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MaxCyte, Inc. reports news on its cell-engineering technology business for biotechnology and pharmaceutical customers developing next-generation cell therapeutics. Company updates center on Flow Electroporation technology, ExPERT instruments, SeQure gene editing assessment services, and Strategic Platform License relationships that can generate product, license, research, clinical and program-related revenue.
Recurring developments include quarterly and annual financial results, revenue guidance, installed instrument activity, licensed customer programs, product launches such as ExPERT DTx for high-throughput electroporation, and corporate governance matters including executive appointments and equity compensation grants.
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MaxCyte, a leader in cell-engineering technology, announced it will release its financial results for the first quarter of 2023 on May 10, 2023, after the U.S. market close. A conference call will follow at 4:30 p.m. ET to discuss these results. MaxCyte's ExPERT platform, which employs Flow Electroporation technology, supports the growing cell therapy market, aiding in the discovery and commercialization of next-generation cell-based medicines. The company aims to leverage its platforms to improve patient outcomes and has built a robust intellectual property portfolio to enhance its innovative capabilities. Interested investors can register for the call and find live updates on MaxCyte's website.
MaxCyte, a cell-engineering company, has appointed Douglas J. Swirsky as its new Chief Financial Officer effective immediately. With over two decades of experience, Swirsky's previous roles include CFO of AavantiBio and leadership positions at Rexahn Pharmaceuticals and GenVec. The President of MaxCyte expressed enthusiasm about Swirsky’s extensive financial expertise and its potential influence on the company's growth. Concurrently, Ron Holtz, the former CFO, transitions to EVP of Administration after nearly 18 years of service. The company aims to leverage Swirsky's insights to enhance financial operations and shareholder value.
MaxCyte, Inc. (NASDAQ: MXCT) reported a 31% total revenue growth for the full year 2022, reaching $44.3 million. In Q4 2022, total revenue was $12.4 million, up 22% year-over-year. Core business revenues saw 26% growth, driven by a 33% increase in cell therapy revenue. The company anticipates 2023 revenue growth between 21% and 26%, with core growth expected between 20% and 25%. Total cash and equivalents stood at $227.3 million. MaxCyte's partnerships have expanded, with 19 active SPL partnerships and significant potential for pre-commercial milestone payments exceeding $1.55 billion.
MaxCyte has announced the formation of a new Scientific Advisory Board (SAB)/b) aimed at enhancing its innovation initiatives in cell-based therapeutics. The SAB comprises four esteemed scientists with expertise in gene and cell therapy, who will guide the technical direction of MaxCyte’s research and development efforts. This strategic move is expected to strengthen the company’s leadership and expand its scientific knowledge base. CEO Doug Doerfler emphasized the board's role in supporting early-stage projects, while the Chief Scientific Officer Cenk Sumen highlighted the potential benefits for clients seeking advancements in cell engineering applications.
MaxCyte announced preliminary revenue results for Q4 and full year 2022, reporting expected total revenue of approximately $44.3 million, up 31% from 2021. Q4 revenue is projected at $12.4 million, reflecting a 22% increase compared to Q4 2021. The installed base of instruments surpassed 600, compared to over 500 in 2021. MaxCyte's guidance for 2023 indicates total revenue growth of 21% to 26% year-over-year, with approximately $6 million from SPL program-related revenue. The company ended 2022 with 18 SPL partnerships, adding three during the year.
MaxCyte, Inc. (NASDAQ: MXCT) announced it will release its financial results for Q4 and FY 2022 after market close on March 15, 2023. A conference call is scheduled for 4:30 p.m. ET to discuss the results. The company will also participate in investor conferences including the BIO CEO & Investor Conference on February 7, BTIG MedTech on February 14, and the Cowen Healthcare Conference on March 7. MaxCyte focuses on cell-engineering technologies to support the development of cell therapies, leveraging its proprietary Flow Electroporation platform and ExPERT family of products for innovative research in the cell therapy sector.
MaxCyte (Nasdaq: MXCT) has announced a strategic platform license with Catamaran Bio, enabling the latter to use MaxCyte's Flow Electroporation® technology and ExPERT™ platform. This collaboration will enhance Catamaran's TAILWIND® platform for developing CAR-NK cell therapies targeting solid tumors. MaxCyte expects to receive licensing fees and program-related revenue as a result. This agreement marks MaxCyte's 19th strategic platform license and aims to advance innovative cell-based cancer treatments.
MaxCyte has signed a strategic platform license with Curamys for its Flow Electroporation® technology and ExPERT™ platform, enhancing Curamys’ cell fusion technology aimed at treating rare diseases like Duchenne muscular dystrophy and amyotrophic lateral sclerosis.
Under this non-exclusive agreement, MaxCyte will receive licensing fees and program-related revenue. Curamys aims to leverage this technology to further its global reach and improve treatment options for patients with genetic disorders.
MaxCyte reported a 22% year-over-year growth in core business revenue for Q3 2022, reaching $10.6 million, a 5% increase from the prior year. Revenue from cell therapy grew by 27%, while drug discovery revenues rose 4%. The company reaffirmed its 2022 revenue guidance for core business growth at approximately 30%. Total cash and short-term investments stood at $232.9 million as of September 30, 2022. Despite strong revenue growth, operating expenses increased significantly, contributing to a net loss of $6.4 million.