MAXCYTE, INC. MXCT
We are a leading commercial cell engineering company focused on providing enabling platform technologies to advance the discovery, development and commercialization of next-generation cell therapeutics including cell and gene therapies and to support innovative cell-based research and development. Over more than two decades, we have developed and commercialized our proprietary Flow Electroporation® technology, which is used by biopharmaceutical companies in the complex engineering of a wide variety of cells.
Electroporation is a method of transfection, or the process of deliberately introducing molecules into cells, that involves applying an electric field in order to temporarily increase the permeability of the cell membrane. This precisely controlled increase in permeability allows the intracellular delivery of molecules, such as genetic material and proteins, that would not normally be able to cross the cell membrane as easily.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $21.0M | $22.2M | $19.5M | $28.7M | $21.6M | $15.5M | $13.3M | — |
| Cost of revenue | $6.2M | $7.1M | $4.7M | $5.1M | $3.6M | $2.8M | $2.5M | — |
| Gross profit | $26.8M | $31.5M | $36.5M | $39.2M | $30.2M | $23.4M | $19.1M | — |
| R&D | $20.8M | $22.2M | $23.8M | $19.5M | $15.4M | $17.7M | $17.6M | — |
| SG&A | $28.1M | $29.7M | $30.1M | $25.8M | $18.7M | $7.4M | $5.6M | — |
| Total operating expenses | $78.7M | $82.7M | $84.8M | $66.5M | $48.4M | $34.5M | $31.5M | — |
| Operating income | -$51.9M | -$51.2M | -$48.3M | -$27.4M | -$18.2M | -$11.1M | -$12.4M | — |
| Interest expense | — | — | — | — | $5.4K | $21.7K | $51.9K | — |
| Pre-tax income | -$44.6M | -$41.1M | -$37.9M | — | -$19.1M | -$11.8M | -$12.9M | — |
| Income tax | — | — | — | — | $0 | $0 | $0 | — |
| Net income | -$44.6M | -$41.1M | -$37.9M | -$23.6M | -$19.1M | -$11.8M | -$12.9M | — |
| EPS, basic | -0.42 | -0.39 | -0.37 | -0.23 | -0.21 | -0.17 | -0.23 | — |
| EPS, diluted | -0.42 | -0.39 | -0.37 | -0.23 | -0.21 | -0.17 | -0.23 | — |
| Shares, diluted (wtd. avg.) | $106.4M | $104.8M | $103.3M | $101.7M | $90.6M | $69.5M | $56.4M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $20.1M | $27.9M | $46.5M | $11.1M | $47.8M | $18.8M | $15.2M | $11.2M |
| Short-term investments | $83.0M | $126.6M | $121.8M | $216.3M | $207.3M | $16.0M | — | — |
| Receivables | $3.5M | $4.7M | $5.8M | $11.2M | $6.9M | $5.2M | — | — |
| Inventory | $7.5M | $8.9M | $12.2M | $8.6M | $5.2M | $4.3M | — | — |
| Total current assets | $118.4M | $171.7M | $190.2M | $252.3M | $270.4M | $45.3M | — | — |
| Property, plant and equipment | $17.5M | $19.7M | $23.5M | $23.7M | $7.7M | $4.5M | — | — |
| Other intangibles | $650.0K | — | — | — | — | — | — | — |
| Total assets | $202.5M | $239.5M | $268.3M | $286.7M | $284.1M | $51.8M | — | — |
| Accounts payable | $1.4M | $1.4M | $743.0K | $292.0K | $1.8M | $890.2K | — | — |
| Total current liabilities | $14.3M | $15.8M | $17.9M | $15.4M | $15.6M | $11.6M | — | — |
| Total liabilities | $31.0M | $33.2M | $36.1M | $32.7M | $21.2M | $18.6M | — | — |
| Retained earnings | -$261.5M | -$216.9M | -$175.8M | -$137.9M | -$114.3M | -$95.2M | — | — |
| Total equity | $171.5M | $206.3M | $232.2M | $254.0M | $262.9M | $33.2M | $13.6M | $12.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$34.4M | -$27.6M | -$21.7M | -$14.8M | -$10.7M | -$8.8M | -$8.8M | — |
| Depreciation and amortisation | $4.3M | $4.3M | $4.2M | $2.7M | $1.4M | $1.0M | $613.5K | — |
| Stock-based compensation | $9.2M | $13.1M | $14.0M | $11.8M | $8.0M | $2.5M | $1.8M | — |
| Capital expenditure | $1.8M | $1.7M | $3.7M | $18.5M | $3.8M | $2.1M | $1.3M | — |
| Investing cash flow | $25.9M | $6.9M | $55.0M | -$24.8M | -$195.0M | -$16.6M | $454.5K | — |
| Financing cash flow | $656.0K | $2.1M | $2.1M | $2.9M | $234.7M | $28.9M | $12.3M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-034557.
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