MaxCyte Inc

NASDAQ:MXCTUnited States

04:08 PM EST, 11/06/2024 (MT Newswires) -- ...

liabilities 277 283 --------- -------- --------- -------------- Total liabilities 35,310 36,107 --------- -------- --------- -------------- Commitments and contingencies Stockholders' equity Preferred stock, $0.01 par value; 5,000,000 shares authorized and no shares issued and outstanding at September 30, 2024 and December 31, 2023 -- -- Common stock, $0.01 par value; 400,000,000 shares authorized, 105,300,380 and 103,961,670 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 1,053 1,040 Additional paid-in capital 418,505 406,925 Accumulated deficit (206,256) (175,798) --------- -------- -------- -------------- Total stockholders' equity 213,302 232,167 --------- -------- --------- -------------- Total liabilities and stockholders' equity $ 248,612 $ 268,274 --------- -------- --------- -------------- MaxCyte, Inc. Unaudited Consolidated Statements of Operations (in thousands, except share and per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 ----------- ----------- ----------- ----------- Revenue $ 8,164 $ 8,004 $ 29,934 $ 25,623 Cost of goods sold 1,928 793 4,819 3,169 ----------- ----------- ----------- ----------- Gross profit 6,236 7,211 25,115 22,454 ----------- ----------- ----------- ----------- Operating expenses: Research and development 5,316 6,264 17,613 17,975 Sales and marketing 6,207 7,046 20,188 19,778 General and administrative 7,745 6,820 22,487 21,982 Depreciation and amortization 1,021 1,033 3,123 2,922 ----------- ----------- ----------- ----------- Total operating expenses 20,289 21,163 63,411 62,657 ----------- ----------- ----------- ----------- Operating loss (14,053) (13,952) (38,296) (40,203) ----------- ----------- ----------- ----------- Other income: Interest income 2,496 2,701 7,838 7,558 ----------- ----------- ----------- ----------- Total other income 2,496 2,701 7,838 7,558 ----------- ----------- ----------- ----------- Net loss $ (11,557) $ (11,251) $ (30,458) $ (32,645) =========== =========== =========== =========== Basic and diluted net loss per share $ (0.11) $ (0.11) $ (0.29) $ (0.32) =========== =========== =========== =========== Weighted average shares outstanding, basic and diluted 105,109,603 103,449,715 104,614,679 103,121,997 =========== =========== =========== =========== MaxCyte, Inc. Unaudited Consolidated Statements of Cash Flows (in thousands) Nine months ended September 30, 2024 2023 --------------------- ---------------- Cash flows from operating activities: Net loss $ (30,458) $ (32,645) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 3,258 3,069 Non-cash lease expense 353 286 Net book value of consigned equipment sold 35 80 Loss on disposal of fixed assets 462 2 Stock-based compensation 9,949 10,405 Credit loss (recovery) expense (130) 221 Change in excess/obsolete inventory reserve 834 -- Amortization of discounts on investments (5,052) (5,123) Changes in operating assets and liabilities: Accounts receivable 1,348 3,571 Accounts receivable - TIA -- 1,912 Inventory 835 (4,088) Prepaid expense and other current assets (225) (924) Other assets (732) 190 Accounts payable, accrued expenses and other (1,420) 1,520 Operating lease liability (424) (13) Deferred revenue 1,584 (1,127) Other liabilities (6) (3) ------------- ------------ Net cash used in operating activities (19,789) (22,667) ------------- ------------ Cash flows from investing activities: Purchases of investments (118,339) (185,621) Maturities of investments 128,440 247,520 Purchases of property and equipment (1,504) (2,785) Proceeds from sale of equipment -- 9 ------------- ------------ Net cash provided by investing activities 8,597 59,123 ------------- ------------ Cash flows from financing activities: Proceeds from exercise of stock options 1,379 1,650 Proceeds from issuance of common stock under employee stock purchase plan 265 -- ------------- ------------ Net cash provided by financing activities 1,644 1,650 ------------- ------------ Net (decrease) increase in cash and cash equivalents (9,548) 38,106 Cash and cash equivalents, beginning of period 46,506 11,064 ------------- ------------ Cash and cash equivalents, end of period $ 36,958 $ 49,170 ============= ============ Unaudited Reconciliation of Net Loss to EBITDA (in thousands) Three Months Ended Nine Months Ended September 30, September 30, -------------------- ---------------------- 2024 2023 2024 2023 --------- --------- --------- ----------- Net loss $(11,557) $(11,251) $(30,458) $(32,645) Depreciation and amortization expense 1,066 1,081 3,258 3,069 Interest income (2,496) (2,701) (7,838) (7,558) Income taxes -- -- -- -- ------- ------- ------- ------- EBITDA $(12,987) $(12,871) $(35,038) $(37,134) ======= ======= ======= ======= Unaudited Reconciliation of Gross Margin to Non-GAAP Adjusted Gross Margin (in thousands, except for percentages) Three months ended September 30, 2024 Three months ended September 30, 2023 -------------------------------------------- ------------------------------------------- GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP ------------ --------------- ------------- ------------ --------------- ------------ Revenue $8,164 $ (24) $8,140 $8,004 $ (1,404) $6,600 Cost of Goods Sold 1,928 (697) 1,231 793 -- 793 ----- ---- ----- --- ----- ----- ----- ---- ------- ----- ---- Gross Margin $6,236 $ 673 $6,909 $7,211 $ (1,404) $5,807 ===== ==== ===== ==== ===== ===== ===== ==== ======= ===== ==== Gross Margin % 76% 85% 90% 88% ===== === ===== ==== ===== === ===== ===