MaxCyte Inc
NASDAQ:MXCT
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MaxCyte Inc
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MaxCyte Inc
MaxCyte sells cell-engineering tools that let scientists and drug makers move DNA, RNA, proteins, and other material into living cells. Its main product is an electroporation platform, along with disposable cartridges and related support services. The company’s customers are biotech and pharmaceutical firms, especially teams developing cell therapies and gene-edited medicines, as well as research labs that need reliable ways to modify cells. The business makes money in two main ways: by selling instruments and consumables, and by licensing its platform to drug developers. The consumable cartridges create repeat business as customers keep using the system in their labs and manufacturing workflows. The licensing model is important because it ties MaxCyte to the success of partner programs without making the company itself a drug developer. What makes MaxCyte different is that it sits at a key step in the cell-therapy value chain. It does not sell finished medicines; it sells the tools and know-how used to engineer the cells that become those medicines. That gives it a mix of equipment-style sales and recurring revenue from consumables and partner relationships, which is unusual for a life-science tools company.
MaxCyte sells cell-engineering tools that let scientists and drug makers move DNA, RNA, proteins, and other material into living cells. Its main product is an electroporation platform, along with disposable cartridges and related support services. The company’s customers are biotech and pharmaceutical firms, especially teams developing cell therapies and gene-edited medicines, as well as research labs that need reliable ways to modify cells.
The business makes money in two main ways: by selling instruments and consumables, and by licensing its platform to drug developers. The consumable cartridges create repeat business as customers keep using the system in their labs and manufacturing workflows. The licensing model is important because it ties MaxCyte to the success of partner programs without making the company itself a drug developer.
What makes MaxCyte different is that it sits at a key step in the cell-therapy value chain. It does not sell finished medicines; it sells the tools and know-how used to engineer the cells that become those medicines. That gives it a mix of equipment-style sales and recurring revenue from consumables and partner relationships, which is unusual for a life-science tools company.
Revenue: Total 2025 revenue was $33 million (core $29.6M, SPL $3.4M), down from $38.6M in 2024.
Guidance: 2026 revenue guide $30M–$32M (core $25M–$27M; SPL $5M); company says Q1 will be the lightest quarter for core revenue.
SPL headwinds: Management attributes ~$4M of 2026 core revenue headwind to program rationalizations and inventory/lease changes at its largest SPL customer.
New product: Launched ExPERT DTx (96‑well electroporation) in Feb 2026 and expects initial revenue contribution starting in H2 2026.
Cost and cash: Reduced annual cash burn by >$16M via 2025 restructuring; year-end cash + investments $155.6M and expected at least $136M at end of 2026.
SeQure DX: Acquisition integrated; SeQure revenue was $1.1M in 2025 and is expected to grow year‑over‑year in 2026.
Commercial momentum: One 7‑figure milestone was received in Q1 2026 and management expects ~ $2M of royalty revenue from a commercial partner in 2026 as that therapy ramps.
