GAITHERSBURG, Md., March 22, 2022 /PRNewswire/ -- MaxCyte, Inc.,
(NASDAQ: MXCT) (LSE: MXCT) 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. The Company today announced fourth quarter
and full year ended December 31, 2021
financial results and provided initial 2022 revenue guidance.
Fourth Quarter and Year Highlights
- Record quarterly revenue of $10.2
million up 19% over Q4 2020 was driven by strength in the
core business; with growth in core business revenue from cell
therapy customers of 43% and drug discovery customers of 32%.
- Record full-year total revenue of $33.9
million, up 30% over 2020, which was driven by total growth
in core business revenues of 37%. We generated a total of
$2.5 million in SPL Program-related
revenue for the full year 2021.
- 2022 initial guidance includes expectations for core revenue
growth of 22% to 25% over 2021 and SPL Program-related revenue of
approximately $4 million.
- Conference call begins at 4:30 p.m.
Eastern time today.
"We are pleased to report very strong fourth quarter and full
year results driven by ongoing strength in sales to cell therapy
customers," said Doug Doerfler,
President and CEO of MaxCyte. "2021 was an excellent year at
MaxCyte, as we completed our Nasdaq listing and made important and
strategic investments in our business, which are ongoing. We
continue to expand our customer base and increase the number of
strategic partnerships, now with 16 SPL agreements in place
following the announcement of our agreement with Intima Bioscience
in February 2022. Overall, MaxCyte remains well-positioned to
support growing adoption of the ExPERTâ„¢ platform technology for
cellular-based research and next-generation therapeutic
development."
The following table provides details regarding the sources of
our revenue for the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Year
Ended
|
|
|
|
|
December 31,
(Unaudited)
|
|
|
|
December 31,
(Unaudited)
|
|
|
|
|
2021
|
|
2020
|
|
%
|
|
2021
|
|
2020
|
|
%
|
|
(in thousands, except
percentages)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cell
therapy
|
$
|
7,264
|
|
$
|
5,072
|
|
43%
|
|
$
|
22,984
|
|
$
|
15,769
|
|
46%
|
|
Drug
discovery
|
|
2,885
|
|
|
2,191
|
|
32%
|
|
|
8,395
|
|
|
7,143
|
|
18%
|
|
Program-related
|
|
3
|
|
|
1,252
|
|
(100)%
|
|
|
2,515
|
|
|
3,257
|
|
(23)%
|
|
Total
revenue
|
$
|
10,152
|
|
$
|
8,515
|
|
19%
|
|
$
|
33,894
|
|
$
|
26,169
|
|
30%
|
|
Operational Highlights
- With the addition of Myeloid Therapeutics, Inc., Celularity,
Inc., Sana Biotechnology, Inc., and Nkarta, Inc. signed in 2021,
and Intima Bioscience signed in early 2022, the total number of
Strategic Platform Licenses (SPLs) signed with our cell therapy
partners now stands at 16.
- Our 16 active SPL partner agreements now allow an aggregate of
over 95 potential programs; over 15% of these have entered in the
clinic (defined as programs as with at least a cleared IND, or
equivalent). If all allowed programs successfully progress though
the clinic to commercial approval, we have the potential to
generate pre-commercial milestones of over $1.25 billion before potential sales-based
commercial revenue to MaxCyte. This compares to the update
from the prior year (January 2021) of
12 SPLs covering over 75 programs (with total potential
pre-commercial milestones exceeding $950
million), over 15% of which had entered the
clinic.
- We closed 2021 with over 500 instruments placed with customers,
compared to over 400 instruments as of the end of 2020.
- We successfully released the VLx under our ExPERT platform, our
large-scale Flow Electroporation platform under the ExPERT brand;
we have seen strong initial interest from prospects in using the
VLx for large-scale bioprocessing applications.
- Dr. Cenk Sumen, Ph.D. recently
joined our team as Chief Scientific Officer. Dr Sumen was
previously CTO at Stemson Therapeutics and holds a Ph.D. in
Microbiology and Immunology from Stanford
University, completed his post-doctoral training at
Harvard and a fellowship at the Cancer
Research Institute and worked at Memorial Sloan Kettering Cancer
Center under Nobel Laureate Dr. Jim
Allison.
- We also launched three new processing assemblies (our
single-use disposables), the R50x3, the R50x8 and the G1000, which
were directly targeted to both research and GMP customer needs and
contributed to our growth in fiscal 2021; particularly in the
fourth quarter.
- Finally, we are on track to move into our new corporate
headquarters facility in 2022, which includes new office space,
expanded applications and process development lab facilities,
and more than tripling of our manufacturing space.
As of the dates presented, our key metrics described above were
as follows:
|
|
|
|
|
|
|
As of
December 31,
|
|
|
2021
|
2020*
|
2019
|
Installed base of
instruments (sold or leased)
|
|
>500
|
>400
|
>320
|
Number of active
SPLs
|
|
15
|
12
|
8
|
Total number of
licensed clinical programs (SPLs only)
|
|
>95
|
>75
|
>55
|
Total number of
licensed clinical programs under SPLs currently in the clinic
**
|
|
>15%
|
>15%
|
>5%
|
Total potential
pre-commercial milestones under SPLs
|
|
>$1.25
billion
|
>$950
million
|
>$650
million
|
* Amounts presented as of December 31,
2020, give effect to one SPL entered into and additional
INDs cleared in January 2021.
** Number of licensed clinical programs under SPLs are by number
of product candidates and not by indication.
Fourth Quarter and Full Year 2021 Financial Results
Total revenue for the fourth quarter of 2021 was $10.2 million, compared to $8.5 million in the fourth quarter of 2020,
representing growth of 19%. Revenue from cell therapy customers
were collectively up 43% before program-related revenues compared
to the same period last year.
Our SPL partners did not achieve any milestone events in the
fourth quarter and thus there was no SPL Program-related revenue in
the quarter, as compared to $1.3
million in SPL Program-related revenue in the fourth quarter
of 2020.
Gross profit for the fourth quarter of 2021 was $8.9 million (88% gross margin), compared to
$7.6 million (89% gross margin) in
the same period of the prior year. The decrease in gross margin was
driven by the lower SPL Program-related revenues; excluding SPL
Program-related revenues, gross margin was relatively
unchanged.
Operating expenses for the fourth quarter of 2021 were
$13.9 million, compared to operating
expenses of $10.0 million in the
fourth quarter of 2020. The overall increase in operating expenses
was primarily driven by increased headcount across all areas of the
business and an increase in stock-based compensation.
Fourth quarter 2021 net loss was $4.9
million compared to net loss of $2.7
million for the same period in 2020; EBITDA, a non-GAAP
measure, was a loss of $4.5 million
for the fourth quarter 2021, compared to a loss of $2.3 million for the fourth quarter of prior
year; stock-based compensation expense was $2.4 million versus $0.8
million for the same period in the prior year.
Full Year Financial Results
Total revenue for 2021 was $33.9
million, compared to $26.2
million in 2020, representing growth of 30%. The increase
was primarily driven by growth in sales and licenses of instruments
and sales of disposables to cell therapy customers.
The Company recognized $2.5
million in SPL Program-related revenue during 2021
(comprised of pre-commercial milestone revenues) as compared to
$3.3 million in SPL Program-related
revenue in 2020.
Gross profit for 2021 was $30.2
million (89% gross margin), compared to $23.4 million (89% gross margin) in the prior
year.
Operating expenses for 2021 were $48.4
million, compared to operating expenses of $34.5 million in 2020. The overall increase in
operating expenses was principally driven by an increase in
expenses associated with increased headcount, increased stock-based
compensation, and increased expenses due to our recent NASDAQ
public listing. Partially offsetting this expense increase
was a $5.8 million decline in
CARMAâ„¢-related expenses compared with last year. The Company had no
material CARMAâ„¢ related expenses after March
2021.
Full year 2021 net loss was $19.1
million compared to a loss of $11.8
million in 2020; full year 2021 EBTIDA was a loss of
$17.4 million versus a loss of
$10.4 million for the prior year;
total stock-based compensation for the full year was $8.0 million versus $2.5
million for the prior year.
Total cash, cash equivalents and short-term investments were
$255.0 million as of December 31, 2021.
2022 Revenue Guidance
Management is providing initial 2022 revenue guidance based on
our expectations for the existing business.
We expect revenue from our core business (instruments and
disposables to cell therapy and drug discovery customers) to grow
between 22% and 25% over 2021. We also expect SPL Program-related
revenue to be approximately $4
million in 2022.
We intend to provide more context for the trajectory of our SPL
Program-related revenue on the earnings call (details below).
Webcast and Conference Call Details
MaxCyte will host a conference call today, March 22, 2022, at 4:30
p.m. Eastern Time. Interested parties may access the live
teleconference by dialing (844) 679-0933 for domestic callers,
(918) 922-6914 for international callers, for 0203 1070 289 U.K
domestic callers, or for 0800 0288 438 U.K. international callers
followed by Conference ID: 2675034. A live and archived webcast of
the event will be available on the "Events" section of the MaxCyte
website at https://investors.maxcyte.com/.
Non-GAAP Financial Measures
This press release contains EBITDA, which is a non-GAAP measure
defined as net loss excluding depreciation, amortization, income
tax (benefit) expense and net interest expense. MaxCyte
believes that EBITDA provides useful information to management and
investors relating to its results of operations. The company's
management uses this non-GAAP measure 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.
Management does not consider the non-GAAP measure in isolation
or as an alternative to financial measures determined in accordance
with GAAP. The principal limitation of the non-GAAP financial
measure is that it excludes significant expenses that are required
by GAAP to be recorded in the company's financial statements. In
order to compensate for these limitations, management presents the
non-GAAP financial measure together 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. A reconciliation tables of
the net loss, the most comparable GAAP financial measure to EBITDA,
is 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.
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® platform, which facilitates complex engineering of
a wide variety of cells. Our ExPERTâ„¢ 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: four instruments, the ATxâ„¢, STxâ„¢ GTxâ„¢ and VLxâ„¢;
a portfolio of proprietary related processing assemblies or
disposables; 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 ExPERTâ„¢ 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 Annual Report on Form 10-K for the
year ended December 31, 2021, to be
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, Inc.
|
Unaudited
Consolidated Balance Sheets
|
|
|
|
December 31,
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
47,782,400
|
|
$
|
18,755,200
|
Short-term
investments, at amortized cost
|
|
|
207,261,400
|
|
|
16,007,500
|
Accounts receivable,
net
|
|
|
6,877,000
|
|
|
5,171,900
|
Inventory
|
|
|
5,204,600
|
|
|
4,315,800
|
Prepaid expenses and
other current assets
|
|
|
3,307,400
|
|
|
1,003,000
|
Total current
assets
|
|
|
270,432,800
|
|
|
45,253,400
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
7,681,200
|
|
|
4,546,200
|
Right of use asset -
operating leases
|
|
|
5,689,300
|
|
|
1,728,300
|
Right of use asset -
finance leases
|
|
|
-
|
|
|
218,300
|
Other
assets
|
|
|
316,700
|
|
|
33,900
|
Total
assets
|
|
$
|
284,120,000
|
|
$
|
51,780,100
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
1,820,300
|
|
$
|
890,200
|
Accrued expenses and
other
|
|
|
6,523,500
|
|
|
5,308,500
|
Operating lease
liability, current
|
|
|
527,200
|
|
|
572,600
|
Deferred revenue,
current portion
|
|
|
6,746,800
|
|
|
4,843,000
|
Total current
liabilities
|
|
|
15,617,800
|
|
|
11,614,300
|
|
|
|
|
|
|
|
Note payable, net of
discount, and deferred fees
|
|
|
—
|
|
|
4,917,000
|
Operating lease
liability, net of current portion
|
|
|
5,154,900
|
|
|
1,234,600
|
Other
liabilities
|
|
|
450,200
|
|
|
788,800
|
Total
liabilities
|
|
|
21,222,900
|
|
|
18,554,700
|
|
|
|
|
|
|
|
Commitments and
contingencies (Note 9)
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
|
Preferred stock,
$0.01 par value; 5,000,000 and no shares authorized at
December 31, 2021 and 2020, respectively; no shares issued and
outstanding
|
|
|
—
|
|
|
—
|
Common stock, $0.01
par value; 400,000,000 and 200,000,000 shares
authorized, 101,202,705 and 77,382,473 shares issued and
outstanding at
December 31, 2021 and 2020, respectively
|
|
|
1,012,000
|
|
|
773,800
|
Additional paid-in
capital
|
|
|
376,189,600
|
|
|
127,673,900
|
Accumulated
deficit
|
|
|
(114,304,500)
|
|
|
(95,222,300)
|
Total
stockholders' equity
|
|
|
262,897,100
|
|
|
33,225,400
|
Total liabilities
and stockholders' equity
|
|
$
|
284,120,000
|
|
$
|
51,780,100
|
MaxCyte, Inc.
|
Unaudited
Consolidated Statements of Operations
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Revenue
|
|
$
|
10,152,000
|
|
$
|
8,514,000
|
|
$
|
33,894,100
|
|
$
|
26,168,900
|
Cost of goods
sold
|
|
|
1,225,900
|
|
|
906,900
|
|
|
3,647,400
|
|
|
2,767,000
|
Gross
profit
|
|
|
8,926,100
|
|
|
7,607,100
|
|
|
30,246,700
|
|
|
23,401,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
3,381,000
|
|
|
4,893,000
|
|
|
15,407,300
|
|
|
17,734,800
|
Sales and
marketing
|
|
|
4,089,400
|
|
|
2,395,700
|
|
|
13,002,900
|
|
|
8,328,700
|
General and
administrative
|
|
|
5,969,000
|
|
|
2,370,200
|
|
|
18,676,000
|
|
|
7,370,000
|
Depreciation and
amortization
|
|
|
441,900
|
|
|
329,700
|
|
|
1,349,100
|
|
|
1,025,100
|
Total operating
expenses
|
|
|
13,881,300
|
|
|
9,988,600
|
|
|
48,435,300
|
|
|
34,458,600
|
Operating
loss
|
|
|
(4,955,200)
|
|
|
(2,381,500)
|
|
|
(18,188,600)
|
|
|
(11,056,700)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other
expense
|
|
|
—
|
|
|
(280,600)
|
|
|
(1,044,400)
|
|
|
(825,600)
|
Interest
income
|
|
|
80,800
|
|
|
10,400
|
|
|
150,800
|
|
|
65,900
|
Total other income
(expense)
|
|
|
80,800
|
|
|
(270,200)
|
|
|
(893,600)
|
|
|
(759,700)
|
Provision for
income taxes
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Net
loss
|
|
$
|
(4,874,400)
|
|
$
|
(2,651,700)
|
|
$
|
(19,082,200)
|
|
$
|
(11,816,400)
|
Basic and diluted
net loss per
share
|
|
$
|
(0.05)
|
|
$
|
(0.03)
|
|
$
|
(0.21)
|
|
$
|
(0.17)
|
Weighted average
shares
outstanding, basic and diluted
|
|
|
100,829,377
|
|
|
77,364,583
|
|
|
90,619,057
|
|
|
69,464,751
|
MaxCyte, Inc.
|
Unaudited
Consolidated Statements of Cash Flows
|
|
|
|
Year Ended
December 31,
|
|
|
2021
|
|
2020
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
Net loss
|
|
$
|
(19,082,200)
|
|
$
|
(11,816,400)
|
|
|
|
|
|
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
1,423,900
|
|
|
1,047,700
|
Net book value of
consigned equipment sold
|
|
|
51,600
|
|
|
79,900
|
Loss on disposal of
fixed assets
|
|
|
32,500
|
|
|
25,900
|
Fair value adjustment
of liability classified warrant
|
|
|
645,400
|
|
|
366,500
|
Stock-based
compensation
|
|
|
7,958,800
|
|
|
2,471,800
|
Bad debt (recovery)
expense
|
|
|
-
|
|
|
(117,200)
|
Amortization of
discounts on short-term investments
|
|
|
(70,300)
|
|
|
(3,800)
|
Non-cash interest
expense
|
|
|
5,400
|
|
|
21,700
|
|
|
|
|
|
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(1,705,100)
|
|
|
(1,810,200)
|
Inventory
|
|
|
(1,405,800)
|
|
|
(890,600)
|
Other current
assets
|
|
|
(2,304,400)
|
|
|
(205,900)
|
Right of use
asset – operating leases
|
|
|
(3,806,200)
|
|
|
525,000
|
Right of use
asset – finance lease
|
|
|
63,500
|
|
|
83,400
|
Other assets
|
|
|
(282,800)
|
|
|
(33,900)
|
Accounts payable,
accrued expenses and other
|
|
|
2,090,900
|
|
|
391,000
|
Operating lease
liability
|
|
|
3,874,900
|
|
|
(508,800)
|
Deferred
revenue
|
|
|
1,903,800
|
|
|
1,649,800
|
Other
liabilities
|
|
|
(73,500)
|
|
|
(58,000)
|
Net cash used in
operating activities
|
|
|
(10,679,600)
|
|
|
(8,782,100)
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
Purchases of
short-term investments
|
|
|
(268,683,600)
|
|
|
(22,505,900)
|
Maturities of
short-term investments
|
|
|
77,500,000
|
|
|
8,000,000
|
Purchases of property
and equipment
|
|
|
(3,834,200)
|
|
|
(2,072,100)
|
Proceeds from sale of
equipment
|
|
|
4,600
|
|
|
—
|
Net cash (used in)
provided by investing activities
|
|
|
(195,013,200)
|
|
|
(16,578,000)
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
Net proceeds from
issuance of common stock
|
|
|
51,808,900
|
|
|
28,567,200
|
Net proceeds from
issuance of common stock upon initial public offering
|
|
|
184,268,400
|
|
|
—
|
Borrowings under
notes payable
|
|
|
-
|
|
|
1,440,000
|
Principal payments on
notes payable
|
|
|
(4,922,400)
|
|
|
(1,440,000)
|
Proceeds from
exercise of stock options
|
|
|
3,631,200
|
|
|
401,000
|
Principal payments on
finance leases
|
|
|
(66,100)
|
|
|
(63,700)
|
Net cash provided by
financing activities
|
|
|
234,720,000
|
|
|
28,904,500
|
Net increase in cash
and cash equivalents
|
|
|
29,027,200
|
|
|
3,544,400
|
Cash and cash
equivalents, beginning of year
|
|
|
18,755,200
|
|
|
15,210,800
|
Cash and cash
equivalents, end of year
|
|
$
|
47,782,400
|
|
$
|
18,755,200
|
Unaudited
Reconciliation of Net Loss to EBITDA
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
$
|
(4,874)
|
|
$
|
(2,652)
|
|
$
|
(19,082)
|
|
$
|
(11,816)
|
|
Depreciation and
amortization expense
|
|
417
|
|
|
279
|
|
|
1,424
|
|
|
1,047
|
|
Interest expense,
net
|
|
(81)
|
|
|
100
|
|
|
239
|
|
|
387
|
|
Income
taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
EBITDA
|
$
|
(4,538)
|
|
$
|
(2,273)
|
|
$
|
(17,419)
|
|
$
|
(10,382)
|
|