TIDMMXCT TIDMTTM
RNS Number : 0207S
MaxCyte, Inc.
11 November 2021
MaxCyte Reports Third Quarter Financial Results
GAITHERSBURG, MD, November 11, 2021 - MaxCyte, Inc., (NASDAQ:
MXCT; LSE: MXCT, MXCN), a leading commercial cell-engineering
company focused on providing enabling platform technologies to
advance innovative cell-based research as well as next-generation
cell therapeutic discovery, development and commercialization,
today announced third quarter ended September 30, 2021 financial
results.
Third Quarter and Recent Highlights
-- Total revenue was $10.1 million in the third quarter of 2021,
representing 50% growth compared to the same period in 2020.
-- Excluding Strategic Platform License (SPL) Program-related
revenue, revenue from cell therapy customers was $6.2 million for
the third quarter, an increase of 38% compared to the same period
in 2020.
-- SPL Program-related revenue was $2.0 million in the third
quarter -- the highest SPL Program-related revenue we have received
in any quarter to-date -- as compared to $0.3 million for the same
period in 2020.
-- Revenue from drug discovery customers was $1.9 million in the
third quarter, a decrease of 5% compared to the same period in
2020, but up sequentially from the second quarter of 2021.
-- With the addition of Myeloid Therapeutics, Inc., Celularity,
Inc., Sana Biotechnology, Inc., and Nkarta, Inc. signed
year-to-date, the total number of SPLs now stands at 15.
"We are pleased to report very strong third quarter results
driven by ongoing strength in sales to cell therapy customers and
robust SPL Program-related revenue." said Doug Doerfler, President
and CEO of MaxCyte.
"We continue to expand our customer base and increase the number
of strategic partnerships, now with 15 SPL agreements in place
following the announcement of our agreement with Nkarta in early
November. The vast majority of our SPL agreements enable MaxCyte to
participate in pre-commercial milestones and post-commercial
sales-based payments on SPL-related Programs. We remain bullish
around the potential for our SPL partnerships to generate
meaningful revenue for the business over the next 12 to 18 months
and beyond as our partners continue to see clinical success.
We are also making important and strategic investments in our
business, expanding our marketing, R&D and product development
capabilities, launching innovative solutions to drive future
growth, bolstering our leading internal and field-based cell
engineering expertise, expanding our manufacturing capabilities as
our customers move closer to commercialization, and adding strong
talent across all facets of our business."
"Overall, MaxCyte remains well-positioned to support growing
adoption of the ExPERT(TM) platform technology for cellular-based
research and next-generation therapeutic development."
Third Quarter Financial Results
Total revenue for the third quarter of 2021 was $10.1 million,
compared to $6.8 million in the third quarter of 2020, representing
growth of 50%. Sales to cell therapy customers, across both
instruments and single use disposables, were collectively up 38%
compared to the same period last year.
Success in recognizing revenue from our SPL Programs was also a
primary source of strength in the quarter. The Company recognized
$2.0 million in SPL Program-related revenue in the quarter
(comprised of pre-commercial milestone revenues) as compared to
$0.3 million in SPL Program-related revenue in the third quarter of
2020.
Gross profit for the third quarter of 2021 was $9.2 million (91%
gross margin), compared to $6.0 million (89% gross margin) in the
same period of the prior year. The increase in gross margin was
driven by the higher SPL Program-related revenues; excluding SPL
Program-related revenues, gross margin was relatively
unchanged.
Operating expenses for the third quarter of 2021 were $11.6
million, compared to operating expenses of $8.9 million in the
third quarter of 2020. The overall increase in operating expense
was principally driven by a $3.4 million increase in compensation
expense associated with increased headcount and higher stock-based
compensation (principally due to stock-price appreciation), as well
as a $1.2 million increase in legal, public company and
professional service expenses.
Partially offsetting this expense growth was a $2.5 million
decline in CARMA(TM)-related expenses compared with the same period
last year. As of March 2021, all pre-clinical and clinical
activities related to the CARMA(TM) platform were substantially
completed.
Third quarter 2021 net loss was ($2.7) million compared to net
loss of ($3.1) million for the same period in 2020.
Total cash, cash equivalents and short-term investments were
$255.9 million as of September 30, 2021.
Preliminary 2021 Revenue
We are updating our revenue projection for fiscal year 2021. We
now expect to achieve at least $33.0 million in revenue for fiscal
year 2021, up from our prior guidance of greater than $30 million
in revenue for the year.
Executive Leadership Addition
James Lovgren has joined MaxCyte as Senior Vice President of
Global Marketing. Mr. Lovgren brings deep experience in cell
therapy to the role, where he will help grow adoption of the
MaxCyte ExPERT(TM) platform in cellular-based research and
next-generation drug development. Most recently, Mr. Lovgren served
as Vice President at Berkeley Lights, where he was responsible for
cell therapy strategy, including product development and marketing.
Previously, he served as General Manager at Thermo Fisher
Scientific in the cell and gene therapy business, overseeing the
launch of several strategic products. He also held leadership
positions at Minerva Biotechnologies, ORGN3N and Life Technologies.
Mr. Lovgren earned his master's degree in business administration
at North Carolina State University and his bachelor's degree in
biology at University of North Florida.
Webcast and Conference Call Details
MaxCyte will host a conference call today, November 10, 2021, at
4:30 p.m. Eastern Time. Interested parties may access the live
teleconference by dialing (844) 679-0933 for domestic callers or
(918) 922-6914 for international callers, followed by Conference
ID: 5098687. A live and archived webcast of the event will be
available on the "Events" section of the MaxCyte website at
https://investors.maxcyte.com/ .
Form 10-Q
MaxCyte expects to file its Quarterly Report on Form 10-Q for
the period ended September 30, 2021 with the SEC on November 10,
2021. When filed, a copy of the Form 10-Q will be available on the
SEC's website at www.sec.gov and will also be available under the
"SEC filings" page of the Investors section of the Company's
website, https://investors.maxcyte.com/ .
About MaxCyte
MaxCyte is a leading commercial cell-engineering company focused
on providing enabling platform technologies to advance innovative
cell-based research as well as next-generation cell therapeutic
discovery, development and commercialization. Over the past 20
years, we have developed and commercialized our proprietary Flow
Electroporation(R) platform, which facilitates complex engineering
of a wide variety of cells. Our ExPERT(TM) platform, which is based
on our Flow Electroporation technology, has been designed to
support the rapidly expanding cell therapy market and can be
utilized across the continuum of the high-growth cell therapy
sector, from discovery and development through commercialization of
next-generation, cell-based medicines. The ExPERT family of
products includes: three instruments, the ATx(TM), STx(TM) and
GTx(TM); a portfolio of proprietary related disposable processing
assemblies; and software protocols, all supported by a robust
worldwide intellectual property portfolio.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to, statements regarding our revenue guidance for the year ending
December 31, 2021 and expectations regarding adoption of the
ExPERT(TM) platform, expansion of and revenue from our SPL Programs
and the progression of our customers' programs into and through
clinical trials. The words "may," "might," "will," "could,"
"would," "should," "expect," "plan," "anticipate," "intend,"
"believe," "expect," "estimate," "seek," "predict," "future,"
"project," "potential," "continue," "target" and similar words or
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. Any forward-looking statements in this press
release are based on management's current expectations and beliefs
and are subject to a number of risks, uncertainties and important
factors that may cause actual events or results to differ
materially from those expressed or implied by any forward-looking
statements contained in this press release, including, without
limitation, risks associated with the impact of COVID-19 on our
operations; the timing of our customers' ongoing and planned
clinical trials; the adequacy of our cash resources and
availability of financing on commercially reasonable terms; and
general market and economic conditions. These and other risks and
uncertainties are described in greater detail in the section
entitled "Risk Factors" in our final prospectus dated July 29,
2021, filed with the Securities and Exchange Commission on July 30,
2021, as well as 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 under the "SEC filings" page of the
Investors section of our website at http://investors.maxcyte.com.
Any forward-looking statements represent our views only as of the
date of this press release and should not be relied upon as
representing our views as of any subsequent date. We explicitly
disclaim any obligation to update any forward-looking statements,
whether
as a result of new information, future events or otherwise. No
representations or warranties (expressed or implied) are made about
the accuracy of any such forward-looking statements.
MaxCyte Contacts:
US IR Adviser +1 415-937-5400
Gilmartin Group ir@maxcyte.com
David Deuchler, CFA
Nominated Adviser and Joint Corporate Broker
Panmure Gordon
Emma Earl / Freddy Crossley
Corporate Broking
Rupert Dearden +44 (0)20 7886 2500
UK IR Adviser +44 (0)203 709 5700
Consilium Strategic Communications maxcyte@consilium-comms.com
Mary-Jane Elliott
Chris Welsh
MaxCyte, Inc.
Condensed Consolidated Balance Sheets
September December
30, 31,
2021 2020
--------------- --------------
(Unaudited) (Note 2)
Assets
Current assets:
Cash and cash equivalents $ 58,973,500 $ 18,755,200
Short-term investments, at amortized cost 196,914,700 16,007,500
Accounts receivable, net 5,958,100 5,171,900
Inventory, net 4,148,400 4,315,800
Other current assets 3,541,900 1,003,000
-------------- -------------
Total current assets 269,536,600 45,253,400
Property and equipment, net 6,810,100 4,546,200
Right of use asset - operating leases 1,025,100 1,728,300
Right of use asset - finance leases - 218,300
Other assets 318,100 33,900
-------------- -------------
Total assets $ 277,689,900 $ 51,780,100
============== =============
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 723,300 $ 890,200
Accrued expenses and other 4,955,800 5,308,500
Operating lease liability, current 572,300 572,600
Deferred revenue, current portion 6,325,800 4,843,000
-------------- -------------
Total current liabilities 12,577,200 11,614,300
Note payable, net of discount, and deferred
fees - 4,917,000
Operating lease liability, net of current
portion 500,200 1,234,600
Other liabilities 496,600 788,800
-------------- -------------
Total liabilities 13,574,000 18,554,700
-------------- -------------
Commitments and contingencies (Note 7)
Stockholders' equity
Common stock, $0.01 par value; 200,000,000
shares authorized, 100,434,032 and 77,382,473
shares issued and outstanding at September
30, 2021 and December 31, 2020, respectively 1,004,300 773,800
Additional paid-in capital 372,541,700 127,673,900
Accumulated deficit (109,430,100) (95,222,300)
-------------- -------------
Total stockholders' equity 264,115,900 33,225,400
-------------- -------------
Total liabilities and stockholders' equity $ 277,689,900 $ 51,780,100
============== =============
MaxCyte, Inc.
Unaudited Condensed Consolidated Statements of Operations
Three Months Ended September 30, Nine Months Ended September 30,
------------------------------------ -----------------------------------
2021 2020 2021 2020
------------------- --------------- ------------------- --------------
Revenue $ 10,139,100 $ 6,762,600 $ 23,742,100 $ 17,654,900
Cost of goods sold 943,800 734,800 2,421,500 1,860,100
--------------- -------------- --------------- -------------
Gross profit 9,195,300 6,027,800 21,320,600 15,794,800
--------------- -------------- --------------- -------------
Operating expenses:
Research and development 2,774,800 4,517,900 12,058,000 12,852,800
Sales and marketing 3,211,500 2,039,000 8,913,500 5,933,000
General and administrative 5,651,900 2,313,200 13,582,500 5,684,200
--------------- -------------- --------------- -------------
Total operating expenses 11,638,200 8,870,100 34,554,000 24,470,000
--------------- -------------- --------------- -------------
Operating loss (2,442,900) (2,842,300) (13,233,400) (8,675,200)
--------------- -------------- --------------- -------------
Other income (expense):
Interest and other expense (289,000) (263,200) (1,044,400) (545,000)
Interest income 51,500 6,800 70,000 55,500
--------------- -------------- --------------- -------------
Total other income (expense) (237,500) (256,400) (974,400) (489,500)
--------------- -------------- --------------- -------------
Provision for income taxes - - - -
--------------- -------------- --------------- -------------
Net loss $ (2,680,400) $ (3,098,700) $ (14,207,800) $ (9,164,700)
=============== ============== =============== =============
Basic and diluted net loss
per share $ (0.03) $ (0.04) $ (0.16) $ (0.14)
=============== ============== =============== =============
Weighted average shares
outstanding, basic and
diluted 84,706,516 77,085,305 87,178,217 66,812,252
=============== ============== =============== =============
MaxCyte, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
Nine Months Ended September
30,
-------------------------------
2021 2020
--------------- --------------
Cash flows from operating activities:
Net loss $ (14,207,800) $ (9,164,700)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization 1,007,400 768,500
Net book value of consigned equipment sold 39,200 35,700
Loss on disposal of fixed assets 18,500 6,500
Fair value adjustment of liability classified
warrant 645,400 199,400
Stock-based compensation 5,510,400 1,704,600
Bad debt recovery - (117,200)
Amortization of discounts on short-term investments (39,500) (5,300)
Noncash interest expense 5,400 16,300
Changes in operating assets and liabilities:
Accounts receivable (786,200) (379,200)
Inventory (300,200) (782,200)
Other current assets (2,538,900) (357,000)
Right of use asset - operating leases 858,000 390,200
Right of use asset - finance lease 63,500 59,600
Other assets (284,200) (33,900)
Accounts payable, accrued expenses and other (431,350) (548,900)
Operating lease liability (734,700) (278,600)
Deferred revenue 1,482,800 1,461,300
Other liabilities (27,100) 155,000
-------------- -------------
Net cash used in operating activities (9,719,350) (6,869,900)
-------------- -------------
Cash flows from investing activities:
Purchases of short-term investments (202,867,700) (16,988,400)
Maturities of short-term investments 22,000,000 2,500,000
Purchases of property and equipment (2,712,050) (1,713,300)
Proceeds from sale of equipment 4,600 -
-------------- -------------
Net cash used in investing activities (183,575,150) (16,201,700)
-------------- -------------
Cash flows from financing activities:
Net proceeds from issuance of common stock 236,077,300 28,567,200
Borrowings under notes payable - 1,440,000
Principal payments on notes payable (4,922,400) (1,440,000)
Proceeds from exercise of stock options 2,424,000 285,900
Principal payments on finance leases (66,100) (39,500)
-------------- -------------
Net cash provided by financing activities 233,512,800 28,813,600
-------------- -------------
Net increase in cash and cash equivalents 40,218,300 5,742,000
Cash and cash equivalents, beginning of period 18,755,200 15,210,800
-------------- -------------
Cash and cash equivalents, end of period $ 58,973,500 $ 20,952,800
============== =============
MaxCyte, Inc.
Unaudited Revenue by Market (in thousands)
Three Months Ended Nine Months Ended September
September 30, 30,
--------------------- ------------------------------
2021 2020 2021 2020
----------- -------- -------------- --------------
Cell Therapy $ 6,226 $ 4,509 $ 15,721 $ 10,697
Drug Discovery 1,909 2,002 5,510 4,952
Program-related 2,004 252 2,512 2,005
----------- -------- -------------- --------------
Total Revenue $ 10,139 $ 6,763 $ 23,742 $ 17,655
=========== ======== ============== ==============
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