—		5,252,100		5,252,100
Other		82,000		—		82,000		200,800		—		200,800
Total	$	2,326,300	$	2,824,100	$	5,150,400	$	5,640,300	$	5,252,100	$	10,892,400

Additional Disclosures Relating to Revenue from Contracts with Customers

Deferred revenue represents payments received for performance obligations not yet satisfied and is presented as current or long-term in the accompanying condensed consolidated balance sheets based on the expected timing and satisfaction of the underlying goods or services. Deferred revenue was $7.1 million and $5.0 million as of June 30, 2021 and December 31, 2020, respectively. During the three and six months ended June 30, 2021, the Company recognized $1.5 million and $3.5 million, respectively, and during the three and six months ended June 30, 2020, $1.0 million and $2.5 million, respectively, of revenue that was included in deferred revenue at the beginning of such periods.

Remaining contract consideration for which revenue has not been recognized due to unsatisfied performance obligations with a duration greater than one year at June 30, 2021 was $366,800, of which the Company expects to recognize $71,200 in one year or less, $72,000 in one to two years, $67,000 in two to three years, and $156,600 thereafter.

For the three and six months ended June 30, 2021 and 2020, the Company did not incur, and therefore did not defer, any material incremental costs to obtain contracts or costs to fulfill contracts.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Debt

6 Months Ended

Jun. 30, 2021

Debt

Debt

4. Debt

In November 2019, the Company entered into a new credit facility with MidCap Financial SBIC, LP (“MidCap”). The credit facility provided for a $5 million term loan maturing on November 1, 2024. The term loan provided for (i) an interest rate of one-month Libor plus 6.5% with a 1.5% Libor floor, (ii) monthly interest payments, (iii) 30 monthly principal payments of $166,700 beginning in June 2022 and (iv) a 3% final payment fee. The Company used the proceeds from the credit facility for general operating purposes. The debt was collateralized by substantially all assets of the Company. At December 31, 2020, the term loan had an outstanding principal balance of $5.0 million and $83,000 of unamortized debt discount. In March 2021, the Company repaid the MidCap loan in full. The Company incurred fees of $260,000 associated with early repayment of the loan. The unamortized debt discounts and fees were expensed and recorded as interest expense.

In April 2020, the Company received a loan from Silicon Valley Bank in the amount of $1,440,000 under the US Small Business Administration’s Paycheck Protection Program (“PPP”). The PPP was established as part of the US Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. The loan provided for interest at 1% and a maturity date of April 2022. In May 2020, the Company repaid the loan in full.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Stockholder's Equity

6 Months Ended

Jun. 30, 2021

Stockholders' Equity

Stockholders' Equity

5. Stockholders’ Equity

Common Stock

During the first quarter of 2021, the Company completed an equity capital raise issuing 5,740,000 shares of its common stock at a price of ₤7.00 (or approximately $9.64) per share. The transaction generated gross proceeds of ₤40.2 million (or $55.3 million). In conjunction with the transaction, the Company incurred costs of $3.5 million which resulted in the Company receiving net proceeds of $51.8 million.

Warrant

In connection with the November 2019 credit facility (see Note 4), the Company issued the lender a warrant to purchase 71,168 shares of common stock at an exercise price of £1.09081 per share. Through June 30, 2021, the warrant is exercisable at any time through the tenth anniversary of issuance. The warrant was classified as a liability, as its strike price was in a currency other than the Company’s functional currency. The warrant was recorded at fair value at the end of each reporting period with changes from the prior balance sheet date recorded on the condensed consolidated statements of operations (see Note 6). In August 2021, MidCap exercised the warrant in full (see Note 8).

Stock Options

The Company adopted the MaxCyte, Inc. Long-Term Incentive Plan (the “Plan”) in January 2016 to amend and restate the MaxCyte 2000 Long-Term Incentive Plan to provide for the awarding of (i) stock options, (ii) restricted stock, (iii) incentive shares, and (iv) performance awards to employees, officers, and Directors of the Company and to other individuals as determined by the Board of Directors. Under the Plan, as amended, the maximum number of shares of Common Stock of the Company that the Company may issue is increased by ten percent (10%) of the shares that are issued and outstanding at the time awards are made under the Plan. On December 10, 2019 and October 27, 2020, the Company’s Board resolved to increase the number of shares available for grant under the Plan by 3,000,000 and 1,500,000, respectively.

At December 31, 2020 and June 30, 2021, there were 4,175,737 and 4,090,810 shares available to be issued under the Plan, respectively.

The weighted-average fair value of the options granted during the three months ended June 30, 2021 and 2020 was estimated to be $7.22 and $1.09, respectively. The weighted-average fair value of the options granted during the six months ended June 30, 2021 and 2020 was estimated to be $7.32 and $0.87, respectively.

The value of an option award is recognized as expense on a straight-line basis over the requisite service period. At June 30, 2021, total unrecognized compensation expense was $20,211,400, which will be recognized over the next 3.2 years.

The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations:


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
General and administrative	$	1,169,600	$	265,900	$	1,911,300	$	519,900
Sales and marketing		352,400		112,000		621,600		218,000
Research and development		383,200		181,100		692,100		368,700
Total	$	1,905,200	$	559,000	$	3,225,000	$	1,106,600

Fair Value

6 Months Ended

Jun. 30, 2021

Fair Value

Fair Value

6. Fair Value

The Company’s condensed consolidated balance sheets include various financial instruments (primarily cash and cash equivalents, accounts receivable and accounts payable) that are carried at cost, which approximates fair value due to the short-term nature of the instruments. The Company’s short-term investments are carried at amortized cost (see Note 2 for fair values of short-term investments). Notes payable are reflective of fair value based on market comparable instruments with similar terms.

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Company had an outstanding warrant accounted for as a liability and measured at fair value on a recurring basis, using Level 3 inputs. The following table identifies the carrying amount of this warrant at June 30, 2021:


	Level 1		Level 2		Level 3		Total
Liabilities
Liability classified warrant	$	—	$	—	$	799,400	$	799,400
Total at June 30, 2021	$	—	$	—	$	799,400	$	799,400

The following table identifies the carrying amount of this warrant at December 31, 2020:


	Level 1		Level 2		Level 3		Total
Liabilities
Liability classified warrant	$	—	$	—	$	441,200	$	441,200
Total at December 31, 2020	$	—	$	—	$	441,200	$	441,200

The following table presents the activity for those items measured at fair value on a recurring basis using Level 3 inputs for the three and six months ended June 30, 2021 and 2020:


	Mark-to-market liabilities – warrant
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Balance, beginning of period	$	789,100	$	74,500	$	441,200	$	74,700
Change in fair value		10,300		51,500		358,200		51,300
Balance, end of period	$	799,400	$	126,000	$	799,400	$	126,000

The gains and losses resulting from the changes in the fair value of the warrant liability are classified as other income or expense in the accompanying condensed consolidated statements of operations. The fair value of the Common Stock purchase warrants is determined based on the Black-Scholes option pricing model or other option pricing models as appropriate and included the use of unobservable inputs such as the expected term, anticipated volatility and expected dividends. Changes in any of the assumptions related to such unobservable inputs may change the fair value; increases in expected term, anticipated volatility and expected dividends generally result in increases in fair value, while decreases in these unobservable inputs generally result in decreases in fair value.

The Company has no other financial assets or liabilities measured at fair value on a recurring basis.

Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

Short-term investments carried at amortized cost are measured at fair value on a non-recurring basis when they are deemed to be impaired on an other-than-temporary basis. No fair value impairment was recognized during the three and six months ended June 30, 2021 and 2020.

Non-Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Company has no non-financial assets and liabilities that are measured at fair value on a recurring basis.

Non-Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

The Company measures its long-lived assets, including property and equipment, at fair value on a non-recurring basis. These assets are recognized at fair value when they are deemed to be impaired. No fair value impairment was recognized during the three and six months ended June 30, 2021 and 2020.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies.

Commitments and Contingencies

7. Commitments and Contingencies

Operating Leases

The Company is a party to various leases for office and laboratory space. A member of the Company’s Board of Directors is the CEO and Board member of the lessor of certain of these leases for which the rent payments totaled $159,600 and $155,800 in the three months ended June 30, 2021 and 2020, respectively, and $318,300 and $310,500 in the six months ended June 30, 2021 and 2020, respectively.

At June 30, 2021, the Company had a $1,173,900 right of use (ROU) lease asset, a $616,500 short-term lease liability and a $606,700 long-term lease liability related to its operating leases. At December 31, 2020, the Company had a $1,728,300 ROU asset, a $572,600 short-term lease liability and a $1,234,600 long-term lease liability related to its operating leases.

At June 30, 2021 and December 31, 2020, the weighted average remaining lease term for the Company’s operating leases was 2.1 years and 2.8 years, respectively.

On May 27, 2021, the Company entered into an operating lease for new office and manufacturing space. The lease for the new space consists of three phases, with Phase 1 estimated to commence in October 2021 which is subject to revision, and the lease of all phases is estimated to expire on June 30, 2035. Both the Company and the landlord have a one-time right to terminate a portion of Phase 3 of the lease during a defined time window. The Company will design and construct the leasehold improvements with the approval of the landlord. The landlord will reimburse the Company for the costs of property improvements up to amounts specified in the lease. The total incremental non-cancellable lease payments under the new lease agreements are approximately $24.5 million over the lease term.

Finance Leases

At June 30, 2021, the Company had a $170,700 ROU asset, a $102,800 short-term lease liability included in “Accrued expenses and other” and a $90,100 long-term lease liability included in “Other liabilities” related to its finance lease.

At December 31, 2020, the Company had a $218,300 ROU asset, a $100,000 short-term lease liability included in “Accrued expenses and other” and a $142,200 long-term lease liability included in “Other liabilities” related to its finance lease.

All Leases

Lease costs for the three and six months ended June 30, 2021 and 2020 were as follows:


	Three months ended				Six months ended
	June 30,				June 30,
	2021		2020		2021		2020
Finance lease cost
Amortization of ROU asset	$	23,800	$	23,800	$	47,600	$	35,700
Interest on expense		2,900		4,200		6,100		6,900
Operating lease cost		174,200		170,100		346,900		337,200
Short-term lease cost		10,000		—		18,900		—
Variable lease cost		75,600		65,700		151,200		141,500
Total lease cost	$	286,500	$	263,800	$	570,700	$	521,300

As of June 30, 2021, maturities of lease liabilities that have commenced prior to June 30, 2021 were as follows:


	Operating Leases		Finance Leases

Remainder of 2021	$	360,300	$	55,400
2022		579,200		110,800
2023		405,000		36,900
Total lease payments		1,344,500		203,100
Discount factor		(121,300)		(10,300)
Present value of lease liabilities	$	1,223,200	$	192,800

Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Events

Subsequent Events

8. Subsequent Events

Initial Public Offering

The Company’s registration statement on Form S-1 related to its initial public offering of common stock in the United States (the “IPO”) was declared effective on July 29, 2021, and the Company’s common stock began trading on the Nasdaq Global Select Market on July 30, 2021. On August 3, 2021, the Company issued and sold 15,525,000 shares of common stock in the IPO at a price to the public of $13.00 per share, inclusive of 2,025,000 shares issued pursuant to the full exercise of the underwriters’ option to purchase additional shares. The IPO generated gross proceeds to the Company of $201.8 million. The Company received aggregate net proceeds of approximately $184 million after deducting aggregate underwriting commissions and offering costs of approximately $18 million.

Warrant Exercise

In a cashless settlement on August 11, 2021, MidCap exercised its warrant (see Note 5), in whole, for 64,603 shares of common stock.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2021

Summary of Significant Accounting Policies

Concentration of Significant Customers

Foreign Currency

Cash, Cash Equivalents and Short-term Investments

The following table summarizes the Company’s cash equivalents and short-term investments at June 30, 2021:


				Gross		Gross
		Amortized		unrecognized		unrecognized		Aggregate
Description	Classification	cost		holding gains		holding losses		fair value
Money market funds	Cash equivalents	$	5,270,300	$	—	$	—	$	5,270,300
Corporate Debt	Cash equivalents		1,001,500		—		(100)		1,001,400
Commercial Paper	Cash equivalent		27,996,800		1,400		—		27,998,200
Corporate Debt	Short-term investments		35,968,700		21,600		—		35,990,300
Total Investments		$	70,237,300	$	23,000	$	(100)	$	70,260,200

The following table summarizes the Company’s cash equivalents and short-term investments at December 31, 2020:


				Gross		Gross
		Amortized		unrecognized		unrecognized		Aggregate
Description	Classification	cost		holding gains		holding losses		fair value
Money market funds	Cash equivalents	$	8,702,200	$	—	$	—	$	8,702,200
Commercial Paper	Cash equivalents		6,523,500		—		—		6,523,500
Commercial Paper	Short‑term investments		13,996,800		1,800		—		13,998,600
Corporate Debt	Short‑term investments		2,010,700		—		(100)		2,010,600
Total Investments		$	31,233,200	$	1,800	$	(100)	$	31,234,900

Inventory

Inventory is carried at the lower of cost or net realizable value. Inventory consisted of the following at:


	June 30,		December 31,
	2021		2020
Raw materials inventory	$	1,859,600	$	1,771,300
Finished goods inventory		2,309,900		2,544,500
Total inventory	$	4,169,500	$	4,315,800

The Company determined no allowance for obsolescence was necessary at June 30, 2021 or December 31, 2020.

Accounts Receivable

Accounts receivables are reduced by an allowance for doubtful accounts, if needed. The Company determined no allowance was necessary at June 30, 2021 or December 31, 2020.

Property and Equipment

Property and equipment are stated at cost. Depreciation is computed using the straight-line method. Leasehold improvements are amortized over the shorter of the estimated lease term or useful life.

Property and equipment consisted of the following:


	June 30,		December 31,
	2021		2020
Furniture and equipment	$	3,696,400	$	3,492,900
Instruments		1,755,600		1,424,600
Leasehold improvements		641,400		641,400
Internal-use software under development		980,200		—
Internal-use software		1,999,300		1,963,000
Accumulated depreciation and amortization		(3,600,700)		(2,975,700)
Property and equipment, net	$	5,472,200	$	4,546,200

Deferred Offering Costs

As of June 30, 2021 and December 31, 2020, $1,384,500 and $0, respectively, of deferred offering costs were reported as other assets in the condensed consolidated balance sheets.

Leases

Loss Per Share

Basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period.

Recent Accounting Pronouncements

Recently Adopted

New Accounting Pronouncements Not Yet Adopted

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2021

Summary of Significant Accounting Policies

Summary of the Company's cash equivalents and investments

The following table summarizes the Company’s cash equivalents and short-term investments at June 30, 2021:


				Gross		Gross
		Amortized		unrecognized		unrecognized		Aggregate
Description	Classification	cost		holding gains		holding losses		fair value
Money market funds	Cash equivalents	$	5,270,300	$	—	$	—	$	5,270,300
Corporate Debt	Cash equivalents		1,001,500		—		(100)		1,001,400
Commercial Paper	Cash equivalent		27,996,800		1,400		—		27,998,200
Corporate Debt	Short-term investments		35,968,700		21,600		—		35,990,300
Total Investments		$	70,237,300	$	23,000	$	(100)	$	70,260,200

The following table summarizes the Company’s cash equivalents and short-term investments at December 31, 2020:


				Gross		Gross
		Amortized		unrecognized		unrecognized		Aggregate
Description	Classification	cost		holding gains		holding losses		fair value
Money market funds	Cash equivalents	$	8,702,200	$	—	$	—	$	8,702,200
Commercial Paper	Cash equivalents		6,523,500		—		—		6,523,500
Commercial Paper	Short‑term investments		13,996,800		1,800		—		13,998,600
Corporate Debt	Short‑term investments		2,010,700		—		(100)		2,010,600
Total Investments		$	31,233,200	$	1,800	$	(100)	$	31,234,900

Schedule of inventory


	June 30,		December 31,
	2021		2020
Raw materials inventory	$	1,859,600	$	1,771,300
Finished goods inventory		2,309,900		2,544,500
Total inventory	$	4,169,500	$	4,315,800

Schedule of property and equipment


	June 30,		December 31,
	2021		2020
Furniture and equipment	$	3,696,400	$	3,492,900
Instruments		1,755,600		1,424,600
Leasehold improvements		641,400		641,400
Internal-use software under development		980,200		—
Internal-use software		1,999,300		1,963,000
Accumulated depreciation and amortization		(3,600,700)		(2,975,700)
Property and equipment, net	$	5,472,200	$	4,546,200

Revenue (Tables)

6 Months Ended

Jun. 30, 2021

Revenue

Schedule of disaggregation of revenue


	Three months ended June 30, 2021						Six months ended June 30, 2021
	Revenue from		Revenue				Revenue from		Revenue
	Contracts		from				Contracts		from
	with		Lease		Total		with		Lease		Total
	Customers		Elements		Revenue		Customers		Elements		Revenue
Product Sales	$	4,041,600	$	—	$	4,041,600	$	8,117,400	$	—	$	8,117,400
Lease Elements		—		2,889,700		2,889,700		—		5,145,600		5,145,600
Other		176,800		—		176,800		339,900		—		339,900
Total	$	4,218,400	$	2,889,700	$	7,108,100	$	8,457,300	$	5,145,600	$	13,602,900


	Three months ended June 30, 2020						Six months ended June 30, 2020
	Revenue from		Revenue				Revenue from		Revenue
	Contracts		from				Contracts		from
	with		Lease		Total		with		Lease		Total
	Customers		Elements		Revenue		Customers		Elements		Revenue
Product Sales	$	2,244,300	$	—	$	2,244,300	$	5,439,500	$	—	$	5,439,500
Lease Elements		—		2,824,100		2,824,100		—		5,252,100		5,252,100
Other		82,000		—		82,000		200,800		—		200,800
Total	$	2,326,300	$	2,824,100	$	5,150,400	$	5,640,300	$	5,252,100	$	10,892,400

Stockholder's Equity (Tables)

6 Months Ended

Jun. 30, 2021

Stockholders' Equity

Schedule of stock-based compensation expense


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
General and administrative	$	1,169,600	$	265,900	$	1,911,300	$	519,900
Sales and marketing		352,400		112,000		621,600		218,000
Research and development		383,200		181,100		692,100		368,700
Total	$	1,905,200	$	559,000	$	3,225,000	$	1,106,600

Fair Value (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table identifies the carrying amount of this warrant at June 30, 2021:


	Level 1		Level 2		Level 3		Total
Liabilities
Liability classified warrant	$	—	$	—	$	799,400	$	799,400
Total at June 30, 2021	$	—	$	—	$	799,400	$	799,400

The following table identifies the carrying amount of this warrant at December 31, 2020:


	Level 1		Level 2		Level 3		Total
Liabilities
Liability classified warrant	$	—	$	—	$	441,200	$	441,200
Total at December 31, 2020	$	—	$	—	$	441,200	$	441,200

Schedule of activity for items measured at fair value on a recurring basis using Level 3 inputs


	Mark-to-market liabilities – warrant
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Balance, beginning of period	$	789,100	$	74,500	$	441,200	$	74,700
Change in fair value		10,300		51,500		358,200		51,300
Balance, end of period	$	799,400	$	126,000	$	799,400	$	126,000

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies.

Schedule of lease costs


	Three months ended				Six months ended
	June 30,				June 30,
	2021		2020		2021		2020
Finance lease cost
Amortization of ROU asset	$	23,800	$	23,800	$	47,600	$	35,700
Interest on expense		2,900		4,200		6,100		6,900
Operating lease cost		174,200		170,100		346,900		337,200
Short-term lease cost		10,000		—		18,900		—
Variable lease cost		75,600		65,700		151,200		141,500
Total lease cost	$	286,500	$	263,800	$	570,700	$	521,300

Schedule of maturities of operating lease liabilities


	Operating Leases		Finance Leases

Remainder of 2021	$	360,300	$	55,400
2022		579,200		110,800
2023		405,000		36,900
Total lease payments		1,344,500		203,100
Discount factor		(121,300)		(10,300)
Present value of lease liabilities	$	1,223,200	$	192,800

Schedule of maturities of finance lease liabilities


	Operating Leases		Finance Leases

Remainder of 2021	$	360,300	$	55,400
2022		579,200		110,800
2023		405,000		36,900
Total lease payments		1,344,500		203,100
Discount factor		(121,300)		(10,300)
Present value of lease liabilities	$	1,223,200	$	192,800

Organization and Description of Business (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Product Information [Line Items]
Operating expenses	$ 10,740,800	$ 7,528,700	$ 22,915,600	$ 15,600,000
Preclinical research and clinical activities ongoing expenses	$ 3,205,500	$ 4,090,400	9,283,200	$ 8,335,100
CARMA Cell Therapies
Product Information [Line Items]
Operating expenses			4,300,000
Preclinical research and clinical activities ongoing expenses			2,500,000
Severance, legal and other costs			$ 1,800,000

Summary of Significant Accounting Policies - Concentration of Significant Customers (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021 item customer	Jun. 30, 2020 item customer	Jun. 30, 2021 item customer	Jun. 30, 2020 item customer	Dec. 31, 2020
Revenue. \| Customer concentration risk \| Customer one
Concentration Risk [Line Items]
Number of major customers	1	1
Concentration risk percentage	17.00%	23.00%	18.00%	15.00%
Revenue. \| Customer concentration risk \| Customer two
Concentration Risk [Line Items]
Number of major customers				2
Concentration risk percentage				12.00%
Accounts receivable \| Customer concentration risk \| Customer one
Concentration Risk [Line Items]
Number of major customers			1
Concentration risk percentage			22.00%
Inventory \| Supplier concentration risk \| Major suppliers
Concentration Risk [Line Items]
Concentration risk percentage	56.00%	60.00%	48.00%	57.00%
Number of major suppliers \| item	3	3	2	1
Accounts payable \| Supplier concentration risk \| Major suppliers
Concentration Risk [Line Items]
Concentration risk percentage			11.00%		31.00%

Summary of Significant Accounting Policies - Foreign Currency (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Summary of Significant Accounting Policies
Foreign currency transaction gains (losses)	$ 3,600	$ (7,600)	$ 23,400	$ 16,700

Summary of Significant Accounting Policies - Cash, Cash Equivalents and Short-term Investments (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Line Items]
Amortized cost	$ 70,237,300	$ 31,233,200
Gross unrecognized holding gains	23,000	1,800
Gross unrecognized holding losses	(100)	(100)
Aggregate fair value	70,260,200	31,234,900
Commercial Paper
Cash and Cash Equivalents [Line Items]
Amortized cost		13,996,800
Gross unrecognized holding gains		1,800
Aggregate fair value		13,998,600
Corporate Debt
Cash and Cash Equivalents [Line Items]
Amortized cost	35,968,700	2,010,700
Gross unrecognized holding gains	21,600
Gross unrecognized holding losses		(100)
Aggregate fair value	35,990,300	2,010,600
Money market funds
Cash and Cash Equivalents [Line Items]
Amortized cost	5,270,300	8,702,200
Aggregate fair value	5,270,300	8,702,200
Corporate Debt
Cash and Cash Equivalents [Line Items]
Amortized cost	1,001,500
Gross unrecognized holding losses	(100)
Aggregate fair value	1,001,400
Commercial Paper
Cash and Cash Equivalents [Line Items]
Amortized cost	27,996,800	6,523,500
Gross unrecognized holding gains	1,400
Aggregate fair value	$ 27,998,200	$ 6,523,500

Summary of Significant Accounting Policies - Inventory (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Inventory
Raw materials inventory	$ 1,859,600	$ 1,771,300
Finished goods inventory	2,309,900	2,544,500
Total Inventory	4,169,500	4,315,800
Allowance for obsolescence	$ 0	$ 0

Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Accounts Receivable
Allowance for accounts receivable	$ 0	$ 0

Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Accumulated depreciation and amortization	$ (3,600,700)		$ (3,600,700)		$ (2,975,700)
Property and equipment, net	5,472,200		5,472,200		4,546,200
Transfer of instruments			328,600	$ 154,000
Depreciation and amortization expense	325,000	$ 256,500	641,400	478,200
Capitalized interest expense	0	$ 5,700	0	$ 8,200
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,696,400		3,696,400		3,492,900
Instruments
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,755,600		1,755,600		1,424,600
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	641,400		641,400		641,400
Internal-use software under development
Property, Plant and Equipment [Line Items]
Property and equipment, gross	980,200		980,200
Internal-use software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,999,300		$ 1,999,300		$ 1,963,000

Summary of Significant Accounting Policies - Deferred Offering Costs (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Deferred Offering Costs
Deferred offering costs	$ 1,384,500	$ 0

Summary of Significant Accounting Policies - Loss Per Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Loss Per Share
Anti-dilutive shares excluded from the computation of diluted loss per share	12.2	12.4	12.2	12.4

Revenue - Disaggregation of revenue (Details) - USD ($)	3 Months Ended		6 Months Ended
Revenue - Disaggregation of revenue (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 4,218,400	$ 2,326,300	$ 8,457,300	$ 5,640,300
Revenue from Lease Elements	2,889,700	2,824,100	5,145,600	5,252,100
Total Revenue	7,108,100	5,150,400	13,602,900	10,892,400
Product Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,041,600	2,244,300	8,117,400	5,439,500
Total Revenue	4,041,600	2,244,300	8,117,400	5,439,500
Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	176,800	82,000	339,900	200,800
Total Revenue	$ 176,800	$ 82,000	$ 339,900	$ 200,800

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Revenue - Changes in deferred revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Change in Contract with Customer, Liability [Abstract]
Deferred revenue	$ 7.1		$ 7.1		$ 5.0
Revenue recognized	$ 1.5	$ 1.0	$ 3.5	$ 2.5

Revenue - Performance Obligations (Details)	Jun. 30, 2021 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 366,800
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 71,200
Remaining performance obligation expects to recognize as revenue	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 72,000
Remaining performance obligation expects to recognize as revenue	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 67,000
Remaining performance obligation expects to recognize as revenue	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 156,600
Remaining performance obligation expects to recognize as revenue	0 years

Debt (Details)	1 Months Ended	6 Months Ended
Debt (Details)	Nov. 30, 2019 USD ($) item shares	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)	Apr. 30, 2020 USD ($)	Nov. 30, 2019 £ / shares
Debt Instrument [Line Items]
Warrant to purchase common Stock \| shares	71,168
Warrant exercise price \| £ / shares					£ 1.09081
Term Loan
Debt Instrument [Line Items]
Principal amount	$ 5,000,000
Number of monthly principal payments \| item	30
Frequency of principal payments	monthly
Periodic principal payments	$ 166,700
Final payment fee percentage	3.00%
Early repayment fees		$ 260,000
Outstanding principal balance			$ 5,000,000.0
Unamortized debt discount			$ 83,000
Term Loan \| Libor
Debt Instrument [Line Items]
Basis spread over LIBOR	6.50%
Libor floor rate	1.50%
Paycheck Protection Program loan
Debt Instrument [Line Items]
Principal amount				$ 1,440,000

Stockholder's Equity - Common Stock (Details) £ / shares in Units, $ / shares in Units, £ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2021 USD ($) shares	Mar. 31, 2021 GBP (£) £ / shares shares	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2021 $ / shares
Stockholders' Equity
Shares issued \| shares	5,740,000	5,740,000
Share price \| (per share)		£ 7.00			$ 9.64
Gross proceeds	$ 55,300,000	£ 40.2	$ 51,808,900	$ 28,567,200
Cost incurred	3,500,000
Net proceeds	$ 51,800,000

Stockholder's Equity - Warrant (Details)	Nov. 30, 2019 £ / shares shares
Stockholders' Equity
Warrant to purchase common Stock \| shares	71,168
Warrant exercise price \| £ / shares	£ 1.09081

Stockholder's Equity - Stock Options (Details) - Long-Term Incentive Plan , 2016 - USD ($)			3 Months Ended		6 Months Ended
	Oct. 27, 2020	Dec. 10, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of increase in the number of stock options			10.00%		10.00%
Increase the number of stock options	1,500,000	3,000,000
Awards available to be issued			4,090,810		4,090,810		4,175,737
Weighted-average fair value of the options granted			$ 7.22	$ 1.09	$ 7.32	$ 0.87
Unrecognized compensation expense			$ 20,211,400		$ 20,211,400
Unrecognized compensation expense, recognition period					3 years 2 months 12 days

Stockholder's Equity - Stock-based compensation expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1,905,200	$ 559,000	$ 3,225,000	$ 1,106,600
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,169,600	265,900	1,911,300	519,900
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	352,400	112,000	621,600	218,000
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 383,200	$ 181,100	$ 692,100	$ 368,700

Fair Value - Carrying amounts of warrant (Details) - Recurring basis - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Fair Value
Total Liabilities	$ 799,400	$ 441,200
Mark-to-market liabilities , warrant
Fair Value
Liability classified warrant	799,400	441,200
Level 3
Fair Value
Total Liabilities	799,400	441,200
Level 3 \| Mark-to-market liabilities , warrant
Fair Value
Liability classified warrant	$ 799,400	$ 441,200

Fair Value - Activity of items measured at fair value on a recurring basis using Level 3 inputs (Details) - Mark-to-market liabilities , warrant - Recurring basis - Level 3 - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Activity for items measured at fair value on a recurring basis using Level 3 inputs
Balance, beginning of periods	$ 789,100	$ 74,500	$ 441,200	$ 74,700
Change in fair value	10,300	51,500	358,200	51,300
Balance, end of periods	$ 799,400	$ 126,000	$ 799,400	$ 126,000

Fair Value - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (Details) - Non-recurring basis - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of short-term investments	$ 0	$ 0	$ 0	$ 0
Impairment of long-lived assets	$ 0	$ 0	$ 0	$ 0

Commitments and Contingencies - Operating Leases (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	May 27, 2021 USD ($) item	Dec. 31, 2020 USD ($)
Commitments and Contingencies
ROU asset	$ 1,173,900		$ 1,173,900			$ 1,728,300
Lease liabilities	1,223,200		1,223,200
Short-term lease liability	616,500		616,500			572,600
Long-term lease liability	$ 606,700		$ 606,700			$ 1,234,600
Weighted average remaining lease term	2 years 1 month 6 days		2 years 1 month 6 days			2 years 9 months 18 days
Incremental non-cancellable lease payments	$ 1,344,500		$ 1,344,500
Director \| Lease Agreement
Commitments and Contingencies
Lease rent payments	$ 159,600	$ 155,800	$ 318,300	$ 310,500
New Office and Manufacturing Space
Commitments and Contingencies
Operating lease, number of phases \| item					3
Right to terminate phase of lease option number \| item					1
Incremental non-cancellable lease payments					$ 24,500,000

Commitments and Contingencies - Finance Leases (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Commitments and Contingencies.
Finance lease, ROU asset	$ 170,700	$ 218,300
Finance Lease, Liability	192,800
Finance lease, Short-term lease liability	$ 102,800	$ 100,000
Finance lease, Short-term lease liability, balance sheet location	Accrued expenses and other	Accrued expenses and other
Finance lease, Long-term lease liability	$ 90,100	$ 142,200
Finance lease, Long-term lease liability, balance sheet location	Other liabilities	Other liabilities

Commitments and Contingencies - Lease costs (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Finance lease cost
Amortization of ROU asset	$ 23,800	$ 23,800	$ 47,600	$ 35,700
Interest on expense	2,900	4,200	6,100	6,900
Operating lease cost	174,200	170,100	346,900	337,200
Short-term lease cost	10,000		18,900
Variable lease cost	75,600	65,700	151,200	141,500
Total lease cost	$ 286,500	$ 263,800	$ 570,700	$ 521,300

Commitments and Contingencies - Maturities of lease liabilities (Details)	Jun. 30, 2021 USD ($)
Maturities of operating lease liabilities
Remainder of 2021	$ 360,300
2022	579,200
2023	405,000
Total lease payments	1,344,500
Discount factor	(121,300)
Present value of lease liabilities	1,223,200
Maturities of finance lease liabilities
Reminder of 2021	55,400
2022	110,800
2023	36,900
Total lease payments	203,100
Discount factor	(10,300)
Present value of lease liabilities	$ 192,800

Subsequent Events (Details) £ / shares in Units, $ / shares in Units, £ in Millions			3 Months Ended		6 Months Ended
	Aug. 11, 2021 shares	Aug. 03, 2021 USD ($) $ / shares shares	Mar. 31, 2021 USD ($) shares	Mar. 31, 2021 GBP (£) £ / shares shares	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2021 $ / shares
Subsequent Event [Line Items]
Shares issued \| shares			5,740,000	5,740,000
Shares Issued, Price Per Share \| (per share)				£ 7.00			$ 9.64
Gross proceeds			$ 55,300,000	£ 40.2	$ 51,808,900	$ 28,567,200
Payments of Stock Issuance Costs \| $			$ 3,500,000
Subsequent Event
Subsequent Event [Line Items]
Number of shares issued with exercising of warrant \| shares	64,603
Subsequent Event \| IPO
Subsequent Event [Line Items]
Shares issued \| shares		15,525,000
Shares Issued, Price Per Share \| $ / shares		$ 13.00
Proceeds from Issuance Initial Public Offering, Gross \| $		$ 201,800,000
Proceeds from Issuance Initial Public Offering \| $		184,000,000
Payments of Stock Issuance Costs \| $		$ 18,000,000
Subsequent Event \| Underwriter's option
Subsequent Event [Line Items]
Shares issued \| shares		2,025,000