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Image source: The Motley Fool. Wednesday, Aug. 12, 2026 at 4:30 p.m. ET President and Chief Executive Officer-Maher Masoud Chief Financial Officer-Parmeet Ahuja Senior Director of Business Development-Sean Menarguez Investor Relations-Erik Abdo Operator: Good day. Thank you for standing by. Welcome to the MaxCyte Second Quarter Earnings Conference Call. At this time, all-- After the speakers' presentation, there will be a question and answer session. To ask a question during the session, you will need to press star-11 on your telephone. You will then hear automated messages by saying it is raised. [Inaudible] To withdraw your question, please press star-11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Erik Abdo of Investor Relations. Please go ahead. Erik Abdo: Good afternoon, everyone. Thank you for participating in today's conference call. Joining me on the call from MaxCyte, I have Maher Masoud, President and Chief Executive Officer; Parmeet Ahuja, chief financial officer, and Sean Menarguez, senior director of business development. Earlier today, MaxCyte released financial results for the second quarter ended June 30, 2026. A copy of the press release is available on the company's website. Before we begin, I need to read the following statement. Statement or comments made during this call may be forward looking statements within the meaning of federal securities laws. Any statements contained in this call other than statements of historical fact including those that relate to expectations or predictions of future events results, or performance, are forward looking statements. Actual results may differ materially from those expressed or implied in any forward looking statements due to a variety of factors, which are discussed in detail in our SEC filings. Except as required by applicable law the company has no obligation to publicly update any forward looking statements whether because of new information, future events, or otherwise. And with that, I will turn the call over to Maher. Maher Masoud: Thank you, Eric. Good afternoon, everyone, and thank you for joining MaxCyte's second quarter 26 earnings call. MaxCyte reported $7.3 million of total revenue in the second quarter, including $6.5 million of core revenue and $0.8 million of SPL program related revenue, which consists of milestones and royalties. Results were ahead of our expectations and consistent with the framework we laid out coming into the year. As expected, we entered 2026 facing several headwinds. Including inventory drawdown by our largest customer, and headwinds resulting from the discontinuation of a few partner clinical programs last year. Despite those challenges, our objective was clear. Stabilize revenue in the first half and to return to growth in the second half. Our first half results reflect the stabilization where both our Q1 and Q2 revenues were ahead of our expectations. And we remain confident in our ability to achieve our goal of returning to growth in the back half of the year. We achieved sequential revenue growth in Q2 compared to Q1, primarily driven by instrument placements across our portfolio including our recently launched DTx platform. We also continue to see GTx placement across biotech and academic customers, reflecting ongoing program advancement. Processing assembly revenue remained stable sequentially supported by our SPL portfolio. The second quarter reflected disciplined execution against our operating plan, resulting in improved first half financial results. We delivered a meaningful reduction in net loss year over year despite the revenue headwinds we face heading into 2026. And we expect to build on that progress as we execute against our plan and return to revenue growth. Furthermore, we have continued to invest in R&D priorities, that expand our platform and strengthen our long term growth opportunities. Investments in ExPERT DTx, SeQure, and newer strategic collaborations are designed to broaden how we engage with customers from early discovery through clinical development and commercial manufacturing while further diversifying MaxCyte's revenue streams over time. Additionally, I want to highlight a significant milestone for the company. We recently announced our multiplatform technology license partnership with Genentech. Which we believe reflects the growing recognition of MaxCyte's technology across the ecosystem from early research all the way through commercial manufacturing. Under the agreement, MaxCyte provides Genentech with access to our ExPERT GTx platform and additional platform technologies. Including our electroporation and analytical assessment capabilities. Across research, clinical development, and manufacturing workflows. The partnership is structured to support multiple programs and to enable Genentech's ex vivo cell engineering activities from early discovery through cGMP manufacturing. I want to be clear about why I believe this agreement is so important for MaxCyte. It is an evolution in how we partner with the largest players in our industry. Rather than licensing our technology on a single program basis, we have established an enterprise level relationship with Genentech that supports multiple cell therapy programs under a single framework. We believe this structure reflects how large pharmaceutical organizations increasingly want to deploy enabling technologies as enterprise wide platforms that support multiple programs. We expect this trend will allow MaxCyte to participate more broadly across the development life cycle of a customer's portfolio, not just 1 product at a time. The result is multiple platforms being used across a portfolio of programs rather than just for 1 program. We structured the partnership with Genentech with the goal of creating long term value for MaxCyte. While shifting a greater proportion of that value earlier in the customer life cycle. We expect that will mean greater revenue capture during research and clinical development, across many of our platforms. Durable recurring license, and platform access revenue, complemented by milestone based opportunities. And continued demand for our instruments. Processing assemblies, and analytical technologies. The agreement also provides participation in commercial manufacturing through annual licensing, and platform realization. While the structure differs from a traditional SPL, we believe the risk adjusted economics are more favorable on a partnership level given the enterprise portfolio based relationship across the entire development life cycle. This enterprise based model monetizes multiple revenue streams, across the customer relationship while reducing our dependence on the outcome of any single clinical program. This agreement structure complements our SPL model. It does not replace it. We believe SPLs remain the right commercial solution for many of our biotech customers who are developing individual therapeutic programs and we expect to continue selling SPLs going forward. Over the past several years, we have consistently maintained strong royalty base economics across our SPL partnerships. And our current pipeline gives us confidence in our ability to continue doing so. Reflecting the value of our offering to cell and gene therapy developers. Our existing SPL agreements continue under the contractual terms, including acquired entity provisions where applicable. Our pipeline continues to support attractive royalty based SPL opportunities, and we expect both commercial models to coexist each serving different customer needs. Beyond our relationship with Genentech, we believe this partnership establishes a commercial framework that can be applied with other large pharmaceutical organizations over time. It helps validate the breadth and strength of MaxCyte's technology portfolio, expand our addressable market within large pharma, and demonstrate our ability to engage a leading global biopharmaceutical company at an enterprise level. Overall, I am very excited about what this partnership represents for MaxCyte. And about the opportunities it creates for the future. On the instrument side, ExPERT DTx adoption continues to build with encouraging early traction across discovery and early optimization workflows. In both ex vivo and in vivo cell and gene therapy. As I have discussed on prior calls, the DTx is fully compatible with the rest of our ExPERT platform. Which gives customers who adopt the instrument and discovery a seamless path to scale on our STx and GTx instruments for cGMP manufacturing and ultimately into a partnership agreement. We expect DTx adoption to build through the balance of 2026 and into next year. We also continue to see steady progress with SeQure in the quarter. The regulatory environment continues to evolve in our favor, and we continue to expect year over year growth for SeQure assay services and licenses in 2026. We firmly believe that SeQure assays will become part of the industry standard for off target risk assessment and gene editing. Turning to SPL program related revenue. We recognized $0.8 million in the second quarter. Which was comprised of nearly all royalties. Vertex reported approximately $76 million of CASGEVY revenue for the second quarter of 26. Reflecting approximately 75% sequential growth versus Q1 26, and 150% year over year growth. On its earnings call, Vertex noted that more cash heavy infusions were completed in the first half of 26 than in all of 2025. Additionally, Vertex also indicated that more than 100 patients their treatment journey for CASGEVY during the second quarter. Which marked the third consecutive quarter with more than 100 patient initiations. They also noted that regulatory submissions for CASGEVY are now complete in Saudi Arabia and The UK, in the 5 to 11 age group. And they are seeing continued strong uptake. In The UK Italy, and Middle East. Overall, we remain very encouraged by CASGEVY's continued commercial trajectory and we truly believe in its long term transformative potential for patients. Turning to our customers. We have 30 total license partnerships, which includes 29 SPL partners, and our recently announced multiplatform enterprise partnership with Genentech. We continue to see encouraging progression across our partner pipeline, with multiple clinical stage programs moving toward late stage development. Importantly, we have 5 partner programs with the potential to begin commercial launches in the next couple of years, including as early as next year. While any individual programs carries clinical or commercial risk, we believe the breadth and diversification of our multiple shots on goal give us a high probability of generating meaningful core revenue regulatory milestones, and commercial royalties over time. Our SPL portfolio remains a key driver of long term value as is evident by the growing commercial royalty revenue and the advancement of a significant number of the SPL programs through the clinic. Looking to the second half of the year, we remain confident in our return to revenue growth. We expect growth to be driven primarily by instrument placements, supported by stable license revenue, and processing assembly demand from our SPL partners. Including our recently announced partnership. The continued rollout of ExPERT DTx, and a healthy commercial funnel across both new and existing customers. On the processing assembly side, a significant portion of the inventory drawdown from our largest customer is now behind us. We expect stable processing assembly demand as the SPL related program headwinds we experienced in the first half also have largely subsided. Taken together, these factors give us strong confidence in our outlook for 2026. To close, I am pleased with the execution of our team in the second quarter. The Genentech partnership agreement represents a meaningful step forward in how we engage with our customers. And reinforces the growing role our platform plays across the cell and gene therapy ecosystem. We are proud of our accomplishments and our positioning for long term growth. And plan to continue to invest in the business with financial and commercial discipline as we execute in the second half of 26 and beyond. I will now turn the call over to Parmeet. Parmeet? Parmeet Ahuja: Thank you, Maher. Total revenue in the second quarter of 26 was $7.3 million compared to $8.5 million in the second quarter of 25. Representing a 15% decrease. We reported core revenue of $6.5 million compared to $8.2 million in the comparable prior year quarter, representing a 21% decrease. Within core revenue, instrument revenue was $1.8 million compared to $2.1 million in the second quarter of 25. License revenue was $1.8 million compared to $2.6 million in the second quarter of 25, and processing assembly or PA revenue was $2.3 million compared to $3.1 million. Core revenue in the second quarter was primarily impacted by lower license revenue due to discontinued partner programs, the timing of instrument placements, and a difficult year over year comparison driven by PA purchases in the second quarter of 25 that were accelerated by tariff related dynamics. Excluding these onetime tariff driven purchases, PA revenue was relatively flat year over year reflecting a stabilization in activity across our customer base. SeQure saw continued positive year over year momentum in the quarter. With total revenue of $500 thousand which includes both license and services revenue. SPL program related revenue in the second quarter was 800 thousand consisting almost entirely of royalty revenue. Compared to $300 thousand of SPL program related revenue in the second quarter of 25. The year over year increase reflects continued growth in royalty revenue as CASGEVY adoption and commercial sales continue to build. Moving down the P&L. Gross margin was 77% in the second quarter of 26, compared to 82% in the second quarter of 25. Excluding inventory provisions and SPL program related non GAAP adjusted gross margin was 77% in the second quarter of 26, compared to non GAAP adjusted gross margin of 83% in the second quarter of 25. Gross margin for the quarter was primarily impacted by product mix. Driven by a higher proportion of instrument revenue, which carries lower gross margins than our licenses. Looking forward, and as discussed on last quarter's call, we expect these trends to continue in the back half of the year. With gross margins in the mid-70s. Total operating expenses for the second quarter of 26 were $15.8 million compared to $21.2 million in the second quarter of 25. A decrease of approximately $5 million or 25%. We continue to remain disciplined in managing our cost structure. The reduction in operating expenses reflects the full run rate benefit of the restructuring, and cost efficiency actions we took in 2025. Which are now being realized across the P&L. Looking forward, we do not expect operating expenses to grow meaningfully from these current levels. Even though we continue to make investments in product development, which we believe will contribute to our continued return to growth. As revenue growth returns in the second half of the year, we expect the combination of disciplined cost management and revenue growth to further reduce cash burn. We ended the second quarter with combined total cash equivalents and investments of $141.9 million and no debt. Last quarter, we announced the Board's authorization of a $10 million share repurchase program. As previously indicated, we intend to use the majority of the program before year end. Since the authorization, we have repurchased approximately $5.5 million of MaxCyte stock as of today. Our balance sheet is well positioned moving forward. Enabling us to continue to invest strategically in our business. Continuing to our 2026 guidance. We are reiterating our 2026 outlook. And expect total revenue to be in the range of $30 million to $32 million consisting of $25 million to $27 million of core revenue and $5 million of SPL milestones and royalties. For the back half of 26, we expect low single digit year over year revenue growth. On the quarterly cadence, we expect usual seasonality with Q4 being slightly higher than Q3. Driven by typical year end budget flush dynamics. For SPL milestones and royalties guidance, we expect $3 million of revenue from milestones and $2 million of royalty revenues. With $3 million of milestone revenue already received in Q1. Lastly, we anticipate ending 2026 with at least $130.5 million in cash equivalents and investments. Excluding any further capital deployed, toward our repurchase program. Now I will turn the call back over to Maher. Maher Masoud: Thank you, Parmeet. And thank you to everyone at MaxCyte for their hard work and dedication each and every day to move our company and mission forward. I look forward to updating you on our next quarterly call. With that, I will turn the call back over to the operator for the Q&A. Operator. Operator: Thank you. At this time, we will conduct a question and answer session. As a reminder to ask a question, you will need to press star-11 on your telephone and wait for your name to be announced. To withdraw your question, And our first question comes from the line of Julie Simmonds of Your line is now open. Julie Simmonds: Thank you very much. Thanks for taking the question. So a couple of questions. Firstly, on the step up in instrument revenue, which is slightly higher than I was looking for. I was just wondering whether you could give any sort of indication as to where that is coming from, particularly in terms of your instrument portfolio. And then secondly, just on the guidance on the non core business revenue. That looks a little bit low to me given what you have already received in Mark milestones and also the run rate that Vertex is demonstrating currently. Any reasons why you have not changed that yet? Maher Masoud: Sure. Let me take the first 1, Julie, and then, Parmeet, if you want to take the second part of the question. On the instrument side, Julie was across the board. We saw it in research, process development, and clinical as well. So there is not any 1 particular a product mix. You know, we saw some early traction with DTx. Continued traction in the clinical, the GTx and STx process development. So, really, it is a mix. We feel good, you know, where we are in the year and where we guided for the year in terms of instrument revenue as well. So it is within our expectations, a little bit higher than our expectations actually. And we feel good exactly. it is it is going into the year that it would be around here. Parmeet, did you want to take the second part? Parmeet Ahuja: Yeah. Julie, you pointed to the noncore revenue guidance. So after $2 million royalty, we recognized $1.2 million through first half. $400 thousand in Q1, and $0.8 million in Q2. You know, as you pointed out, CASGEVY beat market expectations this quarter, and we are starting to see real traction which supports the remaining royalty. And as we have discussed before, they can be quarter to quarter variability. As CASGEVY ramps consistent with what Vertex has communicated in their on their earnings call. You know, fundamentally, we are excited about the continued progress with CASGEVY with significant growth sequentially and year over year. And, you know, as commercial sales continue to build, we will start to see the royalty revenue truly materialize in our P&L. Maher Masoud: Can I add something there as well, Parmeet? So, Julie, obviously, Vertex commented on their call. They have now had 3 consecutive quarters of 100 patient initiations. More patients infused so far in the first half than all of last year. We just do not wanna comment on our-- you know, on our partner's in Vertex program. that is for them, but we are very excited about what we are seeing So I will leave it there. Julie Simmonds: Okay. Thank you. Okay. I commit to. Thank you. Operator: 1 moment for our next question. Our next question comes from the line of Hannah Hefley of Stephens Inc. Your line is now open. Hannah Hefley: Hey, good afternoon. Thanks for taking the questions. it is good to see instrument demand kind of stabilize, and it sounds like that was pretty much across the board. Are you still seeing any pockets of hesitancy around CapEx? Or do you feel like that headwind is kind of behind you? Maher Masoud: Parmeet, let me take that. Yeah. So we see stabilization. Both on the instrument side and on the processing assembly side as well, PAs. We feel the headwinds that we had last year are behind us, and we do not see any more pockets of, you know, of headwind demands in any way. So we feel good. This is a return back to stability and get back to growth in the second half, and it is exactly where we are. I mean, this is a good quarter for us. Have a good year ahead of us. it is exactly what we expect. We are we are seeing the funding exactly what we expect to go into the year. Stability there. it is come back. We are we are growing from there. I mean, we have done and we are seeing across the board. If you look at our you know, our, you know, our revenue, you know, beat, it was both on the SPL and non SPL side as well. So a very good quarter for us. We do not see any pockets of headwinds ahead. Parmeet Ahuja: Yeah. And maybe to build on that a little bit, Maher, you know, as we look ahead, Hannah, in a funnel, we are continuing to expect instrument revenue to be a primary driver. And much like this quarter, across both academic and industry. With a healthy distribution across our instrument portfolio. You know, we certainly have had a recently announced partnership with Genentech that will play a role in the second half. As well as the continued rollout of the DTx. Hannah Hefley: Awesome. Thank you. And then as it relates to that Genentech partnership, can we expect to see more of those coming up? How does this kind of change your strategy going forward? Could you just talk about what we can expect there? Maher Masoud: Absolutely. Great question, Hannah. So it is the strategy is twofold. The SPLs are still, you know, a big driver of the future growth of this company. We now have 2 ways of working with industry. 1 with biotechs through the SPLs and enterprise level multipartition agreements with Genentech and other large pharma and large biotech. Right? So it allows us to really now get into large pharma, which we have never done before, We are able to monetize on a risk adjusted basis, you know, programs here on a multi program basis, not just 1 program. So we feel good where we are. Right? We have a good funnel for the SPLs. For the rest of the year going to next year as well. We now have an ability to and a model that works very well with large pharma, which we will look to continue to negotiate with other large pharmas. So this is a complementary basis. it is not 1 or the other. And this shows it really shows the power of our platform. Yeah. This is a case where with Genentech specifically we are supporting them with 2 of their clinical allo programs now as well as their preclinical research program. So it is a multi platform agreement. It shows the power and strength of our platform. I-- but, you know, I keep reiterating that we are best in class. The investments we have made as well with the DTx where we now are the only company that has something that can take you from research all the way to commercial. Without needing any further scale up. No 1 can do that. that is us. So we feel very good where we are. The SPLs are our future. These multi partnership agreements are our future as well. it is you know, we believe in the space. The cell therapy space has stabilized. We feel the future of the cell therapy space, and diversifying our revenues now throughout cell therapy. it is not just you know, small or smaller biotechs. it is biotechs, large biotechs, large pharma, multiple ways through analytical capabilities as well. With the SeQure Dx acquisition, which was part of the Genentech partnership as well. So we feel very good about this, Hannah. Hannah Hefley: Alright. Thanks for the color. I will leave it there. Maher Masoud: Absolutely. Thank you, Hannah. Operator: Thank you. 1 moment for our next question. Our next question comes from the line of Matthew Hewitt of Craig Hallum Capital Group. Your line is now open. Matt Hewitt: Good afternoon and congratulations on the progress made during the quarter. I am curious regarding the Genentech agreement, how have the discussions with some of your other larger customers changed, if at all? And as you go into that, you know, next round of discussions with those that maybe were in the pipeline, how do you decide who the better fit is, as far as for an SPL versus, the multi, platform agreement. Is there is it purely based on size? Is it the number of targets that the customer is looking at? Any color there would be helpful. Maher Masoud: Yeah. Very good question. So let me take the first part. Has not changed the tenure of conversation with any of the current SPL you know, future partners in the funnel. You know, all of those, for the most part, are those biotech companies. The Genentech deal is a multi platform deal. Right? it is across the entire spectrum of the electric pressure side as well as the analytical SeQure. that is the color where with Genentech that we would pursue with other larger biotechs or with, you know, with large pharma as well. It also allows us-- you know, with the Genentech deal, we are able to monetize the value much further up in the in the relationship. that is something that, you know, obviously, you know, with the baby biotechs, that is that is that is not a flavor for them. Right? that is more of the Genentech and those type of companies. So in essence, I say it again, Matthew. We have a model now for both our SPL biotech companies as well as the Genentech and other large pharma. And we are pursuing those. I mean, you know, we are speaking with other large pharma as well. We will continue to do so. They take time to transpire. These are even with the SPLs, these are negotiations sometimes and discussions and working them early. Can take 18 months to develop plus And that is that is part of our model, but we now have a way to work with what we always said, the large pharma model. So not concerned in any way that is gonna change any of our current discussions. There are any changes, it is it is always in a good way. Matt Hewitt: Got it. And then maybe shifting gears, you noted an uptick or at least some improvement in academic a couple times in your prepared remarks. Just curious what you are seeing there. Obviously, the funding environment from an academic perspective, my sense, remains pretty challenging. So the fact that you are seeing some improvement there, I think, bodes well. And I am just curious your expectations over the remainder of the year for that market segment. Thanks. Maher Masoud: Yeah. Absolutely. So we are seeing in the academic side, we are seeing traction there. A lot of it is also related to this. These are academics that are taking clinical trials; these are-- they are pursuing clinical trials. So these are GMP based academic partners that we are working with and we are seeing that traction. We have always said that. You know? that is what is gonna see the future biotech the future SPLs. So we have made a conscious decision to go when we talked about going earlier in research, going earlier with the researchers, that is part of what we meant, and that is what we are seeing. And it is not a surprise to us. It was actually part of our execution plan going into this year Let's go after let's diversify our revenue model. And that is 1 of the ways. So that is what you are seeing there, Matthew. it is really a way for us to capture the future SPLs I will say it. You know, we always said it before. The only platform anybody should be using for cell therapy is the MaxCyte platform. So we get in there early in the academic for these clinical trials that eventually will become future industry sponsored companies and trials. They should be working with us, and that is what we are doing. Matt Hewitt: Great. Thank you. Maher Masoud: Absolutely. Thank you, Matthew. Operator: Thank you. 1 moment for our next question. Our next question comes from the line of Mark Massaro of BTIG. Your line is now open. Megan: This is Megan on for Mark. Thank you guys for taking our questions. Mm-hmm. You touched on it a bit earlier, but with the $141.9 million in cash and investments on the balance sheet, What are you seeing in your inorganic deal pipe? Maher Masoud: In our inorganic deal pipe. So ask that question 1 more time, Hannah. I wanna make sure we are clear what you are asking. I mean, Megan, Megan: Yeah. Of course. So just to-- with all the cash and investments on the balance sheet, what you are looking or, like, what you are seeing in the deal pipeline. Oh, you mean in the M&A deal pipeline? Maher Masoud: So let me tell you how we look at our cash balance sheet. So we have 3 ways of looking at this. We always invest in the organic growth of this company. That was the DTx. that is the continued investments right now in SeQure as well, building out their assays. that is first and foremost. We obviously always look for selective programs out there. You know, potential transactions out there. But, again, very, very selective. And then we are always looking to return back value to our shareholders. So that is that is why that you are seeing there, that is what we did. That was evident by the buyback that was approved by the board earlier this year. Whereas Parmeet mentioned earlier, we have already purchased $5.5 million worth in the buyback. But it is an investment in MaxCyte first and foremost. Being very selective and returning, you know, capital and really shareholder value back to our investors. Megan: Awesome. Thank you for the color there. Megan: And then also just curious if you have seen any changes in the competitive environment over the past? Maher Masoud: Okay. Good question. We have not seen changes in the competitive environment. In fact, with the recent transaction that we announced right now, we displaced a competitor in the clinic. We are we are still the best in class platform. We develop-- we are continuing to invest in the products themselves, in our ExPERT platform. Not just the ExPERT DTx that you are seeing. We continue to create application workflows that are proprietary to MaxCyte. These application workflows themselves are new product launches. Are things that we have that other companies do not have. We have a field based scientific team. We have a scientific team internally. We know cell therapy better than any other company out there. So it is our platform. it is our scientists. We are not seeing any new competition, and we are displacing the competition. In both in academia and in industry now. So we feel very good where we are. Megan: Great. Thanks again for the questions. Maher Masoud: Thank you. Operator: Thank you. 1 moment for our next question. Our next question comes from the line of Daniel Arias of Stifel. Your line is now open. Daniel Arias: Yes. Hi, guys. Thanks for the questions. Maher, you kind of alluded to with the instrument commentary, but can you just maybe expand a little bit on the overall environment? I mean, some of the comments that have been made across the space have just been suggested of some improvement in biotech spending. Would you say that you are seeing that yourselves? And what is the overall feel on just the state of affairs when it comes to spending and pipeline management overall? Maher Masoud: Yeah. Good question, Daniel. The information you see out there and what we are seeing out there in terms of return back to biotech funding, it is a bit different than the industry ran. So it is more outside of cell therapy. We are seeing more of a stabilization in cell therapy. it is not a return back to your 20, 21 years. that is not the case. But that is exactly what we expect to go into the year, and that is what we are operating within. that is why we are not expecting to come back to those 20, 21 years. We are actually diversifying our revenue model We are launching new products. We are finding ways now to work with large pharma we have never done before. We are actually leaning into the cell therapy space. We do not need it to come back to those 20, 21 to get back to the growth that we are getting back to. So it is not quite the same as what you are seeing out there in terms funding for the bioprocessing or bioproduction market. it is it is not as robust as that, but we do not need it to be. We are we know exactly where it is. We are not seeing a headwind anymore. it is stabilized. It has not gone back to some of the numbers you are seeing for the other spaces, but that is-- we knew that going into the year, and we feel good about this year and even going into next year. Daniel Arias: Okay. Maybe just as a follow-up, the inventory work-down at the large account that you talked about, I think your largest customer, you said, has that run its course? Or is that a factor for the back half too? Maher Masoud: No. It has. it is largely run its course. that is why we feel good. We said going into this year, there was a headwind that we would have in the first half. it is behind us now. And it will not have an effect going into the second half. I mean, Parmeet, anything to elaborate there? Parmeet Ahuja: No. I think I think you answered that well. Daniel Arias: Okay. Super. Thank you. Yep. Operator: Thank you. 1 moment for our next question. Our next question comes from the line of Brendan Smith of TD Cowen. Your line is now open. Brendan Smith: Great. Thanks for taking the questions, guys, and congrats on the quarter. Maybe just a quick follow-up to 1 of the previous questions on kind of broader momentum within cell therapy. I mean, we have heard from a few other tools sites this quarter that cell and gene therapy is maybe still lagging a bit behind other modalities. So to your point, I think things seem to have stabilized and maybe moving back in the right direction. So I guess, do you expect a material acceleration in some of these programs in the second half of the year and maybe demand with it? Or is that something we should maybe expect to be a little bit more 2027 weighted? Just kind of curious how you are seeing that funnel at this point. Maher Masoud: Very good question, Brendan. that is more in the 2027. We have the 5 programs. it is the beauty of our of our business model is that we sign these SPLs and these programs progress into the clinic. So these 14 clinical programs we have now we still expect 5 that are moving into pivotal. 1 has already moved into pivotal. it is actually part of what we reported in Q1 as well. that is more into 2027 where we expect them to potentially even have an approved product 2027 resulting from these 5 late stage programs. So it is more I would not say, back half weighted. it is more going into 2027 where we see the impact of that. Brendan Smith: Okay. Got it. that is helpful. And then I guess, maybe more broadly, I just wanted to ask, in terms of SPLs, potential new deal signings, we have seen some pretty convincing signs that some ex US markets are leaning even more aggressively into cell therapy, I think, especially in APAC. I guess, is that something MaxCyte could potentially capitalize on? Are there any kind of caveats or considerations to an SPL with those kinds of partners? Just any incremental color on how you guys are thinking about that too. Thanks. Maher Masoud: Yeah. Great question, Brendan. that is something we began to look into a few years ago, and we knew where the space was going. We saw the investments in Asia Pacific, specifically in China. We have created a presence there. And we are seeing some growth there, granted from a smaller, you know, base, but we are seeing healthy growth there. And we continue to invest in Asia Pacific, specifically China, Japan, Korea, even India, and Australia. We are we are investing there, and that is exactly right. We are seeing a lot of programs being initiated there with the hopes of them making it to The US or to Europe. And working with those companies. We are beginning to build that infrastructure there. We have a, you know, sales team and FAS team in Asia Pac. We have a general manager that is overseeing Asia Pacific for us as well. We are very cognizant of that, and we have a model for that. Same way we have a model with large pharma same way we have a model now with academia. Have a model where we are working with them in the clinic over there. That will then transpire into future SPLs and partnerships when they when they broaden their horizons The US and to Europe. Brendan Smith: Got it. Sounds good. Appreciate the color, guys. Thanks. Absolutely. Thank you, Brendan. Operator: Thank you. 1 moment for our next question. Our next question comes from the line of Julie Simmonds of Panmure Liberum. Your line is now open. Julie Simmonds: Thank you very much. Just another quick question following up on the instruments. I was just wondering, now you have got sort of multiple different types in the market. Is there a big variation in the processing assembly revenue that comes from each of those? Or is there an expectation that DTx because it will be doing more? You are selling sort of more at lower price consumer I am just sort of trying to see if there is a mix effect that we might see there. Maher Masoud: Let me take that, and then, Parmeet, if you wanna add to that. it is so the DTx has a higher pull through of processing assembly revenue. that is an early research both used cell therapy and in vivo. As well. We expect a higher pull through on the DTx PAs Obviously, the processing assemblies for your clinical, your GTx, that has-- begins to ramp as these programs go further into the clinic, especially when they go commercial. So it is it is a mix. So you have from early research to DTx, high pull-through. You have the ATX and STx that has their pull through not quite as high as what the DTx would be. Obviously, they are at a higher price point as well. When you are doing process optimization going into the clinic. And then your cGMP, PAs, obviously, we can see right now from our largest customer have a significant and meaningful revenue for us. As we begin to see more of these SPLs go through late stages we are seeing right now, that our model is proving itself. As we see more programs get approved, we believe will have at least 1 next year, and potentially 1 next year, you are going to see more revenue growth from those PAs on the clinical side as well. So it is a mix. High pull through early, and then you have much higher cost PAs that have a high ramp as programs go to pivotal and then to commercial. Parmeet Ahuja: Yeah. it is just to maybe build on that, it is different price structure, obviously. Right? The idea with the GTx is to get in early, on the research side of things. We will have higher PA pull through. But, obviously, as Maher indicated, there are price differences there. As programs then scale up further to clinical and further. Mm-hmm. Julie Simmonds: Okay. Thank you. And just on the SPLs, I mean, I gather there is sort of still a pipeline of ones that you are discussing. You have historically talked about sort of 3 to 5 a year. I mean, does that still seem reasonable sort of talking Genentech slightly because it is a slightly different offering. Maher Masoud: It is. In terms of licenses, we still-- 3 to 5 is I think I mentioned on the last quarterly call, We sometimes will sign more than 5 as we have done a few years ago. Sometimes we will sell we will sign less than 3. But overall, 3 to 5, looking at the funnel, is a healthy number. We still feel confident we can sign 1 to 2 even in the back half of the year. That includes Genentech. So we feel good where we are in terms of all the licenses that we are signing. it is more the timing of where we are in the negotiations with the biotechs or even large pharma. Some years, we might have more than 5. Some years, more than 3. But on average, you are gonna have that 3 to 5, you know, over the years. Julie Simmonds: Okay. Thank you. Maher Masoud: Thank you, Julie. Operator: Thank you. I am showing no further questions at this time. I would like to turn it back to Maher Masoud, CEO, for closing remarks. Maher Masoud: Thank you, operator, and thank you, everyone, for joining us again. Look forward to speaking to you on the next quarterly call. Operator: Thank you for your participation in today's conference. This is concludes the program. You may now disconnect. Before you buy stock in MaxCyte, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and MaxCyte wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $419,408!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,348,694!* That performance is why people listen. With a track record of beating the S&P 500 by nearly 5x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 19, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. MaxCyte (MXCT) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in MaxCyte, Inc.? Here are five stocks we like better. Second-quarter revenue fell 15% year over year to $7.3 million, though results exceeded management’s expectations and improved sequentially. Lower license revenue, instrument-placement timing and prior-year processing assembly purchases weighed on core revenue, while operating expenses declined 25% to $15.8 million. MaxCyte’s new enterprise-level partnership with Genentech expands its commercial model beyond single-program licenses, potentially generating recurring platform, license, milestone, instrument and consumables revenue across multiple cell-therapy programs. The company maintained its 2026 revenue outlook of $30 million to $32 million and expects low-single-digit growth in the second half, driven by instrument placements, stable license and processing assembly demand, and rising CASGEVY-related royalties. MaxCyte: Building the Future of Cell and Gene Therapy Innovation MaxCyte (NASDAQ:MXCT) reported second-quarter 2026 revenue of $7.3 million, down 15% from $8.5 million a year earlier, as lower license revenue, timing of instrument placements and prior-year processing assembly purchases affected results. Management said the quarter came in ahead of its expectations and represented progress toward stabilizing the business before returning to growth in the second half of the year. Core revenue, which includes instruments, licenses and processing assemblies, declined 21% year over year to $6.5 million. SPL program-related revenue, consisting primarily of royalties, rose to $0.8 million from $0.3 million in the prior-year period. → SoundHound AI Sends a Loud Signal After Its Q2 Earnings Beat President and Chief Executive Officer Maher Masoud said MaxCyte entered 2026 facing inventory drawdowns by its largest customer and the effects of discontinued partner clinical programs. He said those headwinds have largely subsided and that the company achieved sequential revenue growth from the first quarter, led by instrument placements across its product portfolio. Instrument revenue was $1.8 million in the second quarter, compared with $2.1 million a year earlier. License revenue declined to $1.8 million from $2.6 million, while processing assembly revenue fell to $2.3 million from $3.1 million. → AST SpaceMobile Earnings Just Reminded Investors How Risky Space Can Be Chief Financial Officer Parmeet Ahuja said core revenue was affected by lower license revenue tied to discontinued partner programs, instrument-placement timing and a difficult comparison with the second quarter of 2025. The prior-year processing assembly result included purchases accelerated by tariff-related dynamics, he said. Excluding those purchases, processing assembly revenue was relatively flat year over year. SeQure generated $0.5 million in revenue, including license and service revenue, and continued to show year-over-year momentum, according to Ahuja. Masoud said the company expects year-over-year growth in SeQure assay services and licenses for 2026. → First Solar’s Profit Engine Faces a New Policy Test in Washington Second-quarter gross margin was 77%, compared with 82% a year earlier. Ahuja attributed the decline primarily to product mix, as instruments carry lower margins than licenses. The company expects gross margins in the mid-70% range during the second half. Operating expenses declined 25% to $15.8 million from $21.2 million in the prior-year quarter, reflecting the full run-rate benefits of restructuring and cost-efficiency measures implemented in 2025. Ahuja said the company does not expect operating expenses to rise meaningfully from current levels, despite continued product-development investments. MaxCyte ended the quarter with $141.9 million in cash equivalents and investments and no debt. The company has repurchased about $5.5 million of stock under its $10 million repurchase authorization and said it intends to execute most of the program before year-end. During the quarter, MaxCyte announced a multi-platform technology license partnership with Genentech. Under the agreement, Genentech has access to MaxCyte’s ExPERT GTx platform, electroporation technology and analytical assessment capabilities for research, clinical development and manufacturing workflows. Masoud described the agreement as an enterprise-level relationship supporting multiple cell therapy programs rather than a traditional single-program licensing arrangement. He said the structure is intended to shift more revenue capture to earlier stages of the customer life cycle, while providing recurring license and platform-access revenue, milestone opportunities, and demand for instruments, processing assemblies and analytical technologies. The company said the enterprise model complements rather than replaces its strategic platform license, or SPL, model, which remains focused on biotech customers developing individual therapeutic programs. MaxCyte has 30 total licensed partnerships, including 29 SPL partners and Genentech. Management said it expects to pursue similar enterprise agreements with other large pharmaceutical and biotechnology companies, although Masoud noted such discussions can take considerable time. He said the Genentech arrangement currently supports two clinical allogeneic programs as well as preclinical research programs. SPL program-related revenue totaled $0.8 million in the quarter and consisted almost entirely of royalty revenue. Ahuja said the year-over-year increase reflected continued adoption and commercial sales growth for Vertex Pharmaceuticals’ CASGEVY. Masoud cited Vertex’s reported second-quarter CASGEVY revenue of approximately $76 million, up about 75% sequentially and 150% year over year. Vertex also reported that more patients received CASGEVY infusions in the first half of 2026 than in all of 2025, according to Masoud. MaxCyte said five partner programs could begin commercial launches over the next several years, including as early as 2027. Management cautioned that individual programs carry clinical and commercial risk but said the portfolio’s breadth could support future core revenue, regulatory milestones and royalties. MaxCyte reiterated its full-year 2026 outlook for total revenue of $30 million to $32 million, including $25 million to $27 million of core revenue and $5 million from SPL milestones and royalties. The company expects low-single-digit year-over-year revenue growth in the second half, with fourth-quarter revenue slightly higher than the third quarter because of typical year-end budget activity. The company’s SPL outlook includes $3 million of milestone revenue and $2 million of royalties. MaxCyte had already received $3 million of milestone revenue in the first quarter. It expects to finish 2026 with at least $130.5 million in cash equivalents and investments, excluding any additional share repurchases. Management said second-half growth is expected to be driven primarily by instrument placements, including continued adoption of the ExPERT DTx platform, stable license revenue and processing assembly demand. Masoud said the inventory reduction at the company’s largest customer has run its course and is not expected to affect the second half. MaxCyte, Inc (NASDAQ: MXCT) is a clinical‐stage cell therapy platform company that develops and commercializes proprietary flow electroporation technology for the delivery of macromolecules into living cells. The company's instruments and consumables are designed to support research, preclinical development and clinical‐scale manufacturing of cell therapies across a variety of modalities, including engineered T cells, natural killer (NK) cells and induced pluripotent stem cell (iPSC) therapies. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "MaxCyte Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved sequential revenue growth in Q2, signaling a stabilization phase after navigating inventory drawdowns from a major customer and clinical program discontinuations. Established a landmark multi-platform enterprise partnership with Genentech, shifting from a single-program license model to a portfolio-wide framework that captures value earlier in the development lifecycle. Expanded the addressable market within large pharma by offering a suite of technologies including electroporation, analytical assessment, and SeQure off-target risk assessment. Maintained steady instrument placement across biotech and academic sectors, driven by the rollout of the ExPERT DTx platform which provides a seamless path from discovery to cGMP manufacturing. Observed a 75% sequential increase in CASGEVY revenue reported by Vertex, validating the long-term commercial potential of the SPL (Strategic Platform License) model as partner programs reach the market. Successfully executed cost-efficiency measures, resulting in a 25% year-over-year reduction in operating expenses while continuing R&D investment in core platforms. Displaced clinical competitors by leveraging a field-based scientific team and proprietary application workflows that competitors currently lack. Reiterated 2026 revenue guidance of $30 million to $32 million, assuming a return to low single-digit year-over-year growth in the second half of the year. Expects instrument placements to be the primary growth driver in H2, supported by typical Q4 budget flush dynamics and stable processing assembly demand. Anticipates five partner programs moving toward commercial launch in the next few years, with the potential for at least one new approval as early as next year. Projects gross margins to remain in the mid-70s due to a product mix favoring instruments over higher-margin licenses in the near term. Plans to utilize the majority of the $10 million share repurchase program by year-end 2026, with approximately $5.5 million already repurchased as of today. to return value to shareholders. The Genentech agreement introduces a new commercial framework for large pharma that prioritizes recurring license and platform access revenue over traditional milestone-heavy SPL structures. Inventory drawdowns at the company's largest customer have largely run their course, removing a significant headwind that impacted first-half processing assembly revenue. Regulatory environments are evolving in favor of the SeQure assay, which management expects to become an industry standard for off-target risk assessment in gene editing. Maintains a strong liquidity position with $141.9 million in cash and no debt, providing flexibility for organic R&D and selective inorganic opportunities. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management noted that growth was broad-based across research, process development, and clinical applications, rather than tied to a single product. Early traction with the DTx platform is meeting expectations, providing a strategic entry point for customers who can later scale to GTx and STx instruments. The enterprise model is designed for large pharma to monetize multiple programs simultaneously and reduce dependence on any single clinical outcome. Management clarified that this model complements rather than replaces the SPL model, which remains ideal for smaller biotechs focused on individual therapies. Management described the sector as 'stabilized' rather than returning to the peak levels of 2020-2021, noting that their strategy does not require a full market rebound to achieve growth. The company is diversifying revenue streams through analytical capabilities and academic partnerships to mitigate broader biotech spending volatility. MaxCyte is actively investing in infrastructure in China, Japan, and Korea to capture the high volume of new programs being initiated in those markets. The goal is to engage these partners early in their development cycle so they are locked into the MaxCyte platform when they eventually expand to US and European markets.

This article first appeared on GuruFocus. Total Revenue: $7.3 million in Q2 2026, a 15% decrease from $8.5 million in Q2 2025. Core Revenue: $6.5 million, down 21% year-over-year from $8.2 million. Instrument Revenue: $1.8 million, compared to $2.1 million in Q2 2025. License Revenue: $1.8 million, compared to $2.6 million in Q2 2025. Processing Assembly (PA) Revenue: $2.3 million, compared to $3.1 million in Q2 2025; relatively flat year-over-year excluding one-time tariff-driven purchases. SPL Program-Related Revenue: $0.8 million, consisting almost entirely of royalties, up from $0.3 million in Q2 2025. SeQure Revenue: $0.5 million, including license and services revenue, with continued positive year-over-year momentum. Gross Margin: 77% in Q2 2026, down from 82% in Q2 2025; non-GAAP adjusted gross margin was 77% versus 83%. Operating Expenses: $15.8 million in Q2 2026, a 25% decrease from $21.2 million in Q2 2025. Cash and Investments: $141.9 million at end of Q2 2026, with no debt. Share Repurchase: Approximately $5.5 million of stock repurchased under the $10 million program. 2026 Guidance: Total revenue expected between $30 million and $32 million, with core revenue of $25 million to $27 million and $5 million in SPL milestones and royalties. CASGEVY Royalty Context: Vertex reported approximately $76 million in CASGEVY revenue for Q2 2026, with 75% sequential growth and 150% year-over-year growth. Warning! GuruFocus has detected 5 Warning Signs with MXCT. Is MXCT fairly valued? Test your thesis with our free DCF calculator. Release Date: August 12, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Q2 2026 revenue of $7.3 million exceeded expectations, with sequential growth driven by instrument placements across the portfolio, including the new GTx platform. The multi-platform technology license partnership with Genentech represents an enterprise-level relationship supporting multiple cell therapy programs, diversifying revenue streams and reducing dependence on single program outcomes. CASGEVY royalties grew significantly, with Vertex reporting $76 million in Q2 2026 revenue (75% sequential growth), and more than 100 patient initiations for the third consecutive quarter. Operating expenses decreased 25% year-over-year due to restructuring and cost efficiency actions, while the company maintains a strong balance sheet with $141.9 million in cash and no debt. The company has five partner programs with potential for commercial launches in the next couple of years, including as early as next year, providing multiple shots on goal for future revenue growth. Total revenue decreased 15% year-over-year in Q2 2026, with core revenue down 21% due to lower license revenue from discontinued partner programs and timing of instrument placements. Gross margin declined to 77% from 82% year-over-year, impacted by product mix with higher proportion of instrument revenue carrying lower margins. The company faces headwinds from inventory drawdown by its largest customer and discontinuation of several partner clinical programs, though these are expected to subside in the second half. SPL program-related revenue guidance remains conservative at $5 million for 2026, with only $1.2 million recognized in the first half, despite strong CASGEVY performance. Cell therapy market spending has not returned to 2020-2021 levels, and the company expects only low single-digit revenue growth in the back half of 2026. Q: Can you provide more details on the Genentech partnership and how it changes MaxCyte's commercial strategy going forward?A: Maher Masoud, President and CEO, explained that the Genentech agreement represents an evolution in how MaxCyte partners with large pharmaceutical companies. Instead of licensing technology on a single-program basis, this enterprise-level relationship supports multiple cell therapy programs under a single framework. The strategy is twofold: SPLs remain a key driver for biotech customers, while this new multi-platform enterprise model allows MaxCyte to engage large pharma at a portfolio level. The partnership includes access to the ExPERT GTx platform, electroporation, and analytical assessment capabilities (including SeQure) across research, clinical development, and manufacturing workflows. This structure monetizes multiple revenue streams earlier in the customer life cycle and reduces dependence on any single clinical program's outcome. Q: What drove the sequential revenue growth in Q2, and are the headwinds from inventory drawdown and discontinued partner programs now behind you?A: Maher Masoud noted that Q2 revenue of $7.3 million was ahead of expectations, driven primarily by instrument placements across the portfolio, including the recently launched GTx platform. The sequential growth was broad-based across research, process development, and clinical applications. Regarding the inventory drawdown from the largest customer, management confirmed this headwind has run its course and will not affect the second half. The discontinuation of partner clinical programs also largely subsided. The company remains confident in returning to revenue growth in the back half of 2026, with low single-digit year-over-year growth expected. Q: Why hasn't the company raised its SPL program-related revenue guidance given the strong CASGEVY performance reported by Vertex?A: Parmeet Ahuja, CFO, explained that of the $2 million royalty guidance, $1.2 million was recognized in the first half ($0.4 million in Q1 and $0.8 million in Q2). While CASGEVY beat market expectations with approximately $76 million in Q2 revenue (75% sequential growth and 150% year-over-year growth), there can be quarter-to-quarter variability as the drug ramps. Maher Masoud added that Vertex reported more than 100 patient initiations for the third consecutive quarter and more infusions in the first half of 2026 than all of 2025, but MaxCyte prefers not to comment on partner programs. The company remains excited about CASGEVY's trajectory and expects royalty revenue to materialize as commercial sales continue to build. Q: Are you still seeing pockets of hesitancy around capital expenditures, or has that headwind subsided?A: Maher Masoud stated that MaxCyte is seeing stabilization across both instrument and processing assembly sides. The headwinds experienced last year are now behind them, with no remaining pockets of demand hesitancy. The company is seeing funding levels exactly as expected going into the year, with stability returning and growth resuming. Parmeet Ahuja added that the commercial funnel remains healthy across both academic and industry customers, with instrument revenue expected to be a primary growth driver in the second half, supported by the Genentech partnership and continued DTx rollout. Q: How have discussions with other large SPL customers changed following the Genentech agreement, and how do you decide between SPL versus multi-platform agreements?A: Maher Masoud explained that the Genentech deal has not changed the tenor of conversations with existing SPL partners in the funnel, as most are biotech companies. The multi-platform enterprise model is better suited for larger organizations like Genentech that have multiple programs across the development spectrum. MaxCyte now has two complementary commercial models: SPLs for biotech customers developing individual therapeutic programs, and enterprise-level agreements for large pharma. The company is actively speaking with other large pharma companies about similar arrangements, though these negotiations take time to developoften 18 months or more. Management expects both models to coexist and serve different customer needs. Q: What is driving the improvement in academic customer traction, and what are your expectations for this segment?A: Maher Masoud noted that the academic traction is coming from institutions pursuing clinical trials, particularly those using cGMP-based manufacturing. This is part of a conscious strategy to engage researchers earlier in the discovery process, which positions MaxCyte to capture future SPL partnerships as these academic programs transition into industry-sponsored trials. The company believes its platform is the only one that can take customers from research through commercial manufacturing without requiring scale-up changes, making it the natural choice for academic institutions that will eventually become commercial entities. Q: With $141.9 million in cash and investments, what is the company's approach to inorganic opportunities and capital allocation?A: Maher Masoud outlined a three-pronged capital allocation strategy: first, investing in organic growth initiatives such as the DTx platform and SeQure assay development; second, selectively evaluating potential transactions or programs, though with a very disciplined approach; and third, returning capital to shareholders, as demonstrated by the $10 million share repurchase program authorized by the board. As of the call date, approximately $5.5 million of stock had been repurchased. The company maintains a strong balance sheet with no debt, positioning it well for continued strategic investments. Q: Have you seen any changes in the competitive environment over the past year?A: Maher Masoud stated that MaxCyte has not seen changes in the competitive landscape. In fact, the recent Genentech partnership involved displacing a competitor in the clinic. The company continues to invest in its ExPERT platform and proprietary application workflows, which serve as new product launches that competitors lack. MaxCyte's field-based scientific team and internal expertise in cell therapy provide a competitive advantage. Management reports displacing competition in both academia and industry, reinforcing its position as the best-in-class platform for cell and gene therapy applications. Q: How does the broader biotech spending environment compare to what you're seeing in cell therapy specifically?A: Maher Masoud clarified that the improvement in biotech funding seen across the broader industry is different from the cell therapy space. Cell therapy is experiencing stabilization rather than a return to the 2020-2021 boom years. However, MaxCyte does not need the market to return to those levels to achieve growth, as the company is diversifying its revenue model through new products, large pharma partnerships, and expansion into new geographies. Management is not seeing headwinds anymorethe market has stabilized, and the company For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Reports total revenue of $7.3 million for the second quarter of 2026, including $6.5 million of core revenue and $0.8 million of SPL Program-related revenue Reiterates Full Year 2026 Guidance Repurchased approximately $5.5 million of common stock to date under the Company’s $10 million share repurchase program authorized by the Board Following end of quarter, announced strategic, multi-platform technology license partnership with Genentech in July ROCKVILLE, Md., Aug. 12, 2026 (GLOBE NEWSWIRE) -- MaxCyte, Inc. (NASDAQ: MXCT), a leading, cell-engineering focused company providing enabling platform technologies to advance the discovery, development and commercialization of next-generation cell therapeutics, today announced its second quarter ended June 30, 2026 financial results and reiterated its 2026 guidance. "We are pleased with our second quarter results, which were ahead of our expectations, driven by execution on instrument placements and stability in processing assembly sales," said Maher Masoud, President and CEO of MaxCyte. "A significant development for MaxCyte was the recent signing of our first multi-platform technology license partnership with large pharma, an enterprise-level agreement with Genentech that we believe will unlock meaningful new opportunities for MaxCyte. Separately, our SPL portfolio remains a key driver of long-term value as evident by growing commercial royalty revenue and the advancement of a significant number of SPL programs through the clinic. Lastly, our goal has been to return to revenue growth while reducing our net losses. In the first half of 2026, we delivered a meaningful reduction in net loss and expect to benefit further as we continue to execute against our plan and return to revenue growth.” Second Quarter Financial Results Total revenue of $7.3 million in the second quarter of 2026, a decrease of 15% over the second quarter of 2025. Gross profit for the second quarter of 2026 was $5.6 million (77% gross margin), compared to $7.0 million (82% gross margin) in the second quarter of 2025. Non-GAAP adjusted gross margin was 77% when excluding SPL Program-related revenue and reserves for excess and obsolete inventory, compared to non-GAAP adjusted gross margin of 83% in the second quarter of 2025. Operating expenses for the second quarter of 2026 were $15.8 million, compared to operating expenses of $21.2 million in the second quarter of 2025. Second quarter 2026 net loss was $8.9 million compared to net loss of $12.4 million for the same period in 2025. EBITDA, a non-GAAP measure, was a loss of $9.3 million for the second quarter of 2026, compared to a loss of $13.1 million for the second quarter of 2025; stock-based compensation expense was $1.2 million in the second quarter of 2026 compared to $3.5 million in the second quarter of 2025. Total SPL agreements was 29 as of June 30, 2026, which includes 12 programs currently in the clinic (defined as programs with at least a cleared IND or equivalent) and one commercial program. Total cash, cash equivalents and investments were $141.9 million as of June 30, 2026. Full Year 2026 Guidance Full year revenue expected to be $30 million to $32 million consisting of: MaxCyte expects to end 2026 with at least $130.5 million in total cash, cash equivalents and investments, excluding any further capital deployed toward the share repurchase program. The following tables provide details regarding the sources of our revenue for the periods presented. Webcast and Conference Call Details MaxCyte will host a conference call today, August 12, 2026, at 4:30 p.m. Eastern Time. Investors interested in listening to the conference call are required to register online. A live and archived webcast of the event will be available on the "Events" section of the MaxCyte website at https://investors.maxcyte.com/. About MaxCyte At MaxCyte®, we are committed to building better cells together. As a leading cell-engineering company, we are driving the discovery, development and commercialization of next-generation cell therapies. Our best-in-class Flow Electroporation® technology and SeQure™ gene editing risk assessment services enable high-performance cell engineering and rigorous evaluation of editing outcomes, supporting confidence in therapeutic development. Supported by expert scientific, technical and regulatory guidance, our platform empowers researchers to engineer diverse cell types and payloads, accelerating the development of safe and effective treatments for human health. For more than 25 years, we've been advancing cell engineering, shaping the future of medicine. Learn more at maxcyte.com and follow us on LinkedIn and Bluesky. Non-GAAP Financial Measures This press release contains EBITDA, which is a non-GAAP measure defined as earnings before interest income and expense, taxes, depreciation and amortization. MaxCyte believes that EBITDA provides useful information to management and investors relating to its results of operations. The Company's management uses these non-GAAP measures to compare the Company's performance to that of prior periods for trend analyses, and for budgeting and planning purposes. The Company believes that the use of EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company's financial measures with other companies, many of which present similar non-GAAP financial measures to investors, and that it allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making. This press release also contains Non-GAAP Gross Margin, which we define as Gross Margin when excluding SPL program related revenue and reserves for excess and obsolete inventory. The Company believes that the use of Non-GAAP Gross Margin provides an additional tool to investors because it provides consistency and comparability with past financial performance, as Non-GAAP Gross Margin excludes non-core revenues and inventory reserves, which can vary significantly between periods and thus affect comparability. Management does not consider these Non-GAAP financial measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these Non-GAAP financial measures is that they exclude significant revenues and expenses that are required by GAAP to be recorded in the Company's financial statements. In order to compensate for these limitations, management presents these Non-GAAP financial measures along with GAAP results. Non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. Reconciliation tables of net loss, the most comparable GAAP financial measure, to EBITDA, and Gross Margin, the most comparable GAAP financial measure, to Non-GAAP Gross Margin, are included at the end of this release. MaxCyte urges investors to review the reconciliation and not to rely on any single financial measure to evaluate the Company's business. Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements about us and our industry involve substantial known and unknown risks, uncertainties, and assumptions, including those described in Item 1A under the heading "Risk Factors" and elsewhere in our report on Form 10-K, that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations or financial condition, business strategy and plans, customer expectations and objectives of management for future operations, are forward-looking statements. Forward-looking statements include, but are not limited to, statements about possible or future results of operations or financial position. In some cases, you can identify forward-looking statements because they contain words such as "may," "might," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "seek," "predict," "future," "project," "potential," "continue," "contemplate," "target," the negative of these words and similar words or expressions. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. The forward-looking statements contained in this press release, include, without limitation, our full year 2026 revenue and cash guidance, statements concerning the following: our expected future growth and success of our business model; the size and growth potential of the markets for our products, and our ability to serve those markets, increase our market share, and achieve and maintain industry leadership; our ability to expand our customer base and enter into additional SPL partnerships; expectations regarding customer-level activities (including the expected advancement of our SPL partners' clinical programs, including Phase 3 trial initiations); the timing and amount of any share repurchases under our share repurchase program; our financial performance and capital requirements; the adequacy of our cash resources and availability of financing on commercially reasonable terms; our expectations regarding general market and economic conditions that may impact investor confidence in the biopharmaceutical industry and affect the amount of capital such investors provide to our current and potential partners; and our use of available capital resources. These and other risks and uncertainties are described in greater detail in Item 1A , entitled "Risk Factors," in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission, as well as in discussions of potential risks, uncertainties, and other important factors in the other filings that we make with the Securities and Exchange Commission from time to time. These documents are available through the Investor Menu, Financials section, under "SEC Filings" on the Investors page of our website at http://investors.maxcyte.com. Any forward-looking statements in this press release are based on our current beliefs and opinions on the relevant subject based on information available to us as of the date of such press release, and you should not rely on forward-looking statements as predictions of future events. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. MaxCyte Contacts: US IR AdviserGilmartin GroupErik [email protected] Media ContactOak Street CommunicationsKristen [email protected] (1) Adjustments include the exclusion of SPL program related revenue from Revenue, and the exclusion of reserves for excess and obsolete inventory from Cost of Goods Sold.

Adherex Technologies Inc. (FENC) came out with quarterly earnings of $0.05 per share, beating the Zacks Consensus Estimate of $0.01 per share. This compares to a loss of $0.11 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +400.00%. A quarter ago, it was expected that this company would post a loss of $0.02 per share when it actually produced earnings of $0.01, delivering a surprise of +150%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Adherex Technologies, which belongs to the Zacks Medical - Biomedical and Genetics industry, posted revenues of $17.87 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 11.73%. This compares to year-ago revenues of $9.65 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Adherex Technologies shares have added about 42.1% since the beginning of the year versus the S&P 500's gain of 13.3%. While Adherex Technologies has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Adherex Technologies was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.11 on $18.48 million in revenues for the coming quarter and $0.26 on $69.89 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Biomedical and Genetics is currently in the bottom 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, MaxCyte, Inc. (MXCT), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 12. This company is expected to post quarterly loss of $0.12 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 14.3% lower over the last 30 days to the current level. MaxCyte, Inc.'s revenues are expected to be $6.5 million, down 23.6% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Adherex Technologies Inc. (FENC) : Free Stock Analysis Report MaxCyte, Inc. (MXCT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Acadia Pharmaceuticals (ACAD) came out with quarterly earnings of $0.18 per share, beating the Zacks Consensus Estimate of $0.06 per share. This compares to earnings of $0.16 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +200.00%. A quarter ago, it was expected that this drugmaker would post earnings of $0.04 per share when it actually produced earnings of $0.02, delivering a surprise of -50%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Acadia, which belongs to the Zacks Medical - Biomedical and Genetics industry, posted revenues of $307.96 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.81%. This compares to year-ago revenues of $264.57 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Acadia shares have lost about 4.1% since the beginning of the year versus the S&P 500's gain of 11%. While Acadia has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Acadia was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.13 on $328.06 million in revenues for the coming quarter and $0.39 on $1.24 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Biomedical and Genetics is currently in the top 42% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, MaxCyte, Inc. (MXCT), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 12. This company is expected to post quarterly loss of $0.12 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 14.3% lower over the last 30 days to the current level. MaxCyte, Inc.'s revenues are expected to be $6.5 million, down 23.6% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ACADIA Pharmaceuticals Inc. (ACAD) : Free Stock Analysis Report MaxCyte, Inc. (MXCT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance in Q1 met internal expectations despite a 7% total revenue decline, primarily attributed to inventory management by a major customer and the non-renewal of clinical leases from discontinued programs. Management notes that the ex-vivo cell and gene therapy sector rationalization has largely normalized, with partners now increasingly focused on advancing their lead clinical programs. Strategic positioning is shifting toward later-stage clinical programs where capital remains available, contrasting with the continued challenging funding environment for early-stage biotech. The company has successfully transitioned to a leaner operating model, realizing the full benefit of 2025 restructuring actions which reduced operating expenses by approximately $7 million year-over-year. The launch of ExPERT DTX is intended to capture earlier discovery and optimization workflows, creating a seamless scale-up path to the company's cGMP manufacturing instruments. Management views the recent FDA draft guidance on off-target editing risk assessment as a structural tailwind for the SeQure business, validating the strategic rationale behind the acquisition. Full-year 2026 guidance is reiterated with total revenue expected between $30 million and $32 million, assuming core revenue growth will be weighted toward the second half of the year. Core revenue guidance of $25 million to $27 million assumes increased adoption of the ExPERT DTX product and easier year-over-year comparisons in the latter half of 2026. The company anticipates five clinical programs could reach commercial launch by 2027 or 2028, with four expected to enter registrational studies within the next 18 months. Operating expenses are expected to remain stable at approximately $60 million for the full year, with management targeting a clear path to further reduced cash burn as revenue growth returns. Guidance for SPL milestones and royalties is set at $5 million, with the remaining $2 million for the year expected to come from commercial royalties rather than additional milestones. The SPL partner list was reduced to 29 following the removal of Catamaran Bio and Walking Fish Therapeutics, both of which ceased operations. A new $10 million share repurchase program was authorized, with management intending to execute the majority of the buyback before year-end to address perceived valuation disconnects. The company maintains a strong liquidity position with $147.7 million in cash and no debt, providing flexibility for strategic investments despite the buyback program. A $3 million regulatory milestone was recognized in Q1, triggered by a clinical customer initiating patient dosing in a registrational study. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management explained that milestones are contractually tied to specific dosing timings in pivotal trials rather than just trial initiation. While additional milestones are possible, the current guidance reflects a cautious approach based on the specific dosing regimens of partner programs. Early interest is coming from academic centers and, notably, big pharma for protein screening in biologics development, a segment MaxCyte previously had less access to. The DTX is a pure capital equipment sale (no licensing) and is expected to contribute more meaningfully to revenue in the second half of 2026 and into 2027. The Q1 OpEx level is considered a fair run rate for the year, with only low single-digit sequential growth expected for specific commercial expansions in APAC. Total 2026 OpEx is projected at $60 million, a significant decrease from approximately $79 million to $80 million in the prior year.

Interested in MaxCyte, Inc.? Here are five stocks we like better. MaxCyte’s Q1 revenue fell to $9.7 million from $10.4 million a year ago, with core revenue down 25% as discontinued SPL programs and customer inventory management weighed on results. Management said the quarter was broadly in line with expectations and still expects core revenue to improve in the second half of 2026. The company reiterated full-year 2026 guidance of $30 million to $32 million in total revenue, including $25 million to $27 million of core revenue. It expects support from a qualified instrument funnel, easier comparisons, and the new ExPERT DTx product. MaxCyte highlighted progress in its SPL portfolio, CASGEVY royalties, and SeQure business, while also cutting costs and authorizing a up to $10 million share buyback. Cash and investments ended the quarter at $147.7 million with no debt, and operating expenses fell sharply year over year. MaxCyte: Building the Future of Cell and Gene Therapy Innovation MaxCyte (NASDAQ:MXCT) reported lower first-quarter revenue compared with the prior year, as management said discontinued SPL programs and inventory management by its largest customer weighed on core revenue, while milestone revenue from a registrational-stage program helped offset part of the decline. The cell engineering technology company reported total revenue of $9.7 million for the quarter ended March 31, 2026, down 7% from $10.4 million in the first quarter of 2025. Core revenue was $6.2 million, down 25% from $8.2 million a year earlier. SPL program-related revenue, which includes milestones and royalties, rose to $3.4 million from $2.1 million in the prior-year quarter. → MercadoLibre Boldly Invests in Growth: Discount Deepens President and Chief Executive Officer Maher Masoud said the results were in line with company expectations and reflected “a difficult year-over-year comparison” in the first half of 2026. He cited discontinued SPL programs that led to non-renewed GTx clinical leases, along with inventory management by MaxCyte’s largest customer. Chief Financial Officer Parmeet Ahuja, participating in his first earnings call as MaxCyte’s CFO, said instrument revenue was $1.3 million, compared with $1.4 million a year earlier. License revenue was $2.1 million, down from $2.5 million, while processing assembly revenue declined to $2.3 million from $3.9 million. → Rocket Lab Just Hit a New All-Time High—Time to Buy or Let It Breathe? Ahuja said 44% of core revenue in the quarter came from SPL partners, compared with 57% in the first quarter of 2025, reflecting the SPL-related headwinds discussed by management. Despite the weaker core revenue, Masoud said MaxCyte expects core revenue growth in the second half of 2026, supported by its qualified instrument funnel, easier year-over-year comparisons and the contribution of the company’s new ExPERT DTx product. → MP Materials Is Quietly Building a Rare Earth Powerhouse MaxCyte reiterated its full-year 2026 guidance, expecting total revenue of $30 million to $32 million, including $25 million to $27 million of core revenue and $5 million from SPL milestones and royalties. Ahuja said second-quarter core revenue is expected to be approximately in line with the first quarter. Masoud said MaxCyte now lists 29 SPL partners after removing Catamaran Bio and Walking Fish Therapeutics because both companies had ceased operations. He said the company has 30 programs in clinical and preclinical development across those SPL partners. Among the portfolio, Masoud highlighted five clinical programs with potential commercial launches in 2027 and 2028. Those include four programs that could begin registrational studies over the next 18 months and one program that dosed patients in a registrational study during the first quarter. He identified several programs, including zugo-cel from CRISPR Therapeutics, WU-CART-007 from Wugen, azer-cel from Imugene and two programs from undisclosed SPL partners. MaxCyte recorded $3 million in milestone revenue during the quarter, tied to a clinical customer beginning patient dosing in a registrational study. The company also recognized $0.4 million in royalty revenue. During the Q&A session, analyst Julie Simmonds of Panmure Liberum asked why the company was not forecasting additional milestone revenue for the remainder of 2026. Masoud said milestone timing depends on patient dosing in pivotal trials rather than the initiation of those trials, adding that any additional milestone could occur but may be more likely in the first part of next year depending on trial dosing schedules. Masoud discussed Vertex Pharmaceuticals’ commercial progress with CASGEVY, noting that Vertex reported approximately $43 million in first-quarter CASGEVY revenue. He said Vertex also reported more than 500 patients had initiated the CASGEVY treatment journey, with hundreds globally having completed cell collection. Masoud said MaxCyte remains encouraged by the growth in patient cell collections and infusions as Vertex scales CASGEVY commercially. He also noted Vertex’s submission of a supplemental biologics license application for CASGEVY in patients ages five to 11 with sickle cell disease or beta thalassemia. MaxCyte also reported progress in its SeQure business, which provides assays related to gene-editing safety assessment. Ahuja said SeQure generated $0.6 million in first-quarter revenue, including license and services revenue. In response to a question from TD Cowen analyst Brendan Smith, Masoud said SeQure revenue was up about 11% sequentially from the fourth quarter of 2025 and was three times the level of the first quarter of 2025. Masoud said a recent FDA Center for Biologics Evaluation and Research draft guidance on safety assessment of genome editing using next-generation sequencing was a “structural positive” for SeQure, because sponsors are expected to characterize off-target and on-target editing outcomes with high sensitivity. Masoud said the commercial launch of ExPERT DTx is progressing well, with early adoption in discovery and optimization workflows across ex vivo and in vivo cell and gene therapy, as well as protein screening for biologics development. In response to William Blair analyst Matt Larew, Masoud said the DTx funnel is building well and that sales are expected to increase in the second half of the year. He said MaxCyte is seeing traction in academic accounts, as well as interest from large pharmaceutical companies in protein screening for biologics. Masoud said DTx is included in the company’s full-year guidance and is expected to contribute to second-half core revenue growth, though he cautioned that MaxCyte is still focused on commercial execution and learning from the launch. Ahuja said total operating expenses were $14.3 million in the first quarter, down from $21.2 million a year earlier. He attributed the reduction to restructuring and cost-efficiency actions taken in 2025, which are now being reflected in the company’s profit and loss statement. MaxCyte ended the quarter with $147.7 million in cash equivalents and investments and no debt. Ahuja said the company continues to expect to end 2026 with at least $136 million in cash equivalents and investments, excluding capital used for share repurchases. The company’s board authorized a share repurchase program of up to $10 million. Masoud said the authorization reflects confidence in MaxCyte’s long-term value, strategic investments and balance sheet. Ahuja said the company expects to execute the majority of the program by year-end through a mix of open-market purchases and systematic activity. Management also reiterated that it does not expect meaningful growth in operating expenses from current levels. Ahuja said full-year operating expenses are expected to be around $60 million, compared with roughly $79 million to $80 million last year. MaxCyte, Inc (NASDAQ: MXCT) is a clinical‐stage cell therapy platform company that develops and commercializes proprietary flow electroporation technology for the delivery of macromolecules into living cells. The company's instruments and consumables are designed to support research, preclinical development and clinical‐scale manufacturing of cell therapies across a variety of modalities, including engineered T cells, natural killer (NK) cells and induced pluripotent stem cell (iPSC) therapies. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "MaxCyte Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

This article first appeared on GuruFocus. Release Date: May 12, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. MaxCyte Inc (NASDAQ:MXCT) reported $9.7 million in total revenue for Q1 2026, meeting expectations. The company saw a 25% increase in SPL program-related revenue compared to the previous year. MaxCyte Inc (NASDAQ:MXCT) has a strong balance sheet with $147.7 million in cash equivalents and no debt. The company announced a $10 million share repurchase program, indicating confidence in its long-term value. The launch of the Xper DTX product is progressing well, with early traction in various markets, including academic centers and large pharma. Total revenue decreased by 7% compared to Q1 2025, driven by a decline in core revenue. Core revenue fell by 25% year-over-year, impacted by inventory management issues and discontinued SPL programs. Gross margin decreased to 84% from 86% in the previous year, with non-GAAP adjusted gross margin also declining. The company is not forecasting any additional SPL milestones for 2026, indicating potential revenue stagnation. Challenges in the cell and gene therapy ecosystem persist, particularly for earlier-stage clinical programs. Warning! GuruFocus has detected 6 Warning Signs with MXCT. Is MXCT fairly valued? Test your thesis with our free DCF calculator. Q: Given the number of active programs and later-stage programs, it seems unlikely that there will be no milestones at all in Q2. Are you being particularly cautious with this timeframe? A: (Meher Masood, CEO) The agreements are structured based on dosing timing in pivotal trials, not necessarily on the initiation of pivotal trials. While it's possible to get another milestone, there's a good chance it's more in the first part of next year. It depends on the dosing regimen for the trial itself. Q: What should we expect in terms of the cadence of license fees throughout the year? A: (Meher Masood, CEO) We feel comfortable guiding three to five new SPL partners this year. The cadence depends on negotiations and the work with customers, which can take 18 to 24 months before signing an agreement. We are confident in signing at least three this year. Q: How much contribution to revenue growth over the next 12 to 24 months are you expecting from SecureDX? A: (Meher Masood, CEO) Secure revenues were $0.6 million in Q1, showing substantial year-over-year growth. We are building the commercial pipeline and expect continued progress throughout the year. The recent FDA guidance supports our belief in Secure's importance for gene editing developers. Q: Do you think new business and activity can accelerate given the current industry backdrop? A: (Meher Masood, CEO) While financing for earlier-stage cell therapy is challenging, later-stage clinical programs are stable. We have 11 SPL partners with 12 clinical programs, and companies like Lionel and Algene are still attracting investor interest. We are working with more later-stage companies than ever before. Q: Can you provide more color on the DTX launch and its expectations over the next 12 to 18 months? A: (Meher Masood, CEO) The DTX launch is meeting expectations, with a healthy pipeline building. We anticipate sales to increase in the second half of the year. We are seeing traction in academic accounts and protein screening for biologics, including interest from big pharma, which bodes well for DTX's future. For the complete transcript of the earnings call, please refer to the full earnings call transcript.