0001558370-23-014306 | 10-Q | XBRL Viewer

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Consolidated Balance Sheet Components - Inventory (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Consolidated Balance Sheet Components
Raw materials inventory	$ 5,723,800	$ 5,650,500
Finished goods inventory	4,293,300	2,930,300
Work in progress	1,003,200
Total inventory	11,020,300	8,580,800
Allowance for obsolescence	$ 0	$ 0

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
Summary of Significant Accounting Policies
Basis of Presentation	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 8 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 flows as of and for the periods presented. The condensed consolidated balance sheet at December 31, 2022 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 Annual Report on Form 10-K filed with the SEC on March 15, 2023.
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany balances have been eliminated in consolidation.
Concentrations of Risk	Concentration of Risk The Company maintains its cash and cash equivalents with two financial institutions that management believes to be of high credit quality. 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 beyond the normal credit risk associated with commercial banking relationships. Significant customers are those that accounted for 10% or more of the Company’s total revenue for the period or accounts receivable as of the end of a reporting period. During the three and six months ended June 30, 2023, two customers represented 27% and 30% of revenue, respectively. During the three and six months ended June 30, 2022, one customer represented 25% and 29% of revenue, respectively. As of June 30, 2023, two customers accounted for 15% and 11% of accounts receivable, respectively. As of December 31, 2022, one customer accounted for 14% of accounts receivable. 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, 2023, the Company purchased 49% and 55%, respectively, of its inventory from one supplier. During the three and six months ended June 30, 2022, the Company purchased 35% and 32%, respectively, of its inventory from two and one suppliers, respectively. As of June 30, 2023, amounts payable to one supplier totaled 18% of total accounts payable. At December 31, 2022, amounts payable to two suppliers totaled 34% of total accounts payable.
Accounts Receivable	Accounts Receivable Accounts receivable are reduced by an allowance for doubtful accounts, if needed. The Company maintains an allowance for doubtful accounts of an amount equal to anticipated future write-offs. The Company recorded an allowance for doubtful accounts of $230,200 at June 30, 2023. The Company determined that no allowance was necessary at December 31, 2022.
Foreign Currency	Foreign Currency The Company’s functional currency is the US dollar; transactions denominated in foreign currencies are subject to currency risk. The Company recognized $35,200 and $48,900 in foreign currency transaction losses for the three months ended June 30, 2023 and 2022, respectively. The Company recognized $29,100 and $72,200 in foreign currency losses for the six months ended June 30, 2023 and 2022, respectively.
Leases	Leases For transactions in which 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 about leases under which 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 on revenue recognition related to lease agreements.
Loss Per Share	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, restricted stock units and shares under employee stock purchase plans, and in the prior year periods 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, restricted stock units and shares under employee stock purchase plans was 18.8 million for the three and six months ended June 30, 2023 and 15.8 million for the three and six months ended June 30, 2022.
Recent Accounting Pronouncements	Recent Accounting Pronouncements New Accounting Pronouncements 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 current guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. 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 adopted this new accounting pronouncement effective on January 1, 2023, and the adoption did not have a material impact 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.

Organization and Description of Business	6 Months Ended
Jun. 30, 2023
Organization and Description of Business
Organization and Description of Business	1. Organization and Description of Business MaxCyte, Inc. (the “Company” or “MaxCyte”) was incorporated as a majority owned subsidiary of EntreMed, Inc. (“EntreMed”) on July 31, 1998, under the laws and provisions of the state of Delaware and commenced operations on July 1, 1999. In November 2002, MaxCyte was recapitalized and EntreMed was no longer deemed to control the Company. MaxCyte is a global life sciences company focused on advancing the discovery, development and commercialization of next-generation cell therapies. MaxCyte 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. 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 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 $184.3 million from the IPO after deducting aggregate underwriting commissions and offering costs of $17.6 million.

Organization and Description of Business

6 Months Ended

Jun. 30, 2023

Organization and Description of Business

Organization and Description of Business

1. Organization and Description of Business

MaxCyte, Inc. (the “Company” or “MaxCyte”) was incorporated as a majority owned subsidiary of EntreMed, Inc. (“EntreMed”) on July 31, 1998, under the laws and provisions of the state of Delaware and commenced operations on July 1, 1999. In November 2002, MaxCyte was recapitalized and EntreMed was no longer deemed to control the Company.

MaxCyte is a global life sciences company focused on advancing the discovery, development and commercialization of next-generation cell therapies. MaxCyte 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.

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 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 $184.3 million from the IPO after deducting aggregate underwriting commissions and offering costs of $17.6 million.

Consolidated Balance Sheet Components - Property and equipment, Net (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property and equipment, Net
Accumulated depreciation and amortization	$ (8,212,700)		$ (8,212,700)		$ (6,275,500)
Property and equipment, net	24,324,600		24,324,600		23,724,700
Transfer of instruments			107,000	$ 122,100
Depreciation and amortization	1,026,300	$ 547,400	1,987,900	$ 1,035,000
Leasehold improvements
Property and equipment, Net
Property and equipment, gross	14,486,800		14,486,800		14,195,500
Furniture and equipment
Property and equipment, Net
Property and equipment, gross	11,816,100		11,816,100		9,516,500
Internal-use software
Property and equipment, Net
Property and equipment, gross	3,800,400		3,800,400		3,220,500
Instruments
Property and equipment, Net
Property and equipment, gross	2,431,600		2,431,600		2,440,300
Construction in process
Property and equipment, Net
Property and equipment, gross	$ 2,400		$ 2,400		$ 627,400

Commitments and Contingencies - Maturities of lease liabilities (Details)	Jun. 30, 2023 USD ($)
Maturities of operating lease liabilities
Remainder of 2023	$ 812,200
2024	1,734,500
2025	1,777,700
2026	1,822,100
2027	1,867,700
2028 and thereafter	15,963,200
Total undiscounted lease payments	23,977,400
Discount factor	(7,770,700)
Present value of lease liabilities	$ 16,206,700

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2023

Stockholders' Equity

Schedule of table of valuation assumptions used in estimating the fair value of the ESPP


		For the three and six months ended
		June 30
		2023
Expected volatility		57%
Risk-free interest rate		5.36%
Expected term (in years)		0.5

Schedule of stock-based compensation expense


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
General and administrative	$	1,501,300	$	1,445,500	$	2,968,000	$	2,737,600
Sales and marketing		855,600		619,600		1,600,000		1,127,100
Research and development		1,162,200		907,700		2,227,700		1,570,500
Total	$	3,519,100	$	2,972,800	$	6,795,700	$	5,435,200

Summary of Significant Accounting Policies - Foreign Currency (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Summary of Significant Accounting Policies
Foreign currency transaction gains (losses)	$ (35,200)	$ (48,900)	$ (29,100)	$ (72,200)

Consolidated Balance Sheet Components

6 Months Ended

Jun. 30, 2023

Consolidated Balance Sheet Components

Consolidated Balance Sheet Components

5. Consolidated Balance Sheet Components

Inventory

Inventory is carried at the lower of cost or net realizable value. The following tables show the components of inventory:


	June 30,		December 31,
	2023		2022
Raw materials inventory	$	5,723,800	$	5,650,500
Finished goods inventory		4,293,300		2,930,300
Work in progress		1,003,200		—
Total inventory	$	11,020,300	$	8,580,800

The Company determined that no allowance for inventory obsolescence was necessary at June 30, 2023 or December 31, 2022.

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 include capitalized costs to develop internal-use software. Applicable costs are capitalized during the development stage of the project and include direct internal costs, third-party costs and allocated interest expense as appropriate.

Property and equipment consisted of the following:


	June 30,		December 31,
	2023		2022
Leasehold improvements	$	14,486,800	$	14,195,500
Furniture and equipment		11,816,100		9,516,500
Internal-use software		3,800,400		3,220,500
Instruments		2,431,600		2,440,300
Construction in process		2,400		627,400
Accumulated depreciation and amortization		(8,212,700)		(6,275,500)
Property and equipment, net	$	24,324,600	$	23,724,700

During the six months ended June 30, 2023 and 2022, the Company transferred $107,000 and $122,100, respectively, of instruments previously classified as inventory to property and equipment leased to customers.

For the three and six months ended June 30, 2023, the Company incurred depreciation and amortization expense of $1,026,300 and $1,987,900, respectively. For the three and six months ended June 30, 2022, the Company incurred depreciation and amortization expense of $547,400 and $1,035,000, respectively.

Stockholders' Equity

6 Months Ended

Jun. 30, 2023

Stockholders' Equity

Stockholders' Equity

4. Stockholders’ Equity

Common Stock

During the six months ended June 30, 2023, the Company issued 736,672 shares of common stock as a result of stock option exercises, receiving gross proceeds of $1.6 million.

Preferred Stock

The Company’s certificate of incorporation authorizes the issuance of up to 5,000,000 shares of preferred stock, par value $0.01 per share. As of June 30, 2023 and December 31, 2022, no shares of preferred stock were issued or outstanding.

Stock Incentive Plans

The Company adopted the MaxCyte, Inc. Long-Term Incentive Plan (the “2016 Plan”) in January 2016 to provide for the awarding of (i) stock options, (ii) restricted stock, (iii) incentive shares, and (iv) performance awards, in each case, to employees, officers, and directors of the Company and to other individuals as determined by the board of directors.

In December 2021, the Company adopted the MaxCyte, Inc. 2021 Inducement Plan (the “Inducement Plan”) to provide for the awarding of (i) non-qualified stock options; (ii) stock appreciation rights; (iii) restricted stock awards; (iv) restricted stock unit awards; (v) performance awards; and (vi) other awards, in each case, only to persons eligible to receive grants of awards who satisfy the standards for inducement grants under Nasdaq Marketplace Rule 5635(c)(4) or 5635(c)(3), if applicable, and the related guidance under Nasdaq IM 5635-1. The board of directors reserved 2,500,000 shares for issuance under the Inducement Plan.

In May 2022, the Company’s board of directors adopted, and in June 2022 the Company’s stockholders approved, the MaxCyte, Inc. 2022 Equity Incentive Plan (the “2022 Plan”) to provide for the awarding of (i) incentive stock options, (ii)

non-qualified stock options, (iii) stock appreciation rights, (iv) restricted stock awards, (v) restricted stock unit awards, (vi) performance awards, and (vii) other awards. Following the approval of the 2022 Plan, no additional awards can be granted under the 2016 Plan or the Inducement Plan, but all outstanding awards will continue to remain subject to the terms of the applicable plan.

Upon the effectiveness of the 2022 Plan, a total of 3,692,397 shares were initially reserved for issuance pursuant to future awards under the 2022 Plan, consisting of 1,928,000 new shares and 1,764,397 shares previously available under the 2016 Plan. If and to the extent that outstanding options under the 2016 Plan or the Inducement Plan are forfeited, the shares underlying such forfeited options will become available for issuance under the 2022 Plan. At the Company’s Annual Meeting of Stockholders held on June 22, 2023, the Company’s stockholders voted to reserve an additional 6,069,000 shares of issuance pursuant to future awards under the 2022 Plan.

The Company has not issued performance awards under any plan.

At June 30, 2023 and December 31, 2022, there were 6,387,300 and 3,455,700 shares, respectively, available to be issued under the 2022 Plan.

The value of an equity award is recognized as expense on a straight-line basis over the requisite service period. At June 30, 2023, total unrecognized compensation expense was $30,457,200, which will be recognized over an estimated weighted average period of 2.48 years.

Stock Options

The weighted-average fair value of the stock options granted during the three months ended June 30, 2023 and 2022 was estimated to be $2.09 and $2.92, respectively per option share. The weighted-average fair value of the stock options granted during the six months ended June 30, 2023 and 2022 was estimated to be $2.05 and $3.55 respectively per option share.

Restricted Stock Units (“RSUs”)

The weighted-average fair value of the RSUs granted during the three and six months ended June 30, 2023 was estimated to be $3.73 and $4.30 per RSU. The Company did not issue any RSUs before July 2022.

Employee Stock Purchase Plan (“ESPP”)

On May 8, 2023, the Compensation Committee of the Board of Directors the Company approved the initial offering (the “Initial Offering”) under the Maxcyte, Inc. 2021 Employee Stock Purchase Plan (the “ESPP”). The Initial Offering began May 19, 2023 and will end on November 18, 2023 (the “Purchase Period”)

The ESPP allows eligible employees to purchase a number of shares of the Company’s Common Stock up to a maximum of 15% of the employee’s earnings during the Purchase Period subject to certain limitations. The purchase price will be the lesser of 85% of the fair market value of shares on the beginning of the Purchase Period or on the Purchase Date (i.e., the last day of the Purchase Period). Participants may decrease their contribution level or withdraw from the ESPP at any time during the Purchase Period subject to certain conditions. The Company’s executives are not eligible to participate in the ESPP.

Determination of Fair Value of the Shares under the ESPP

The Company estimates the fair value of the shares under the ESPP using the Black-Scholes option-pricing model, which requires certain complex valuation assumption inputs such as expected term, expected stock price volatility, risk-free interest rate, and dividend yield. The fair value of each of the four purchase periods is estimated separately.

The weighted-average fair value of the shares under the ESPP during the three and six months ended June 30, 2023 was estimated to be $1.14 per share, which the Company will expense over the performance period. The following table summarizes the range of valuation assumptions used in estimating the fair value of the shares under the ESPP:


		For the three and six months ended
		June 30
		2023
Expected volatility		57%
Risk-free interest rate		5.36%
Expected term (in years)		0.5

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,
	2023		2022		2023		2022
General and administrative	$	1,501,300	$	1,445,500	$	2,968,000	$	2,737,600
Sales and marketing		855,600		619,600		1,600,000		1,127,100
Research and development		1,162,200		907,700		2,227,700		1,570,500
Total	$	3,519,100	$	2,972,800	$	6,795,700	$	5,435,200

Stockholders' Equity - Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan 2021		6 Months Ended
	May 08, 2023	Jun. 30, 2023 item $ / shares
Stockholders' Equity
Number of purchase periods \| item		4
Expected volatility		57.00%
Risk-free interest rate		5.36%
Expected term (in years)		6 months
Weighted average Fair Value (in dollars per share) \| $ / shares		$ 1.14
Maximum
Stockholders' Equity
Discount rate from fair value on purchase date	15.00%
Purchase price of common stock expressed as a percentage	85.00%

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

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 8 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 flows as of and for the periods presented. The condensed consolidated balance sheet at December 31, 2022 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 Annual Report on Form 10-K filed with the SEC on March 15, 2023.

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, 2022 included in its Annual Report on Form 10-K and have not materially changed during the three and six months ended June 30, 2023.

Basis of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany balances have been eliminated in consolidation.

Concentration of Risk

The Company maintains its cash and cash equivalents with two financial institutions that management believes to be of high credit quality. 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 beyond the normal credit risk associated with commercial banking relationships.

Significant customers are those that accounted for 10% or more of the Company’s total revenue for the period or accounts receivable as of the end of a reporting period. During the three and six months ended June 30, 2023, two customers represented 27% and 30% of revenue, respectively. During the three and six months ended June 30, 2022, one customer represented 25% and 29% of revenue, respectively. As of June 30, 2023, two customers accounted for 15% and 11% of accounts receivable, respectively. As of December 31, 2022, one customer accounted for 14% of accounts receivable.

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, 2023, the Company purchased 49% and 55%, respectively, of its inventory from one supplier. During the three and six months ended June 30, 2022, the Company purchased 35% and 32%, respectively, of its inventory from two and one suppliers, respectively. As of June 30, 2023, amounts payable to one supplier totaled 18% of total accounts payable. At December 31, 2022, amounts payable to two suppliers totaled 34% of total accounts payable.

Accounts Receivable

Accounts receivable are reduced by an allowance for doubtful accounts, if needed. The Company maintains an allowance for doubtful accounts of an amount equal to anticipated future write-offs. The Company recorded an allowance for doubtful accounts of $230,200 at June 30, 2023. The Company determined that no allowance was necessary at December 31, 2022.

Foreign Currency

The Company’s functional currency is the US dollar; transactions denominated in foreign currencies are subject to currency risk. The Company recognized $35,200 and $48,900 in foreign currency transaction losses for the three months ended June 30, 2023 and 2022, respectively. The Company recognized $29,100 and $72,200 in foreign currency losses for the six months ended June 30, 2023 and 2022, respectively.

Leases

For transactions in which 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 about leases under which 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 on 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, restricted stock units and shares under employee stock purchase plans, and in the prior year periods 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, restricted stock units and shares under employee stock purchase plans was 18.8 million for the three and six months ended June 30, 2023 and 15.8 million for the three and six months ended June 30, 2022.

Recent Accounting Pronouncements

New Accounting Pronouncements 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 current guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. 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 adopted this new accounting pronouncement effective on January 1, 2023, and the adoption did not have a material impact 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.

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (21,393,400)	$ (12,327,500)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,987,900	1,035,000
Net book value of consigned equipment sold	65,800	51,400
Stock-based compensation	6,795,700	5,435,200
Bad debt expense	230,200
Amortization of discounts on short-term investments	(3,641,600)	(206,100)
Changes in operating assets and liabilities:
Accounts receivable	3,816,600	(555,900)
Accounts receivable - TIA	1,912,400	(475,600)
Inventory	(2,541,700)	(2,639,500)
Prepaid expense and other current assets	896,900	1,995,800
Right of use asset - operating leases	190,300	(4,741,000)
Other assets	211,700	(603,800)
Accounts payable, accrued expenses and other	(1,039,000)	939,900
Operating lease liability	111,800	8,809,900
Deferred revenue	(2,020,000)	563,800
Other liabilities	(13,200)	(57,200)
Net cash used in operating activities	(14,429,600)	(2,775,600)
Cash flows from investing activities:
Purchases of short-term investments	(104,955,600)	(131,547,700)
Maturities of short-term investments	163,320,000	207,296,000
Purchases of property and equipment	(2,065,000)	(12,804,800)
Proceeds from sale of equipment	9,100
Net cash provided by investing activities	56,308,500	62,943,500
Cash flows from financing activities:
Proceeds from exercise of stock options	1,613,300	1,218,100
Net cash provided by financing activities	1,613,300	1,218,100
Net increase in cash and cash equivalents	43,492,200	61,386,000
Cash and cash equivalents, beginning of period	11,064,700	47,782,400
Cash and cash equivalents, end of period	54,556,900	109,168,400
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment purchases included in accounts payable and accrued expenses	$ 495,500	$ 1,074,700

Fair Value (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value

Summary of the Company's cash equivalents and investments

The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis at June 30, 2023:


				Gross		Gross
		Amortized		unrecognized		unrecognized		Aggregate
Description	Classification	cost		holding gains		holding losses		fair value
Money market funds and cash equivalents	Cash equivalents	$	53,794,600	$	—	$	—	$	53,794,600
Commercial paper	Short-term investments		98,270,000		8,200		(26,400)		98,251,800
US Treasury securities and government agency bonds	Short-term investments		63,282,000		2,300		(99,800)		63,184,500
Total cash equivalents and short-term investments		$	215,346,600	$	10,500	$	(126,200)	$	215,230,900

The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis at December 31, 2022:


				Gross		Gross
		Amortized		unrecognized		unrecognized		Aggregate
Description	Classification	cost		holding gains		holding losses		fair value
Money market funds and cash equivalents	Cash equivalents	$	5,741,800	$	—	$	—	$	5,741,800
Commercial paper	Short-term investments		172,740,700		156,400		(235,700)		172,661,400
Corporate debt	Short-term investments		5,792,000		—		(42,700)		5,749,300
US Treasury securities and government agency bonds	Short‑term investments		37,742,200		4,500		(196,100)		37,550,600
Total cash equivalents and short-term investments		$	222,016,700	$	160,900	$	(474,500)	$	221,703,100

Summary of Significant Accounting Policies - Loss Per Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Loss Per Share
Anti-dilutive shares excluded from the computation of diluted loss per share	18.8	15.8	18.8	15.8

Fair Value

6 Months Ended

Jun. 30, 2023

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.

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

The Company had no financial assets or liabilities measured at fair value on a recurring basis as of June 30, 2023 or December 31, 2022.

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

Money market funds, US Treasury securities and government agency bonds, commercial paper and corporate debt instruments classified as held-to-maturity are measured at fair value on a non-recurring basis when they are deemed to be impaired on an other-than-temporary basis. The Company periodically reviews investments to assess for credit impairment. Based on its assessment, all unrecognized holding losses were due to factors other than credit loss, such as changes in interest rates. Therefore, no impairment was recognized during the six months ended June 30, 2023 or 2022.

The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis at June 30, 2023:


				Gross		Gross
		Amortized		unrecognized		unrecognized		Aggregate
Description	Classification	cost		holding gains		holding losses		fair value
Money market funds and cash equivalents	Cash equivalents	$	53,794,600	$	—	$	—	$	53,794,600
Commercial paper	Short-term investments		98,270,000		8,200		(26,400)		98,251,800
US Treasury securities and government agency bonds	Short-term investments		63,282,000		2,300		(99,800)		63,184,500
Total cash equivalents and short-term investments		$	215,346,600	$	10,500	$	(126,200)	$	215,230,900

The following table summarizes the Company’s financial instruments that were measured at fair value on a non-recurring basis at December 31, 2022:


				Gross		Gross
		Amortized		unrecognized		unrecognized		Aggregate
Description	Classification	cost		holding gains		holding losses		fair value
Money market funds and cash equivalents	Cash equivalents	$	5,741,800	$	—	$	—	$	5,741,800
Commercial paper	Short-term investments		172,740,700		156,400		(235,700)		172,661,400
Corporate debt	Short-term investments		5,792,000		—		(42,700)		5,749,300
US Treasury securities and government agency bonds	Short‑term investments		37,742,200		4,500		(196,100)		37,550,600
Total cash equivalents and short-term investments		$	222,016,700	$	160,900	$	(474,500)	$	221,703,100

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 impairment was recognized during the six months ended June 30, 2023 and 2022.

- 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

Unaudited Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Unaudited Condensed Consolidated Statements of Operations
Revenue	$ 9,042,600	$ 9,607,800	$ 17,618,900	$ 21,195,100
Cost of goods sold	1,375,700	1,120,400	2,375,500	2,183,000
Gross profit	7,666,900	8,487,400	15,243,400	19,012,100
Operating expenses:
Research and development	5,664,300	4,696,000	11,710,800	8,461,200
Sales and marketing	6,436,100	4,930,600	12,732,200	8,769,300
General and administrative	7,662,500	7,102,600	15,161,400	13,735,100
Depreciation and amortization	977,400	497,100	1,889,600	944,500
Total operating expenses	20,740,300	17,226,300	41,494,000	31,910,100
Operating loss	(13,073,400)	(8,738,900)	(26,250,600)	(12,898,000)
Other income:
Interest income	2,561,600	478,700	4,857,200	570,500
Total other income	2,561,600	478,700	4,857,200	570,500
Net loss	$ (10,511,800)	$ (8,260,200)	$ (21,393,400)	$ (12,327,500)
Basic net loss per share	$ (0.10)	$ (0.08)	$ (0.21)	$ (0.12)
Diluted net loss per share	$ (0.10)	$ (0.08)	$ (0.21)	$ (0.12)
Weighted average shares outstanding, basic	103,063,606	101,427,430	102,955,422	101,547,583
Weighted average shares outstanding, diluted	103,063,606	101,427,430	102,955,422	101,547,583

Revenue - Disaggregation of revenue (Details) - USD ($)	3 Months Ended		6 Months Ended
Revenue - Disaggregation of revenue (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 5,622,100	$ 6,982,100	$ 10,585,600	$ 13,839,400
Revenue from Lease Elements	3,420,500	2,625,700	7,033,300	7,355,700
Total Revenue	9,042,600	9,607,800	17,618,900	21,195,100
Product sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	5,419,300	6,811,500	10,209,000	13,379,200
Total Revenue	5,419,300	6,811,500	10,209,000	13,379,200
Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	202,800	170,600	376,600	460,200
Total Revenue	$ 202,800	$ 170,600	$ 376,600	$ 460,200

- 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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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' Equity - Stock-based compensation expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 3,519,100	$ 2,972,800	$ 6,795,700	$ 5,435,200
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,501,300	1,445,500	2,968,000	2,737,600
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	855,600	619,600	1,600,000	1,127,100
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1,162,200	$ 907,700	$ 2,227,700	$ 1,570,500

Stockholders' Equity - Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions		6 Months Ended
	Aug. 03, 2021	Jun. 30, 2023	Dec. 31, 2022
Stockholders' Equity
Shares issued	15,525,000	736,672
Gross proceeds		$ 1.6
Preferred stock, authorized (in shares)		5,000,000	5,000,000
Preferred stock, par value (in dollars per share)		$ 0.01	$ 0.01
Preferred stock, issued (in shares)		0	0
Preferred stock, outstanding (in shares)		0	0

Fair Value - Financial Instruments (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Amortized cost	$ 54,556,900	$ 11,064,700
Non-recurring basis
Cash and Cash Equivalents [Line Items]
Amortized cost	215,346,600	222,016,700
Gross unrecognized holding gains	10,500	160,900
Gross unrecognized holding losses	(126,200)	(474,500)
Aggregate fair value	215,230,900	221,703,100
Non-recurring basis \| Commercial paper
Cash and Cash Equivalents [Line Items]
Amortized cost	98,270,000	172,740,700
Gross unrecognized holding gains	8,200	156,400
Gross unrecognized holding losses	(26,400)	(235,700)
Aggregate fair value	98,251,800	172,661,400
Non-recurring basis \| Corporate debt
Cash and Cash Equivalents [Line Items]
Amortized cost		5,792,000
Gross unrecognized holding losses		(42,700)
Aggregate fair value		5,749,300
Non-recurring basis \| US Treasury securities and government agency bonds
Cash and Cash Equivalents [Line Items]
Amortized cost	63,282,000	37,742,200
Gross unrecognized holding gains	2,300	4,500
Gross unrecognized holding losses	(99,800)	(196,100)
Aggregate fair value	63,184,500	37,550,600
Non-recurring basis \| Money market funds and cash equivalents
Cash and Cash Equivalents [Line Items]
Amortized cost	53,794,600	5,741,800
Aggregate fair value	$ 53,794,600	$ 5,741,800

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 54,556,900	$ 11,064,700
Short-term investments, at amortized cost	161,552,100	216,274,900
Accounts receivable	7,607,800	11,654,600
Accounts receivable - TIA (Note 7)		1,912,400
Inventory	11,020,300	8,580,800
Prepaid expenses and other current assets	1,881,900	2,778,800
Total current assets	236,619,000	252,266,200
Property and equipment, net	24,324,600	23,724,700
Right of use asset - operating leases	9,663,200	9,853,500
Other assets	597,300	809,000
Total assets	271,204,100	286,653,400
Current liabilities:
Accounts payable	1,602,800	531,800
Accrued expenses and other	6,410,800	8,025,300
Operating lease liability, current	498,600	156,800
Deferred revenue, current portion	4,692,600	6,712,600
Total current liabilities	13,204,800	15,426,500
Operating lease liability, net of current portion	15,708,100	15,938,100
Other liabilities	1,308,400	1,321,600
Total liabilities	30,221,300	32,686,200
Commitments and contingencies (Note 7)
Stockholders' equity
Preferred stock, $0.01 par value; 5,000,000 shares authorized and no shares issued and outstanding at June 30, 2023 and December 31, 2022
Common stock, $0.01 par value; 400,000,000 shares authorized, 103,134,585 and 102,397,913 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	1,031,400	1,024,000
Additional paid-in capital	399,220,100	390,818,500
Accumulated deficit	(159,268,700)	(137,875,300)
Total stockholders' equity	240,982,800	253,967,200
Total liabilities and stockholders' equity	$ 271,204,100	$ 286,653,400

Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies.

Commitments and Contingencies

7. Commitments and Contingencies

Operating Leases

In May 2021, the Company entered into a lease for its new headquarters (the “New Headquarters Lease”), consisting of an operating lease agreement, as amended, for new office, laboratory, manufacturing and other space. The New Headquarters Lease consists of three phases, with Phase 1 having commenced in December 2021 and Phase 2 having commenced in the first quarter of 2022. Phase 3 is expected to begin in the second half of 2023. The lease term for all phases expires on August 31, 2035. The Company designed and constructed the leasehold improvements with the approval of the landlord. The New Headquarters Lease agreement includes a landlord-provided tenant improvement allowance (“TIA”) of $6.3 million to offset the cost of construction of leasehold improvements. As of June 30, 2023, the Company had received all remibursements from the TIA. Under the New Headquarters Lease, the Company has three five-year options to extend the term of the lease. However, the Company is not reasonably certain to exercise any of these options. The total incremental non-cancellable lease payments under the New Headquarters Lease are approximately $29.6 million over the lease term.

The Company had no finance leases as of June 30, 2023 and December 31, 2022.

The components of lease cost and supplemental balance sheet information for the Company’s lease portfolio were as follows:



	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Operating lease cost	$	358,200	$	449,800	$	847,600	$	866,100
Short-term lease cost		9,600		12,100		10,000		24,200
Variable lease cost		236,100		139,600		401,300		215,000
Total lease cost	$	603,900	$	601,500	$	1,258,900	$	1,105,300



	As of June 30,		As of December 31,
	2023		2022
Operating leases
Assets:
Operating lease right of use assets	$	9,663,200	$	9,853,500
Liabilities
Current portion of operating lease liabilities	$	498,600	$	156,800
Operating lease liabilities, net of current portion		15,708,100		15,938,100
Total operating lease liabilities	$	16,206,700	$	16,094,900
Other information
Weighted-average remaining lease term (in years)		12.2		12.7
Weighted-average incremental borrowing rate		6.5%		6.5%

As of June 30, 2023, maturities of lease liabilities that had commenced prior to June 30, 2023 were as follows:


	Operating Leases

Remainder of 2023	$	812,200
2024		1,734,500
2025		1,777,700
2026		1,822,100
2027		1,867,700
2028 and thereafter		15,963,200
Total undiscounted lease payments		23,977,400
Discount factor		(7,770,700)
Present value of lease liabilities	$	16,206,700

Organization and Description of Business (Details) - USD ($) $ / shares in Units, $ in Millions		6 Months Ended
	Aug. 03, 2021	Jun. 30, 2023
Product Information [Line Items]
Shares issued	15,525,000	736,672
Share price	$ 13.00
Gross proceeds	$ 201.8
Net proceeds	184.3
Payment of underwriting commissions and offering costs	$ 17.6
Underwriter's option
Product Information [Line Items]
Shares issued	2,025,000

Stockholders' Equity - Equity Incentive Plans (Details) - USD ($)		3 Months Ended		6 Months Ended
	Jun. 22, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	May 31, 2022	Dec. 31, 2021
Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items].
Awards available to be issued								2,500,000
2022 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items].
Awards available to be issued							3,692,397
New shares							1,928,000
Shares available that were transferred from the 2016 Plan							1,764,397
Weighted-average fair value of the options granted		$ 2.09	$ 2.92	$ 2.05	$ 3.55
Additional shares for issuance	6,069,000
Unrecognized compensation expense		$ 30,457,200		$ 30,457,200
Unrecognized compensation expense, recognition period				2 years 5 months 23 days
2022 Plan \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items].
Awards available to be issued		6,387,300		6,387,300		3,455,700
Weighted Average Market Price, Granted (in dollars per share)		$ 3.73		$ 4.30

Revenue (Tables)

6 Months Ended

Jun. 30, 2023

Revenue

Schedule of disaggregation of revenue


	Three months ended June 30, 2023							Six months ended June 30, 2023
	Revenue from		Revenue
	Contracts		from				Revenue from		Revenue
	with		Lease		Total		Contracts with		from Lease		Total
	Customers		Elements		Revenue		Customers		Elements		Revenue
Product sales	$	5,419,300	$	—	$	5,419,300	$	10,209,000	$	—	$	10,209,000
Lease elements		—		3,420,500		3,420,500		—		7,033,300		7,033,300
Other		202,800		—		202,800		376,600		—		376,600
Total	$	5,622,100	$	3,420,500	$	9,042,600	$	10,585,600	$	7,033,300	$	17,618,900


	Three months ended June 30, 2022						Six months ended June 30, 2022
	Revenue from		Revenue
	Contracts		from				Revenue from		Revenue
	with		Lease		Total		Contracts with		from Lease		Total
	Customers		Elements		Revenue		Customers		Elements		Revenue
Product sales	$	6,811,500	$	—	$	6,811,500	$	13,379,200	$	—	$	13,379,200
Lease elements		—		2,625,700		2,625,700		—		7,355,700		7,355,700
Other		170,600		—		170,600		460,200		—		460,200
Total	$	6,982,100	$	2,625,700	$	9,607,800	$	13,839,400	$	7,355,700	$	21,195,100

Commitments and Contingencies - Lease costs (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Lease costs
Operating lease cost	$ 358,200	$ 449,800	$ 847,600	$ 866,100
Short-term lease cost	9,600	12,100	10,000	24,200
Variable lease cost	236,100	139,600	401,300	215,000
Total lease cost	603,900	$ 601,500	1,258,900	$ 1,105,300
Assets:
Operating lease right-of-use assets	9,663,200		9,663,200		$ 9,853,500
Liabilities
Current portion of operating lease liabilities	498,600		498,600		156,800
Operating lease liabilities, net of current portion	15,708,100		15,708,100		15,938,100
Total operating lease liabilities	$ 16,206,700		$ 16,206,700		$ 16,094,900
Other information
Weighted-average remaining lease term (in years)	12 years 2 months 12 days		12 years 2 months 12 days		12 years 8 months 12 days
Weighted-average incremental borrowing rate	6.50%		6.50%		6.50%

Revenue

6 Months Ended

Jun. 30, 2023

Revenue

Revenue

3. Revenue

Revenue is principally from the sale of instruments and processing assemblies, and extended warranties and the lease of instruments, which lease agreements 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, 2023							Six months ended June 30, 2023
	Revenue from		Revenue
	Contracts		from				Revenue from		Revenue
	with		Lease		Total		Contracts with		from Lease		Total
	Customers		Elements		Revenue		Customers		Elements		Revenue
Product sales	$	5,419,300	$	—	$	5,419,300	$	10,209,000	$	—	$	10,209,000
Lease elements		—		3,420,500		3,420,500		—		7,033,300		7,033,300
Other		202,800		—		202,800		376,600		—		376,600
Total	$	5,622,100	$	3,420,500	$	9,042,600	$	10,585,600	$	7,033,300	$	17,618,900


	Three months ended June 30, 2022						Six months ended June 30, 2022
	Revenue from		Revenue
	Contracts		from				Revenue from		Revenue
	with		Lease		Total		Contracts with		from Lease		Total
	Customers		Elements		Revenue		Customers		Elements		Revenue
Product sales	$	6,811,500	$	—	$	6,811,500	$	13,379,200	$	—	$	13,379,200
Lease elements		—		2,625,700		2,625,700		—		7,355,700		7,355,700
Other		170,600		—		170,600		460,200		—		460,200
Total	$	6,982,100	$	2,625,700	$	9,607,800	$	13,839,400	$	7,355,700	$	21,195,100

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 $5.0 million and $7.0 million as of June 30, 2023 and December 31, 2022, respectively. During the three and six months ended June 30, 2023 the Company recognized $2.6 million and $4.6 million, respectively, of revenue, and during the three and six months ended June 30, 2022, the Company recognized $2.7 million and $4.8 million respectively, of revenue, in each case, 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, 2023 was $389,900, of which the Company expects to recognize $80,100 in one year or less, $80,100 in one to two years, $54,900 in two to three years, and $174,800 thereafter.

For the three and six months ended June 30, 2023 and 2022, 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 13
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Summary of Significant Accounting Policies - Concentration of Risk (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) item customer	Jun. 30, 2022 item customer	Jun. 30, 2023 USD ($) item customer	Jun. 30, 2022 item customer	Dec. 31, 2022 USD ($) item customer
Concentration Risk [Line Items]
Number of financial institutions maintaining cash and cash equivalents \| item			2
Allowance for doubtful accounts
Allowance for doubtful accounts \| $	$ 230,200		$ 230,200		$ 0
Revenue. \| Customer concentration risk \| Customer one
Concentration Risk [Line Items]
Number of major customers		1		1
Concentration risk percentage		25.00%		29.00%
Revenue. \| Customer concentration risk \| Customer two
Concentration Risk [Line Items]
Number of major customers	2		2
Concentration risk percentage	27.00%		30.00%
Accounts receivable \| Customer concentration risk \| Two Customers
Concentration Risk [Line Items]
Number of major customers			2
Accounts receivable \| Customer concentration risk \| Customer one
Concentration Risk [Line Items]
Number of major customers					1
Concentration risk percentage			15.00%		14.00%
Accounts receivable \| Customer concentration risk \| Customer two
Concentration Risk [Line Items]
Concentration risk percentage			11.00%
Inventory \| Supplier concentration risk \| Major suppliers
Concentration Risk [Line Items]
Concentration risk percentage	49.00%	35.00%	55.00%	32.00%
Number of major suppliers \| item	1	2	1	1
Accounts payable \| Supplier concentration risk \| Major suppliers
Concentration Risk [Line Items]
Concentration risk percentage			18.00%		34.00%
Number of major suppliers \| item			1		2

Commitments and Contingencies - Operating Leases (Details)	Jun. 30, 2023 USD ($) item
Commitments and Contingencies
Incremental non-cancellable lease payments	$ 23,977,400
New Office and Manufacturing Space
Commitments and Contingencies
Incremental non-cancellable lease payments	29,600,000
Tenant improvement allowance	$ 6,300,000
Number of options to extend lease \| item	3
Renewal term	5 years

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies.

Schedule of lease costs



	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Operating lease cost	$	358,200	$	449,800	$	847,600	$	866,100
Short-term lease cost		9,600		12,100		10,000		24,200
Variable lease cost		236,100		139,600		401,300		215,000
Total lease cost	$	603,900	$	601,500	$	1,258,900	$	1,105,300

Schedule of operating lease assets, liabilities and other information



	As of June 30,		As of December 31,
	2023		2022
Operating leases
Assets:
Operating lease right of use assets	$	9,663,200	$	9,853,500
Liabilities
Current portion of operating lease liabilities	$	498,600	$	156,800
Operating lease liabilities, net of current portion		15,708,100		15,938,100
Total operating lease liabilities	$	16,206,700	$	16,094,900
Other information
Weighted-average remaining lease term (in years)		12.2		12.7
Weighted-average incremental borrowing rate		6.5%		6.5%

Schedule of maturities of operating lease liabilities


	Operating Leases

Remainder of 2023	$	812,200
2024		1,734,500
2025		1,777,700
2026		1,822,100
2027		1,867,700
2028 and thereafter		15,963,200
Total undiscounted lease payments		23,977,400
Discount factor		(7,770,700)
Present value of lease liabilities	$	16,206,700

Revenue - Performance Obligations (Details)	Jun. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 389,900
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	$ 80,100
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	$ 80,100
Remaining performance obligation expects to recognize as revenue	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 54,900
Remaining performance obligation expects to recognize as revenue	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 174,800
Remaining performance obligation expects to recognize as revenue	0 years

Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balances, at Beginning of period at Dec. 31, 2021	$ 1,012,000	$ 376,189,600	$ (114,304,500)	$ 262,897,100
Balances, at Beginning of period, Shares at Dec. 31, 2021	101,202,705
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		2,462,400		2,462,400
Exercise of stock options	$ 3,100	889,500		892,600
Exercise of stock options, shares	307,187
Net loss			(4,067,300)	(4,067,300)
Balances, at end of period at Mar. 31, 2022	$ 1,015,100	379,541,500	(118,371,800)	262,184,800
Balances, at end of period, Shares at Mar. 31, 2022	101,509,892
Balances, at Beginning of period at Dec. 31, 2021	$ 1,012,000	376,189,600	(114,304,500)	262,897,100
Balances, at Beginning of period, Shares at Dec. 31, 2021	101,202,705
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss				(12,327,500)
Balances, at end of period at Jun. 30, 2022	$ 1,016,600	382,838,300	(126,632,000)	257,222,900
Balances, at end of period, Shares at Jun. 30, 2022	101,661,288
Balances, at Beginning of period at Mar. 31, 2022	$ 1,015,100	379,541,500	(118,371,800)	262,184,800
Balances, at Beginning of period, Shares at Mar. 31, 2022	101,509,892
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		2,972,800		2,972,800
Exercise of stock options	$ 1,500	324,000		325,500
Exercise of stock options, shares	151,396
Net loss			(8,260,200)	(8,260,200)
Balances, at end of period at Jun. 30, 2022	$ 1,016,600	382,838,300	(126,632,000)	257,222,900
Balances, at end of period, Shares at Jun. 30, 2022	101,661,288
Balances, at Beginning of period at Dec. 31, 2022	$ 1,024,000	390,818,500	(137,875,300)	253,967,200
Balances, at Beginning of period, Shares at Dec. 31, 2022	102,397,913
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		3,276,600		3,276,600
Exercise of stock options	$ 5,100	1,451,500		1,456,600
Exercise of stock options, shares	506,832
Net loss			(10,881,600)	(10,881,600)
Balances, at end of period at Mar. 31, 2023	$ 1,029,100	395,546,600	(148,756,900)	247,818,800
Balances, at end of period, Shares at Mar. 31, 2023	102,904,745
Balances, at Beginning of period at Dec. 31, 2022	$ 1,024,000	390,818,500	(137,875,300)	$ 253,967,200
Balances, at Beginning of period, Shares at Dec. 31, 2022	102,397,913
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of issuance costs, shares				736,672
Net loss				$ (21,393,400)
Balances, at end of period at Jun. 30, 2023	$ 1,031,400	399,220,100	(159,268,700)	240,982,800
Balances, at end of period, Shares at Jun. 30, 2023	103,134,585
Balances, at Beginning of period at Mar. 31, 2023	$ 1,029,100	395,546,600	(148,756,900)	247,818,800
Balances, at Beginning of period, Shares at Mar. 31, 2023	102,904,745
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		3,519,100		3,519,100
Exercise of stock options	$ 2,300	154,400		156,700
Exercise of stock options, shares	229,840
Net loss			(10,511,800)	(10,511,800)
Balances, at end of period at Jun. 30, 2023	$ 1,031,400	$ 399,220,100	$ (159,268,700)	$ 240,982,800
Balances, at end of period, Shares at Jun. 30, 2023	103,134,585

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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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

Revenue - Changes in deferred revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Change in Contract with Customer, Liability [Abstract]
Deferred revenue	$ 5.0		$ 5.0		$ 7.0
Revenue recognized	$ 2.6	$ 2.7	$ 4.6	$ 4.8

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Aug. 02, 2023
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Entity File Number	001-40674
Entity Registrant Name	MaxCyte, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2210438
Entity Address, Address Line One	9713 Key West Avenue
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Rockville
Entity Address State Or Province	MD
Entity Address, Postal Zip Code	20850
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	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		103,504,571
Entity Central Index Key	0001287098
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Condensed Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	400,000,000	400,000,000
Common stock, issued (in shares)	103,134,585	102,397,913
Common stock, outstanding (in shares)	103,134,585	102,397,913

Fair Value - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (Details) - Non-recurring basis - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of short-term investments	$ 0	$ 0
Impairment of long-lived assets	$ 0	$ 0

Consolidated Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2023

Consolidated Balance Sheet Components

Schedule of inventory


	June 30,		December 31,
	2023		2022
Raw materials inventory	$	5,723,800	$	5,650,500
Finished goods inventory		4,293,300		2,930,300
Work in progress		1,003,200		—
Total inventory	$	11,020,300	$	8,580,800

Schedule of property and equipment


	June 30,		December 31,
	2023		2022
Leasehold improvements	$	14,486,800	$	14,195,500
Furniture and equipment		11,816,100		9,516,500
Internal-use software		3,800,400		3,220,500
Instruments		2,431,600		2,440,300
Construction in process		2,400		627,400
Accumulated depreciation and amortization		(8,212,700)		(6,275,500)
Property and equipment, net	$	24,324,600	$	23,724,700